The Sun.
London, England, 1868-05-18 00:00:00

ABRIDGED PROSPECTUS.

The circumstances under which subscriptions are now
invited by this Company, 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 aiditional 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
.chiei• engineer has just reported that he estimates the re-
turns upon the'Tidal Canal will be at least.ten,per cent.),
and allowing the Meth chtirgo'of five per cefit. for repairs,
inaititeuauc:, eetablishment, cte., the net returns from the
seetions now to- be completed .would be altogether twelve
p ir cent., which, by, the, re-establishment of the original
rite of tiVe rupeesper acre for irrigation, would be made
up to twenty-one per-Centenete ‘:
I%
Tkeie are figures the: ae#urapy of which can be easily
definitistrated, said akix•iequiry: made regarding theta at
•thi.ieCotiapa.ny's offiees will be at once replied.to, and every
information given:. ,
'Die prospect of an immediate and extensiVe' spread of
irrigation, and therefore of a satisfactory increase upon
the existing returns, is highly encouraging. By reports
received on the 3d of the present month, and dated the
30th March, it appears that ths.ro had then been signed,
connected with the Kondrapara Canal alone, leases (prin-
cipally fm ulorc3ytiHvaartso) for about 23,000 acres ; that applica-
tions cultivators of land 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 Ming held by the Zemin-
dars, and other unmistakable taigas
exhibited Oat
the same favourable state on affairs there as
that connected with the Kendrapara Canal was
a mere matter of a short time, and that before the coming
season large demands will be made for water. Upon the
previous for construction
Midnapore Canal the effect of the reduction of the water-
rate, (fee., had not, at the end of klar.pochl.tibeonenofththoraotucaghnlayi
' and had then only been reopened, but the chief
and the
engineer of the Company
,executive engineer in
purposes,
suacireprobtsaeeiens,ne de
1,
ose becauseffor
r s
o theaie irrigating
time
charge reported that applications for water, in addition to
the 4,000 acres supplied last year, had commenced and
wee confidently expected to be added to largely.
The.'Werks alree'dyecuotrticted 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
v
very profitable ere long; and here it may be added, as
contirtnatory of this elmost immediate prospect, that the
portions of the works now in 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 retnrus on the whole outlay. _...._ _
There is also another feature of great importance, which
must 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 be paid for the
water supplied for irrigation to the cultivators—not by the
cultivators themselves—but by the Government of India;
and that the price to be so paid by the Government to the
Compauy for such water shall be, the price charged to the
cultivators, and shall be fixed so us to represent a fair
charge for the water to the parties using it. With refe-
rence to this stipulation, it has been aeknowledged by the
Government that they alone are liable in respect to the
non-payment for 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 by the Directors to limit, at any
rate for the present, the expenditure 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-
ingvenience of those who desire to limit their liability to
from £lO upwards—a
a fixed sum at once, and to be relieved from future
calls, and also those who May prefer to pay the amount
of capital held by them byPelaaany whilst:cal:nil:
of calls.
Applications for Shares and Stock may now be made by
filling up and forwarding either of the accompanying Forms
81111itt theh the
he::
to the° Company's Offices, 8 and 9, Queen-street-place, South-
wark-bridge, London, E.C. (where a full Prospectus and
Forms of Application may be had); but it is necessary
that it should be understood that no application will be
considered unless a deposit of £1 on each share, or of ten
has been made either to the Bankers of the Company;
poundsziessrs per e
.Ransom,et u the amount of stock applied for,
upon
Bouverie, and Co., No. 1, Pall Mall East,
or at the Offices of the Company The Deposit will be
returned without deduction if the application is not ac-
ceded to.