The Express.
London, England, 1868-05-23 00:00:00

• 1E et VCRTItER UAPITAL for the COSI PLITION of made toady for immediate oomptractive operating—a great ad-
' o 0100; coostracted under a Contract whereby the Govern- vantage, nit minimised heretofore by any other undertaking of a
lit 01 India have agreed to pay for all water supplied for like chivacter, became the realisation of profits has been thus I,
'rigation, forming a Guarantee against lose by nonpayment brought so muilt nearer.
, t eaterrates. such works having also commenced to yield The capital his been divided into shares of ClO each, and
m
?dup. I ,to in enure ranging from 1,10 upwards, to suit the conventeace
THE EAST INDIA IRRIGATION and of Ml:as it is thought many rase desire to take a d
CANAL COMPANY. amount of stock, or to pay up in' lull, and thus be free at once
h,,orporated by Special Act of Parliament, whereby the lath- trout all future care about calls, and from all future Lability,
.• t each Shareholder Is limited to the amount payable upon whilstothers mop prefer to pay a smaller sum down as a depuilt
:Mares, or the amount of his Stock.: 1 in &area, and pay up the residue by instahnente as calls may be
SCIP M E OF OPERATIONS. I made.
" THE "MASA UNDERTAKING.' Some shares have been already allotted In India.
• The share capital will be called up el..wly, and so as, with
coed lune of capital of £1,000,000. to consist of ewes of
the atone, to maintain au espendlture at the rate of about
earl., and stock in sums varying from £lO each upwards. • , willN.rowt upon wares Cl per share, with iihwty to pay up th. 'We per annum. at per them during each year be
I ample for this.
1, mauling E.. 0 or a lees amount in advance of calls.
tiepuslt upon stuck £lO per cent, upon application, and the' Applicatious for shares mity now be sent to the Coen-
paints Millets, 8 and V. Queen.street.place, tiouthwark-
ir.uainder within three months after allotment
loaded; LC et here a full prospectus and forms
lutereat at Five per Cent. will be paid half-yearly neon all _ •
no. hid hut it Is nec t it should
deposits from the 1.4 July next, and upon ell payments 'ln •
bofe altn"rentl44% • °TY a
t no application wi be roust tared
advance of mils and in parment of stock, mado before that day maims a deposit of Li on each share, or of glO per cent.
from the same time; and trout the day of payment If snide after . upon the amount of stock applied for, has been made either
that time. to the bankers of the Company Meares. gamma Rowed@
In the allotment of share' • preference will be ghee to these ._„-__„
rhu shall have paid in full or to any extent adranee of calls. Southwark-bilge,r-co,-.7.,;-5tr,...,,p6;;"-...
DI RICT.RS.
deposi
JANUS THOMSON, thq , Chairman. deposit will be returned without Seduction if the application is
lieutenant-Colonel John Grimes, late of the U. I.C.S. not seceded to.
'he non. Arthur R Melded, M.l'.
Lirtienant Colonel MMus Ounpbell (Meow, late of the
y..nre tommisaion.
..cneral Sir George Pollock, O C. R., O. C. 4.1., dtc.
szaurriar —John Westwood, MK.
ABRIDSIIII PROSPECTUS.
',.• ircumstancre under which uth.criptions are now invited
• I, company, to a further Issue of capital, are peculiarly
.ir4hle for investers, and present the strongest evidence of
• ,t.ml cud profitable character of the undertaking, to coni-
.htch en additional outlay is required.
- they are now planned, and being conetmcted, the canals
when according to the estimate+ of many
moat moopetent to Juane, Imitating Colonel Randall and
~,.cent chief engineer of the Company, convey water for the
ion of about 700.000 acres.
:t temporary reduced rate of charge for irrigation, and
• .:dltig the returns from navigation aithevery moderate total
per cent. upon the ..utlay (the present chief engineer has lust
.• it '.l that be estimates the returns upon the t4/al mutat will
lost to pr cent.!, and allowing the high charge of 5 per
. repairs, maintenance, establishment, Ac., the
• •-• terns from the sections now to be completed would be
... Owl* 17 Wl' cent., which, by the re-establishment of the
.1 rate of five rupees per acre for Irrigation, would be made
pe t. cent. net.
tigeres the accuracy of which can be eu'ly
• T I. nod any inquiry made regarding them at the
whem will be at once replied to, and every informs,-
.

