The Sun.
London, England, 1863-10-07 00:00:00

111 TIE LAND MORTGAGE BANK of INDIA
(CREDIT FONCIER INDIEN), Limited.
Capital, £2,000,001, in 100,000 Shares of £2O each. Payment
on allotment, £2 per Share.
Chairman—DIRECTORS.
S. LAING, Esq , late Finance Minister of India.
Colonel Balfour, C.B. late Chief of Military Finance Depart-
ment of India.
-Li. L. Bischoffsheim, Esq. (Messrs. Bischoffscheim and Gold-
Schmidt).-„"un• W. S. Fitzwilliam, Member of the Supreme Legislative
Council of India.
Sir John P. Grant, K.C.8., late Lieut.-Governor of Bengal.
Northall Laurie, Esq.. Governor of Union Bank of London.
• T. Mackenzie, Esq., Deputy Chairman of Eastern Bengal
_Railway
W. Mackinnon, Esq. (Mackinnon, Mackenzie, and Co., Cal-
cutta), Director of British India Steam Navigation Com-
Nelson, Esq. (Messrs. Crawford, Colvin. and Co.), London.
°us. Pinard, Comptoir d'Escompte, Paris, et du Credit
Ponder Colonial.
A. 31. Worms, Esq. (Messrs. G. and A. Worms), London.
AGENTS IN INDIA.
Calcutta—Messrs. Colvin, Cowie, and Co.
Bombay—Messrs. Remington and Co.
Madras —Messrs. Parry and CO.
AGENTS roseTHE CONTINENT.The General Credit and Finance CompanY of London
(Limited
BANKERS.
The Union Bank of London.
SOLICITORS.
Messrs. Freshfields and Newman.
SECRETARY (pro tem.)—Mr. Charles Grant,
Temporary Offices-60, Lombard-street.
The system of Land Credit, or "Credit Fonder," has now
been established in many of the chief countries of Europe,
With the uniform result of large profit to the Companies en-
:gaged in it, and great benefit to the holders of land. The
Principle of all these Associations is the same, viz., the inter-
vention of a Company whose large subscribed Capital, and
consequent credit. enable it to borrow money to the beat ad-
vane, as an intermediary between individual lenders who
loess.
Seta
investments on mortgage, and borrowers who seek for
Thus, the French Credit Fonder has a large Share Capital,
of which only half is paid up, and is authorised by its
statutes to issue its own Bonds against an equal amount lent
on mortgage, with a Sinking Fund for redemption, on first-
class landed security. The security to the Bondholder, under
these circumstances, is ample, represented as it is by the
whole unpaid-up capital of the Company, and all its Invest-
ments and assets, while the profit to the Shareholders, being
the profit on the employment of a large capital distributed in
dividend over a small paid-up capital, is so great, that with
£lO paid up the £2O shares of the French Credit Fonder
stand at a market value of upwards of .£5O.
The present Company is formed in the belief that, on the
One hand, it will be very profitable to the Shareholders, and,
am the other, most beneficial to India. It is obvious that our
Indian territories present an unrivalled field for a Company
of this description. Land there is rising in value with a ra-
pidity quite unexampled, and the fixing of tenures, the im-
provement of laws, and the opening of communications, are
last creating an ease and certainty in dealing with it equal to
those enjoyed in any country of Europe. At the same time
capital is scarce, and the rate of interest extravagantly high,
wi compared with any European standard.
In Bengal, where, in the first instance, the oerations of
the Company will be principally directed, laid Is held upon
a Zemindary tenure, which may be described as conferring
the fee-simple of the land in perpetuity, held direct from the
Crown, on the condition of paying a fixed annual quit rent,
which Is always moderate, in comparison with the value of
the estates. An accurate and simple system of registration
precludes doubt and dispute concerning the title to estates,
and the first mortgage on the register takes recedence of all
other claims. The principle of a permanent settlement has
been adopted by the Government, and will doubtless be
shortly extended to the other provinces of India.
The land included in the Lower Bengal system is estimated
at a value of more than one hundred millions sterling, and
by the establishment of railways, the operation of irrigation
works, and the general extension of Indian trade and in-
dustry, it will be doubled and trebled within a moderate
number of year,. Ot these estates a very large proportion
