therefrom will supply the want of labour, which is the chief impediment to the progress of new countries.
"In order to obviate the objection which might arise from the apprehension of expense being occasioned to the Home Government, it is proposed that the cost of the formation and government of the colony should be advanced by the company hereinafter mentioned.
"The following is a statement of the principles upon which it is deemed expedient that the colony should be founded; and, with a view to maintain them inviolate for a certain period of time, it is proposed that they should be embodied in a charter to be granted to the colony by the Crown.
"1. The territory of the colony to be defined, and to extend over a space sufficiently large to prevent any alteration in the value of land by the adoption of any other system of disposing of land in its vicinity.
"The extent of land which it is thought desirable to fix as the territory of the colony is that lying between the 130th and 140th degrees of east longitude (both inclusive) on the southern coast of Australia, including the islands on that line of coast. The object of such an extent of territory being required is, as above stated, the prevention of any other system of disposing of waste land in the vicinity being adopted; for if land should ever again be given away (as heretofore in the colonies) in the neighbourhood of the estates of the company and of individuals, the value of these would fall, and the supply of labour would be rendered unequal to the cultivation of the appropriated land.
"2. The sale of all land in the colony at, or above, a fixed minimum price.
"This regulation will ensure the concentration of the settlers in proportion to the price at which the land is sold, and being adopted by H.M. Government in relation to the colonies already established in Australia, needs here no comment.
"3. The employment of the proceeds of such sales