THE DOMINION of CANADA, PROVINCE of
NSW 11111:N9W
lawse at £lll,OOO Myst Itorl4Pkg• 81.rilDR Bo?dm of Ow
sad North AnsericAn Railway Compaq, for Exteasalte=
. .

Salnt John nests ard.
The Bonds are to Bearer, with Interest Coupons attached, and
are of the nominal amount of gtOo alerting each.
Interest at ti per cent. per inn= from let July, ISM
Price of lone, 41'0 per f4OO Bond.
Bonds repaya`de at Cie end of 31 years, if on previously pur-
chased, by the epoUtation of the Sinking Fund provided for
their extinction within that period.
Principal and interest payable in at-r Inn money at the office of
Messrs J. S. hi orgaa and Co.. In London.
Interest payable Ilaltyearty, on In January and lot July.
Wears J. Y. Siena* and Co. an authorised to obi tpr
attheattpties the ewe band, at the Nice eT ZU43 pair:
Bond, the subecription being payable by instalnteots as under:
5 per cent. or gto per 4200 Bond on application.
5 „ £lO „

2; ,", ;deducting
1; per cent., or s:3 per bond, ken income.
tax, for Interest up to lit July).
20 „ /41 per £2OO Bond on Ist August. 1866
£lO „ „ Ist September, led&

71 .. 160 per 0200 Bond.
Snlocribers may pay the full amount of their subscription In
'thence upon ally of the above mend ned days, and on loath
Q.-payments discount at the rate of 4 per cent. per mown will
allowed.
From the above It will be seen that the actual subscription
piste of the Bonds :without calculating the advantage resulting
from the deferred periods of payment at the instalments and
the repayment of the Beads at par within 30 years) is at the rate
of 714 per cent., or E 147 pa* £lOO Bond.
In cue default is made In payment or allotment or of any of
the bedlam iits on the days named, the allotment will ba liable
to be cancelled, and the amounts then already paid forfeited.
After paynieut of the allotment money, Scrip Certificates to
Bearer will be issued to the subscribers, which will be exchanged
for definitive Winds to Bearer.eciamm as the whole smountof the
subscription has been paid up.
The European and North American Railway Company for ex-
tension from Saint John Westward was Incorporated by the
Legislative Council and Assembly of New Brunswick, in the year
ISM, for the purpose olconstructing a main line front the city of
Saint John, Now Brunswick to the frontier of the State of Maine,
In the Vatted States, there to connect with a Railway now In
coupe of construction, to the city of Bangor, which Is already
in direct communication with all the railways of the United
States and Canada.
_ _ .

