The Sun.
London, England, 1863-10-06 00:00:00

THE LAND MORTGAGE BANK cf INDIA
(CREDIT FONCIE Et INDIEN), Limited.
Capital, £2,000,001, in 100,000 Shares of £2O each. Payment
on allotment, £2 per Share.
DIRECTORS.
Chairman—S. LAING, Egg , late Finance Minister of India..
Colonel Balfour, C. 8., late Chief of Military Finance Depart-
ment of India.
n. L. Bischoffsheim, Esq. (Messrs. Bischoffscheim and Gold-
Schmidt).
lion. W. S. Fitzwilliam, Member of the Supreme Legislative
Council of India.
Sir John P. Grant, late Lieut.-Governor of Bengal.
P. Northall Laurie, Esq.. K.C.B.dovernor of Union Bank of London.
J. T. Mackenzie, Esq., Deputy Chairman of Eastern Bengal
Railway.
W. Mackinnon, Esq. (Mack,nnon, Mackenzie, and Co., Cal-
cutta), Director of British India Steam Navigation Com-
pany.
IL Nelson, Esq. (Messrs. Crawford, Colvin. and Co.),London.
Mons. Pinard,
du Comptoir d'Escompte,
Paris, et du Credit
Fonder Colonial
IT. 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 FOR THE CONTINENT.
The General Credit and Finance Company of LOll On
(Limited'.
BANKERS.
The Union Bank of London.
SOLICITORS.
Messrs. Freshfleids and Newman.
SECRETARY (pro tern.) —Mr. Charles Grant,
Temporary Offices-69, Lombard-street.
The system of Land Credit, or " Credit Foncier," 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 best ad-
vantage, as an intermediary between individual lenders who
seek investments on mortgage, and borrowers who seek for
loans.

;Nils, 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 Foncier
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,
on the other, most beneficial to India. It is obvious that our
Indian territories present an unrivalled field for a Company
of this descrkption. Land there is rising in value with a ra-
pidity quite unexampled, and the fixing of tenures, the im-
provemen.t of laws, and the opening of communications, are
last crea
tigg an ease and certainty in dealing with it equal to
those enjoyed in any country of Europe. At flap same time
capital is scarce, and the rate of interest extravagantly high,
as compared with any European standard.
In Bengal, where, in the first instance, the operations 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 precedence 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. Of 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.
France, 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 £45,125,000 a-year : and the
aggregate Import and Export Trade during the same period
has more than doubled, and last year reached the enormous
total of £100,C00.000, including bullion. During the same
period £e0,000,000 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
completion of roads and railways, the sale of waste lands,
the extension of the permanent settlement, the introduction
of an improved currency, and, generally, the adoption of a
wise 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,
either for fixed periods, or upon terms that will extinguish
the debt during the currency of the mortgage, by the pay-
ment of an annual instalment on account of the principal, in
addition 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
X 2 per share is payable upon allotment. It is not the inten-
tion of the Directors to call up more 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 mike 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 orct r to glee 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
;' and secondly, of the assets
of the Company, in 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.

PItOFITS.
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 results realised by the French Credit
Foncier and other similar undertakings both abroad and at
home. The institution named is limited by 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 margin
of profit is, therefore, very small. Nevertheless, the French
Company pays at dividend of 16 percent. per annum, carrying
a further sum 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 £I,W.-0,000 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 firma to act as Agents in India, so as to enable the Com-
pany to commence business without unnecessary delay.
75,000 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. Fresh-
fields 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-
porary Offices of the Company, 69, Lombard-street ; or to the
Offices 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 Mortgage 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 toplace
my name Share allottedhe
to m Register of Shareholders in respect of the
e.
I am, Gentlemen, your obedient servant,
Name in full
Address in full
Profession or Business ....
Reference
Date

