FURTHER REGULATIONS RESPECTING THE MANAGEMENT OF THE COMPANY’S AFFAIRS.

1st, As soon as what is considered a sufficient number of shareholders shall have subscribed, that a general meeting be held of the shareholders, or their accredited agents, to choose a Governing Committee or Directory,[9] in which will be vested full powers to carry on the enterprize in the most effectual manner. This Directory will purchase or hire a vessel or vessels, to sail for N. Zealand as early as possible, and as soon as a sufficient number, say one hundred shareholders, are prepared to go out: The Directory having discretionary power to choose and limit those going out, in case the number coming forward at the time of sailing exceed what the vessel or vessels can conveniently carry, so that those on the first expedition may be as masculine and efficient as possible, but in no case to separate the members of a family without their own consent.

2d, That previous to the sailing of the first expedition, in which the Directory and Company’s officers will go out, a Home Director, Deputy, Secretary, and Treasurer shall be appointed, forming a Home Committee, along with a Head of Department and Deputy Head for each district. This Home Committee to act under the directions of the Foreign Committee or Directory, in managing the concerns, and sailing of the expeditions which follow;—the Foreign Directory having the sole management abroad in laying out the capital of the Company, and in directing matters generally.[10]

3d, That, previous to the sailing of the first expedition, the amount of the shares be ascertained, and the first subscription closed. A second subscription to be immediately commenced, for further investment in New Zealand, under the management of the Directory in New Zealand, who will purchase territory with the second and further subscription funds, as soon as the funds are sent out.

4th, That, as soon as the site of the principal town, or first settling station, shall have been chosen, that one-half or one-fourth acre of town-land, and from five to ten acres of suburban-land, for gardens, be divided to each share, for a commencing nucleus, and that the country lands be afterwards divided when required,—if possible, 100 acres of good land to be apportioned to each share. The whole to be drawn for by lot. A shareholder having several shares, to receive the whole wherever his first lot may happen to fall. And, as matter of conveniency in occupying and enclosing, and also as some recompense for their pioneering labours, the first expedition shall have the first choice of the town and suburban land, but not of the country land. Any residue of territory to be disposed as a general meeting of the shareholders shall determine.

5th, As soon as the first expedition shall have located itself, and made purchases to a certain extent, that the speediest intimation of this be sent home, and all of the shareholders at home, that are in readiness, to go out with the least possible delay, in a second expedition, if the Home Committee has not in the mean time thought it expedient to send out the second expedition sooner: To be in readiness for which latter arrangement, the first expedition will have notice waiting at the Bay of Islands, where some of the intending shareholders have already extensive possessions, of the place of its rendezvous, by which the second expedition may be enabled to reach it.

6th, That after the expedition shall have located itself, a certain per-centage on the share, or land-tax, shall be levied, or a portion of the undisposed land be sold, to procure medical treatment to the natives, and, if necessary, to keep up a small hospital, where the natives may obtain food and lodging during their medical treatment. The natives to be treated with untiring kindness, and in every way encouraged to obtain property by provident industry.

7th, That the actual necessary personal expenses of the officers of the Company be paid to them; the vouchers for which must be given in to the Secretary at each general meeting, for the time previous, in order that the meeting may examine and sanction the same. That the reward or payment for the public labours of the officers be determined by the shareholders assembled at the general meetings, it being understood that all public officers, where any considerable amount of labour is required, have a fair and sufficient remuneration for the time of service, but no retiring salary. That these rewards of officers for labour performed be given in land in New Zealand, or in money, at the option of the shareholders.

8th, That each shareholder and emigrant of the Scots New Zealand Land Company, before embarking, give his solemn pledge that he will obey the Committee of Government in all things not opposed to the common rules of morality, and in all duty which free citizens owe to the government of their choice, until such time as the British Government shall have assumed an energetic governing control over that part of N. Zealand. That in case any shareholder will not submit to the directions of the Committee, at any time previous to the individual possession of the land, that he or she shall be obliged to sell out of the Company, within a time to be fixed by the Directory; and if subsequent to the possession of the land, that the Scots New Zealand community break off all intercourse and social connection with this refractory emigrant.

9th, That all above fourteen years of age carried out by this Company pledge that they will not, directly or indirectly, purchase from the natives any lands till the Company shall have made an end of its purchases in investing the Company’s first funds, or at least till one year after the arrival of the first expedition, should the funds not be sooner expended. Any one breaking this pledge, to be held infamous, and beyond the pale of society.

10th, That every male above fourteen years of age be regularly armed, at his own, the Company’s, or the British Government’s expense, with such arms as the Governing Committee may think most fitting; submit to such military training as this Committee may think necessary, and be at all times ready to act in defence for the public safety. That all who go out pledge to this.

11th, As a chief element in the prosperity of a country is secure and unfettered possession of land, and easy transmission, that the tenure or condition under which the land shall be held, and mode of conveying it, in order to be of the simplest and clearest description, be allodial (without any superior), and The Book of First Allotment made out by the Register Keeper and the Surveyor be of itself sufficient evidence of the title. The lots to be described in this Book as definitely as possible; and the lines of demarcation or marches to consist of natural divisions, such as water-courses, inclination run or shedding of water, line of rocks, &c.; and, when these are not convenient, that marks prominent to view be stamped upon trees or earth-fast stones, or pits be dug, by the Surveyor. That this Book of First Allotment or Register Book (kept in a fire-proof apartment) have a page opened for each division of land, describing its name, boundaries, size, owner, in the fewest words possible. In the case of transfer, or borrowing money upon it, the same to be recorded, in the fewest words possible, on the Register page, and signed by principals and two witnesses: The lender, on receiving the money back, merely signing his name as receiver, attested by the Register Keeper and witnesses, and no bargain respecting land to be binding till registered in this Book. That possession, living witnesses, and the Register Book, be the only necessary title: But, in order to provide against the possible destruction or loss of the register book, the holder, upon requesting it, and paying the necessary cost, to receive from the Register Keeper a copy of the register page, describing his own lands down to a specified date, written upon a paper stamped by a peculiar die, used for this exclusive purpose, and signed by the Register Keeper, attested by witnesses.

In connection with the Register Office, a Bank might be formed, based upon the land-property of the shareholders, each of these landholders being allowed to draw out notes to the value of two-thirds of his land-shares, or more should the land rise in value, forming a currency of heritable bonds. The notes to be payable in gold or dollars, upon giving six months’ notice, the same as with heritable bonds here.[11] This would prevent any mischievous run upon gold, and at the same time keep up the paper to its proper value, affording a sufficient paper currency, and facility of borrowing on land-property, so important to the prosperity of the country, and so necessary to keep up the mental acumen and wisdom of the holders.—The regulations for this system of currency, and for many other things, cannot well be detailed in a Prospectus.

In the mean time, this meeting recommend to intending subscribers in every district or town which any number of intending subscribers reside, to form Branch Societies, and appoint a Head of Department or Committeeman, who can communicate with the central head, or attend general meetings, as the representative of his brethren. Persons wishing further information, or who wish to subscribe for shares, to apply by letter, post paid, to the Chairman. The applications for shares to be in the following form. The letters requesting shares not to be binding upon the subscribers, unless 200 shares shall have been subscribed for by Martinmas, 22d November 1839.

To Patrick Matthew, Esq. Gourdiehill by Errol, Scotland.

(Insert here the date and your residence.)

I hereby engage to take (Insert here the number of shares) of the Scots New Zealand Land Company, conform to the terms specified in the Prospectus issued by a meeting of intending shareholders, held at Perth on 24th August 1839, and signed Patrick Matthew, Chairman.

I am, Sir, yours, &c.