The Sun.
London, England, 1868-05-15 00:00:00

INTENDED SCHEME.

The Oonstruction4lrrigation Works in Behar, to be called
" THE BEHAR USDERTAKING."
All preliminary investigation having been made, and
plans prepared and approved for immediate construction.
First issue of Capital for the Behar Undertaking
£1,000,000, in Shares of £lO each, and Stock in sums
varying from £lO each upwards.
Deposit upon Shares £1 par Share, with liberty to
pay up the remaining £9 or a lees amount in advance of
Calls.
Deposit upon Stock £lO per cent. upon application, and
the remainder within three months of the allotment.
Interest at Five per Cent. will be paid n, on all Deposits
frcivanthe Ist July rie*t,' and.open all pyruents, in Advance
of Calls and iu payment of Stock, mule before that day,
fi7om the same time;. and from the day of 'payment, if made
after that t'me. - .
7 In; the allotment of Shares and Stock, a preference will
'bli:given to those wiligiskiall.have Paid iu full, or in advance
•oI Pins. '
'Directors and OffieersVe sameAs set forth in the Orissa
Undertaking Advertiscinent. , •

. PROSPECTUS.
This Company was incorporated by special act of Par-
liament in 1861, and tinier the powers thus granted, and
under a contract made with the Indian Government, it
originally undertook the carrying out of a scheme of works
in Orissa, styled Who Orissa Undertaking ;" and such
has been the rapidity with which the construction of the
first selected sectious has been prosecuted that, at this
time, water for the irrigation of at least 200,000 acres can
be supplied, a rate of progress more rapid and more satis-
factory than has ever yet been attained in India. A large
demand for the water has already arisen, and it is clear
that the success of that undertaking is now beyond a doubt.
or
anTothheer
contract Directors,
within ItBh6e4,
ec concludedretary
of
State arrangementsin
Council,
whereby the Company were authorised to carry out a pro-
f
pro-
ject for applying the waters of the River Soane to the
irrigation of the land lying on its western side as far as
Chunar, and on its eastern side as far as Patna, a general
sketch plan and description whereof has been submitted
to and approved by the Governments of India and Bengal;
This second undertaking of the Company has been
iann‘,,litietdi.s for this project subscriptions for capital are now
named "The Behar Undertaking." It is based upon most
careful investigations and plans made during several
years, under command from the Government, by Colonel
Dickens, and has been styled " The Soane Canal Project;"
but—and this is very important —the arrangement of the
head works has been greatly improved, and in truth re-
planned, by Colonel Rundall, in accordance with the emi-
nently successful Madras system. By these improvements,
which have received the sanction and approval of Govern-
ment, the prospective profits have been greatly increased.
The great value anal promising nature of " The Bthar
Undertaking" have, during the last eight or ten years,
been so well and favourably discussed in England and
throughout India, first by the Government and then by
the Company's officers, and are now so generally known,
that any statement which the Directors might add upon
the subject would be superfluous ; they, therefore, limit
themselves to an assurance that they are satisfied it pre-
sents a safe, sound, and profitable investment; and, unhe-
sitatingly, solicit subscriptions towards the requisite
capital; at the same time they. quote, as confirmatory of
their own judgment, the following: -
Firstly. An extract from a despatch to the Secretary of
State in Council, dated 10th March, 1864, recommending
the Soane Canal project should be given -ta a private com-
pany, which despatch was signed by the late Lord Can-
ning as Governor-General, and by Sir Henry Bartle Frere
(since Governor of Bombay and now a member of the
Council of India in England), Sir Cecil Beadon (after-
wards Lieut.-Governor of Bengal), General Sir Robert
Napier ow commanding the forces in Abyssinia), Samuel
Laing, Esq., M.P. (then Finance Member of Council for
India), and the Hon. W. Ritchie, being the whole of the
Governmental Council, viz.:—
" His Honour the Lieu enant-Governor considers that
it (the Soane Canal project) holds out better prospects
than the Orissa scheme, and that it would be good for
both the East India Irrigation Company and for the coun-
try if the Compauy were to adopt this instead of the
other; but the projectors prefer that originally selected by
them.

