Application from Sydney Merchants to establish a Factory in New Zealand.

Some time since I received an application from certain merchants at Sydney for permission to establish a factory at New Zealand, and to form themselves into a commercial company there, to the exclusion, of all other traders. This I declined granting, conceiving the latter part of the request unreasonable; but I consented to forward their memorial Home for your Lordship's favourable consideration, which I have now the honour of doing accordingly. I do not see that there can be any objection to these gentlemen being allowed to establish a factory at their own expense in New Zealand, with the permission of the Native chiefs; but I conceive they ought not to have any exclusive trade, and I should not recommend that Government should be put to any expense on account of the proposed establishment..…