The Express.
London, England, 1868-05-14 00:00:00

PRtkSIq;CTUS.

This Company MU Incorporated by special Act of Parliament
in lvd, and under the powers thus granted, and under a o on.
tract made with the Indian cos ernmetit. It originally under-
took the carrying nut of a scheme of works in Oil/Sa styled "The
Orissa Undertaking,- and such has been the rapidity with which
the censtruct 101 l of the Mat selected sections has been prosecuted
that, at this time, water for the irrigation of at least %0,000
:ores ran be supplied—a rate of progress more rapid end more
s:•tisfvetory than has ever yet been attained in India. A large
demand for the water has already arisen, and it is clear that the
suecc.a of that undertaking Is now beyond a doubt.
the • hectors, in 1tµ;1, concluded errangenients for another
c•mtrart with the "o cretary of State in Council, whereby the
tsompeny were authorised to carry oat a project for applying the
waters of the River wnute to the irrigation of the land lying on
its western side as far as Chums. and 4-n its eastern side as far as
Veins, a general sketch plan and description whereof has been
submitted to and approved by the Uovernnients of India and
Cenral ; and it is for this project subscriptions for capital are
11.rw

--
'I hi; t,econd undertaking of the romrany has been named
"The Behar Undertaking." It Is betaed upon most careful in-
vestigations and plans made during several years, under corn.
mend frosts the Government, by Colonel the kens, and has been
sty led •• The :bane Canal Project ," but— anti this Is very im-
portant—the arrangement of the head works tag been greatly
itoprored, and in truth replanted, I v Colonel RundaU, In
net ordauce aGA the eminently successful Madras system. By
the, improvements, • bkh have received the sanction and ap-
pr..‘ al of Govenintent, the prospective profits hate been greatly
ineretwed.

The great value and promising nature of "The Behar Under-
taking- have, during the last eight or ten year., been so well and
fat • nrably disciptsed in England and throughout India, first by
the Government and then by the Company's officers, and are
n..w so generally known that any statement which the Directors
might mid upon the suhjeet would be superfluous they, there-
tot... limit themselves to an imstirmite that they are satisfied ft
presmita a sate, sound. and profitable inve.tntent ; anti unhesi•
tat ingly solicit stibaeriptions toward. the requaite capital at
the rime time they quote, as confirmatory of their own Judg•
inciit. the following:
F irstly An extract from a despatch to the Secretary of State
in C IL dated lOtb March, lain, recommending that the
soane t .mat Project should lie given to a private eempany,which
de-pat. h was signed by the late Dad Canning as Oovenior-
benctil. and by Sir Henry Bartle Erne since Governor of Dom-
Pow a Member of the Council of India Y.r,land Sir
Cecil limuton afterwards Lieutenant-Governor of Bengal , Gene•
rot s:r holtert Napier now c ttttt mantling the fortes in Abyssinia',
Saimiel Laing, Eat., M P.
:then the Finance Member of Council
for India:, and the !lon W. Ritchie—being the whole of the
Governmental Council. viz.:
• II is Honour the Lieutenant. Governor considera that It 'the
m Sei, Canal Project' hold* out tatter prospect. than the Orissa
scheme, awl that it would be tztisl for both the East India !ni-
g:oton Company and for the country if the Conifintij wile to
adopt this instead of the other: hut the projectors prefer that
,ervei 'tally selected by them.
. . . .

••W.. gave long regard.' tlt's scheme ss nne if other.% in
towln lia. Mat private capital should he incited.
•• here is this A:haulage in Government Gilds; the initiative
in pLo the great works of the country, that they are so
placcit before the pub is that they inn be discussed in the light
of ho• knoololge and expel-it iice. The only I Irawback t.. ,iiiing
this is. the rink of misleading capitalists and raising mistrust of
such investments.

.• In the present Instance no such risk need be anprehended•
for there i. evident throughout Colonel Dickens' Deport a most
cones iontious endeavour to :attleipate the mashs.unt cod of the
stork.

.• Ke th-refute suggest that ouch means should he taken as
ninv seem best to you to make known the outline of Colonel
loi.A.eits' scheme In .o.tortero where it will be considered with a
%Ow to laktint up the work, and that you should he o. roared to
Inform any capitalists, who nifty offer to do no, of the teims upon
whip h the work would be but into their hands.-
And secondly. Two paragraphs from a minute recorded by sir
11' I'. tirsitt when lieutenont.bovernor of heatotl. viz
••Tia• magnificent provitice t.f Behar. which amid bentlntirably
watered by Captain Dickens' or...jet:W:l canal from the :mane.
Tic ‘...ht here os.midleertatuly be :cry much leas ,than at Cuttack
ant tile returns may reason:day be expected to lie much more
set iire, because we know, as a fart, the value of irrigation in
l char. The soil to better, and the natural rainfall In le., by half
too On average, and much less certain in Behar than in Cuttack.
The cod oalitable crops are not the rain crop, in Behar. and for
the most valuable crops there it is found be experience that ex.
pen dye well irrigation pays, which has not been proved by expe.
rim we to he the general case Ito • •ri
. . .

