The Sun.
London, England, 1862-04-09 00:00:00

VIE ITALIAN IRRIGATION CANAL
COMPANY. SeeMtd Anonyme with Limited Liability
and Shares to Bearer.

Share capital 25,000,009 f. (L 1,000,000).
Divided into 50,000 shares of 500 f. (C2O) each.
D,nof.iit on application Li per share, and 41 on allotment.
The Italian Government, guarantees a minimum interest
of six per cent, on the capital, and also a sinking fund to
provide for its redemption.

DIRECTORS IN ITALY.
The Marquis de Cavour, Member of the Chamber of Deo.
ties.
The Count Oldofredi, Senator (formerly Governor of
Bologna).
M. Farina, Regent of the Bank of Milan.
no Vincenzi (formerly Minister of Public Works at
Naples).
M. G. Be Ferne2.', Banker, Turin
M. Laurent, Bakker, Parma.

DIRECTORS IN ENGLAND,
G. G. Macpherson, Esq. Chairman of the Agra and United
Service Bank.
Lestock R. Reid, Esq., Director of the Oriental Bank Cor-
poration.
James Dickson, Esq. (Lennox, Nephew, and Co.), 16, Old
Broad-street.
Lieut.-Colonel W. Campbell Onslow, Director of the
Madras Irrigation and Canal Company.
Wm. Walter Cargill, Esq., Director of the Eastern Bengal
Railway Company.
C. G. Manse], Esq., Director of the Agra and United Ser •
vice Bank.
P. D. Hadow, Esq., Deputy-Chairman of the Peninsular
and Oriental Steam Navigation Company.
F. Surtees, Esq., Chalcott House, Kingston, Surrey.
J, P. Brown Westhead, Esq., AL P., Deputy-Chairman of
the London and North-Western Railway Company.
BANKERS IN; LoxpoN—Messrs. Masterton, Peters, and
BANKERS IN Co., 35, Nicholas-lane.
RALT—Messrs.Charles Do Fernex and Co.,

SOLICITORS—Messrs. Rixon. and Son, 38, Cannon-street.
BROXERS—MOSSTS. Foster and Braithwaite, 68, Old
Broad-street.
JOINT ENGINEERS.
Monsr. Chas. No 6, Turin.
J. Abernethy, Esq., M.LC.E., London.
Temporary Offices, 16, Gresham-house, Old Broad-street.
SECRETARY, pro tem.—Leicester Bayly, Esq.

OBJECTS OF THE COMPANY.—The object of this
Company is to carry into effect the valuable and highly re-
Inunorative concession which has been granted by the Ita-
lian Government for the construction of Irrigation Works
in Northern Italy.
So great has been the reputation and success of works of
irrigation in Italy, that they have been regarded as models
of scientific construction by the engineers appointed by the
Government of India to devise and execute the extensive
plans for the irrigation of that country.
From the earliest ages the artificial irrigation of land in
rarm climates has furnished one of the most safe and profit-
able investments of capital. In India the application of this
system has yielded a revenue of from 30 to 100 per cent. on
the cost of construction ; in the royal domains of Aranjuez,
in Spain, it has increased the produce of the soil ten-fold ;
and it has given to the plains of Lombardy their proverbial
renown for exhaustless fertility.
The district assigned to the operations of this Company
comprehends some of the richest portions of the famous
plain, extending from the foot of the Alps to the frontiers of
Lombardy, and justly celebrated as the garden of Europe.
The Company will immediately proceed to construct the
Great Irrigation Canal of Northern Italy, in conformity
with the designs of the celebrated engineer Chevalier Noe,
who enjoys the highest reputation in Europe for hydraulic
Works, and whose plans have, after caretul examination,
been approved of by Mr. Abernethy and accepted by the
Italian Government.
Tho Main Canal, 52 miles long, 80 feet wide, and 20 feet
deep, will commence at Chiavasso, ten miles north of Turin,
Pass through the rich districts of the Verc,ellais and the
Lomeline, and terminate at the river Ticino, near Novara.
It will derive an inexhaustible supply of water from the
river Po, which has been called the Nile of Italy, on ac-
count of the rich alluvial matter brought down by its cur
rent. It will irrigate more than 300,000 acres, and it is esti-
Mated that the rental of the proprietors will thereby be in-
creased by £340,000 per annum.
In order to obtain the great advantage of uniting under
one management all the irrigation works of the district, an
arrangement has been concluded with the Government for
the cession of the existing canals of the Dora Baltea and
the Sesia, which will thus become tributary to the Grand
Canal of the Po. The payment for these canals will be
Made at deferred dates, and the amount is included in the
guaranteed capital.
GUARANTEES OF THE ITALIAN GOVERN-
24ENT.—The Government guarantees a minimum interest
of six per cent. per annum on the entire capital to be ex-
panded in the purchase or construction of the canals, the
Preliminary expenses, and the management and mainte-
nance of the works of the Company, thus making its shares
a safe and advantageous investment, independently of the
large profits which may be anticipated from such importan
Works.