nort of an Immediate and intensive spread of lutes.
.1,,,n,f0re of a satlyfartory Ice ease upon the existiug
highly encouraghig. By reports recetwei on the
er,,eit month. and dated the auth March, It ap-
t ...1 three ban been signed. connected with the
Canal able, leseee 'principally for three years)
acre,. : Unit applications from mall-
, 1.0,1 under the bunt Can.,l were being received
r . t from 2,000 to ete/0 acres daily ; and that the ea-
, „Bing the smaller channels needier/ to convey the
, • • ir with earnestness; further, that In the vlcl-
Ilfelt Level Canal meetings were being held by the Zie
. • other unndstakeelde signs exhibited that the same
affairs there as that ootmectiel with the Ken-
, ....I was a mere matter of a short time, and that
• .• season large dolomite will be made for water.
• v. idnepore Caul the effect of the reduction of the
• ,Vc. , hat not, at the end of Ilarch, heen thoronghly
1.-ante the irrigating portion of that Canal had
for some time previous for construction purposes,
o only been reopened, but the chief engineer of the
the executive engineer In charge reported that
•• for water. la addition to the 4,0 0 acrd supplied
t.., ettunenced and wete conlidently expected to be
• : q rho
• r • already constructed have now entered upon their
: • ..nu., and they offer to capitalists not only a safe in-
. ..., ...It °cc which will, fleet aesuretUy, be very profitable,
• • and here it may he added, as confirmatory of tits
, ,r,...di‘te prospect, that the portions of the wake now in
• 0t,...2 to he extent d, consisting mainly of channels
trybutton of the water, will ueceasarily be the easiest
• on as well sus the moat productive. and will add
. to the nee-wide te of returns on the whole outlay.
• *nether feature of great ance. which must not
•I te the conatderation of the Miless of this undertaking
• „cent. By the contract it is exprerely provided that
t • , : • e.. .hall be paid for the water supplied for irrigation
- • tl‘atorii—not by the cultivntors themselres—but by
of India: and that the price to be so paid by
• ....,-act to the Company fur sub water shall be the
cod to the cultivators, and shall be flied so as W repro-
' . • • halve for the water to the parties using it. With
- • . s.• Oda stipulation. it has been acknowledged by the
•,I that they alone are liable in respect to the non-
• • water supplied, so that the Company are released
.• ol liability to 100 of any portion of their water
slue of the foregoing arrangement can hardly be
• . I.riP3l, hemline as it does a ,ertaln and safe guano-
- ...tut tut every portion of the water supplied for

A glance at the skeleton map accompanyhm the prospoctus
aria show the extreme hap3rtance of Put railway, whk• will
complete, to connexion with the lines now m►de or in course of
construction. the only railway communication between the
British Provinces of Nora Scotia, "tcw Brunswick, and Canada,
now politically unit, sal forming the Dominion of Canada. In
like manner it will form the connecting link in the main Hoe of
railway from Halifax to all the Northern and Western States of
the AIM rkan Continent. . . . .

The leug~th of the tin. is 8d tulles, and so Important was it
considered by the Government of New Brunswick that 2 subsidy
of 10,000 dollars per r.ille was itiven by them towards its con-
struction, In addition to which the Government of New Bruns-
wick• and the city of Saint John, in ita calia=2
authorised by =pedal Acts al tits Legbila, also
for stock in the Company.
The capital of the company Is as follows:
Subsidy given by the principal o.lVisflliDCßt of New
,Brenswiek. 110,000 per mile
Stock subscription, iminding subscription by the city ad
Saint John BOO 000
_ _ _ _ .

•
This will be supplemented by the produce of the issue of the
£411,000 atet ling Bonds, forming a first mortgage on the under-
taking. and, If neermary, by a P:rther 'ague of stock whkit the
contmcton bare engaged to take lu payment of the CPS of
rolihm ock.
The entire line is under contract by an associated body of con-
tractors 01 the highest character. rewards of sixty-live miss
of the permatmnt wily are completed and ready for laying the
rails, and the remaining portion of the works are In course of
rapid completion. The contract price, et:cleave of *miring
stock, is 35,000 dollars per roils, and the estimated sum neces-
sary for providing tbe rolling stock Is 5,000 dollars per mile,
makings t tel expenditure of 40,000 dollars perralk. The rail-
way. it la anticipated, will be completed end opened fur public
frank by 14 January. MB.
Very careful and detailed estimates hays been made by the
Got ernment eug neer for the province of New Brunswick,
assisted by the chief engineer of the Company. These estimates
attribute to the line an annual net earning of 306,410 dollars. or
• soeooo, being tb.,Oli In tuna of Ws amount required to meet
the Interest tot the Bonds. _ _ _