A.D. 1720.
ROYAL EXCHANGE ASSURANCE
CORPORATION
(Established by Charter of his Majesty George the First)
FOR SEA, FIRE, LIFE, AND ANNUITIES.
Offices, Royal Exchange, London.
Branch Office, 29, Pall-mall.
vir.oncE
OC
TAVIUS WIGRAM, Esq., Governor.
PEARKES BARCLAY, Esq., Sub-Governor.
Sir Jorni HENRY PELLY, Bart., Deputy-Governor.
DIRECTORS.
Remy , Bainbridge, Esq. Wiimot Holland, Esq.
ilocert Barclay Es Earl of Leven and Melville.
john Garratt E
Mark Currie Close, Tg.scl. Chas.
j".
Manning'
Eul.
William Davidson, Esq.s Henry Nelson, Esq.
The non. Josceline W. Percy.
Thomas Dent, Esq.
Charles Robinson, Esq,
Alexander Druce,-Esq. Samuel Leo Schuster, Esq.
Fredk. Jos. Edlmann, Esq. Erie Canine-ton Smith, Esq.
Riversdale W. Grenfell, Esq. William Soltau, Esq.
Pobt. Amadeus Heath, Esq. Joseph Somes, Esq., M.P.
Wm. Tetlow Hibbert, Esq.! William Wallace, Esq.
Jas. Stewart Hodgson, Esq. Chas. Baring Young, Esq.
Medical Referee, SAMUEL SOLLY, Esq., g.R.s.

NOTICE.— file usual fifteen days allowed for payment of
FIRE PREMIUMS falling due at Michaelmas will expire
on 14th October.
FIRE and LIFE ASSURANCES may be effected with this
Corporation on advantageous terms.
The Reversionary Bonus on British Life Policies has ave-
raged nearly 2 per cent. per annum on the sum assured.
Equivalent reductions have been made in the Premiums
ayable by persons who preferred that form of Bonus.
The divisions of Profit take place every Five years.
Any sum not exceeding £15,000 may be insured on one
Life.

This Corporation affords to the Assured—
Liberal participation in Profits—with exemption from
the liabilities of partnership.
A rate of Bonus equal to the average returns of Mutual
Societies—with the guarantee of a large invested Capital
Stock.
The advantages of modern practice,—with the security
of an Office whose resources have been tested by the ex-
perience of nearly a CENTURY AND A HALF.
SPECIAL NOTICE.
Policies on the participating system, granted on or before
the 31st December, 1863, and in force at the close of the year
1865, will bo entitled to share in the next division of profits

ROYAL EXCHANGE, LONDON.
ROBT. P. STEELE, Secretary.

OYAL FREE HOSPITAL, Gray's-inn-road
ay TEithe immediate vicinity of the Great Northern Rail. ‘,minus, at King's-cross.

Patron—The QUEEN.
'resident—The Duke of BUCCLEUCH, K.G. T
Tills threeasurer—Edward 3fasterman, Esq.
And instanwas t ad first hospital to introduce the principle of free
mality of e mission to the destitute sick, without the for-
overnors' letters. It is entirely devoted to desti-
tution in its most
sicknettitiable form—viz., that which is accom-
pr.nid by
magnitude that,
witah.nd disease, and is now of sufficient
capable of admitting adequate support, it may be rendered
the casual sick of intothis its wards a very large proportion of
funds in order to grneat metropolis. It requires but the
these the most wretchedoPeds available for the reception of
inediouir fellow-creatures. Moreover,
:it gratuitously affords
out-patients
advice and medicine to more,
rtients a week.
on the average, than 3,000
The Weekly Board feel it th
prulnerative duty to make an
'EARNEST APPEAL to th
for continued support,
to enable them to admit and reelievelthe distressing cases that
daily present themselves.
Contributions are received I,
-Y the Treasurer, Edward
Masterman, Esq., Nicholas-lane; also by aessrs. Coutts and
Co. ; Drummond and Co. ; Herries and
Co. ;and Co. Ransom and
;Glyn
Co. ; Prescott, Grote, and Co.; Smith, Payne
and Co. ; Jones Loyd and Co. ; Barclay and Co.;enison
W M and Co. ; iams, Deacon, and Co. ; Overend Gurney, and
Co. ; Nisbet and Co. ; Messrs. J. Barned and Co., Liverpool
and at the Hospital
STANFORD S. surrn Secretary,