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SOUTH AUSTRALIAN COMPANY.

Abstract of Proceedings at a Meeting of Shareholders of the South Australian Company. held at their Offices, NO. 4, New Broad Street, London, on Tuesday

August 10th, 1841, for the purpose of re-   ceiving Information upon the State of the Company's Affairs, from David McLaren, Esq., the late Manager in South Australia. The Chair was taken by G. K. Angas. Esq., who commenced the business by introducing Mr McLaren to the meeting, which was nu- merously attended—adding that he had been expected in time for the Annual General Meet- inp on the 30th June, but was detained on the   voyage frcm Adelaide. Mr McLaren was ready to give a detailed account of the Com- pany's affairs in South Australia, and the Proprietors might investigate fully any matter affecting their interests, as, from the first formation of the Company, openness and candor had been the invariable rule followed by the Directors. The Board had conversed with Mr McLaren, and were satisfied with his statements; a similar opportunity was now afforded to each shareholder present. Mr   McLaren would read his Report, after which   any gentleman could put such questions as he desired. D. McLaren. Esq., after offering his respects to the meeting, read the following brief Report:— "In thus meeting with the Shareholders of the Company, it affords me much pleasure to assure them that, although there are several circumstances unfavorable in the present posi-   tion of affairs in South Australia, and in this   country in relation to that colony, I am con- vinced that the ultimate success of both the Company and the Colony is secure. "I arrived in South Australia on the 22nd   April 1837, which was about four months after

the Proclamation of the Province by Governor Hindmarsh. I left it on the 11th January last. I have thus seen, almost from the com- mencement, the working of that enterprise in the success of which ihe shareholders of this Company are deeply interested. " I shall state very briefly the state of the Company's affairs when I left the province, availing myself also of the advices to a date considerably later, which have just been re- ceived, and shall be happy to answer, there- after, any enquiries which may be made as to which more detailed information is required. "I may be permitted to say, in general terms, that South Australia is a fine country. The climate is delightful—not only not injuri- ous to health, but actually restorative; and that it appears to me there exist there the elements, not only of a prosperous colony, but eventually of a great nation.

"Following the order of subjects observed in the Annual Reports of the Directors, I shall advert, first, to the Landed Property of the Company, which is naturally subdivided into Town and Country Lands. It may not be improper, perhaps, to remind the shareholders of the extent of that property. " There were originally 102 Preliminary Land Orders, each of which secured one town acre and one hundred and thirty-four acres in the country, with a priority of choice, in common with the holders of the other 335 Pre liminary Land Orders, hut in preference to all other purchasers. Each of these Preliminary Land Orders cost, originally £81, being at the rate of 12s. per acre.   "1. Town Lands. " The Company were thus enlii'ed to 102   acres of the town of Adelaide in virtue of these land orders; and at the public sale of the town lands in the colony, in March, 1837, they bought 66 additional acres —becoming thus proprietors of nearly one-sixth part of ihe town. "The whole of these were selected by the late Mr Samuel Stephens, in March, 1837, pteviously to my arrival in the colony, with the exception of six acres reserved, to be after- wards chosen at the harbour of Port Adelaide.   "During the year 1840, there were leased   to sundry persons for terms of fourteen or   twenty-one years. four and a quarter acres of town land, at an annual rent of £5.12, with right of purchase at various prices, amounting in all to upwards of £5000, averaging about £1200 per acre. The greater part of the tenants have built upon these lands, so that there is a great probability that they will even- tually purchase the freehold ; if not, the build ings become the property of the Company. To prevent misconception, it may be proper to state that these leases comprehend some of the most vaiuable of the Company's town lands. " Tie valuation of the town lands, as ap- pearing in the inventory of the 31st October last, was, of course, greatly under these rates, averaging, even including these acres, a little above £400 per acre. In consequence of the very unfavorable circumstances which have occurred since that time affecting the financial position <>f the colony, it micht be necessary now to reduce that valuation ; but the question of the extent of that reduction, and even of the necessity ot making any reduction at all, must be materially modified by the circumstance of the urdispused laid at the >Jew Port being valued at Iho same time, not as town land, but as country land, namely, at £4 per acre, while it may now be fairly considered as transferable from country land to town land.

