27

any other, which after consultation with the
settlers he should deem more advisable, his as-
sent to the scheme embodied in the resolutions
of the Nelson purchasers, if in fact given, was
binding on the Company, and that the opera-
tion of such assent was not affected by the cir-
cumstances of the previous reference by the
purchasers, of the matter to the directors at
home, made by them when unaware of the
authority of Colonel Wakefield to settle with
them.

It appears to us that the assent of Colonel
Wakefield must be assumed for the present
purpose to have been given, inasmuch as there
is no evidence to contradict the statement of
the Nelson purchasers, and the resolutions
have for the most part been acted upon and
treated as binding by all parties concerned.

2. We are of opinion that Colonel Wake-
   field having had authority to bind the Company,
   and having done so by his assent to the resolu-
   tions, it was not competent to the Directors
   subsequently to add the qualification in regard
   to the meaning of the word "Arbitration" in
   the 2nd clause.

3. We are of opinion that the resolutions in
   question did form one of those contracts in re-
   gard to Lands or existing engagements with
   reference to the settlement at Nelson, which,
   by the surrender of the Company's Charters,
   have devolved on her Majesty's Government.
   It appears that the word existing must be taken
   as referring to engagements existing at the
   time of the surrender of the Charter, not of
   the passing of the Act 10 and 11 Victoria,
   cap. 112.

We have, &c., &c.,
(Signed) A. G. COCKBURN,
W. T. WOOD.

The Right Honorable EARL GREY,
&c., &c., &c.

Extracts from the Minutes of the Executive
Council.

Council Chamber,
18th January, 1853.

RESOLVED—
It being probable that, under the recent New
Zealand Constitution Act, a considerable reduc-
tion in the price of land may shortly be made,
the Council are of opinion that the scrip to be
issued should be so worded that, in the event
of such reduction in the price of land taking
place, such scrip should only be taken in pay-
ment of country land at such a value, that one
pound in scrip shall represent the upset price,
or fixed price, of one acre of country land at
the date when the scrip may be tendered at the
Treasury; and, for the protection of the scrip
holders, this rule should equally prevail if the
price of land should at any time be raised.

Council Chamber,
14th January, 1853.

RESOLVED—
That it is now ascertained that Absentee
owners of land in the settlement of Nelson,
under the resolutions of July, 1847, have a legal
right to refer their claims to arbitration in the
settlement, or in England.

That it is desirable, however, for the speedier
settlement of these complicated claims, not to
compel this class of claimants to have recourse
to the mode of adjustment just alluded to.

That, further, it appears more than probable
that the scrip to be issued under the provisions
of the New Zealand Land Claimants Ordinance
will fall considerably below its nominal value,
and it is intended that the scrip should be so
framed that, under any system for reducing the
upset price of land in New Zealand, not more,
nor less than one acre of country land could be
obtainable with it for one pound of scrip; while
the scrip issued to the residents at Nelson had
this great advantage, that four acres as a max-
imum could be obtained for that amount. And
this gave the scrip its principal value.

That it follows, that the scrip to be issued to
the Absentees being so inferior in value, no
equitable adjustment of their claims could, in
the opinion of the Council, be made, unless the
Ordinance be construed liberally, and according
to its plain and obvious intention.

That the Council consider that the obvious
intention of the 27th clause of the Ordinance
is, that the Nelson absentee owners should, on
the principle adopted at Wellington, and ex-
pressly referred to in the Ordinance, be entitled,
as a general rule, to 150 acres of rural land in
compensation, in respect of every particular al-
lotment (excluding the town sections), the
words "not exceeding" having reference merely
to the cases where two or more claimants
exist with respect to any one allotment—in
which cases it was thought necessary expressly
to provide that the amount given in the aggre-
gate to all claimants in right of such particular
allotment should not be more than 150 acres.

Resident Magistrate's Court,
Wellington, February 7, 1853.

NOTICE TRANSFER LICENSES AND
FORMING MILITIA.

NOTICE is hereby given, that a Meeting of
Magistrates for this District will be held
at this Court, on Tuesday, the first day of
March next, at the hour of 12 o'clock, for the
Transfer of Publicans' Licenses, and also for
the purpose of forming the Militia List.

W. LATHAM,
Pro CHAS. C. DES VEUX,
Clerk to the Bench.