are at present under advances from local money-lenders, at
a rate of 12 per cent. interest, besides incidental bonuses,
and upon other conditions, that are alike unfavourable to
their owners and to the community at large.
With prudent management the results of an Indian Credit
Foncier can hardly fail to be even more successful than in
Prance, considering the wide margin between the rates of in-
terest at which money can be borrowed in England and lent
in India.
The field for operations in India is practically unlimited,
and in no country of the world are all the elements of national
prosperity, including the value of land, in a state of such
rapid development. The revenue of the State has risen in
ten years from £28,500,000 to £45025,0'0 a-year ; and the
g-gregate Import and Export Trade during the same period
has in.,re than doubled, and last year reached the enormous
total of £100,000.000, including bullion. During the same
Period £00,1,00,000 of English capital has been invested in
railways in India, which are now approaching completion,
and will greatly accelerate the march of prosperity.
The benefit to India of obtaining, capital on landed security
on reasonable terms, and emancipating the native landed
proprietors from an exclusive dependence on native money-
lenders, will be incalculable ; and this benefit will be speci-
ally felt at a time when the prosperity of the country, the
the e
pletion of roads and railways, the sale of waste lands,
Ofextension of the perm anent settlement, the introduction
an improved currency, and, generally, the adoption of a
ise and liberal system of Government, are giving every-
where a rapid impulse to improvement.
OBJECTS,
.The Company will be prepared to grant Loans on land,
ei her for >: piny
periods, or upon terms that will extinguish
the debt fairing- the currency of the mortgage, by the pay-
ment ot an annual instalment on account of the principal, in
additton to the annual interest, thus conferring on the bor-
rowers the benefit of an eventual liquidation of their debts.
CAPITAL.
The present capital is fixed at £2,000,000 sterling, of which.
.£2 per share is payable upon allotment. It is not the inten-
tion of the Directors to call up pore than a small proportion
of the Share Capital in all, as the successful conduct of a busi-
ness of this description is chiefly through borrowed capital.
BORROWING POWERS.
As a means to make the advances on the extended scale
contemplated, the Company will issue Debentures for fixed
periods, and bearing a fixed rate of interest, payable half-
yearly in this country ; and in ord r t) give the holders of
such Debentures undoubted security, they will have a lien on
the entire property of the company, consisting first of the
whole of the estates held on mortgage, and much exceeding in
value the total of its liabilities ; ant secmdly, of the assets
of the Company, iu which its paid-up capital is invested, to-
gether with its large reserve of uncalled capital. The trans-
actions of the Company will be conducted free from all spe-
culation or purchase on their own account, and may be re-
garded as partaking of the nature of a Commission Agency
between the European lender and the Indian borrower,
opening to the latter a command of capital limited only to
the value and security his estates afford.
PROFITS.
The profits of a well-conducted business of this description
In such a field for operations as India may be tested by a
comparison w.th the re-ults realised by the French Credit
Poncier and other similar undertakings both abroad and at
home. The institution named is limited t y its statutes to
lend at 5 per cent. interest, and it has to pay more than 4 per
cent, interest on money raised on its Debentures ; the mar.;in
of profit is, therefore, very small. Nevertheless, the Fr nch
Company pays a dividend or Pi percent. rer annum, carrying*
a further ,um equal to 7 per cent, to reserve. In India the
margin of profit between the rate at which the money is
borrowed and the rate at which it is lent will certainly
not be less than 3 per cent., so that each £1,0c0,000 borrowed
in England and loaned in India will give £30,000 a year
towards Dividend on the Share Capital, of which it is not
Probable that more than £500,000 out of the £2,000,000 will
be called up.