" During1 the hst year, there was also leased one sere at (be New Port, nt the annual rental of .£lOO, with a right, of purchase during (he le3Pe at .£l:)jQ. " IJy advices from the colony, on Saturday hst, information has been received of the dis honor of the greater pan «>f the (irst Instalment Hill", prnnted in payment of the land bought from the Company at the New l'ort; b?it as Imildinfrs have been erected on most of these lots, the interests of the Company arc virtually secured. " The buildinps in Adelaide, lately in the course of erct-tion by the Company, are finished, and further expenditure under that bead will not bo incurred. Sonic «noderat<3 reduction in the rate of rent for the houses in town most be made, io consequence of the financial circumstances of the colony ; the rate formerly fixed having been 20 per rent, on the ainouiit of outlay (nut including the charge as ground rent), which may probably require to Ie reduced, in some cases, to 15 per cent. " Tdc annual rcvcnuii arising from the buildings in Adelaide—tiie ground rent of town lands—tho huilJiilgs at the New Fort— including the stipulated allowance from the Government as a substitute for toll dues on the road to the New I'ort—is upward* of £7000 ; and exclusive of the wharfage which will he oliiniwd f'iotu v«>6svls usnj; the Company's whirf there. "11. CtH'STBY I.AKIW. " The original purchase of Country Land?, as already mentioned, was 102 Preliminary Land Orders, cuch of which entitled the holder to LSI acres, or 13,008 acres •' The extent of purchases as Special Surveys, <-xtliiMveof Lyndoe'.i Valley, which was secured in virtue of SO Pre liminary Land Orders, w rt s...eo,ooo " "Oiliur|?urchaBcsamounttoabout2,4''<> " si6,O<iS acres " These lands were wholly selected previous to my leaving the colony, excepting about ;,:i(Ki «en?s of the Preliminary Land, and 2,0(10 acres of tlie Special Survey l/ir.d. namely, that on the banks of the Murray, which was not then surveyed.

" I lie'ieve I may Ftate ri nfiilentU- tliat the Untl wwurwl for thy Company is fully vqual to any in lite culmi}'. ami i« pre-«.\iiirtent!y well W6t<W< —the 18,001) acre*, belerttd as? Special Sut?o}«( beinjr remarkably vi — tteinp all ron lijsii<u«, attA •xtrtidine v iihin twenty miles of Adt hidr. hatinp ?ho fc<l?an«af?e «■?' e.isy access, by a road rotnjiaralUfly level, but moxily .1 natural r>?ad, a few miles oply having bven artificially fornuil. *' 1 lie valuation <f (lie Country Land nn the 3I«OcloU-r last, was £4 \f-r were; andenn wdtring the «ckn«*tcdp«<! pup<-riority if Ihe land, i.i foil |>Icntiful vup?ly «f water, and proximity to Adelaide, and «msiderin(f tlw nrran^emciit actwally cnacludcd M to k<««ing Lynditrh Vtlty, I «W?k It B«??t a|*p«r thai itlw* not been nvrr-vaVin), while tl?e«lwn? drnment nf the system nf Special Snrtrp must give an aririitiocal valac to the Company's I country lands. " Tlie amount «-f annual rental of the country Undi, at the time I loft th<* oolciny, amountfd to about XS,W)(?, !!«w *hi-Mi litnt> several leases have hcui ••JTi-r-rH in virtue otarran-.^ 1. went"! maucliy tin-, trliii I) iiiTi--«M? the roct-nll tiy .I'j-.HH* «>r X'':u'H?, w!ti!e a very larpv prn- I j.ivrtiwn i>f tlif wwniry lar.d is *3T?oern]>ii'd, ami 1 Bii-itcventuallwield a handsome revenue.

"111. Flocks ami lli:kjis. "The. last. Annnnl Kcpi>rt contains a minute, account of the Flocks of the Company, amount ing on the 31st October, !P4O, to "14,4'2i. I have the satisfaction of slating, from personal inspection, not indeed of every individual Dork, hut of the proater pnrt of the fl«>ck«. 'l«.i' tli'-y sire 5n excellent condition, tinder skilful and careful manjijrejncnt ; and now tlipt ihfCotn pany raise :i sufficient supply of wlie.it for their shepherds and servants genorallv, I ;ini per suaded the flocks will yield a rapidly increasing clear revenue to ihp Company " The rale at wiiiuh the sheep were1 valued on tlio 31st October last, was .10s. for wethers and .'J.Os. for liMedii :• owes These rates- were fixed immediately alter a sale ol 2000 ewes (decidedly inferior t? the Company's) at 3>«.; tiv.A hy the advice1' received from tl?e colony f>? Saturday last, about 700 wethers hnd Iteen sold at :)3s. Tiio weight of nine sheep lately killed for rations was 572lhs.—that of the heaviest ha>inpbeen 80lhs., and the lightest CO lbs. •'The cut tic, as well as th1 Mieep, arede pasturintr «'ls3oflv on the special survey <len«i minated tlie Streams ami Tributaries of the Torrcn' (native name, • (iiiniinarnka' district) —they are in cxeelli'iit condition. The Dur ham bull, Y<?un<; Comet, is tirKpiestiotiahiy the best in the colony ; and the whole heril is oer tainly not surp.-isseil—perhaps I mijj'.it sar not equalled—in kind, condition, f i<-ility of muster. and jroneral cliarnnlor hy any hep! in tlie pro vine*'. I know <;♦' none so judiriou>ly ci-nim. mieally, and vfibrfivi'lv tn.-iiia^'d. " The valuation on 3l*t Oito!«T wns very modcratp, say .t'lO for rows «n jfifrrs, £!> for \oarlintrs, £•> 10s. for calves. &c. There has lx >o rather ■ int of a market at Ade laide, lint that inconvenience i.; likclj- to be only temporary. "IV. The Smri'iKC, Whalikr, asii CoMMEKCIAf. OrfItATIONS. " These may lu> said to be in the course of final altHndoniurnt " \ftiT arriving a? Sydney per the M-honr.cr John I'irif. I cni'envotiivd tn •>«•!! 1-cr, \<M, "wine to the state of m?tt« >rs i?i Sy'n-yat that time, I could nm «ii'ict a bin :;; .< <loei'!ed