The Italian Government also guarantees the repayment
of the capital through the operation of a sinking fund. The
redemption of the shares will take place annually by lot,
with this great advantage to the shareholders, that, after
having received back their capital in full, they will remain
participators in all profits exceeding 6 per cent. during the
remaining term of the concession.
The provisional concession Was signed by the Ministers
of Agriculture and Commerce, and of Finance, on the 15th
ultimo, and the Government has engaged to procure for this
Company all the necessary powers which require the con-
sent of the Legislature.

EXPENDITURE.—The cost of the works will be de-
frayed by the share capital of the Company, and by bonds
issued under the authority of the Government, with interest
guaranteed. Every bond will be stamped by the Govein-
taent, and the interest of 6 per cent, will be paid at the
National Treasury.

Provisional contracts have been made with the sanction
and approbation of the Italian Government for the execu-
tion of all the works by experienced contractors, who are
Prepared to deposit ample caution money for the fulfilment
of their engagements.
PROFITS.—The directors desire to avoid holding out
OXaggerated estimates of the large profits to be derived from
their irrigation works, in addition to the guaranteed interest
of 6 per cent. ; but the official returns in their possession,
Which have been prepared with the most:scrn.pulous accu-
racy, and which may be seen at the offices of the Company,
Justify them in anticipating profits fully equal to those
Which have been ebtained under the most favourable cir-
cumstances in Italy and other countries. In making these
calculations, there can be no better guide than what has
taken place in our own Eastern Empire, as exhibited in the
following statement :
" jIYMNA CANALS, NORTH-WESTERN PROVINCES.—
kiavernment returns show that the value of the crops saved
In one year by the water supplied by these canals, whose
length is 445 miles, was £1,462,800. In 1853 the Court
Eastern
Directors sanctioned an expenditure of £15,276 on the
Jumna Canal, which in one year yielded a clear
Profit to the government of £9,759, besides enormously in-
creasing the value of the crops, and thus benefitting the
cultivators to a far larger amount.
"NORTH-WESTERN PROVINCES.—In these provinces
an expenditure of £557,000 was found sufficient to construct
Works irrigating 1,300,000 acres, and thus obtain a produce
of the annual value of £2,500,000, supporting a population
of 600,000 souls.
" GREAT GANGES CANAL, NORTH-WESTERN PRO-
NlNcEs.—Colonel Baird Smith, the director of this canal,
now in course of construction, estimates that it will be com-
Pitted for £2 000,000, and that it will raise the annual value
15,f the crops 'it will irrigate to £7,000,000, and the gain to
the
cultivators will exceed £3,000,000 per annum.
Extract from Report by Lieut.-Colonel C. B. Young,
officiating chief engineer, Lower Provinces of Bengal, dated
27th May, 1858 :
" Whatever the results of different calculations may be,
there can be no question, I believe, that canals as irrigation
'Works are remunerative in 'lndia, whether the profits be 60
Per cent. and upwards, as Col. Cotton rates them, or, accor-
ding to the more moderate estimates of Lieut.-Colonel Baird
omith about 24 per cent., or, according to the experience
of the canals in the North-West Provinces, 12 to 16 per
cent., it is equally the result in all cases; I believe that
They repay richly to both Government and to the people the
looney expended on them."
. The 6 per cent. interest on the shares allotted in England,
Le`get her with all dividends out of profits, will be paid half-
at 25 francs exchange, by the Company's bankers in
oridoß.
The works which the Company has undertaken have
been urgently demanded by the whole population. The
„Ondertaking is received with the greatest favour in Italy;
4,000 shares are reserved for that country, leaving 30,000
for allotment in England.
Applications in the annexed form may be made to the
-London Directors at the Company's offices, or to the
Brokers of the Company in London.
Co A Copy of the concession may be seen at tho offices of the
m pany ,
London, April 4, 1862.

FORM OF APPLICATION FOR SHARES.
To the London Directors of the Italian Irrigation Canal
Gentlemen,—having Company.pa
idtoyour bankers the sum of
, I hereby request that you will allot me
bares of £2O each in the Italian Irrigation Canal Company,
and 1 hereby agree to accept the said shares, or any smaller
number that may be allotted to me, upon the terms of the
BtatIIICS, to be approved by the Italian Government, and to
Pay the further deposit of £1 per share upon the shares
allotted to me at such time and in such manner as you may
appoint.