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

TBIR MADRAS IRRIGATION and CANAL
COMPANY.
(Incorporated by Special Act of Parliament.)
Per Vonstructing, Maintaining, and Working (under the
%notion and with the support of the Government of India)
a eomprehensive system of Irrigation Works and Navi-
' gable Canals throughout the Presidency of Madras and
the neighbouring Territories of Berar, Cochin, Hyderabad,
Mysore, Nagpeor, Orissa, the South Mahratta Country,
and -Travancore • and also throughout the Lower Pro-
vinces of Bengal, when the necessary powers shall have
~betti obtained.
41rgt Capital, £2,000,000 (with power to increase). First
Issue thereof, £1,000,000, in 50,000 Shares of £2O each,
Win 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
arrang,ement 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
11 4 811111E1d to the market value of the shares of the
n
'"Vally on an average of the three preceding years.
Deposit,, £1 per Share, to bear Interest at the guaranteed
rate from the day on which the same shall be paid into
the Indian Treasury.

etiA, DIRECTORS.
I.!rult A.: Madras),C—
JAME S THOMSON, Esq. (Messrs. Line
Deputy Governor of the Agra Bank,
and late Chairman of the Chamber of Commerce, Madras,
c0r1..4 President of the Madras Bank.
I•ji:1.121 Philip Anstruthe ,r C. 8., Madras Artillery.
nen. Philip Pleydell Bouverie, M.P. (Messrs. Ran-
Bouverie, and Co.
-4'nitenant-Colonel G Ernes,) Madras Army, Chairman of the
colonel
Inland Steam Company.
Atwell Lake, C. 8., late Superintending Engineer
Lie
Ristnah Irrigation Works.
u'enant-Colonel Onslow, late of the Commission for
'lBc
lutoverning Mysore.
enant-General Sir George Pollock, G.C.B„ F.R.G.S.,
Maicer- General Westrow Watkins, Madras Army.
CONSULTING ENGINEER.
A J. T. Smith, Madras Engineers, F.R.S., &c.
`'.'"Pirons.—James Bonar, Esq. (Messrs. Small and Co.,
Old Jury).
13-klinzns.—Messrs. Ransom, Bouverie, and Co.,
1, Pall-Mall East.
B°L7ciron.—John Mackrell, Esq., 341Cannon=street West.
SECRETARY.—John Westwood, Esq.
Offices-27, Cannon-street, London, E.C.
The PROSPECTUS.
paramount importance and eminently remunerative
character of works of irrigation in India have become, by
Eglig experience and well-ascertained results, established
,acts. •
titT he Government of Madras, in May last, in a report to
!ate Court of Directors of the East India Company, after
setting forth in the strongest language their beneficial
effects and public utility, certified that "the returns from
mugation works are always considerable, and often im-
teens ~,
e , and the truth of this statement is placed beyond
t ILYAcialtrikarns made to Parliament in 1853.
y these it appears that- the whole of the then existing
works in the Madras Presidency (many of which were
rich out of repair, and.to a great extent useless) realised,
,acing a period of 14 years, an average net profit of 53 per
41t, upon, the cost of their construction and maintenance,
ilst the 13 largest yielded during the same term a like
efit of more than 120 per cent. Those works, also, which
t:.13 : been since undertaken but not yet completed, viz., on
Oodavery and Kistnah rivers, have already produced
rge returns, which will shortly, it is stated, exceed 100
Per cent.
government
works of this nature have been executed by the
°.vernment only. But from the want of funds and a
tabl e and trained agency comparatively little has been
ieffected, and it has now become impossible, at least for many
trill to come, to provide others out of the ordinary revenue.
lich therefore remains to be done in this respect to meet
the
iositive and immediate requirements of the country; in
1:,411, t has been for many years past repeatedly recorded
members of the Legislative Council, by Government
issioners, by civil and militaryengineers, and by many
others of high character and intelligence, that a vast num-
-13s-' of new works which will yield returns equal to what has
been above stated are imperatively required within the ter-
ritories above named, and that in the Madras Presidency
alonewa many millions of acres of good land are now lying
f Ste, requiring only irrigation to render them eminently
more
and profitable, whilstimmense volumes of water (and
'lle_re than sufficient for the purposes required) flow by ne-
c'ected to the sea.
Next to irrigation works, both in importance and in their
tqatnnerative character, are Cheap means of transit. Their
extension is also as largely and urgently called for ; and it
is a fortuitous circumstance that in India these two essentiai
