"The payment for the land to be made by instalments, and to be extended over a period of fifteen years.
"(3) The committee are of opinion that if by "a corresponding sum" be meant a sum equal to the purchase money of the land, it would be very difficult, if not impracticable, to raise a capital for the purpose. They propose that the money to be advanced for the maintenance of the civil government should not exceed £7,500 per annum for the first three years, nor £10,000 for any following year, and that such advance shall cease with the payment of the last instalment for the land.
"(4) The proposal of a land-tax is founded on the considerations: (1) That such an impost would serve as a check to speculative purchasers of land, the object being to get the land into cultivation as soon after purchase as possible, and more especially as an advantageous means of raising revenue. This tax is proposed not to be levied until the colony has been founded three years.
"It is clearly understood, however, that the payment of the civil government of the colony is not to be considered as depending for support upon this tax. The company are security to the Government, and whatever sum the company may receive by the adoption of the tax in question will be a credit in favour of the colony against the company.
"(5) Interest at 5 per cent, per annum to be computed upon the several sums advanced from the respective times of advancing them, such interest to become principal when the whole principal shall have been advanced, the payment of the aggregate sum to be made to the company by annual instalments of not less than 10 per cent., and such part of the aggregate sum as may from time to time remain unpaid to bear simple interest of £5 per cent., to be paid in like manner. In
