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forest land, which, although eminently adapted to the purposes of agriculture, remain unproductive for want of the moderate outlay of capital required to fit them for the reception of settlers.

"That these lands are of easy access by emigrants at moderate expense, particularly a very extensive tract lying between the rivers St. John, within a few miles of Fredericton (the capital of New Brunswick), and the south-west branch of the Miramichi; which tract possesses great natural advantages, such as salubrious climate; a soil at present covered with excellent timber, but capable of yielding fair returns of all crops that grow in England, with some others, especially Indian corn; and also mines of coal and iron; with numerous streams, affording convenience for mill sites and inland navigation; to which may be added proximity to plentiful fisheries, and an immediate demand in the country for agricultural produce, created by the influx of emigrants, and the wants of those engaged in the timber business and fisheries.

"From these facts it appeared evident that a Company might be formed, for the purpose of purchasing and settling this tract of country, under the most favourable circumstances, affording, at the same time, the most solid security for the investment of money, with a certainty of at least reasonable profits, provided that the government would dispose of the said lands at a moderate price, and consent to incorporate the company by royal charter; and provided also, that the affairs of the company were managed with a strict regard to economy by men of practical experience.

" In consequence of this determination, several interviews and communications took place with Lord Goderich and Lord Howick upon the subject; and on the 7th of March it was resolved, 'That a company be formed to be called "The New Brunswick and Nova Scotia Land Company," the capital of which shall be 200,000l. in stock, divided into certificates of not less than 251. stock in each certificate.' On the 21st of April it was finally agreed by Lord Goderich to sell to the company the whole tract of country as laid down in a map in the Colonial Office, copies of which were given to the directors, lying between the river St. John and the boundary line of Northumberland county, nearly fifty-five miles in length by eighteen in breadth, containing about 400,000 acres, more or less, at 2s. 6d. per statute acre, including all minerals, &c., and free from any engagement of settlement, service, or quit-rent, to be paid for in two cash instalments, viz. the first upon signing the charter, and the second on the conveyance of the land and possession being given to the company; and a minute of agreement to the above effect was accordingly signed on that day by the contracting parties.

"It may be advisable distinctly to state, for the information of the proprietors, that the Right Honourable the Secretary for the Colonies has agreed, in the usual form, to recommend to his Majesty to grant the company a charter for incorporation, which (together with the usual powers and privileges) will secure subscribers to the company's stock against partnership liabilities. The directors therefore determined to publish their prospectus, and to receive applications for stock."

Since this report was published, sufficient stock has been subscribed for, and twenty per cent. paid into the company's bankers.

The convenience, position, and excellence of the lands *, and the standing and character of the directors, must ensure the prosperity of this company, the plans of which will likely be very soon in operation, as the charter recommended by his Majesty's government is now in the hands of the crown officers. John Bainbridge, Esq. 2. King's Arms Yard, Coleman Street, is the sitting director.

Another association, styled the

British American Land Company,

was projected by Mr. Galt about the same time; and the plans adopted by that highly-gifted gentleman appear to be judicious, if its incorporation were not generally opposed by the people of Lower Canada, to which province its operations were understood to be confined. Nor does it appear, as far as the proceedings have transpired, that any particular tract of country has been agreed for with his Majesty's government. The Canadian Legislative Assembly have also resolved, that a monopoly of large tracts of land, by a company, in a colony, the crown lands of which are already chiefly granted, and in which the seignories are over-peopled, would be an act of injustice towards the inhabitants.

There are several other companies and associations; such as the Welland Canal Company, the Marmora Iron Company, and Brandtford Canal Company, already alluded to in Upper Canada.

The Quebec and Halifax Steam Navigation Company in Lower Canada.

The Shubenacady Canal Company, the Annapolis Iron Company, the Halifax and Liverpool Packet

588 BRITISH AMERICAN LAND COMPANY.

Company, the South Sea Whalefishery Association, and the Banking Companies at Halifax, Nova Scotia.

The General Mining Association, who work the coal mines at Cape Breton and Pictou, was established in London, and have their office 10. Ludgate Hill.

Of all joint stock associations, those only who invest their capital in the purchase and improvement of lands, in banking concerns, and, if the line be judicious, in rail roads or canals, have positive foundations for prosperity. A mining association cannot be certain of success until the expenses and the production of the mines are ascertained. A trading company, like that of Hudson Bay, which, by charter, possesses great exclusive privileges, forms also an exception to the general rule.

But companies for steam navigation, sailing packets, or fisheries, have not as yet prospered; and there is no doubt, but that transatlantic steam navigation, steam navigation between Quebec and Halifax, the packet between Halifax and Liverpool, and the whalefishery, might each be carried on with much less expense, and greater certainty of profit by one or more persons, who devoted their sole attention to their particular interests, than by companies.

CHAP. VII.

GENERAL SUMMARY OF THE STATISTICS OF BRITISH AMERICA.

THE following recapitulation of the population, trade, and fixed and movable capital of the British colonies, calculated in round numbers, from customs and legislative returns, and from various estimates, may be considered as near the truth as such data will admit; and afford, when compared to the condition of the colonies at former periods, some idea of the rising importance of British America, and the political and commercial consequence of that part of the empire to the mother country.

There is now (in 1833) a population in our colonies, distributed nearly in the following order, and possessing, exclusive of money and movable property, the value of which cannot well be estimated, cattle and lands, much in the same quantity as in the annexed schedule, viz :