fiicrifiop. I chartered her f.ir timv tno:itli« ?•> a party who returned in her to Adelaide; :m<l in th<> engagement i secured for Mr'*ile<\ a* li'tciim Manager, lilt' lilii rly to iH>po*p <><' ln*r at any period ilmir? the charter on giving ?"<' moii'hs n-itit'i-, ami g.ivi 1 Isitn instriieri:iii« tn sell her ;i* spet'dilv and ;n!v:uit:ijreoii'lv as- |">s i-ible. " The instructions of llu> Directors and (ho wNhcs ..f the. Shareholder* will he earrio«l into cllecf as to the* other io:-.-el> " The valuation of ihp sJiiiipinjr was the only part of the genet::! ioventoriec which was made on any other |>riiJc*i[>K' than the supplied actual value The balance «>(' 'he :iciMiunt* of tho five vessels Ktil! unsold ?« tlnlv stjind in the ledg-.-r. w<>ro avowedly hvcrtpd in tho it:- J ventory of :)|!>t October, j " The Surah ami Klisabrik i-. n-;w tho only vessel employed in the uJiaiiriu tiaile; ami I have no douV.r, on her return <<> .•■ ;> •-'. <■ «ill J be sold or sent home, r.ccordin? : ■> • -i-rs I of thn Board. "The Bay Whaling is v....!c:-.«.....l • he abandoned; and the only rri(i>iv<> for ti:.vintr continued it so loop was a cnmictiiin that it afforded the opportunity of disposing of part of the largo stock of oil casks «nd whaling Rear which had been sent out in former year*, less disastrously than it could have hrcn dis posed of otherwise. Ft was one instance of many in which 1 had only a chuiee of evils. < " The Commercial business is wholly aban doned, excepting as to disputing of the goods on hand, which will he turned into money as speedily as possible, consistent with a due re gard to the Company's interests. J " The only remaining topic of tho Cum- j pany's business is— " Tnn Banking OrriiATioss.

" The ?cry great importance of these oper ationl: is vcy obvious ; and from the first they required, ami I hope ! may be per mitt oil to >ay. received, unremitting attention. To (hem llic undivided attention «f Mr Edward Stephens was directed, excepting in so far an the general business of the Company interfered ; which, during I lie first year or two of our colonial operations, was frequently the case, owing in part t'< my necessary absi nee from Adelaide, and the variety and urgency of my duties when there. Of late, Mr Stephen's attention has been wholly directed to these operations, and as tnnch of my <>\vn as jmssiMe. " The general principle on which we endea voured to conduct the business of the Hank, v/as to combine c.Mition with liberality; and I hesitate not to state, that the program "f (he colony, a: d the success of idniviilual <:ol«?nists Ins been mote owing to the. Rank of South Australia, than (<i any other canto whatever— perhaps I mii'lit say, than to all other causes put together; and, on the other liaml. the Annual Return from the Hank, dated 2Mh November !a*t, show* a result, whitli 1 ho|«' has been satisfactory to the fcharchrsidcrs, namely, a balance of .€19,240 7s. 5d trans tarred to the credit of the Company in the Hank nooks r.t Adelaide, «s the ii'sui, •■( th«- oper ations for the |irecedi- ig year Iliuin^r tliat period' the target failure occurred ttiat had taken place in South Australia, namely, (hat of .Mr John \V Iker, one of tt.o<ustoir?crs of the hank. The Jiank <iid not lu.se a penny, having, particularly through the good manage ment <tf Mr 1-1. >'.eph«ns, }ire^i?us.ly obtained ample seturity. Cart of that security -'-as •? sheep, which I refer to, ;:s aec<iunting for the Hank tlcpatchi's latinj; referred to seeutityof this hint), whirli n:i<jlil <ittierwi<e be e.wisi«Wed as niit a leiritunati' spe. i<>.< of pra;*<riy for a liank to liiik.. These «ere <hr t'.vo limusand sheep already mentions.l. which uere Ruld at 355. " In the parly stapes of the colony, the Hank «■.< almost under she titiavimUl.le nece sity «if tlu* settlers ?m niorl gageol laid Without Mleb aocoiiiiiir^latinn, the colony cmiM not bave gi-nc "H ; at tl c same tiiye. being iware tlij-.t tnis *>as Dot the Icgitimaie s«sineF? t.i the Hank, as *>«ih a« other capitalists arrived. «c refused ail Micii accommodation, and endeavoured, •? gpe«Jilj and prudently •> possil.le, to obfain irparmtnt of these advances; iliseonraging at the «ame tine, np«ttl?ti..n* in land-Jobuing, by ref««ing to discount Bill* which originated in Mich traiMartfon*. " Tlm Utcnt of Rtneral accomtpodation af forded to the publii% by the Hank, mag knrm \ «sc«¥ded the limi's whieli strict and rigorous caution present*™!; but I b?|ic it will be r? tnembered, that tbe circumstances >X <li. ,•■ ' n V under vbirh that *nfe:ii <l .. <■ ... . .< ~>.? was afTanle«!, wer<* ten- «l;!f ,■„ • ..? I «lu*v kw^n •«« I/?ad<«. ami • .1; Ln«?Ti iinivorsaUy: ant!, co.i-c . a -. ~m of'aM nnbia!«*d and sincere ii«*>irc <jii u\\ pan to promote the interests of the ronipanv, «nd |«er«nioed that Mr Stepbeos was aettuitad by