• -n determined by the directors to limit, at sny rate
en—ent, the expenditure to about £llO,OOO per $lllllll7l,
) y will be enabled to make ell titans otitis small in
.rat and at regular stated periods, not exceeding on the
'• I.er share dining each year at the same time they ere
•-,1 by the Act of Incorpenstioa Inas the requited capital
thy in shams of £lO each, sad partially In stock divisible
.cos varying from £lO upwards • a plan which will
tho ttotiventence of those who desire to limit their liability
.ed sum at once and to be relieved from future calls. sad
lea e who may prefer to pay the amount of capital held by
l.y easy instalments in the shape of calls.
,4ications for Shares and Stock may now be mole to the
Offices. 8 and tl, Queen-street-plate, Southwark-
, . V. C. where a full prospectus and forms of
.. • , mom may lm had. But It is necessary that it should be
• —.I that so application wilt be considered unless a
on each share, or of 110 percent upon the amount
; 'died for, has been made either to the bankers of the
stems, Ihnua,m, Souverle, and Co., No. 1, Petit:tali
.t the oftloes of the Company. The deptsit will be
a shout deduction if the applicaUen is not seceded to.
• • mended lo the tinverament of ledia, thus:—" We have
K rezoned this great scheme the Ilekar Undertaking: as
me et all ..tlois in ladle to which private capital should be
lied" . . .

_ ....
The Bonds are the first charge upon Menet earnings• of which
onerenth tart after payment of interest on the Bonds, is to he
annually w t aside and appropriated towards a sinking fund for
their extiin. tion. This Making fund will biannually applied in
the purchase of bonds at or under par, the residue of the fund
being areninulatt d for redemption, at the expiration of thirty
yearn, of such Lends as may not be to purchased within that
period.
In order that the position of the bondholders with their eight'
as gist mortesuees might be fully meurel, a special mortgage
deed has been entered into betwe( n the t'onipany and Samuel L
Tilley, Kt,' of New Brunswick. the Minister of Customs for the
Dominion of t 'nada, and John EdwirTtenuson,Rsq., of the State
of Penn.) Irenia, , President 4 the Pennsylvania Railway
Company, a. trustees for the bondholders, whereby provisions
are made for serurlug the rights of the bondholders as Rest
mortgagees upon the undertaking for the payment of the inte-
rest la the Bowl" : and for the application of the sinking fund.
A copy of the morttupt deed, and of the hoed, as well as of
the trail c estimates. can be Inspected upon application at the
Ogloes of Messrs. Bireham, Dalrymple, Drake, and Co., ea,
Tbresdneedlestreet. R.t•. . .

. o. Go.,,ament hare now agreed to pay, for all water
• 1, l• the Company, they parrcipatinn In Winn of the
.Iwd attar 2d per caul shall hays been recehed by

.t.toom4
EAST INDIA IRRIGATION and
CANAL COMPANY. _ _ _

.11, Special Act of Pnr'lament. whereby the liability
`l“,t holder is limited to the amount payable upon his
..•t the amount of his Stock
I NTEN DEI) ENE,
"TILE 11E11 AR I'NDEETAKING."
investigation having been made, and plans pre-
p...1...1 approved for Immediate construction.
-t '-nn. for the itehar l•ndertaking. £1.000.000. In
• LIO tsch, and stock in sums varying from £lO each

Applications for Bonds must be made In the anneted form.
and the deposit paid to Ileasra .1. S. Morgan and Co.. Old
Broad-street from whom Proipectuset and forms of Application
may b.. obtained.
London, May 18, 1968.

DMUS OF gA11.600 STERLING SIX PER CENT. BONDS OF
?MR EUROPEAN AND NORTH AMERICAN RAILMAY
COMPANY.

• -it apoit Aare* £1 per Aare, with liberty to pay op the
3 33333.4 L nr a lea§ amount lu advance of calla.

tior Extension from It. John Weetward.

No.

. application, and the
1,1 v. iibin three month. of the allotment.
• 1.•1 at hie per cent. el I be paid upon sU deposits from
Jnl) next. and upon all ?aymenty Is advance of calls
1...) m, nt of stuck, made before that day, from the rune
a n.l II .ni the day of payment, If made after that time.
' al:..tment of shares and stock, a preference will be
• alio shall have paid In fun, or in advance of calls.

