with a view to attract population thereto and to increase its value, while the Government will sell, in an entirely unimproved state, the land not purchased by the company to any individual or bodies of individuals who may be desirous of purchasing it.
"7. The company to advance from time to time, as may be required, the money requisite for the government of the colony, such advances not to exceed £5,000 per annum for the first three years and £7,500 for any subsequent year not amounting in all to more than £100,000, the whole to be considered a colonial debt, to be repaid at such times and in such amounts as may be agreed upon. In default of such repayment the company to be entitled to the further choice of land at the minimum price of five shillings per acre, to an extent equal in value to the amount of such default.
"It is proposed that the subscribed capital of the company shall be £500,000, to be divided into shares of £50 each; one half of the subscribed capital of the company to be employed in the purchase of land in the colony from the Government, and the remaining half to be reserved as a fund for the purpose of carrying on the government and for the construction of roads, bridges, wharves, &c., and the foundation of a town or towns, so far as these latter objects shall be deemed desirable by the company.
"8. The Governor and all the officers of the colony to be appointed by the Crown.
"It appears highly desirable that the whole power and responsibility of the Government should devolve upon the Governor until the colony shall be thought sufficiently advanced to receive the grant of a legislative assembly.
Enclosure No. 2.
"If a proposal for founding a new colony in Australia, comprehending a full guarantee to His Majesty's