the samn motive, I evn assure the meeting, that if we hnve erred in this respect, it has been an error in judgment only; and that, were all the eireunis.tmie.es known, the error would appear loss than it now does). " I am fully persuaded, that the instructions of the Board in the subject of finances, will ho conformed to by Mr Stephen*, and thUl every effort will lie made by him to lighten the pr?'s- Mire on the fiimls of the coirpanv here, and to reduce the extent of the npcoimtiodntion granted by the Rank speedily .nin) oflei-tnally. " I may he permitted to refer to the dis patches and remittances received on Saturday last; the former announcing flic settlement of! the heaviest current aeeotinf, .t-t.Olln having been received in cash ; aid the latter (the re mittances) cxcei'diiig in amount tliv drafts then advised. " In conclusion, J have to stale, that liKvin" determined lo make this rommtinicition brief, I hnve throughout avoided entering' into details I luive intentionally omitted referring to seve ral subjects wbicil lni^l'' have been introduced; hut I shall l>" happy to answer, candidly and fully, any inquiries which may he put to me through the Chairman, not lieirur cmisi-iou< <if any thinjr wiiiirh I should wish fit conceal, knowing that 1 a:n responsible to the Hiivetors and Shareholders, and heine ilesiruus ti> give an account of my stewanNhij " Tl>e <:ii:iiriu.-.'ii then referred to Mr Me Karen'-. r<':n'ii.—is to afl'ml full informatiou. Mini rmpiii'fd if any proprietor ii.id any ijties tiot.S to p|O| nc «'. K. Fn«ii.".- -t-:n., lCsq , .-.iked "the pro'mble efi'cet ttftliu (fitverniiient loan*' upon the Com pany, and how the .ti150,000 or .€200,000 Wimid lip provided for?' Tlio Chainnin saiil, "The question ;itvccted South Auvtrnlia, Rcncrally, rather titan th>s Company, as it was a color.ial debt secured upon tlie unsold lands; but Mr McLaren would reply." Mr McLaren stated. "That there must lip a corresponding increase in th" colonial revenue to defray the interest, or iJ would burthen the colony (jenciallv. The Company were no morn "affected hy it than other sctik'rs" Captain T. W duller, li N , wished to put :i V\v <pic.«Ji<ins n<U\ tbs Manager's <x , Hi-tid-in-.- the B«ard's i<i-truct!un«, | a"fl d • >«-d those instriirii-?ns t- '■• r-'id, to ~lniv<' how fa-.- Mr Mcl.nr.Mi li id •.-■•• f.?rm«l; and if not. tint be should expl-u'n l><- .ievi:iti ,n

