The Sun.
London, England, 1864-02-16 00:00:00

MAURITIUS BOARD.

The Hon. Cedeourt Ante lme, Member 01 the Legislative
Council and Landed Proprietor.
The Hon. Henri Pitot, Member of the Legislative Council
and Landed Proprietor.
G. C. Bourguignon, Esq., Merchant and Landed Pro-
urietor.
Henri Masson, Esq., Merchant and Landed Proprietor.
Volcy de Sennevill Esq., Landed Proprietor.
LONDON AGENTS.
The Land Mortgage Bank of India (Limited).
BANKERS.

London—Alliance Bank of London and Livernool.
Mauritius—The Chartered Mercantile Bank of India, Lon-
don, and China.

Messrs. Flux nd Arg-
SOLICITcIieRss:
a
BROKERS.
Messrs. J. and A. Scrimgeour, 10 '
, Broad-street.
SECRETARY (pro tem.)—Wr--
Offices, Land Mortgage -
nank.o7rlcendliae, 3137icthaEnTe.-
The progress of '-E.C.
tion of sugar'
.fftauritius, as the chief seat of the produc-
large an,. oy free labour, has been such as to create a
lent - valuable landed property, which affords an excel-
, geld for the operation ot a Land Mortgage Bank or
._;redit Fonder.
The following table of the exports of sugar from Mauritius
gives the best pro ,f of thisrogress, and shows how firmly
the prosperity of the colony is now established :
Tons.
1850
1851
1852
1853
1 85,011
854
1855
.............
1856
1857
1858
1859
1860
The crop of 1861, owing to a hurricane, onl produced
108,000 tons, but that ot 1862 reached 160,000 tons. y
This production tends every year to increase with the faci-
lities of obtaining labour from India, with extended cultiva-
tion and irrigation, and with the establishment of railroads,
which are in course of execution, and will be partially open
to traffic in the early part of this year.
At the present rate of production the annual value of the
sugar crop may be tiken at £3,00,,000, and the fee-simple
value of the sugar e Mates at £6,000,000 ; in addition to which
there is a large amount of real property in lands, houses, and
other forms.
There is also great scope for useful outlay of capital in im-
provements on estates, by erecting new machinery, clearing
waste lands, and irrigating.
The rate of interest is exceedingly high, and a rate equal
to 10 per cent. per annum, or 8 per cent. interest, with 2 per
cent. commission, would be readily paid on loans redeemable
by annuities, and with a security never less than double the
advance.
It is estimated that a sum of Z 2,000,000 might be safely in-
vested at this rate.
Supposing £1,000,000 only to be invested at a difference of
4 per cent. between the rate paid upon bonds in England and
received in Mauritius, it is evident that the profit on the
paid-up portion of' the share capital, which would not exceed
£lOO,OOO or £150,000, would be very large.
The remainder of the share capital of £500,000, together
with the amount of first mortgages on first-class real pro-
perty, which would always equal the amount of bonds issued,
would thus give these bonds an unexceptionable security.
The legislation of Mauritius affords great advantages for
the establishment of a Credit Fonder,
It is the same as that of the French Code CM!, and a law
providing a simple and effective registration of all mortgages
has just been passed for the express purpose of facilitating
the establishment of Companies to lend upon land.
Under these circumstances an application has been made
to the Directors of the Land Mortgage Bank of India, on be-
half of a large number of the principal members of the Legis-
lative Council and Landed Proprietors of Mauritius, to esta-
blish a branch there.
The Directors of the Land Mortgage Bank were of opinion
that Mauritius promised an excellent field of operations, but
as the nature of the properties and tenures of' land are diffe.
rent from those of India, to which the original subscriptions
of their Bank were invited, it was thought better to raise a
separate capital and constitute anew Company, which, while
connected with the Mortgage Bank by friendly relations,
should yet be a distinct institution. The close connection
between Mauritius and India renders this alliance peculiarly
desirable, and will be the means of securing valuable busi-
ness to the new Company, while the expenses of an office
and establishment in London will be diminished by mutually
advantageous arrangements.
A deposit of £2 is payable on allotment, and calls by in-
stalments up to XlO per share will be made, after which it is
intended to issue Bonds.
The Articles of Association lie at the offices of the Solici-
tors for inspection.
Applications may be made in the annexed form, addressed
to the Offices of the Land Mortgage Bank of India (Limited),
Change-alley, or to the Brokers.

FORM OF APPLICATION FOR SHARES.
To the Directors of the Credit Foncier of Mauritius (Limited).
Gentlemen,
I hereby request that you will allot me Shares
in the above Company, subject to the Memorandum and
Articles of Association, and I agree to become a Member of
the Company in respect of such Shares, or in respect of any
less number you may allot mc, and to pay then deposit of £2
per Share thereon ; and I request that my me may be
placed on the Register of Members for the Shares so allotted.
Name in full ................
Residence
Profession or Business
Date
Reference