• r.od Officers the same as set forth In " the Orissa'
ad vorthemeut.

ABRIDGED PROSPECTCH.

e 1 at tone:;7l,rom---isiniisitiii of "The Behar ra-
. • . • ~.rand by contract to this Company, have, dur-
• 1... t eight or ten years, been so well and favourably
.• hi England and throughout India, tint by the
nu.nt ar.,l then by the Company's oMcers, and are now
..sly known that any statement which the Directors
• neon the subject would be superfluous; they, there-
':not themselves to on aasuranee that they are initialled it
• ,;•,- a safe, mond• and profitable investment : and unheal-
/Ault imbacriptlons towards the requisite capital at
time they quote, as eviAlmiatory of their own judg-
: tl4e following :
. .

-11 y. An extract from a despatch to the Secretary of State
-moll. dated 10th March. NG!, it-commending that the
I 'mod Projcet should be given to 'private company,which
ite•h was signed by thn late Lord Panning as Governor-1
tal end by Sir Ileury Bartle Erere since Governor of Mom-
. and now a Member of the Council of India in England'. Ir
it Ilention afterwards Lieutenant Governor et Bentralt. Gene-
Rob. rt Nuttier now commanding the forces In Abyssinia`,
iicl Lain". Fin., ill P. then the Finance Member of Council
I nilia sod the lion W. Itltchie—being the what+ of the

• In mental Council. Hr.:
II.• 11"nour the Lieutenant-Governor coostdera that tt ;the

''''' i7:ls;;;Ch;tie—r-pros pet the
.04,1 that It wouhlbe good for both the &at India

-ttipar,y and for the country if the Company were to
• 11. i. ii,..tead of the other; but the projectors prefer that
dl> ,olected by them.
• 1,•,5, long regarded this scheme as one of all others, In
‘,111.1t private capital should be Invited.
Is this advantage In Government taking the Initiative
,•,, the great works of the country, that they are so
!.. r the pulite that they can be dimmed In the light
t!lut1;:r and expro Iviice. The only, drawback to doing
• ' of misleading capitalists and raising mistrust of
•t meets.
• 14,..0.nt instance no such risk need be apprehended.
vid•mt throughout Colonel Dickens' Report a moat
• t,ns endeavour to anticipate the maximum oat of the

••• • .0..11y. Two ha from &minute recorded by eh
' • t oLen Lieume ant cernor of Bengal, viz. •
1 'a • ~itivent province of Behar, which would biadvntrably
t ..otain Dielens' projected canal from the Senate.
• • ; mid certainlybe very much leaCthan st Cuttack',
I •:, • may reasonably be expected to be much more
, ' ewe know, as • fact, the value of Irrigation in
lb, -oil is better, and the natural rainfall is lees by half
.• ouch lets certain in Behar than In Cuttack.
du.thle crops are not the rain crops In Behar, and for
crops there It is found by experience that ex-
`' irrigation ma, which has not been proved by expe-
• IN. the general case in isti•sa.
e to recommend this enterprising Company, in whose
• r: per.on connected with India Kunst feel deep late.
...Wet. Captain Dickens' scheme of irrigation from the
h complete plans and estimates are available, and
0 :mted but the money."
• - • ""tract with the Government the Company are en.
r... ive and retain all profits from the sale of water for
11ntit the dividends paid to shareholders shall exceed
,ent. upon the total expenditure made, after which
••• of such profits Is to be divided equally between the
ht and the Company. The returns from all other ,
• 4r.. to belong to the Company exclusivedy.
h•we works to be executed has now been thoroughly
.14nd c.refully re-planned on behalf of the Company.
submitted to and approved by the Government,
.1:4".4 there will be no delay fa Dakhla prolindaery gurverk
4 6' . all of which ben been Waded, mod ireto7thwi