Af'cr di^ctissing the pvind'-nrv nf rcadhig tho detail:-*! instniclion< from tl:.- Ilorm? to theiroHitMTs. cxlract? fV'-tti tin* I. ii'l.nt M;ina perV drsj 3ti-ln- of I4:!i IVhruaiy, !Mo—l7th Dect-rnlipr, I MO—and 4th -\pril, 1840, wore read. Tl«??« «-xtr?ct« siroiifrtv expressed the Directors' ?Mi«>* tint oxpi'oiii".>rp should he stopped, thaltli-' < >":?-, ■• i \ shi?uUK'tiga^c in no new work« or ndditin-.-i! oi;tlay. and tint no farther calls upon il..- ri-o>?fi ( 'tary slioiild lie rendered npces^ary, ?< iln* Dirvi* "rs wished to keep a considcrahlf portion of the capital in reserve. Captain Unll.T utatwl hi* objort in liaving the cxtrairts rivid was to prove that the Di rectors, from February Ifi.'W, to thp present time, constantly reiterated instructions for diminished drafts upon the London resources, requiring that uo further inr«ads fihould bo made upon the Company's capital, and that the progress of the colony should be developed before further outlay The Manager, with the best intentions had disregarded these speeiiic orders, and life drafts had been very consider able. Although the money bad not been badly laid «"t, extraordinary circumstances could alone justify disobedience of tin* Di rectors' positive ordcis, and it was incumbent upon the mwtins- to show to future Managers that instructions from the Hoard were to be observed Tim Bank had, in his opinion, tnado exepssive advances. Tho improvement of the colony, and of indi vidual settlers, was promoted by thw accom modation raising prices ; but. it caused a heavy (".uinand ii|«>n the Shareholders, and prices must have a corresponding fall, when that de mand e«a«rd to be mot. The* last demand was for £jOQO, to provide specie, which became I scarce, because paper was too abundant, and too gr«at p«'<M>mm<vlation was poii?g forward on bilk Tho Hank should withhold discounts, and not pour in mure gold and silver. To check undue accommodation, *ii'! to conduct tho Bank ii|ion sound principles, Capt. \\ «ov? objected—(nut from ill*f'pi'lii;<? to Mr MeL., who had honestly nerved the Company)—to rotiriWl irjurinus to tlic Colony. Mf Mel.xr. n. in liis judgment, had «-xo<'edr<l lii« iii-.trii<-ti..ti-: and that <>*<•<■■•« should tie r.iurlt iniird, that Ins successor f hoidil not <fo tlic same. Mr Mcl.nmi <lul> npprcc-atod Capt. HuHw'b desire for tho pood oftlio Company, and ackuow- Icdged t'apt B.s rotiliuVuro in d:s (Mr. Mo L.'s) dovotioii? t« tho int«r«'sts <>( t!ic Company. He hid notrwivr.l any inlinvition cf tin- particular pciir.t« afinquirywli'iph had Ijopii brought, forward, till immediately tioforc thp nn-<:tini.', so that liin reply was quit" unprrnu'ditnti'd. Concprninf the drspHtch of February IK.V.t. addrc?M'il to the General Maiiiiger, an'l jirotc.lilj rfn-ivcfl in Juiip or July, its purpi.rt was to ipilwe exjiomlitiire and have accounts sent liniup. Ho bi-lieveil the Hccouuts won1 no?v furnislicd fully und sati?- factorily. The Cliirman stated the Hoard's assent. Mr. Mo Luren coiitinued,— "That for • C(li f>idcra<)lc time after Jiis arrival in the colony, lie }ia«J mi clerks qualitiol t>> prepare ari-oiuit". They were totally uicniiipctptit and unacquainted with the syFtem <if comniercial hooks. Mr Me.L. regretted that this circunistatK.u bad delayed the early transm'iKSKin of distiiK t accounts, which, of course, be had not timo. to prepare. Ho orderrd them liom fits first arrival in April, ln:tV. The only rrjrulnr a.ioiiutim* was ouirafrfd !<y liimwlf. ntid obtained from Van l)icnwti'« Tand. The remarks in tbe despatch of February, IK?S>, were expressly Mated as having been submitted for the Manaijpr'sooiisideration, whichtliry duly received, and woip fuliilled jis far as actual circumstances jirttniiU'd. "The first dcspatdi is dated 17th December, I W.I, hlmi aildrvsficd to the Grncral Malinger, and |)rub?Mj-rowi?n? in May, I*4 i. No ewoinivc fipenditurc was incurred after its teccipt, ox ci-ptiiiK Iliat tject-ssary t« complete works then pro(trcssinp. Thc most expensive of the Com pany's late operations, was forming the New Port, which was undertaken without any instructions from the Board of Directors, and on his own judgement and responsibility; but South Australia was indebted to that undertaking for removing the objections of the shipping and commercial interests to the Old Port, not inaptly termed— "Port Misery." The inconveniences of the Old Port were enough to sink any colony ; but the Company, through the instrumentality of its Manager, had removed them. The expense, large as it had been, was necessary, and it would yield a fair, or rather a considerable revenue. Tiie accounts v?<?ic ntjuired tn 'je setit quntu-rly ; tlv.% accounts from tin? J'.uuk ••urn" wrrMy; au.l full copies of lh«* cash Inxik and tul's rt'teiviiile arc • ipi^ilstlt sent i>y '<?• fmiinwrcJal v.r <? !i<-ral ! IVpartiiiPiit i*tm':/,ly. He IviieTv- ■■( nn nllicriw. 1 • sidtraMe e«ppi?liture h.-sidvs t''M at tin* l'ort. j f\ceptinc fiomp buiUings at AJi-Ui.le rcquirtnir I j eo?jpUtion. Tb« faudsrenaisttefer that purjMwe, ' i protiline food for their serrauts. pairs' wnget.

