The Sun.
London, England, 1858-12-17 00:00:00

THE MADRAS IRRIGATION and CANAL
• COMPANY.
(Incorporated by Special Act of Parliament.)
For Constructing, 'Maintaining, and Working (under the
sanction and with the support of tb.eGovernment of India)
a comprehensive systex, of Irrigation Works and Nevi-
Fable Canals throughout the Piesidency of Madras and
Isheneighbouring Territories of Berar, Cochin, Hyderabad,
Mysore, Nagpotr, Orissa, the South Mahratta Country,
and Travancore • and also throughout the Lower Pro-
vinces of Bengal, when the necessary powers shall have
__been obtained.
First Capital, X 2,000,000 (with power to increase). First
Issue-thereof, £1,000,000, in 50,000 Shares of £2O each,
upon which a perpetual Minimum Interest of £5 per
Cent. has been guaranteed by the Secretary of -State for
India in Council, all surplus profits being divisible equally
between the Government and the Company which
arrangement is subject to be determined only by the Go-
vernment purchasing the Works constructed within six
months after the expiration of each period of 25 years, at
a sum equal to the market value of the shares of the
Mupany on an average of the three preceding years.
ePcsit, Ll per Share, to bear Interest at the guaranteed
12,te from the day on which the same shall be paid into
me Indian Treasury.

DIRECTORS.
eiIAIRmAx—JAMES THOMSON, Esq. (Messrs. Line
and Co., Madras), Deputy Governor of the Agra Bank,
and late Chairman of the Ohamber of Commerce, Madras,

and President of the Madras Bank.
Colonel Philip Anstruther, C. 8., Madras Artillery.
The Ron. Philip Pleydell Bouverie, M.P. (Messrs. Ran-
? .sora, Bouverie, and Co.)
-2elltenant-ColonelGrimes,Madras Army, Chairman of the
Oriental Inland Steam Company.
`-'olonel Atwell Lake, C. 8., rate Superintending Engineer
, of the Kistnah Irrigation Works.
.42utenant-Colonel Onslow, late of the Commission for
governing Mysore.;
Lieutenant-GentralAir George Pollock, G.C.8., F.R.G. S.,
"grajor-General Westrow Watkins, Madras Army.

CONSULTING ENGINEER.
Col, J. T. Smith, Madras Engineers, F.R.S., &c.
AUDITORS.—James Bonar„ Esq. (Messrs. Small and Co.,

(ma Jury).
• BANKERS.—Messrs. Ransom, Bouverie, and Co., •
1, Palf-Mall East.
SPLlcrron.—John Macs cell, Esq., 34, Cannon-street West.

„„
11
Westwood,SECRETARY.—JOaSECRETARY.—John Sq.
Offices-27, Cannon-street, Loudon, E.C.
PROSPECTUS.
I,_The paramount importance and eminently remunerative
'''•ra,cter of works of irrigation in India have become, by
• °lig experience and well-ascertained results, established

