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

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DIRCTORS.
Chairman—S. LAING, Esq Elate Finance Minister of India.
Colonel Balfour, C. 8., late Chief of Military Finance Depart-
ment of India.
A. L. Ilischoffsheim, Esq. (Messrs. Bischoffscheim and Gold-
Schmidt).
lion. 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.
J. 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-
pany.
Nelson, Esq. (Messrs. Crawford, Colvin, and Co.), London.
Mons. Pinard, du Comptoir d'Escompte, Paris, et du Cr
Fonder Colonial.
A. M. Worms, Esq. (Messrs. Gs and A. Worms), London.
AGEN'sat IN INDIA.
Calcutta—Messrs, Colvin, Cowie, and Co.
Bombay—Messrs. Remington and Co.
Madras—Messrs. Parry and Co.
AGissra ron TIIE CONTINENT.
The General Credit and Finance Company of London
(Limited'.
BANKERS.
The Union Bank ot London.
SOLICITORS.
Messrs. Frestliptie. m
i)d_sanrd.
Charles Ne
mw-
manGrant,
SECRETARY (pro ---
Temporary Offices Lombard-street.
The system of Land Credit, or " Credit roamer,,, has now
been established in many of the chief countries of Europe,
With the uniform result of large profit to the Companies eu-
ssaged 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 t) borrow money to the best ad-
vantase, as an intermediary between individual lenders who
Beek investments on mortgsig,re, and borrowers who seek for
loans.
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 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 description. Land there is rising in value with a ra-
Ilidity 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 extrayagantly high,
aspimpared with any European standard.
.11 Bengal, where, -tr, the first instance, the operations Or
the Company will be principally directed, laid is held upon
a Zemindary tenure, which may be described as conferring
the lee-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• 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
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 element s 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 £45,125,0 0 a-year ; and the
aggregate Import and Export Trade during the same period
has more than doubled, and last y. ar reached the enormous
total of £100,000.00 including bullion. During the same
period £0,000,000 of English capital has been invested in
railways in India, which are now approaching completion,
and will greatly accelerate the march ot 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 Compan be prepared to grant Loans on land,
oli her for fixedperiods, 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 £2,003,000 sterling, of which
£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 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- 1
yearly in this country ; and in order to give the holders of
such Debentures undoubted security, they will have a lien on
the entire property of she company, consisting first of the
whole of the estates held on mortgage, and much exceeding in
value the total of Its liabilities ;
an 1 secondly, of the assets
of the Company, in which its raid-up capital is invested, to-
gether with its large reserve of uncalled capital. The trans-
actions of the Company will be conducted free frs.m 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 with the results realised by the French Credit
Foncier
Thd ainstitutionn other similar undortis ikingslimited t both abroad and at
home.e 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 margin
of profit is, therefore, very smalL Nevertheless, the Erlich
Company pays a dividend ot 16 percent. uer annum, Carrying
a further sum equal to 7 per cent. to reserve. In India
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 £1,000,000 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
!./e, called up.

MANAGEMENT IN INDIA.
Arrangements have been made with the above three lead-
ing firms to act 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. 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,
o n
he oe
r ay smaller number that you may allot to me, and to pal
posit of £2 on each Share so allotted, and I agree to
become a member of the Company, and request you to place
li
myares all name on the Register of Shareholders in respect of the
allotted to me.
I am, Gentlemen, your obedient servant,
Name in full
Address in full
Profession or Business
Reference.....................
Date

A.D. 1720.
R
OYAL 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.
OCTAVIUS WIGRAM, Esq., Governor.
GEORGE PEARRES BARCLAY, Esq., Sub-Governor.
Sir JOUR HENRY PELLE, Bait, Deputy-Governor.
DIRECTORS.
Henry Bainbridge Esq Wilmot Holland, Esq.
Robert Barclay, ELQ '
Earl of Leven and Melville.
,Tohn Garratt Cattle; Esq. Mark Currie Close, t,;;q. Chas. Jno. , _
Manning Esa.
William Davidson, Es Henry Nelson, Esq.
The Pion. Josceline W. Percy.
Thomas Dent, Ea,. q•
Charles Robinson, Esq.
Alexander Druce,'Esq. Samuel Leo Schuster, Esq.
Fret& Jos. Edlmann, Esq, Eric Carrineton Smith, Esq.
Riversdale W. Greniell, Esq. William Soltau, Esq.M
Bobt. Amadeus Heath, Esq. Joseph Somes, Esq.,.P.
Wm. Tetlow Hibbert, Esq.: William Wallace, Esq.
Jas. Stewart Hodgson, Esq. . Chas. Baring Young, Esq,
__Medical Referee, SAMUEL SULLY, Esq., F.R.S.

will ent of
NOTICE.— he usual fifteen days allowed for Pt
FIRE PREMIUMS falling due at Michaelmas „pire
on 11th October.
FIRE and LIFE ASSURANCES may be effected with this
Corporation on advantageous terms.
The Reversionary Bnus 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
I ayable by persons who preferred that form of Bonus.
The divisions of Profit take place every Five years.
LituY sum not exceeding £15,000 may be insured on one

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.
illst D
Poli SPECIAL NOTICE.
Me cies on the participating system, granted on or before
ecember, 1863
and in force at the close of the year
`ft, will be entitled to, share in the next division of profits
ROYAL EXCHANGE, LONDON.

ROBT. P. STEELE, Secretary.

_ROYAL FREE HOSPITAL, Gray's-inn-road,
Way T: u ruin th_eu ,
at immediate vicinity of the Great Northern Rail-
cross.
P Patron—The QUEEN.
resident—The Duke of BUCCLEUCIT, K.G.
This Was Treasurer—Edward 3lasterman, Esq.
and instant
io first hospital to introduce the principle of free
mality of e kanission to the destitute sick, without the I or-
OVernors'
tution in its Ilaost letters. It is entirely devote to desti-
siekneLittable form—viz., that which piss ccom-
panied by
magnitu e that -wart disease, and is now of sufficient
capable of admittin i adequate support, it may be rendered
the casual sick of tVii nto its wards a very large proportion of
funds in order to hateviedgr.sooel metropolis. It requires but the
these the most wrebeds available for the reception of
our fellowreatures. Moreover,
it gratuitously affords tei.iatl advice and medicine to more,
-Patients a week.
on the average, than 3,000
The Weekly Board feel it thee
EARNEST APPEAL to theenrulapenrfoartiveeonduuntyuetod
smuapkporte an
to enable them to admit and relieve the distressing cases that
daily present themselves.
Contributions are received T.
-Y the Treasurer, Edward
Iflasterman, Esq. Nicholas-lane; als and Messrs. Coutts and
Co. ; Drummond' and Co. ; ',ferries oa
Cu. ; Ransom and
Co. ; Prescott, Grote, and Co. ; Smith, nPayne, and Co. ; Glyn
and Co. ; Jones Loyd and Co. ; Barclay and Co • Denison
and Co. ; Wdliaras, Deacon, and_o. Co.;• Overend, Co.;
and
Co. ; Nisbet and Co. ; Messrs. J. Earned and CO., Liverpool
and at the Hospital.
STANFORD S. Want
.Beprotary,