The Chairman, in putting the report to< the court, regretted that, from various cir cumstances, especially from a lengthened negotiation with Earl Grey, which was, not at present concluded, the Directors, had not been able to. put the : report into

the hands of the proprietors, and promised that in futiiro it should be, if possible circulated a week, at least, before the meeting. Ho was anxious, above' all things, to answer any question that might be asked, for perfect candour wus the great object of the Directors.
The report having been adopted. Mr. Burnand, after an explanation of the motives which induced him to proceed with the resolution which he wished to submit, went on to show the value of the port of New Plymouth, but which required certain improvements in the bay to mako it available for the purposes of conmxerce as had been represented in one of the most valuable of Governor Grey's reports The cost of these improvements would, he was informed, not be more than £500 but he had laid the expenses at £5,000* and he should therefore move that the Directors be recommended to apply that sum out of the Government Loan of £72,000, to be advanced in the present year for the purpose of clearing and piling the bason at the mouth of the Hud-Toki River, as well as for the erection of a jetty and public wharf, with approaches for tho benefits of the towns. The only doubt he entertained as to the feasibility of the project was, as to whether the Directors had the power, under the late grant, to appropriate any of the proceeds to the old settlements.