" We have long regarded this scheme as one of all
others in India to which private capital should be invited.
" There is this advantage in Govarnment taking the
initiative in planning the great works of the country, that
they are so placed before the public that they can be dis-
cussed in the light of local knowledge and experience.
The only drawback to doing this is the risk of misleading
capitalists and raising mistrust of such investments.
"In the present instance no such risk need b 3 appre-
hended, for there is evident throughout Colonel Dickens'
report a most conscientious endeavour to anticipate the
maximum cost of the work.

" We therefore suggest that such means should be taken
as may seem best to you to make known the outline of
Colonel Dickens' scheme in quarters where it will be con-
sidered with a view to taking up the work, and that you
should be prepared to inform any capitalists, who may
offer to do so, of the terms upon which the work would
be put into their hands."
And secondly. Two paragraphs from a minute recordel
by Sir P. P. Grant when Lieutenant-Governor of Bengal,
viz.:-

" The magnificent province of Behar which would be
admirably watered by Captain Dickens' projected canal
from the Soane. The cost here would certainly bo very
much less (than at Cuttack), and the returns may rea-
sonably be expected to be much more secure, because wo
know, as a fact, the value of irrigation in Behar. The soil
is better and the natural rainfall is less by half on an ave-
rage, and much less certain in Behar than in Cuttack.
The most valuable crops are not the rain crops in Behar,
and for the most valuable crops there it is found by expe-
rience to be the general case in Orissa.
"I venture to recommend this enterprising Company, in
whose success every person connected with India must
feel deep interest, to consider Captain Dickens' scheme of
irrigation from the Soane, for which complete plans and
estimates are availa'ale, and nothing is wanted but the
money."
Adding that Sir P. P. Grant's opinions have been con-
firmed by many officers of Government thoroughly well
qualified to judge, and who have stated that the district of
Behar has a population denser and of a more commercial
and enterprising character than that of Orissa, and already
convinced of the value of irrigation, while it possesses a
permanent laud settlement.
The Directors forbear to estimate the probable profits to
be derived from " The Behar Undertaking;" they prefer
to point, as a guide to a fair judgment upon the matter, to
the ascerthined results produced by similar undertakings
which have been completed, and to call attention to the
now uncontroverted fact that all similar works in India,
when properly selected, planned, and executed, must in-
evitably yield considerable returns—leaving out of sight
the profits to be derived from navigation—indeed it is diffi-
cult to conceive how the sale of an article so absolutely
essential to agriculture and to life, as water is in India,
can be otherwise than productive of large profits upon ca-
pital expended to create its supply.
It is necessary, however, to state that in the present case
the profits will be derived chiefly from two sources :
Firstly. The sale to the Government of water for irri-
gation, at a price tbiee fixed, from time to time, by the
mutual consent of the Government and the Company,
or by arbitrators appoiuted by each, which price, when
so fixed, must, according to the contract, represent the
fair value of the water to the parties using it, and must
be paid by the Government to the Company, a gua-
rantee of groat value against loss.
Secondly. Tolls levied upon all boats and vessels using
the navigable water ways of the Company, and rates
and faros for the conveyance of goods and passengers
thereon.
Irrespective of three minor, though, as shown by expe-
deuce, promising sources, viz.:-
1. Rout for mills and factories which may be established
ou the banks of the various channels, and supplied
with water power therefrom. The water power to
be thus available will be very large.
2. The cultivation and sale of timber and other produce

raised upon tho land of the Company. And,
3. The supply of water to the various villages and towns
withi❑ the vicinity of the Company's canals for pri-
vate and public purposes.
By the contract with the Government the Company are
entitled to recaivo and retain all profits front the sale of
water for irrigation, until the dividends paid to Shareholders
shall exceed 20 per cent. upon the total expenditure made,
after which the balance of such profits is to be divided
equally between the Government and the Company. The
returns from all other sources aro to belong to the Com-
pany exclusively.
The scheme of works to be executed has now been
thoroughly investigated and carefully re-planned on behalf
of the Company, cud particulars submitted to and ap-.

THE EASTERN FISIIERIES.—The mackerel fishery
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this week, A fair quantity of fish of good quality has
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50s. per 120. The spring herring fishery has made but
little progress.
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