from the commencement of the colony for the purpose of raising a fund in aid of the expenses of the colony.
"In those colonies, the population of which is scattered over a vast extent of territory in proportion to people, and in which the regulations attending the disposal of waste land have not been uniform, it has been found difficult to collect a land-tax or quit rent; but as in the proposed colony the population will be more concentrated than in the other Australasian colonies, it is presumed the difficulty and expense of collection will not be an insurmountable barrier to the imposition of this tax, while the advantages of direct taxation appear to be such as to justify the trial.
"It appears necessary that a charter, embodying the following provisions, should also be granted to the company, together with the usual clauses limiting the responsibility of shareholders, &c.
"6. The company to have the pre-emption of 1,000,000 of acres to be selected within a given time at the first minimum price.
"The inducement to the company to found the colony is this right of pre-emption at the first minimum price. Having the first choice of land they will be enabled to select that upon which the seat of Government will be placed, and that which will form the sites of the principal towns, as well as any spots which, either from locality or fertility, may possess a peculiar value. The profit of the company will arise from the additional value which the increase of population and growth of capital always confer upon land, and from the increase in the minimum price at which the Government land will be sold, while the price paid by the company for their land will be uniform at whatever period it may be taken up.
"The operations of the company in selling land will be wholly distinct from those of the Government, and will be confined to their 1,000,000 acres. On this land they will perform such works as they may deem expedient
