The Sun.
London, England, 1868-05-14 00:00:00

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.
This work, known as "The Orissa Undertaking," con-
sists of a very extensive scheme for irrigation and navi-
gation throughout Orissa and the adjacent districts, ern-
bracing an area much larger in extent than England and
Wales the whole of such works having been most skil-
.fully.de4gned.on behalf.octlo Company by Oulonel Ran-
dall, ,thentheir'Chief engidee:r,;and now chief, eiigineer of
Bengal, and the general lap: haS rebeived the. approVal of "
Government, whilst detail O-plans of nearly the whole of
Aliel,i'Vterious sections iutarn•hich it is divisible have been
. <
,;,,,orlove:s6otOps Otietisting of head wOrkee
'•_ e • .
,r/rorn th'edetiroA6lo'there_have been selected for first-
,tfuetioir
f.ttett4l.s: stede eveirs#r aottiets) across the rivers Malla.-
nucldp Beropa,-BralPtetql .I;rosN'e, •and five navigable
`and irrigating canals with their subsidiary channels tra-
versing the country, 1,4170bY commanded; viz., 1 The
Kendrapara Canal with its branch extending from the
populous city of Cuttack to the harbours of False Point
and. Dhamrah iu the 13ay of Bengal. 2. The Toldundah
extending fro 1-1 the large and important
Canal, extending from Cuttack to Vooree on the same coast.
3. The High Level Canal from Juttack to Budruck on the
Salundee River, being the first portions of an intended
the line connecting Cuttack with
canal to connect ,Cuttack with Calcutta. 4, The Midnapore
elhenalesvetit°itudfhla*ilug Calcutta. When it is known that
town, and bringing the latter
atonwdnlloTgMhildYnCapanorael, to the :teno: Ifirioynißtivheerri, avenrdicloonoponeacrtiauiag
that town with the port and city of Calcutta, and forming
itct
nohatetoctaueitra
gtma
a:iina,anal
dp
communicationmsTi
the ports of False Point and Dhamrah have been reported
by qualified officers to be the finest harbours on the whole
of the Indian Coast between Bombay and the Hooghly,
and that the Kendrapara Canal will not only connect these
y
with the city of Cuttack itself, but by means of the
River,Mahe-
nouhdudtygrthe capabilities of-which have been latel
with the vast and fertile upper districts of
tes u e.,
most ably and conclusively shown by Sir Richard Temple,
now the Finance Minister of India, to bo enormous, the
vast importance of such a main artery for traffic will be
apparent' to all. The Midnapore and llooghly Canal,
bringing into connection with each other, as it will, to such
import tnt places of tra:le and population as Midnapore and
Calcutta, is also manifestly calculated to be highly profit-
able. In addition, however, to their great value us means
of transit, these two canals are not less promising as main
irrigating channels, regarding which more will be said
presently.
onry weirs and head
but little additional outlay for their com-
pletion, oaTrskh
sof
01.1
o wu presentrequire
_stateo of th e
expensive worksmut,:w under construction
and ultimately their cost will be apportioned over
the various channels iu course of construction, and to be
constructed, fur the irrigation of the land to be first sup-
plied, and over such additional acreage as may hereafter
he piovided for. There is now, or will be immediately,
opened for navigation and supply of irrigation, 1051- miles
ofo rompalitio progress towards
3hlavnetoi:telsomilbets in
en
constructed with
masonry works,
and Capable of supplying water, about 134
cen canal,
l withh
r e
miles of main subsidiary channels, and 79} miles additional
are drawing closely towards completion. The main works
thus far executed command about 200,000 acres, requiring
only the addition of some of the subsidiary channels to
apply water to the land. There have been opened, suffi-
cient for navigation at stated periods, but not continu-
ously, seme portions of the Midnapore and Hooghly Canal,
and the tidal canal, and during last year (1867) the tolls
collected upon theth in their incomplete state, without
locks and with accommodation for traffic during high tide
only, showed signs of gradual and certain increase, the
average of the whole year being over L5O per mile gross,
and of the latter months much higher. The locks required
to render these sections navigable at all times are fast
drawing towards completion, and then it is confidently
estimated that a vast increase of traffic will arise. The
Kendrapara Canal will, the chief engineer reports, be
opened for navigation to tidal water, and thus to the port
of False Point by -the end of this year.
As they are now planned, and being constructed, the
five canals above-named 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.
At the outset the Company, with the sanction of the
Government of India, fixed the rate to bo paid for a supply
of its water at three rupees per acre for one crop, or five
rupees per acre for two crops, which charges were ad-
mitted by all to be very moderate towards the cultivators,
and capable of being increased thereafter; but it was
found, as a Pleasure of policy, advisable that a temporary
reduction should be made, in order that the native calti-
va.tore might be induced to take the water, and so to be-
come aware of the great benefits which they would inevi-
tably receive from the Irrigation of their land, and which
would, it was known., be such as to render a speedy return
to the original rates a matter of certainty without creating
dissatisfaction. _

