The Sun.
London, England, 1868-05-19 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 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, includingOolonel
Ruudall 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 celit. upon, the outlay (the present
Alec .e4.lheer Olaitthe estiniat9#,Uxe
tti4nalpon,"tiliell least tea pirrtelA
mail:it:mincer establishment, &e., the net returns from the
:B,lld 'a the high, roe 'At'fi per,cen t. for repair, •
sections now to be completed would be altogether twelve
per cent., which, by the re-establishment of the original
rate of five rupees per acre for irrigation, would be made
up to twenty-one per cent. net.
encouraging.
These are figures the accuracy, of which can be easily
demonstrated, and any inquiry made regarding them at
the Company's offices will be at once replied to, and every
fitshshigplreilysent month, and dated the
information given.
The prospect of an immediate and extensive spread of
irrigation, and therefore of a satisfactory increase upon
By reports
trheceeeivxlsdtinong
30th March, it appears that there had then been signed,
the returns,3 d o
connected with the Kendrapara Canal alone, leases Hu-
-26 000 acres • that • cipally for 3 years) for about I. es , applica-
tions from 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 being held by the Zemin-
dare, and other unmistakable signs exhibited that
the same favourable state off affairs there as
that connected with the Kendm
Pam Canal was
a more matter of a short time, 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
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 in hand remaining to be exe-
cuted, consisting. mainly of channels for the distribution of
the water, will noces3arily be the easiest of construction, as
well as the most productive, and will add materially to the
percentage of returns 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
Cotnpauy for such water shall be, the price charged to the
cultivators,' and shall be fixed so as to represent a fair
charge for the water to the parties using it. With refe-
rence to this stipulation, it has been azknowledged 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 exPonditure 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
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 Offices, 8 and 9, Queen-street-place, South-
wark-bridge, London, (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
pounds per cent. upon the
amount of stock applied for,
has been made either to the Bankers of the Company,
Messrs. Ransom, 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.