and carrying mi (Ik1 business of the General Department, wore, of course, drawn from llie Mank, previously to that department obtaining ft revenue to defray its expenses. The only con siderable buiMing erected after llio receipt of thai •leupatoh, was the warehouse lit the l'ort, which, upon an outlay of i".),Oi)((, yields £ I,COO annual rent. "The loit.'i- of April, I*4o, to the General Manager, would probably be received in Sep tember. It expressed ;i? anxious desire for increasing the returns from the country lands, — fur attntniti); which, every effort had been maile. The •mum I rental from country land* is now about £2,WM inclinling the lease of L.yiidoeU Valley, yielding £70D of tlmt sum. Mr Mo Karen remntkeil, tSv.it in some of tliosc despatches in- j struct ion l' were sent to him to take the Company* country land«, not in continuous Mocks, hut in •epiinitc proportion, having the piopcrty of other j settlors interspersed. He explained that this { plan would hnve some advai) luges. The property of the Company would indeed be enhanced in value, in one respect, by having other neUlers interspersed. ; but the disadvantages which would have arisen from following these iii?tnietio?iK were mucii greater than the advantages, r.hieHy because of the ililliculties which might arise from a de ficiency of water, ami contentions a« to the back runi These he had avoided from choosing the Company's land as he had done, having secured nearly all the water, and thus rendered it un likely that, others would seek, to occupy tlie back runs. In taking the Company's special surveys he had kept the. property contiguous, yet not so absolutely so, as to prevent, o'hers selecting intermediate sections if (hoy desired. For the Company he had secured the very best. The Company hud belter land within the general boundaries of their special surveys, and design edly left iiuai'leci.ed, but the occupation of which they would probably have without paying for, than Rom others had in the bcstpaits of their special surveys. " The last letter referred to, wli'c'.i was the only one of those now quoted, addressed to him r.s the Hank Manager, was dated 4th April, 1840, and probably luceived in September, IK4O, the object of which was to restrict the expenditure. Mr McLaren could not minutely explain the liauk transactions, occurring about that period, as he was tlx'ii pro,taring to leave the colony, and frequently absent from town, as well as occupied with arrangements to supply his place. At the same time, hull) he and Mr Stephens were anxious to reduce the expenditure, as much and as speedily as they prudently could. ** Hut npi??i the Mibj rt of the specie" • • The Chuiriiuo interrupted Mr McLaren to st'ite, that lale returns from the H.inl; had niven tin.' Hoar.l even iii!<iiii>:;tio:i-

Mr Mrl,?r<'ii r<.-sum?i!. t>> statin.: -" He had purchased i.V> i-n of specie"; ii td li? and the cashier, Mr -1•-;•• t: Hi considering !iu increase to the block of coin i ,i.N ~-usjlilc, tVotn ilie amount of the circulation. .-:<• .isits, &c. They ini^ht have been tmm v , iui uo sudden reduction of the circulation, &<•. could hiivp afforded cil'ectual pro tection. On liis route lo England, after failing in a supply at l'oit l'hillip, Lauuceston, and Hohart Town, Mr McLaren hud succeeded at Syiinny ; lie regretted the necessity, but it was unavoidable The Dunk had not only contribu ted to the success of the colony, and of indivi duals, it had also greatly hencfittud itself—the last year's returns shewiug a revenue of fiy.OOO. " Up only recollected two points, on which the Board's instructions had lipcii kno lingly violated, but hh lie had nothing to cunceul, it lie remem bered others they should be stated. Tbe first rplnted to the special mrvpys; the last of which, viz , ' Tlie Snvimis and Tributaries of the Tor mis,1 he took, alter receiving tht> letter of I'eb ru.ry. tUM lie wns bwhip that he wjs then ex reeding his instructions; but he was still confident, tttid his opinion whs supported by Captain Stnrt, and other ijualiried judge.*, that it wus the best of the Company's Surveys, tbe nearest to AdrKidc. the most accessible, mid its value une'f nailed by any utber in the colony. When advising the Directors of tbe purchase, he informed them, (hut he knew he had exceeded his instructions, nod il the purchase was not con firmed, possibly home individual Director might take it; or. il not, the requisite sum might be obtained through hi-, relations; nnd could be have secured it for himself, he should have re gtided tiis foitii.-'<> inaili- Hut the Directors confirmed it, mid that deviation is thus ex plained " The only other deviation was despatching the Guiana on a trading voyage to Singapore, after peremptory instructions to sell all the ves- sels. But a day or two previously to the receipt ot that letter, he had engaged Captain G. Hall to command the Guiana, who had leased his country land for a term of years, and made other arrangements for the voyage. Being bound to Mr Hall, he must have compensated him, had the   voyage been abandoned. All regarded the voyage as profitable to the Company. and useful to the colony; and he, after some hesitation, fulfilled   his contract, assured that, had the Directors known all the circumstances, they would have done the same. He may have erred in judgment,   but he felt himself bound in honor to do as he had. Captain Hall was engaged for twelve months, and made a claim because he was not again em- loyed; while he (Mr McLaren) satisfied by leas- ing him part of the Company's land, without a charge for the fencing. A profit of about £500 will probably arise from the speculation; the   capital was £5000.   "If Captain Buller. or other Shareholders   should contiinue to be dissatisfied, he should re-     gret it very much; but he had candidly stated the circumstance in which be had been placed, and the reasons of his conduct." Captain Buller said. •■ Some matters had been mplained, l?ut his <ibj<ctions were unnoticed. The expenditure hud licen Very treat, aMrl lar^e miKiiints of <>a|iital called up, oxrinir to tbe ac* romnioiiatinn f;ivrn by the Bank. The Manager was specially ordered to pive no further accom. mtidation, that the Company's liabilities ebould not he increased, and no further calls rendered medlul I'he need of specie iti the colony, sliewcd that the Bank bud fiven too great ac rommodaiion, wliich should be lessened instead olmoro specie imported. Mi McLaren had not shewn that lefctiactouunijdalion h?a been pi?cn; and if accommodation were not curtailed, tbe whole capital might soon l>e exhausted. Too much accommoil?tioii bad been given, in spite of the instructions for no turrht t inroids to be tnide upon the (>iitt)pany'« capital " Tbe Chairman, advpiliiv to the difficulty of gpncriil <iup«tic<ti«, asked Mr MeLaron if he wa« c.iuvincelnf the -<lof rpiluoitiir the Company's r«p«i<liture and thr Hunk's advances t? iiidW* dunlf, and hatl done all to accomplish that object. Mr McLaren declared, that in conjunrtion wifh IMr E. Stephens, now Manager ..f the Bank, everything practicable had been done t« limit the expenditure, and to fulKI H«* IMn-ctors' Jnstruc- : tious, except in the two cases before mentioned. X Diwtt, Esq. M !?.. felt bound to sute that th* late Bank Retnrn* sbewd that Mr Stephens wa« more aliwe, than he had previously mp|M(M him to he. to the tree principles of banking. l.??in« loiseSv inrreaw-d the proportionate rt«* of specie He h«d been alarnwd at the accnm m.Klaion Ri^en by the R.r.k. l«t the wsult st.-uu-d « ti'<-«- tory iiaviiif! discussed the «no iert minntfly with" Mi M Lar.n. lie was convinced thitt be l?d a^-led wisely in purchasing and eeJect tn« the \?<'d* : ?« ?'«•< wlwtiww. tb««ch r>ot quite ac^ird.n.: to the B*.n' ; '* ii.stiwitions had secured for tl.« Crimi a«y rhe «dc.wt«Hjes Intth i>t canu gumis and «J«sfer<e<J i-i'nation* Tbr Chairman n.-iti-nul the Directors satw f«cri.n tbfft tbp <>p« r.e in the Bank was increased, and that tbe iand h«J been judiciously cbosea. Tb« Mcomiimdatnni bf die Bank m also being