..„ .
I venture to recommend this enterprising emnpan). in whose
rit eett erery person entlitected with India must feel deep inre.
re. t to consider Captain Dickens AI hems of irrigation from the
somt.. for which plete plains and estimates are as atilable,stal
nothing is wanted hut the money."
. . .

Adding that Sir P. P. Grant's opinions have been confirmed by
many officers of govenina nt thoroughly well qualified to judge,
and a have stated ihat the District of Behar has a population
doss. and of more commercial and enterprising character than
th it of prima, atil already convinced of the value of irrigation.
wl slat it possesses a permanent land settlement.
The Directors forbear to estimate the probable profits In be
ace iced from the Millar undertaking :" they prefer to point, as
a guide to a fair judgment upon the matter, to the ascertained
r,sults produced by similar undertaking% which have !teen (.0111.
amp totall attention to the now iincontmverted fact that
:ci milar works In India. when properly selei toil, planned, and
exceeded. must inevitably yield considerable returns—leaving
,stir :if sight the profits to be derived from navigation—indeed, it
is iliflicult to conceive how the sale of rut article on absolutely
col iii to agriculture and to life. as water is in India, can be
others, iss than pniductive of large profits upon capital expended
tii its
It is necessary, however. to state that In the present case the
profits will he derived chiefly from two sources.
Firstly. The %ale to the Goveinment of water for irrigation, at
a price to he ftxcil. front time to time, by the mutual consent of
the Government awl the Conipany, or by arbitrators appointed
by each, which price when so Axed, must, according to the rou-
te:at, represent the fair value of the water to the parties using
it. and must be paid by the Government to the Company a gua-
rantee of great value against lan.
secondly. Tolls levied upon all butts and vessels using the
navigable water-ways of the Company. and rates and fares for
the conveyance of cgoal; and passengers thereon.

Irrespealve of three minor, though, u shown by experience,
promtsit.it sources. viz.
1 Rent for mill. and factories ehlch may be est:o4lllllft' on
the batiks of the serious channels. and supplied with water.
power therefrom. The water lower to be thus available will be
very large

... The cultivation and gale of timber and other produce raised
mom the land of the Company. And,
t The pimply of water to the various villages and towns
within the vicinity ot the Company's canals for private and pub-
lic purposes.
liy the contract with the Government the Company are en-
titled to receive and retain all profits from the sale of water for
irrigation, until the dividends paid to shareholders shall exceed
twenty per cent. upon the total expenditure made, after which
the balance of such profits Is to be divided equally between the
tiovrrnitient and the Company. The returns from alt other
sources are to belong to the Company exylualvelx.

The acheme of works to be executed has now been th' roughly
investigated and carefully re.planned on behalf of the Company,
and particulars submitted to and approved by the Government.
Detailed plans and estimates of the head works on the Scene,
and of 20 miles of main canal—that Is, 10 miles, proceeding
from either side of that structure—have likewise been prepared,
and in like manner approved, so that there will be no delay in
making preliminary surveys. plans. ke, all of which have been
effected, and everything made ready for immediate constructive
operations—a great advantage, not possessed heretofore by any
other undertaking of a like character, because the realisation of
profits has been thus brought so much nearer.
The capital du been divided Into share* of CIO each, and
stock In awns ranging from CIO upwards, to suit the convenience
of all: as it is thought many may desire to take a definite
amount of stock, or to pay up in full, and thus he tree at ono*
from all future rare about calla, and front all future liability,
whilst others may prefer to pay a smaller sum down as a deposit
on shares, and pay up the residue by instalments an calls may be
made.

W Some
shares have been already allotted in India.
The share capital will be called up and so as, with
, the stock, to maintain an expenditure et the rate of about
I v 30,00 per annum. ,S 2 per share during each year will he
ample for this.
Applications for shares nil, now be sent to the Com-
pany's offices, 8 and 9, Queen-street-place. Southwark.
bridge, London, EC., where a full prospectus and forms
of application may be had ; but it Ls necessary that It should
be understood that no application will be considered,
unless a deposit of Al on each share, or of 410 per cent
upon the amount of stock applied for, has been made either
to the bankers of the Company, Messrs. Ransom, Bowed°,
and Co., No. I, P.ll-Mall Last: or at the offices, 9 and
9, Queen-street-place, flouthwark-bridge, London, E.C. The
deposit will be returned without deduction U the application is
not acceded to.

117 LONDON and GENERAL WATER
.I.(RIFYING COMPANY (Limited), 15T, Strand, four
doors from Somerset-house, where the filters to operation my
M mon.