Mid North Coast Pioneers - Newcastle to Lismore and beyond

AUSTRALIAN AGRICULTURAL CO.

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AUSTRALIAN AGRICULTURAL CO.

This company was established on 21 August 1824. The primary objects of the association were: the production of pure merino wool as an export to Great Britain; the cultivation of the olive, vine and such other productions as might be adapted to the soil and climate; to encourage and assist the emigration of useful settlers and female servants; and to promote a system of useful industry.

The amount of capital to be invested in the company was one million pounds sterling, divided into 10,000 shares at £10 each; and in return for the outlay they were to receive a grant of land in the colony to the extent of a million acres.

Amongst the principal members of the company were the Attorney-General and Solicitor-General of England, 28 members of Parliament, including Mr. Brougham (afterwards Lord Brouham and Vaux), and Mr. Joseph Hume, the Governor, Deputy Governor, and eight of the directors of the Bank of England; the Chairman and Deputy-Chairman and five Directors of the East India Company, besides many other eminent bankers and merchants of England. All the shares were speedily taken up except 500, which were reserved.