incentive to capitalists to invest in the proposed Company."[1]
On Mr. J. Wright, another of the Commissioners, devolved the task of raising the sum of £20,000 to invest in trustees, and a difficult task it was. But he succeeded; and although the terms were not entirely approved by the Commissioners, they were glad enough, in the emergency, to accept them, and on the 19th November the required sum was invested as a guarantee to the Government, in the names of three Trustees, in the 3 per cent. Consols.
On the 22nd of January, 1836, the South Australian Company was formed, with a subscribed capital of £200,000.
The original Directors of the Company were George Fife Angas (Chairman), Raikes Currie, M.P., Charles Hindley, M.P., James Hyde, Henry Kingscote, John Pirie (Alderman), John Rundle, M.P., Thomas Smith, James Ruddall Todd, and Henry Waymouth.
As, however, Messrs. Angas and Wright were Commissioners, they were prohibited from having any pecuniary interest in the colony they were appointed to establish, and both, therefore, retired from that Board.
The objects of the Company were briefly—(1) To erect upon their town land, wharves, warehouses, and dwelling-houses, and to let, or otherwise dispose of them to the colonists. (2) To cultivate and improve their country land, and to lease, or sell, parts of it at their discretion.
- ↑ "History." Vol. I., p. 35.
