|20 Churches at 1000l. each||£20,000|
|20 Parsonage-houses and Glebes, at 500l. each||10,000|
|20 Schools at 100l. each||2000|
|A College and Chapel||6000|
|Residences for a Bishop, the Principal of the College, and an Archdeacon||3000|
Deducting this sum from the original fund of 200,000l., 159,000l. will remain. The interest derived from this sum will probably have to defray the following stipends:—
|To a Bishop||£1000|
|To an Archdeacon||600|
|20 Clergymen, 200l. each||4000|
|20 Schoolmasters, 70l. each||1400|
|Total per annum||£7000|
To carry on our hypothesis, if 80,000l. invested in the British funds yield three and a half per cent, interest, and 79,000l. invested in Colonial securities yield six per cent, interest, an annual income of 7,040l. will be derived from the whole.
This excess of estimated Income over estimated expenditure will appear only too small, if the indispensable expenses of management and the possibility of losses be taken Into consideration.
A proportionate calculation might be made, on the hypothesis of any greater quantity of land than 200,000 acres being sold, up to that included within the whole territory.
The members of the Association have engaged in their present undertaking in the hope that the knowledge of the principles and practice of colonization, which the history of modern British settlements is calculated to impart, may enable them to secure the proposed Settlement against some of the main evils which have impeded the prosperity of other colonies.
Progress of the Association's Proceedings.
In conclusion, it Is desirable a short statement should be made of the position in which the Association now stand as regards their resources, and of their intended course of action. They have obtained a Charter of Incorporation, and a certain sum of money has been placed at their disposal, as an advance repayable out of the funds which will accrue from the sales of land. That sum will be expended, after providing for the very small necessary expenses of their machinery in this country, on the arrangements which will be required to prepare the Settlement for the first body of Colonists. Captain Thomas, a gentleman who has had great local experience of New Zealand, and who is eminently well qualified in other respects, was appointed Agent and Chief Surveyor, and sailed for New Zealand in 1848, together with a Deputy-Surveyor and Assistant. After careful examination. In accordance with his instructions, and in concert with the Governor and Bishop of New Zealand, he has selected as a site for the Canterbury Settlement the plains delineated in the accompanying map. Their local features will be found described in the report of Captain Thomas himself, and in a letter written by the Bishop of New Zealand, from both of which extracts are