The Sun.
London, England, 1842-10-11 00:00:00

NEW ZEALAND COMPANY.

A. Special Court of the Proprietors of this meat
undertaking was held yesterday, at one o'clock, at
the Company's offices, New Broad-street, for the pur-
pose of considering a dividend.
Shortly after one o'clock, H. A. Aglionby, Esq.,
M.P., in the absence of the Governor, took the chair.
At this time we noticed among those present, Sir J.
Goldsruid, Bart.. Mr. Willis, Mr. King, Mr. Gower,
Mr. C. Buller, M.P., Mr. Mangles, M.P., Captain
Narvine, Mr. Sheriff Filcher, Admiral Sir A. Far-
quhar, Mr. Hibbert, and Mr. Vincent Eyre.
Mr. AGLIONBY, M.P., on taking the chair, said
that the present meeting was called for the purpose
of considering of a dividend, and such being the case
lie should confine anv observations he had to make to
that point alone. Ile could assure the Proprietors
that the Directors, in the course they. had adopted,
while they had duly considered their interest,
had not been unmindful of that higher purpose which
ought to be their first consideration, namely, the
public advahtage.—(Cheers.) It was a great satis-
faction for him to state that, from all the account,:
they had received, the Colony was going on most
prosperously; but as the Proprietors would gather
that from the Report, he would not further advert
to the subject till it was read.
The following Report was then read by the Se-
cretary:— _ _

" This Court of Proprietors having been specially
convened for the purpose of considering a dividend,
your Directors will confine their Report to the
specific object of the meeting, reserving, as on former
occasions, their general exposition of the affairs of the
Company for the Annual Meeting in May.
" I''or particular information respecting the assets
and liabilities of the Company, your Directors beg to
refer you to statement C, appended to their Fifth
Report, submitted to you in May last. In the 22d
paragraph of that Report, directing your attention to
the statement in question, you were apprised that the
universal stagnation of enterprise, depressing most
seriously every interest connected with the shipping,
the commerce, the manufactures, and the general
domestic industry of this country, and extending, with
still more mischievous effects, to the Australian (`0-
lonies, had restricted those sales of land, front Clieh—
apart from the progressive enhancement of the value
of your territorial possessions—the Annual income
of the Company must be derived. the four months
that have elapsed since th.t Fifth Report was
laid before you, have produced, as you are wellof h
aware,te
no general improvement of the condition o f
great interests above referred to; and it would be vain
to expect that at a time when the
active and
.sindustrious
classes are struggling/ with unparalleled
their attetiticat should be directed towards colonial
in-
yQstMetita or adventures with the same earnestness as
is a period of national prosperity. I
" n truth, the transactions of this Company are
necessarily of such a nature as to render it very un-
likely that its returns in money should be steady and
equable enough to admit of the payment of a dividend
unvarying in amount. The assets of the Company
consist mainly of land. That land in a state of na-
ture, without population to reclaim and cultivate it,
mid without capital to sustain that population whilst
thus engaged, is utterly valueless. With increasing
population and wealth, the value of the land must rise
in a rapidly increasing ratio. But it may so happen,
that In any given half-year or even yea; the opera-
tions requisite to give such value may absorb a large
part, or even the whole of the
.price realised from the
sale of land within that period. Yet, at the same
tune, the value of the assets of the Company may
have largely increased, and its prosperity be placed
upon greatly extended and strengthened foundations.
Having this view of your position and interests,
your Directors are in no wise discouraged
by a temporary diminution in the demand
in this country for your land. It is not merely that
this Company could not expect to enjoy a special
exemption from the influence of general causes of
depression, but that the amount of money realised
from sales of land in any limited period is by no
means the only—nor even the principal—standard,
by which the position of the Company should be esti-
mated. Such sales, if pressed on at inadequate
prices, or made upon unsound principles, though
they might create a short-lived semblance oishfa,tpirsosao-tf
pros-
perity, and afford the temporary means of paying
large dividends, would ultimately. be in the highest
many or few,
degree injuriousimp otro.tayncoeur.
tohe stthiesnteerieesttsere.
the vast
lealand. .pon
that
paramount
whether, at any given time, sales beya
uesotls
our measures should be steadily directed- t `tads
which that object is
the
propertygr a n
whichgrand b object., ti
you
uf
possessenhancing
ieNtheew z
the energy and judgment with
n tpala must depend.
pursued, the prosperity of the Com
Of this, as well as that the sta
for land is transitory, your Directors a ion in the demand
entirely convinced, that they
tions, during the half-year • have been so
have spared no exec-
tid.pst cotelnded, to pour
into Now Zealand that
capitalists and laboiirors, which alone value can
of. emigration, both of
be given to your byP"'sessions.in those islands, and by
almost indefinitely enha
the continued 1 a 4-I,Lux of which that value may. be
with their efforts to this need. They have combined
to them best ealenhtte
to place end whatever steps appeared
to advance most rapidly, and
11Peu the most secure foundations, the pi os-
PeritY ol‘ the
settlements which you have founded;