The Sun.
London, England, 1866-11-08 00:00:00

Ti E SLN, LONDON, THURSDAY EVENING, NOVEMBER 8 1366.

Foot, and Private Hughes, of the 35th, have also
qualified as gymnastic instructors, and are attached
to the gymnasium at Colchester.

The following appointments were made yesterday
at the Admiralty :—Lieut. A. J. O'Roskets, to the
Reindeer; Lieut. C. 11. Farquharson, to the Rinaldo;
Lieut. H. F. Cleveland, to the Hibernia ; Sub-
Lieut. Alleyne P. Pascoe, to the Reindeer; Sub-
Lieut. J. E. Bowly and Sub-Lieut. A. C. M. Coul-
son, to the Racoon ; J. M. M'Kuahe and P. C.
Underwood, midshipmen, to the Racoon ; T. A.
Brand, midshipman, to the Lord Clyde ; H. A.
Askew, midshipman, to the Reindeer ; H. Archdall,
naval cadet, to the Rinaldo ; and B. W. Slater,
naval cadet, to the Racoon.

Meanwhile, the despatch of the Secretary of State,
approving our recognition of the de facto ruler who
killed his father, and is likely to be sacrificed by his
uncle, has been received. So in Burmah, from the
frontier of which Colonel Phayre is still watching
events, matters have been complicated, not only by
the formation of a second faction under another son
of the dethroned King, but by the King taking ad-
vantage of the divided counsels of his sons, to engage
40 or 50 European sailors in Rangoon, and two
steamers. Should they be allowed to arrive at Man-
dalay, the King may once more obtain the ascendant."

A Sample of Joint-Stock Enterprise.