diminished. The undertaking had been sur rounded with dihVoiti.H, Hl id the Mai,a,c r |, : ,d inurli to overcome, without the opportunity ol consulting die ltonr-1 Considering tliese iliihrul ties, the Pwrirt. -. < uld make every M 1..« :it.., (or ihi> .\!ai.agei>, in ri.cli iiismih <-s «. n ~■ to require it, The l):r.-et is liari eiu ~. ~,,,. the Shareholders' HitereKts, und i-iiiicaVMn, ■ <~ diminiiih the expenditure ; their nreMiit ~,,],<-,. was to contract the. opemtions. mid pu«t dilliciil. ties were being surmounted. A Proprietor enquired the Corrt|i>iiiy- K loss hy bad or doubtful debts, in consequence of tlie ad vances mentioned by Captain BuUcr. Mr Me Laren referred to the balance sheet of tbe Bank, t-hewinga transfer of .£19,0U1) to the Company's credit, lor profit last year. He did not think the Bank had lost £!>UQ in all hy had debts; much bad been and still was ut risk, Ht i,| hut for the superior management and attention ol Mr Stephens, more loss would hare arisen, as even when bar.kraptciea occurred, the Company had lieen ei>cured. The Chairman, in cendusion,asked M MoLuren his impression as to the general state of the co lony, and prosperto of the Company, upon which he was well qualified to speak, from his long re- Kidenre in South Australia. Mr M<- I-aren h -ticved the prosperity of the rolony. and the Company, were based upon n (.olid foundation. The coiint.y was delightful: and though the fcood land «vas not ro extensive im hud been at one lime witi.-ipnte.il, so much of the in. tenor was still unexplored, that other fertile dis tricts micht possibly he discovered : if not, the Company* property would lie proportionally en. hanced. T*e genern! prospects «if ihe colony were encouragi? X : itlmd fl fi rm |, a 8i8> nn & wou j d in time overcome the disadvantages of its present financial position. Captain Buller bsd long watched the progress of South Australia, and believed that Mr tic Laren and Stephens had endeavoured to promote the Compeny'N interest, and deserved much credit; yet the Proprietary should not applaud an expen diture which micht have involved the Company in difficulties. This disobedience of instructions could nor be praised. Still he believed the Ma nagers' intentions were praiseworthy, and they fully confided in the resources of South Australia. Notwithstanding the dishonor of the Governors draf rs. and tlie consequent reduction in prices, the colony would eventually become more prosperous. The Chairman asked if any Proprietor wished to make furth' • enquiries, I*. Peterson. I'sq noticed the impression among the public, th?t tne Company was in an unfavor able eonditibn. and .iskcd if something cou'd not he done for its removal. It had other Compinien to contend with, such ?s tin* New Zealand Com pany, and satisfactory information, like that now afforded, should be widely circulated. The Chairman s?id the Company had always avoided interfering vith, or disparaging other undertakings. South Australia would not suffer hy comparison with New Zealand, as it was more established; its lands better cleared; and its revenue greater than New Zealand. Though .South AustrnUa bad been misrepresented, its merits would rise Hgain, and prove it a nourish ing colony. If the I roprietore wished the ac count of thin meeting published, it could be done. E. Divett, Esq., M. P., begged to observe that the South Australian Company contended with no otber Company. There had been great attempts to run down South Australia, hy patties jealous of it; but it was an absurd jealousy; for one colony could not flourish without also pro moting the welfare of the others. He had the strongest conviction that South Australia must be a rising colony; and he would always abitain from attacking other settlements. His great interest in tbe prosperity of colonization, the only remedy for many of our most seriout social evils, would lead him to extend it an much a* possible. There wu? no need for jealousy of other colonies; on the contrary, indeed, the pros perity of South Australia was promoted by their success

