The Sun.
London, England, 1868-05-19 00:00:00

ISSUE of FURTHER CAPITAL forthe COMPLETION
of WORKS CONSTRUCTED under a CONTRACT,
wheteby the GO VERNM ENT of INDIA have AGREED
to PAY for ALL WATER SUPPLIED for IRRIGA
'PION, forming a GUARANTLE AGAINST LOSS by
NON-PAYMENT of WATER RATE, such WORKS
having also COMMENCED to YIELD RETURNS.

THE EAsT IN I) IA IRRIGATION AND
' CANAL COMPANY.

Incorporated by Siwci4 Act of Parliament, whereby the
liability of each shareholder is limited to the amount
payable upon his shares, or the amount of his stock.
SCHEME OF OPERATIONS.
"THE ORISSA UNDERTAKING."
Second issue of capital of £1,000,000, to consist of shares
of £lO each, and snick iu sums varying from £lO each up-
wards. •
Deposit upon shares £1 per share, with liberty to pay up
the remaining £9 or a less amount in advance of calls.
Deposit upon stock £lO per cent. upon application, and
the remainder within three months after allotment.
.Interest at five per cent, will be paid half-yearly upon all
deposits from the Ist July next, and upon all payments (in
advance of calls and in payment of stock) made before that
day, from the same time, and from the day of payment if
made after that time.
In the allotment of a preference will be given to
those who shall 12:an-Ad in_ full or to any extent iu
ad-
vance of calls. -

DlftEcrous.
JAMES THOMSON, Esq., Chairman.
Lieut.-Colonel John Grimes, late of the
The lion. Arthur Kinuaird, M.P.
Lieut.-Colonel Wm. Campbell Ouslovrt late of the Mysore

Ci J2ll mission.
General Sir George Pollock, G.C.8., G.C.5.1., &c. &c.

SECRETARY.
John Westwood, Esq.

ABRIDGED PROSPECTUS.

The circumstances under which subscriptions are now
invited by this Comeau, to a further issue of capital, are
peculiarly favourable for investors, and present the
strongest evidence of the sound and profitable character of
the undertaking, to complete which an additional outlay
is required.
As they are now planned, and being constructed, the
canals will, when completed according to the estimates of
many engineers most competent to judge, including Colonel
Rundall and the present chief engineer of the Company,
convey water for the Irrigation of about 700,000 acres.
Adopting a temporary rate of charge for irrigation, and
estimating the returns from navigation at the very mode-
rate total of three per cent. upon the outlay (the present
chief engineer has just reported that he estimates the re-
terns alien the Tidal Canal will be at least ten per cent.),
d allowing-the high charge of five per pent. for 'fepairs,
ap, • • ' eta &
would' be altogether twelve,
tinainteirinee, Vetablishnt , e., the netretnrns ;from the
intblere,-te4e' gt.ablishment of the original
isperee%ozi6st,.!%ticcoilirt,o9s,
cet.4;lfenvo rapeeSpgr;a6re for 'irrigation, would be made
eanucdouragi
y , .. , _ _ ..,,,, cent: net. -
up t twentyrone ,F a: ..
-Theie are figures the curacy of which can be easily
demon orated, awl any `incluli'Y ,made regarding them at
Cempany's aides will be: at once replied to, and every
the,
information .giveni .tl, •
highly encouraging.
extensiveng.
Bsyprreetupl
irrigation, and therefore of. a satisfactory increase upon
the existing returns,
received on the 3d of the present month, and dated the
reports
The prospect' of an iinl:he4ighi
30th March, it appears that there had then been signed,
connected with the Kendrapara Canal alone, leases (prin-
cipally for 3 years) for about 26,000 • • that
of land times ,applica-
tions from cultivators under the same canal were
being received at the rate of from 2,000 to 5,000 acres
daily' and that the natives were cutting the smaller
channels necessary to convey the water to their ,fields
with earnestness ,
• further, that in the vicinity of the high
level canal meetings were being held by the Zemin-
dars, and other unmistakable signs exhibited that
the same favourable - state off- affairs there as
that connected with the liendrapara Canal was
a mere matter of a short lime, and that before the coming
season large demands will be made for water. Upon the
Midnapore Canal the effect of the reduction of the water-
rate, &c., had not, at the end of March, been thoroughly
ascertained, because the irrigating portion of that canal
had been closed for some time previous for construction
purposes, and had then only been reopened, but the chief
engineer of the Company and the executive engineer in
charge reported that applications for water, in addition to
the 4,000 acres supplied last year, had commenced and
were confidently expected to be added to largely.
The works already constructed have now entered upon
their stage of revenue, and they offer to capitalists not only
a safe investment, but one which will, most assuredly, be
very profitable ere long ; and here it may be added, as
confirmatory of this almost immediate prospect, that the
portions of the works now iu hand remaining to be exe-
cuted, consisting mainly of channels for the distribution of
the water, will necessarily be the easiest of construction, as
well as the most productive, and will add materially to the
percentage of return on the whole outlay.
There is also another feature of great importance, which
1 recta not be omitted in the consideration of the fitness of
this undertaking for an investment. By the contract it is
expressly provided that the Company shall liJ paid for the
water supplied
for irrigation to the cultivators—not by the
cultivators themselves—but by the Government of India ;
nd that the price to be so paid by the Government to the
Company for such water
shall be, the price charged to the
cultivators, and shall be fixed so as to represont a fair
charge for the water t parties using it. With refe-
rence.o the
to this stipulation, it has been tiAnowledged by the
Government that they alone are liable in respect to the
non-payment fur water supplied, so that the Company are
released from all fear of liability to loss of any portion of
their water-rate.
The Value of the foregoing arrangement
can hardly be too highly prized, forming as it does a cer-
tain and safe guarantee of- payment for every portion of
the water supplied for irrigation.
-
It has been determined bye Directors to limit, at any
rate for the present, the eipenditute to about £130,000
per annum, whereby they will be enabled to make all fu-
ture calls small in amount and at regular stated periods,
not exceeding on the Whole £2 per share during each
year ; at the same time they are enabled by the Act, of In-
corporation to issue the required capital partly in shares
of £lO each, and partly in stock divisible into sums vary-
ing from £lO upwards —a plan which will suit the con-
venience of those who desire to limit their liability to
a fixed sum at
once, and to be relieved from future
calls, and also those who may prefer to pay. the amount
y easy
of capital held by them by easy instalments in the shape
of calls.
Applications for Shares and Stock may now be made by
filling up and forwarding either of the accompanying Forms
to the Company's ore
I, —ces, 8 and 9, Queen-street-place, South-
wark-bridge, ondon, 8.0. (where a full Prospectus and
Forms of Application may be had); but it is necessary
tbat it should be underetOod that no application will be
considered unless a deposit of £1 on each share, or of ten
pounds per cent.
"Won the amount of stock applied for,
has been made either to the Bankers of the Company,
Messrs. Ransom, Bouverie, and Co. No. No. 1, Pall Mall East,
or at the Offices of the Company.. The Deposit will be
returned without deduction if the application is not no-
ceded.to.