The Government of Madras, in May last,. in, a report to
the late Court of Directors of the East India Company, after
getting forth in the strongest language 'their beneficial
effects and public utility, certified that " the returns from
irrigation works are always considerable, and often im-
121ense ;" and the truth of this statement is placed beyond
i
doubt by official returns made to Parliament n. 1853.
these it appears that the whole of the then existing
",su'rita in the Madras Presidency (many of which were
'S`ll9ll out of repair, and to a great extent useless) realised,
uring a period of 14 years, an average net profit of 53 per
ant._, upon the cost-of their construction and maintenance,
Whilst the 13 largest yielded during the same term a like
teat of more than. 120. per cent. Those woicts, also, which
the Godavery
been since undertaken but not yet completed, viz., on
Godavery and Kistnah rivers, have already produced
"'„_rge returns, which will shortly, it is stated, exceed 100
Far cent.
hitherto works of this nature have been executed by the
`aovernment only. But from the want of funds and a
suitable and trained agency comparatively little has been
effected, and it has now becomeimpossible, at least for many
pears to come, to provide others out of the ordinary revenue.
tisileh therefore remains to be done in this respect to meet
`te positive and immediate requirements of the country; in
nth, it has been for many years past repeatedly recorded
°Y members of the Legislative Council, by Government
eg.ramissioners, by civil and military engineers,. and by many
fl,i_g_gers of high character and intelligence, that a vast num-
z,7 of new works which will yield returns equal to what has
n above stated are imperatively required within the ter-
ritories above named, and that in the Madras Presidency
Zone many millions of acres of good land are now lying
kite, requiring only irrigation to render them eminently
fertile and profitable, whilst immense volumes of water (and
more than sufficient for the purposes required) flow by ne-
glected to the sea.
Neat,,_ to irrigation works, both in importance and in their
remunerative character, are cheap means of transit. Their
extension is also as largely and urgently called for ; and it
a fortuitous circumstance that in India these two essentiai
elements of prosperity may be secured by one operation, for
Works of irrigation can in most cases be constructed at a
'l:Lifting additional expense, in the shape of canals, navigable
steamboats, the cost of carriage whereon will be far. less
than on common roads, and much lower than anything yet
thought of for railways.-
_To aid the Government in supplying these fundamental
Wants throughout-the several districts enumerated at the
'ead of;this prospectus is the object of this company, and it
ItlaY with confidence be Asserted that no enterprise of the
rlP'2gent day, however lucrative and useful, will bear favour-
able comparison with such an undertaking..
The. tract of country proposed to be, in the first in-
stance, thus affected contains 400,000 square miles, upon the
Whole cultivable portions whereof cotton, both indigenous
and exotic, can be successfully grown, whilst the soil of
Zltensive districts is pre-eminently qualified for its produc-
._°ra• Within this domain there is also a quiet, orderly, and
!ndustrious population of upwards of 53,000,000, ready and
ladeed anxious to cultivate the land immediately they are
enabled by irrigation to do so.
One most important result which will flow from the de-
Velopment of the echeme here described will be the opening
n_ p, and rendering cheaply accessible to the coast, an area
cotton-growing land many times larger than the whole
°I the plantations of America, from whence four-fifths of
our present supply is procured, so that if only a small por-
40n of the land thus affected is employed in the cultivation
°f cotton, England will be entirely relieved from her pre-
' !eat degrading dependence upon slave labour for its pro-
°action. Further, the territories so improved will be
enabled to compete successfully with other countries in the
.Predaction and exportation of grain and seeds of all kinds,
sugar, tobacco, and many other staple articles of commerce
he valuable to Great • Britain.
The formation and proposed objects of this company were
ar.,. at notified to the late Court of Directors of the East
India Company and to the Board of Control in February,
1857, from which time negotiations of a comprehensive
character were carried on with those authorities, and con-
tinued with the Secretary of State and Council for India.
Pending these negotiations, the directors refrained from
raising through the public any portion of the intended
ea,pital, but being firmly convinced of the sound and profit-
, able nature of theirundertaking, and of the ultimate success
°f their efforts, they proceeded upon their own responsi-
bility
-to procure the requisite Act of Incorporation, and to
adopt all other proceedings necessary to save delay, and to
establish this, company upon a firm and sure basis. With
this view they laid before the Court of Directors particulars
of two highly promising and important projects in the Pre-
sidency of Madras as first portions of the scheme to be car-
ried out,-which projects are now under consideration by the
'local Government.
The directors are enabled to state that they have at
length met with the desired support, and that this com-
pany is now effectually established, and its scheme fully
recognised by the Home Government of India, who, fully
admitting the great and lasting advantages to be obtained
133, attracting private enterprise and English capital to
Works of public utility in that country, have conceded libe-
ral and substantial terms of support to this the first attempt
of that nature, including in such terms a perpetual guaran-
tee of a minimum interest of 5 per cent. per annum on the
ur, st issue of capital to the amount of £1,000,000 as paid
into the Indian Treasury, all surplus profits being divisible
dually between the Government and the Company, which
11,rrangement is to be subject to determination o upon
• the Secretary of State for India in Council giving otice,
Within six months after the expiration of each period of 25
Years from the commencement of the present arrange-
k eut, of an intention to purchase the whole of the works
then
constructed at a sum equal to an average of the market
Price at which the shares of this Company shall have been
. selling in London during, the three preceding years.
In addition to the works before referred to and proposed
far construction in Madras, the directors have submitted to
Lord Stanley in Council other and no less valuable projects,
and his lordship has referred particulars thereof to the Su-
preme Government of India for investigation and report.
All future issue of shares will be distributed pro rata
amongst the then existing shareholders.
Forms of applications for shares may now be had on
I.lPPlicatiou at the Company's Offices, 27, Cannon-street,
ndon, E.C. ; of the bankers, Messrs. Ransom, Bouverie,
and Co., 1, Pall-Mall East ; and of the solicitor, John
Ilackrell, Esq. 34 Cannon-street West, E.C., London ;
but no application will be considered unless a deposit of £1
°ll each share applied for is previously made to Messrs.
gunsom, Bouverie and Co., bankers of the company. The
deposit will be returned if the application is not acceded to.

tract from Minutes of Consultation transmitted by the
Government of. Madras, on the 15th May, 1858, to the
late Court of Directors of the East India Company :
The Government express their unanimous, strong, and
earnest advocacy that all irrigation works which, on a cora-
Prehensive view of the wants of the country, may be deemed
necessary to develop its undoubtedly great resources, be
.i'iommenced at once boldly and on a large scale, be pressed
zonvard throughout all times and under all circumstances,
end be looked on, and be practically treated, as in fact they
Sally are, as the most economical, because the most pro-
*able,. undertakings in which the Government could pos-
sibly engage. It is needless now again to bring forward
the innumerable instances in which money has in the Pre-
sidency been most advantageously invested in irrigation
lirOrke. The proceedings of Government have, in this re-
spect, been only too desultory and vacillating, and it is
confidently asserted that India could be placed in a
Position to pay all her own expenses, and gradually dis-
charge her debt far more readily and speedily by a judicious
ejPenditure than by any scheme of retrenchment or reduc-
,ion.

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