MANAGEMENT IN INDIA.
Arrangements have been made with the above three lead-
ing firms to amt as Agents in India, so as to enable the Com-
pany to commence business without unnecessary delay.
75,00) Shares have been subscribed for privately, and the
remaining 25,000 Shares are reserved for public subscription.
Copies of the Memorandum and Articles of Association lie
for inspection at the Office of the Solicitors. Messrs. Fre4l-
- and Newman, 5, Bank buildings, Lothbury, and at the
Temporary Offices of the Company.
Applications to be made in the subjoined form to the Tem-
Plrary Offices of the Company, 69, Lombard-street ; or to the
()faces of the General Credit and Finance Company of Lon-
don (Limited), 90, Cannon-street.

FORM OF APPLICATION FOR SHARES.
No.
Gentlemen,—l request that you will allot me Shares
of £2O each in the capital of the Land 3lortgaze Bank of India
(Limited), and I hereby agree to accept the said Shares,
or any smaller number that you may allot to me, and to pay
the oeposit of .£2 on each Share so allotted, and I agree to
become a member of the Company, and request you to place
my name on the Register of Shareholders in respect of the
Shares allotted to Inc.
I am, Gentlemen, your obedient servant,
N aro e in full
Address in full
Profession or Business ....
Reference
Date .

ORTH BRITISH AND MERCANTILE
INSURANCE COMPANY.
Established 1809.
Incorporated by Royal Charter and Special Acts of
Parliament.
ACCUMULATED AND INVESTED FUNDS, £2,122,828.
ANNUAL REVENUE, £422,401.
LONDON BOARD.
Joellhaat2nite Cater, Esq., I P. du Pre Grenfell, Esq.
Charles A. Klockmann, Esq.
Putt' chairraa"n", De- John Monett, Esq.
A. De A rroyave • Janine S. Morgan, Esq.
E
Edward Cohen, .E
sqf G. Garden Nicol, Esq.
James du Buissons, Esq. Geo John
George Young, Esq.
A. 11. Campbell, Es Ex-DIRECTORS.
q,
P. C. Cavan, Esq, I Robert S-nith, Esq,
P. P. Rath, Esq. Frederic Somes, Esq.
Manager of Fire Department—George 11. Whyting,
Manager of Life Department—W. F. Birkmyre. •
Superintendent of Foreign Department—G. 11. Burnett,
Secretary—F. W. Lance.
General Manager—David Smith.
FIRE DEPARTMENT.
The Company grants Insurances against Fire in the United
liingdom, and all foreign countries.
Mercantile Risks in the Port of London accepted at re-
duced rates.
Losses promptly and liberally settled.
Foreign Risks.—The Director 4, having a practical knowPolicies-
ledge of foreign countries, are prepared to issue Policies on
the most favourasle terms. In all cases a discount will be
allowed to Merchants and others effecting such Insurances,
LIFE DEPARTMENT
The following Statement exhibits the improvement effected
daring the last few years :
No. of Policies
Issued. Sums. Premiums.
185 i.
1859 ........ 6'5 .....
180 741 -5,619
1861
1862 ........ 1,037
Thus in five years the number of Policies issued was 3,623,
assuring the large sum of £2,928,917.
The leading, features of the Office are:-
1. Entire Security to Assurers.
2. The large Bonus additions already declared, and the
prospect of a further Bonus at the next investiga-
tion
I. The advantages afforded by varied Tables of premiums
;--,unrestricted conditions of Policies—and general
liberality in dealing with the Assured.
Forms of on and every information will be furnished
on application at the
READ OFFICES ;,,.• LONDON. 58, Threadneedle-street.
4, New Bank Buildings.
EDINEURGII —.61, Princes-street

NORTH -----------------
AND MERCANTILE
INSURANCE COMPANY.
g, ~~T~WEST-END OFFICE :
RLOO-PLACE, PALL-MALL.
SecretarY---ALEX. J. RUSSELL.

CELEBRATION of ------th
Rs
r?,,TERCENTENARY of
BIRTH of S
Avon.the The Tercentenary R
co "-RE, at Stratford-upon-
N. C. Hamilton, Bert., K.C. 8., is tree (of which Sir Robert
airman) are now receiv-
ing SUBSCRIPTIONS, and they
account of the Tercentenary CornmaaY also be paid to the
and Kidderminster or Warwick a;lev. at the Stourbridge
Stratford-upon-Avon; Messrs. 6ire_Learnington Banks.
or their Lonaon:aY. Smith. and
Greenway, Warwick ;
...I.;,nts, Messrs.
Smith, Payne, and Co , Messrs. Hanburys
Glyn and Co, bankers, London. ""' to, or Messrs.
The Tercentenary Committee, in submitting the
tion list to the nation, most earnestly appeal to the
admirers
subscrip-
t only
to
of Shakspeare for their aid and assistance. The Committee
rest their claims upon the ground that Stratford is
the birthplace of Shakspeare, but the centre of attraction
all admirers of the great POWs works, and that It
home, the to he loved, and where he lived and died." his