The Sun.
London, England, 1842-06-03 00:00:00

himself, on behalf of the great societies of the Church of Eng-
land, that a • sum equal to any amount that may be
thus raised, shall be applied to the exclusive benefit
of the settlements above-named. From the funds
subscribed by the colonists at Nelson, in the shape
of an enhanced price of land, for purposes of religious minis-
tration, your Directors have appropriated 5,000/. (which they
deem a fair proportion, in relation to the number of the mem-
bers of the Church of England engaged in that enterprise),
to the endowment of an episcopal ministry in that settlement.
This sum, also, the Bishop has undertaken to meet with an
equivalent ; so that this portion of the Nelson fund has in effect
been doubted by the mode of its application.
" 19. The Ilishop having disp'ayed in his conferences with
your Directors a great anxiety for the improvement of the
aborigines, and that the scheme of Native Reserves, upon which
the Company has proceeded, should be made conducive to that
end, your Directors stated tohim that the Company was willing to
advance a moderate sum on loan, on the security of those re-
serves, upon condition that the lands in question, and the ad•
ministration of the money advanced for the benefit of the native
population, should be placed by the Government in the hands
of trustees, in whom, trona their high station in the colony and
their ch:racter, your Directors and the public might feel confi-
dence. By these means it appeared that a double end might
be secured, in the preservation and honest management
of the ressrved lands, and in the simultaneous educa-
tion and social advancement of the aborigines. The
Bishop cordially concurred in these views, and your
Directors are now engaged in a correspondence with
the Colonial Department upon the subject. They will not fail
to use their best endeavours to ensure to the native inhabi-
tants of New Zealand, the greatest possible amount of benefit
from the lands which have been set a••art fur their use and en-
joyinent, in the midst of the civilised community which has
settled on their shores.
" 20. Your Directors have not failed to give their atten-
tion, in the course of the year under review, to the important
subject of steam navigation between your sett'ements. They
beg to refer you, for an exposition of their present views ul•on
this matter, to their despatch to Colonel Wakefield, of the
24th instant, printed in the Appendix.
" 21. Your Directors have to report, that in conformity
with the provisions of the Charter of Incorporation, the addi-
tional capital of 200,000/. was duly subscribed, and one moiety
thereof, namely 100,0001., duly paid up, previous to the ex-
piration of twelve months from the date of the Charter.
" 22. Your Directors lay before you the usual statements of
receipts and payments, and of assets and liabilities. It could
not reasonably be expected that the affairs of this Company
should eisjoy an exclusive exemption from the operation of those
depressing causes which have affected, during the last twelve-
months, every interest connected with the shipping, the com-
merce, the manufactures, and the general domestic industry of
this country. The universal stagnation of enterprise, accompa-
nied by au unparalleled scarcity of money, has, of course, limited
your sales of land in this country, whilst the still more cala-
mitous state of things throughout the Australian colonies has
interfered with those local sales, from which, under more
favourable circumstances, your Directors should have looked
with confidence for a considerable accession to the income of
the Company. On the other hand, they have laid before you
ample proof, in the course of this report, that the Colonies which
have been founded through your instrumentality arc eminently
ffourishing ; and that the prospects of the settlers are as bright
as they, or their best friends .in this country, could expect or
desire.

" 23. In conclusion, your Directors are happy to be able to
report that although some important questions, having reference
both to the policy of the Home Government, and to the con-
duct of the local Governor, remain to be finally adjusted, and
it may be necessary to address you specially upon these ques-
tions on a future occasion, yet your Directors are willing to
believe that her Majesty's Government is actuated by friendly
sentiments towards the Company, which is recognised as
having made great and successful exertions in promoting the
settlement of New Zealand. And it is with great gratification
that they can yid, that they have been recently assured by the
Noble Lord at the head of the Colonial Department, that he
has enjoined the Governor of New Zealand to give, on all
occasions, the most favourable consideration to representations
which the Company's agent may make to him on public
matters ; and in the discharge of his legis:ative and adminis-
trative functions, to afford the amplest protection, encourage-
ment, and countenance to those who may settle upon the land
of the Company.
"24. In the course of the year, Edward Gibbon Wakefield,
Esq., Sir George Sinclair, Bart., Russell Ellice, Esq., and
William Taylor Copeland, Esq. and Ald., M.P., have retired
from the Direction of your affairs. Their places have been
respectively filled by the following gentlemen, viz :—Charles
Buller' Esq., M.P., William King, Esq., Sir Ralph Howard,
Bart., M.P., and Sir Isaac Lyon Goldsmid, Hart.

"25. The following Directors retire by rotation at the present
meeting, viz :—Viscount Ingestre, M.P.,Sir W. Moleiworth,
Bart.; A. Willis, Esq. ; John Ellerker oulcott, Esq. ; John
William Buckle, Esq. ; and Henry Aglionby Aglionby, Esq.,
M. P. ; and being eligible, your Directors respectfully recom-
mend them for re-election.
" 26. Your Directors also recommend that the Auditors of
the Company, viz., Jeremiah Pilcher, Esq., Thomas Frederick
Everingham, Esq., and William Curling, Esq., should be re
elected for the year ensuing.
" New Zealand House, 31st May, 1842."
The following abstract shows the number 01
tonnage, and the number of passengers despat
Zealand Company, up to the 31st of May, 18.

' ships, with their
:hedby the New
12.