THE SOUTH AUSTRALIAN COMPANY.
In connexion with the official proceedings of his Majesty's Government and Commissioners, in the establishment and colonization of Southern Australia, the great commercial company whose designation heads this article merits a pro-
minent place in our journal. The history of the formation of this company, did our limits permit its detail, would show not only what energy and perseverance can accomplish, but would furnish a striking example of the combination of the higher order of moral and religious views—the extension of civilization and the truths of Christianity—with the practical objects of commercial en- terprise. We have already said that the names of the chair- man and directors of the South Australian Company afford a sure guarantee for the success of the undertaking. Here is the Board:— George Fife Angas, Esq., Chairman. Raikes Currie, Esq. Christopher Rawson, Esq. Charles Hindley, Esq., M,P. John Rundle, Esq., M.P. James Hyde, Esq. Thomas Smith, Esq. Henry Kingscote, Esq. James Ruddell Todd, Esq. John Pirie, Esq., Alderman. Henry Waymouth, Esq. Edmund John Wheeler, Esq., Manager. Samuel Stephens, Esq., Colonial Manager Edward Hill, Esq., Secretary pro tem. 'The directors have stated, in an official publication, in which the "Regulations" of their company are embodied, that The gentlemen under whose superintendence the "South Australian Company" has been formed, have closely and minutely examined the subject in all its bearings; carefully weighed the best evidence, both written and verbal, which they have been able to obtain—particularly that of several individuals who have long resided in the Australian Colonies, and who are practically acquainted with those commercial enterprises in which the com- pany propose to engage—and the result of their inquiries is the firm conviction that for a long period the attention of British Capitalists has not been called to a project more worthy of their
notice,—whether as a secure investment, or as likely to yield a handsome profit. In the able and interesting report, drawn up by the chair- man of the company, and of which we present our readers with as full an outline as possible, it is observed that The pecuniary advantage usually anticipated from ordinary com- mercial adventures affords a sufficient impetus to the interested parties to put forth the energy and make the sacrifices essential to a hopeful issue. Not only does this exist in the present instance, but there is combined with it the most lively and heart-stirring anxiety for the rapid growth of a most interesting and important undertaking. It cannot fail to attract the attention of the empire, and will put in requisition the resources, talents, and moral worth of the thinking part of the community, in a manner that has hitherto had few parallels in our history. It is this reflection that has nerved the arms of your Directors, and given them the greatest celerity in the prosecution of their important duties. They are likewise aware that the promotion of the moral and civil welfare of many thousands of their fellow-subjects is inseparably connected with the attainment of their object; that, in fact, the most certain means of advantage to the shareholders of this company must be such as shall most permanently increase the numbers, wealth, skill and moral character of the Colony which has been selected as the scene of the company's operations. The Regulations alluded to are as follows:— 1. The capital of £500,000 to be divided into 20,000 shares of £25 each. 2. The affairs of the company to be under the management of a Board of Directors; the qualification of a Director being 100 shares, and that of an Auditor 40 shares. 3. At all meetings of the company, proprietors to be entitled to a vote as follows: a proprietor of ten shares being entitled to one vote; forty shares, two votes; one hundred shares, three votes; two hundred or more shares, four votes; but no proprietor to be qualified to vote unless all calls shall have been previously paid up. 4. The present Directors to remain in office until the annual meeting in June, 1837, when two of them shall retire; the vacancies so arising, to be filled up at such meeting; and, in like manner, two Directors to go out of office annually; in all cases the directors retiring being eligible for re-election. 5. The general meetings of the proprietors to take place in the month of June in each year: the first meeting to be held in June 1837. 6. Special general meetings of the proprietors to be convened by the Directors, on giving fourteen days' notice thereof in the London Gazette, and one or more daily papers, whenever the same may be deemed advisable by them: or upon a requisition signed by twenty or more qualified proprietors, holding in the aggregate 1,600 shares, or upwards; such requisition stating the object of the meeting, and being left at the office of the company at least twenty-one days before the proposed day of meeting. 