The Express.
London, England, 1864-11-29 00:00:00

MADRAS IRRIGATION AND CANAL COMPAN Y

The eleventh ordinary general meeting was held
yesterday at the Leedoa Tams ; Mr. J. THOIIBO3 in the
chair.

lisheThe report,
en ea absreatract of which has been already pith-
d, was tak ma d.
The CRADttlan, in moving that the report be adopted and
circulated, expressed • hope that it would be deemed gads
factory. Every effort bad been made to push forward the
work, and to bring the first part of it into practical work-
ing. They, however, continual to be much hampered front
an insufficient supply of labour, but they were doing
all they could to overcame this difficulty. Water=
been admitted into their canal, and was conveyed a dieter's,
of eighteen miler, and to an extant sufficient to irripte ell
the land in the district. He was happy to say that the
riots appreciated the value of the water, and were applying
generally for its see. During the last year the dam at
Anicut had been timid to another season's freaheta, which
it bad resisted eattotily, them having occurred only mail
breach of about P 2 yards in length, and which bad sot is
any way interfered with the supply of water. The put of ,
the works now being pushed forward was that between
Anicut and Anniconda cute, in the Boanosasyand ffoondeir
valley. When this was completed they would be able to pees
20,000 cubic yards of water per hour by the freshets of
leB,l. That the works had met more than the original esti-
mate was not surprising, nor could it be guarded against, the
estimate having been mad* upon the goveroment moniple,
and at the then cost of labour, which had omisiderahly
risen siooe. Bat there was no doubt that future estimates
wood be more accurate, and that many items of expendi-
ture would be in the future works avoided. Taking a
liberal view of expenditure and of the works yet remaining
to be done, their amuse was of opinion that they might
carry out the first 178 miles. from floonceaala to the Penal,
within the present capital. At Ulloor they had not yet hem;
able to do much. Progress had bees made in the moats
of the Hooodair valley, and it was aeticipated that water
would be draws into that valley, which embraced the
largest quantity of land to be irrigated, in January next, and
by the middle of the year it was expected by the engineer
that this portion of the works would be in full operation.
He estimated that the charge they had fixed, of four rupees
per acre for irrigation, would prove highly ruminative.
Cotton wee largely produced is the districts served by the
company's system, and it had bees proved that irrigation
was of the greatest ouportanos is cotton cultivatioe, in-
creasing the yield and the quality of the cotta.. The
works of Balmy had not progressed to any great extent,
but when the other parts were completed this would be
premed forward, and the directors looked forward to carry-
ing their system of irrigation through to Bombay. As tothe
low value of an oompaay's shares in the market, he
had been told that the creation of new capital prejudiced
the original shares ; but seeing that the development of the
undertaking depended upon • sufficient supply of capital to
complete the works, and that their profit depended apes
that completion and development, be could not modernised
how they could be other thee benefitted by the raising of
capital, even at a higher rate, for that purpose. It was ex-
pressly declared in the act of parliament that the govern-
ment guarantee should apply to the million of capital first
raised, so that the original guaranteed capital could not be
prejudiced by subsequent financial arrangements; and with
regard to the mums being sufficient to give an ample re-
turn for any additional expenditure, he reminded the
melee that the 110U101 of their menu was elastic
is proportion to the irrigation facilities they provided.
Is fait, water was the great weal ia Ida, it was the oily
safeguard against famine ; and so satisfied were the native
riots with the assemineet charged, that they were every-
where eager for the supply at the rate charged, adi=
no doubt, pay much mars if it were neuesury. He re
the prospects of the company as very cheering, and had so
doubt that with a little more patience they would reap all
the advantages originally estampated.
The Hoo. P. P. BOCYltele, M. P., seconded the motion,
whichtaftersomeuoitoportantqueetionshdbeenput and an-
swered, was carried unanimously. The directors and auditors
retiring by rotation were reelected, and the usual compli-
ments to the chairman and directors concluded the pro-
ceedings.