Two or three weeks ago we described a meeting
of the proprietors of some Assam tea estates, as-
sembled in the East India Avenue, Leadenhall-
street. Since then all we have alluded to have
been moving swiftly on to ruin. So extensive are
the interests concerned, so wide-spread the disas-
trous loss, that the subject is likely to be brought
forcibly before the public, and to furnish the law
courts with additional work. Perhaps there are
few better instances than these to expose the mode
of promoting and launching on their road to ruin
many joint-stock concerns. The story is not, then,
without its interest even to our American readers,
as it describes the groundwork on which the super-
structures were built, which have lately fallen with
such a frightful crash, involving thousands of
families in poverty, and damaging most fatally
the hitherto high commercial character of Eng-
land. Assam, the most beautiful province of
British India, lies to the north-east of Calcutta,
at the foot of the great ranges which separate our
territories from the Tartar dominions. The
country is intersected by noble rivers, the hills are
covered with dense forests, and being watered by
constant showers the verdure is ever green. For
many years it has been known that the tea-plant
was indigenous, attaining to the dimensions of a
tree, which furnished the planters with the best
seed. The great Assam Tea Company, after an
enormous expenditure, which brought them to the
verge of destruction, succeeded under an able
manager in establishing themselves as one of the
most successful undertakings in India. As the
tide turned with them, and the profits of the pursuit
became known, several adventurers appeared in the
field. Among these was Mr. G. R. BARRY, who suc-
ceeded in appropriating to himself some of the aban-
doned gardens of the Assam Company, and working
them to a profit. Time passed on, and brought with it a
Chinese war and Chinese revolution, which threatened
the destruction of the great tea export of that land.
The attention of the Indian Government was drawn
to the resources of their own country, and opinions
were given by competent persons that a large por-
tion of this staple might be produced in India. The
Government established gardens, imported Chinese
workmen, and proved that in various parts of their
dominions the shrub might be cultivated with profit.
Private enterprise was not slow in following in the
direction indicated by the Administration, and the
formation of tea companies became a mania in Cal-
cutta. Those who had early established themselves
in Assam seized the oppottunity, and turned the
gardens they had formed into joint-stock enter-
prises. Mr. G. R. BARRY saw that what had given
fortunes to so many planters in the limited market
of India might be worked to greater advantage in
the boundless field of London. He came to Eng-
land, induced a few respectable gentlemen to take
up the subject, and brought out under their aus-
pices the Upper Assam Tea Company. The returns
under his skilful manipulation were prodigious.
The shares went to a high premium, and the pro-
prietors congratulated themselves on their splendid
investment. With such a magnificent sample of
what tea could do, Mr. BARRY found little difficulty
in getting up and disposing of other estates. He
went back to Assam, purchased blocks of land, and
such gardens as were open for sale, and made
these the basis ou which he proceeded with his concoc-
tion of fresh companies. The Eastern Assam was
launched shortly after his return to London with a
capital of £250,000. This was followed by the Now-
gong Company, and the shares of both were readily
taken. When the share mania was waning the
Chubwa was introduced, and found a sufficient
number of dupes to purchase the necessary amount
of shares. Thus Mr. BARRY on such slender foun-
dations skilfully built up these four companies, en-
tailing on the proprietors a liability of one million
sterling. Mr. BARRY, now in possession of a splen-
did fortune, purchased an estate in Ireland, and
was returned at the last election as the member for
Cnrk. But the day of reckoning drew swiftly on ;
the panic which culminated in London in May last
ramified over the British dominions, and was felt
with great severity in Assam. The inherent rot-
tenness of these concerns gradually became known.
The shares fell heavily in the Stock Exchange ;
calls to save the property became frequent. The
returns proved to be little or nothing, and the
alluring bubbles one by one burst, leaving the dis-
mayed shareholders gazing on the empty air. A
few days ago the Upper Assim—that z?pinits futuus
that had lured so twiny to destruction, with its 30
per cent. dividend—was thrown into Chancery by
the directors to be " wound up." This was followed
on Tuesday last by a meeting of the Nowgong
Company, when a report of the committee of in-
vestigation, appointed at a former meeting, was
read. It appeared that Mr. BAnnv,had drawn out
the prospectus, and though unsupported by any
documents in proof of the statements it contained,
the directors accepted it, Mr. BARRY being himself
the chairman, and exercising much influence on that
body. Mr. BARRY'S co-vendor was at the time in
India, and this gentleman saw with dismay the-
statements
put forth, and telegraphed to London to
cancel the sale of his gardens. "No cultivation,"
he said, " so old as two years ; none will be pro-
ductive till next year." To this Mr. BARRY
replied, " Sales cannot be cancelled, agreements
" are signed, possession must be given." Mr.
BARRY, when the truth began to ooze out,
resigned his seat as chairman in favour of
Mr. MORAN ; but the directors refused to allow him
to retire from the board, and he was compelled to
appear and listen to one of the most damaging re-
ports ever read, and substantially to admit its truth.
He stated that he had no more means of knowing
the exact state of things than they (the other mem-
bers of the board) had. Mr. MORAN said that for
12 months the board were kept in the dark, and that
they had every reason at that time to feel confidence
in those with whom they were dealing. Dr. LECKIE,
the chairman of the committee of investigation,
spoke in a complimentary manner of Mr. MORAN.
"It needed no words of his," he said, "to insure
" for that gentleman the continued respect and con-
" fidence of his many friends in this country and in
" India." We sympathise strongly with this gentle-
man and the other honourable men associated with
him at the board in the painful position into which
they have been betrayed. After an honourable
career, while involved with his brother shareholders
in heavy losses, ho finds himself compelled to stand
up and say, " It was not with very calm feelings that
" he rose to address the shareholders, inasmuch as the
" report of the committee made him appear, at first
" sight, a greater rogue than he had conceived it
" possible to be." The greater publicity that is
given to this story, the better it will be for him and
those who have acted with him in honour and good
faith. We cannot refrain from some degree of admi-
ration at the boldness with which the hon. member
for Cork, the vendor of the estates, looked on through
a pair of spectacles at the wrathful and victimised
shareholders. We trust he will display equal spirit
in meeting his constituents. lie failed, however,
in enduring to the end. Mr. BURROWS rose and
directed on him a battery which appears to have
been overwheming in its force. In vain the Hon.
Member cried for protection to the Chairman of
the Board—no protection was extended. Shot after
shot from the speaker demolished, like a chilled
projectile, the slender defence the Hon. Member
could raise, and he was compelled to beat a hasty
retreat, carrying with him the good wishes of the
assembled gentlemen. The Courts have now
opened, and an overwhelming mass of such busi-
ness as that furnished by the Hon. Member for
Cork will be brought before them. A few ga-
rotters frightened London out of its propriety, and
induced most stringent laws of repression. But
what did these garotters do compared to the awful
injury wrought by unscrupulous promoters? Pro-
perty is said to be guarded more sacredly than
life in England—yet London, within late years,
has been beyond all question the most dangerous
place for those with any means, without one ex-
ception, all over the world. It may be said that
people should learn to take care of themselves—
the very argument that ROB ROY or any other
highwayman would use. The law protects the per-
son from a treacherous assault—it should protect
property also from unscrupulous designs, unblush-
ing fraud, and gross misrepresentation. Anglo-
American Times.