7. At all special general meetings the business of the meeting to be confined to the specific objects set forth in the advertisement conveying the same. 8. The Directors to be empowered to make such calls as may be necessary, (subject to the special regulation as to new shares,) so that no call be made at any one time exceeding £2. 10s. per share, nor at a less interval than one month from the period of the pre- ceding call becoming due, and on twenty-one days' notice in the London Gazette, and one or more daily papers. 9. In case of the non-payment of any call for two months beyond the day appointed for such call being paid, the shares so in default shall be liable to be declared forfeited by the Board of Directors for the time being, and to be by them disposed of for the benefit of the company. 10. The capital of the company may be increased to any amount not exceeding £1,000,000 with the assent of two-thirds (in value) of the proprietors present at a special general meeting to be con- vened for that purpose; and the holders of the existing shares to have the option of taking all or any new shares before they are offered to the public. 11. The Directors to have power to make such allowance and compensation for services, and generally to appoint such agents, and pay such salaries, as they shall from time to time deem proper, and incur and pay such other necessary expenses in managing the affairs of the company as they may find requisite. 12. The Directors to have the power to make by-laws for the management of the affairs of the company, subject to their being rescinded or altered at any general meeting called for that purpose. 13. That if any proprietors shall wish to pay up their subscribed capital, they shall be at liberty to do so, with the consent of the Directors, to the extent of the whole or any part thereof, and shall be allowed interest at 4 per cent, per annum on the books of the company, for any sums they may so pay in advance, from the time of such payment up to the time that equivalent calls shall be made, and due from the body of proprietors generally; and such advances of proprietors may be recalled by them, or paid off by the Board of Directors, on six months' notice being given in writing on either side; provided such notices be given and expire before an equivalent call be made on the general body of proprietors. 14. The Directors to have power to require a premium, of not less than £1 per share, on all shares issued after the subscription of £200,000 of the capital, on which new shares an instalment of £2. 10s. shall be payable, on or before the 1st July 1836, and second instalment on or before the 1st October 1836; but on which no further call shall be made until after the 1st of January 1838. The premium on new shares to be paid on application, and the holders to be entitled to a dividend per centum, from the 1st July 1836, on the amount of their instalments paid up. 15. The Directors to have power to establish a bank, or banks, in or connected with the Colony of South Australia, and to make loans on land or produce in the Colony, and conduct such other banking operations as they may think expedient. 16. All shares, in respect of which the deed (in case of its adoption) may not be signed within the term specified, to be declared forfeited. 17. The Directors are to have power (until the first general meet- ing of proprietors) to add to the Board of Directors such names as they may think expedient for the interests of the company. 18. Although it is proposed that the capital of the company shall be £500,000, yet the Directors have the right to carry on ope- rations, the sum of £200,000 having been subscribed for, and with- out prejudice to the capital being fixed and established at that sum, or any intermediate sum between that and the £500,000. 19. A deed of settlement, founded on the foregoing conditions (with such other regulations as may be found necessary), to be executed by the proprietors, within two months from the date of the same being approved by the Directors, and advertised in two or more London papers; or such measure to be adopted as may be deemed most expedient for obtaining an Act of Parliament, or Charter, for the government of the affairs of the company. The whole of the capital of £200,000 was subscribed for previous to the 22d January last. Persons wishing to have the new £25 shares allotted to them, may apply to the secretary, at the com- pany's office, 19, Bishopgate-street Within. The report of Mr. George Fife Angas gives an interest- ing account of the proceedings of the company up to the present time. It is with regret that we are compelled par- tially to abridge it; but we have endeavoured as much as possible to preserve those portions of especial public interest, omitting others which more concern the proprietary. We should not fulfil our public duty, however, did we not take
occasion to express the high sense entertained by us of the skill, energy, and activity, which have characterised the pro- ceedings of the company. Under the superintendence of its excellent and spirited chairman the success of the enterprise cannot be doubtful.