eicinents of prosperity may be secured by one operation, for
Workstrifling
of irrigation can in most cases be constructed at a
by
additional expense, in the shape of canals, navigable
than
steamboats, the cost of carriage whereon will be far less
thought
on common roads, and much lower than anything yet
`l4o„sught of for railways.
1.0 aid the Government in supplying these fundamental
11"418 thioughout the several districts enumerated at.the
241 of this prospectus is the object of this company, and it
'aY with confidence be asserted that no enterprise- of the
present day, however lucrative and useful, will be favour-
able comparison with such an undertaking.
• The tract of country proposed to be, in the first in-
thuice,thui affected contains 400,000 square miles, uponthe
Whole cultivable portions whereof cotton, both indigenous
end exotic, can be successfully grown, whilst the soil of
4e?itensive districts is pre-eminently qualified for its produc-
nil. Within this domain there is also a quiet, orderly, and
Nustrious population of upwards of 53,000,000, ready and
indeed 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 scheme here described will be the opening
up, and rendering cheaply accessible to the coast, an area
Or cotton-growing land many times larger than the whole
Of the gantations of America, from whence four-fifths of
°Ur present supply is procured, so that if only a small por-
tion of the land thus affected is employed in the cultivation
of cotton, England will be entirely relieved from her pre-
sent degrading dependence upon slave labour for its pro-
duction. Further, the territories so improved will be
enabled to compete successfully with other countries in the
Production and exportation of grain and seeds of all kinds,
sugar, tobacco, and many other staple articles of commerce
so valuable to Great Britain.
The formation and proposed objects of this company were
first notified to the late Court of Directors of the East
India Company and to the Board of Control in February,
18-57, 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
capital, but being firmly convinced of the sound and profit-
able nature of theirundertaking, and of the ultimate success
of their,efforts, they proceeded upon their own responsi-
bility to procure the requisite Act of Incorporatiolg 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-
lied 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 court
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
by attracting private enterprise and English capital to
werks 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-
teelff minin;ftth interest of 5 per cent. per annum on the
firs issue of capital to the amount of £1,000,000 as paid
into the Indian Treasury, all surplus profits being divisible
• equally between the Government and the Company, which
arrangement is to be subject to determination only upon
the Secretary of State for India in Council giving notice,
within six months after the expiration of each period of 25
Years from the commencement of the present arrange-
- tent, 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 haveheen
selling in London during the three preceding years.
In addition to the works before referred to and proposed
for 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 shareholee
Forms of applications for shares may now be had on
application at the Company's Offices, 27, Cannon-street,
London, E.C. ,• of the bankers, Messrs. Ransom, Bouverie,
and Co., 1, Pall-Mall East; and of the solicitor,
don
John
Mackrell, E. 34, Cannon-street West, E.C., L?n
but no application will be considered unless a deposit of £1
on each share applied for is previously made to Messrs.
Ransom, Bouverie and Co., bankers of the company. The
deposit will be returned if the application is not acceded to.

Extract 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 com-
prehensive view of the wants of the country, may be deemed
necessary to develop its undoubtedly great resources, be
commenced at once boldly and on a large scale, be pressed
forward throughout all times and under all circumstances,
and be looked on, and be practically treated, as in fact they,
really are, as the most economical, because the most pro-
fitable, 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
works. The proceedings of 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
expenditure than by any scheme of retrenchment or reduc-
tion.

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•