The Sun.
London, England, 1864-02-12 00:00:00

MAD ITIUS BOARD.

The Hon. Ctdcourt AntElme, Member of the Legislative
Council and Landed Proprietor.
The lion. Henri Pitot, Member of the Legislative Council
and Land. d Proprietor.
G. C. Bourguignon, Esq., Merchant and Landed Pro-
prietor.
Henri Plasson. 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 Liverpool.
Mauritius—The Chartered Mercantile Bank of India, Lon-
don, and China.

SOLICITORS.
Messrs. Flux and Argles, Mincing-lane.
BROK t RS.
Messrs. J. and A. Scrimgeour, 10, Old Broad-street.
SECRETARY (pro tem.)—Wm. Grceme Dick, Esq.
Offices, Land Mortgage Bank of India, 17, Change-
aley, E.C.
The progress of Mauritius, as the chief seat of the produc-
tion of sugar by free labour, has been such as to create a
large and valuable landed property, which affords an excel-
lent field for the operation of a Land Mortgage Bank or
Credit Fonder.

The following table of the exports of sugar from Mtturitius
gives the best pro fof this prorr,ress, and shows how firmly
the prosperity of the colony is now established :
7;•Ons.
1850
1851
1852
1853
92.012
1854
1855
1856
1857
114,660
.658

1859

1860
The crop of 1861, owing to a hurricane, only produced
108,000 tons, but that of 1862 reached 160,000 tons,
This production tends every year to increase with the faci-
lities of obtaining labour from India. with extended cultiva-
tion and irrkottion, 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 or the
sugar crop may be taken at £3,001,000, and the fee-Simple
value of the sugar estates 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 £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 Civil, 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-
Wish a branch there. _ _

The Directors of the Land Mortgage Bank were of opin'on
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 flank were invited, it thought better to rai.,e a
separate capital and constitute anew Company, which, While
connected with the Mort2,age 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 en office
and establishment in London will be diminished by mutually
advantageous art angemen ts:

A deposit of 22 is payable on allotment, and calls by in-
stalments up to XlO per share will be made, atter which it is
intended to issue Bonds.

The Articles of Association lie at the offiCes of the Solid-
tors for inspection.
Auplications may be made in the annex4d form, addressol
to the Offices of the Land Mortgage I.ll'.;ik. a India (Limited),
Change-alley, or to the Brokers.

FORM OF APPLT' —•To the Directors of the ",lATION FOR SIIARFS.
Gentlemen • t.:rddit Foncier of Mauritius (Limited).
I hereby req,
est that you will allot me Shares
in the abov -
..e Conpany, subject to the Memorandum and
Association, and I agree to become a Member of
Athretireles
ompany in respect of such Shares, or in reep,,ct of any
As number you may allot me, and to pay the deposit if £2
per Share thereon ; and I request that my n .me may be
placed on the Register of Members for the Shares so allotted.
Name in full 11.40,11 •
Residence
Profession or Business
Date
Reference •