colonial interest, for the purpose of conveying selected labourers to the colony; so that the first body of emigrating' capitalists going out to buy land may from the first be supplied with labour. And that until such loan or loans be repaid with interest, the Corporation be held bound to apply all the net proceeds of the sales of land in repayment of such loans.
"X. That for defraying the necessary expenses of the Corporation and Colonial Government, the trustees have authority to raise money on loan by the issue of bonds or otherwise, and that provided the said expenditure do not exceed £ in the whole, the amount thereof shall be deemed a colonial debt, and secured upon the entire revenue of the colony.[1]
"XI. That, as in the case of our old colonies in America, of the company for founding Sierra Leone, and of the East India Company, the Corporation of Trustees have authority to frame and administer regulations or laws for the maintenance of order, the protection of persons and property, and other objects of local government.
"XII. That the said authority of the Corporation of Trustees shall continue until the colony, having, like all the chartered colonies of Britain, a local legislative assembly, shall have paid off its debt to the Corporation of Trustees, and shall undertake to defray the whole cost of its future government and protection.
"XIII. That the trustees shall be protected against personal liability."
Of course, this first prospectus could only set forth what the association desired, and it had to be altered in many important particulars as time went on.
- ↑ It is thus provided that this colony shall he founded and maintained without any expense whatever to the Government of the Mother Country.