The Chairman, after Fiipgeoting tnat Proprie tor* should explain to their friends the state of South Australia, proposed to clone the proceedings, hoping tha Shareholders had been satisfied with the measures of the Directors and Ma nagers. J. Brewster, Esq., had expected some other Proprietor would have moved thanks to Mr McLaren, wfao*e situation had bpi>n most •nerous. He proposed that their wurmest thanks be given to him. Another Prnpiietor stated that, though he would not defend Mr McLaren's departure from his instructions, be considered tb« Company's prosperity was owing to him. Another Proprietor wished to support the mo tion. He considered that the present gre?t value of the country lands was caused by Mr McLaren'* judicious selections. If ad he cho?en them according to bis instructions, they would not have been so valuable. Mr McLa'en retired from the room. J. Fussell, E«q , observed that the expenditure had been i tiriertaken before the instruction, ar rived, nttd they conduced to the Company's benefit. They were creatly indebted to Mr McLaren. J. B. White, Em| , thanked Captain Bnller for the important information obtained by his clear and minute questions. The Company had able and conscientious Directors; and though he had feared the Managers had too much power, he should depart considering every thing had been done from the best motives. He neroniled the tote of thanks, grateful to Mr McLaren for his candid answers, and pleased at the trivial losses and large profit* made by the bank. Capt. Buller hoped he should not be considered inconsistent in concurring in the vote of thanks, for he was reidy to make ample allowance lor the •nffiriitt position ol Mr McL?ren. They could not havw had a more conscientious Manager from first to Wit. The Chairman having put the question—" That the most cordial thanks of the meeting ba given to Mr McLaren, for bin exertions in managing the affairs of the Company."—it was paused unani moa-slv Mr McLaren having entered tbe room,— The Chairman stated his pleasure in conveying to Mr McLaren a unrirmous vote of thanks from the meeting, after a minute investigation of his conduct t and trusted it would encourage him so promote, as murh us possible, the prosperity of tbe Company 8 affairs in k'ngtatid. Mr McLaren returned thank* for tbe unanimous confidence of the meeting, and for the Chairman's kindness in tbe .•ommunicHtion of it. He had done bis best for their interests j mid. while con nected with the in, be OiouM continue to follow the ump principle*. More than he fcal done he rciutd not do. Tbanks w-re then votpd to the Chairman and Dirertnrs, for their nble services in conducting the affairs of rhe Company.

ADBMIDC: fWated ••) PoMittred fa? the Proprietor! Iniw Twnu* * €)•., at their VHntiag (Mm Hiaaleywi^triKmOi'&maitdAdTettteaiHts.and •Itcoaauicaliamtathe Bditort, trill be reeeited. Price, |w •■?■■, 1 1 ISi., to be paid ia ad rtnte, Mmtiiearnls (paid i? advance) Dot c?- Ceeding right libct, ?«^ and Cd. for evrrj addiUonal Hoc. Adrettisetncntt not prepaid trill lie eharped fc. tot the ir>t eight ii?et, and 3d. for crety ad ditional line. tin SmA AmtrMan Ra,tmer na; be bad of «br fol lomi?gAnwirt, brwbon orders and advenitemrou «il •too be received:— Mr Plant, IliirfleT^tnxt: Mr Abbot, Iforth Adelaide; Mt Cooper, HindWatth; fc Bayly, Yon AddaSdc; Mr Hyde, Sow)iu«a; Mr Anderson, Earn Bowl. Merpneu Vale; Mr llobett Robertson, lYMtaamcr, Oawler Town; Mr Tefl?, G*wjr -rtrw*. Sydney t ■mm BUT* aod Aramrong, North «Ten<i«m-«i«ct

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