Adopting the reduced 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-
turns upon the Tidal Canal will be at least ten per cent.),
and allowing the high charge of five per cent. for repairs,
maintenance, establishment, &c., the net returns from the
sections now to be completed ould 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.
These are figures the accuracy of which can be easily
demonstrated, and
any inquiry lade regarding them at
the Company's offices will bo at once replied to, and every
information given.
The prospect of an immediate and extensive spread of
irrigation, and therefore of a satisfactory increase upon
the existing returns, is highly encouraging. For some
little time the natives, ignorant of the value of irrigation,
and fearing an increase of the Land Assessment, abstained
from taking the Company's
water, but the renewal by
G period of 30 years, the judicious temporary reduction of
tee
g rrnramteenat of
ndotthheerexmiesatisn Land Settlement for a further
are;
such as the employment by
water
the Company of some of the Zemindars, &c., have dis-
persed these impediments, and each succeeding recent
mail has brought intelligence evidencing a practical eager-
ness on the part of both Zemindars and Ryots to secure
the immediate Irrigation of their lands ; and by reports
received on tho 3d of the present month, and dated the
30th/Ilfarch, it appears that there had then been signed,
cOnnectect with the -ICendrapara Canal alone,. leases (prin-
cipaily for 3 years) for about 26,000 acres; that:applica-
tions froin 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 ; furthei), that in the vicinity of the high
lola canal meeting's were being held by the Zemin-,
dars, and other utimistakable signs exhibited that'
the same favourable state off affairs thtire 115
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
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.
From the foregoing it may fairly be assumed that the
works already constructed have now entered upon their
stage of revenue, and that they offer to capitalists not only
a safe investment, but one which will, most assuredly, be
very profitable ere long; and here it may bo added, as
confirmatory of this ihnost 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 returns on the whole outlay.
It is important to add here that the profits mentioned in
this prospectus have been estimated upon the whole of the
capital expended and now to be raised by the Company,
although in the event of the entire scheme of works being
hereafter carried out, of which there can be little doubt
seeing its promising character, much of that expenditure
will have to be taken from off the present works and
charged to the other sections when undertaken.
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

RECOMMENDED by the GOVERNMENT of INDIA,
thus : —" We have long regarded this great scheme (the
BEHAR UNDERTAKING) as one of all others in
India to which PRIVATE CAPITAL should be IN-
VITED."
The same GOVERNMENT have now AGREED to PAY
for all WATER SUPPLIED by the COMPANY, they:
PARTICIPATING in some of the PROFITS REAL-
ISED after TWENTY PER CENT. shall have been
RECEIVED by the SHAREHOLDERS.
THE EAST INDIA IRRIGATION AND
CANAL COMPANY.
Incorporated by Special Act of Parliament, whereby the
liability of each Shareholder is limited to the amount
payable upon his Shares, or the amount of his Stock.
INTENDED SCHEME.
The Construction of Irrigation Works in Behar, to be called
"THE BEIIAR UNDERTAKING."
All preliminary investigation having been made, and
plans prepared and approved for immediate construction.
First issue of Capital for the Behar Undetaking
£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 le.,s .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 u,pn 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 mad.:
kba:l
tater that t me.
d
in-the allotment of (Shares and Stock, a preferenle will
131 given to those who have pai in full, or in advance
of Calls. , .
Dimetors and Officers tt e same as set forth in the Orissa
Undertaking Advertisement.

PROSPEOT US.
This Company was incorporated by special act of Par-
liament in 1861, and under 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 * ".rhe Oriss:JUudertaking ;" and such
has been the rapidity with which the construction of the
first selected sections 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 ludia. A large
demand for the water has already arisen, and it is clear
that, the success of that undertaking is now beyond a doubt.
The D:rectors, in 1864, concluded arrangements for
another contract with the Secretary of State in Council,
whereby the Company were authorised to carry out a 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;
invited.
This second undertaking of the Company has been
and it is for this project subscriptions for capital are now
named "The Behar Undertaking." It is based upon most
careful investigations and plans male 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 Randall, in accordance with the emi-
nently successful Madras system. By these improvements,
which have received the sauction and approval of Govern-
ment, the prospective profits have been greatly increased.
The great value and promising nature of "The 13,har
Undertaking" have, during the last eight or ten years,
been so well and favourably discussed in England and
throughout India, first by the Government a,.1 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 -to 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 (now commanding the forces in Abyssinia), Samuel
ri HonourOrissa
the
aeun d a nt
that - Gov
it e r
would n o r
ba
good
o considersodfor
that
it (the Soane Canal project) holds out better prospects
thante
Laing, Esq., M.P. (then Finance Member of Council for
India), and the Hon. W. Ritchie, being the whole of
,the
Governmental Council, viz.:—
"hrff thei;s oa scheme,
the
butE atshtelndi
projectorsa lrrigation
prefer Ctohma
that
Company
originally
forys
selected
te coun-
trydby if the Compauy were to adopt this instead of the
other
them.

" We havo long regarded this scheme as ono of all
others in India to which private capital should be invited.
" There is this advantage in Government 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.
l'he 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 be 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 recordei
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 be very
much less (than at Cuttack), and the returns may rea-
sonably be expected to be much more secure, because we
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 Outtack.
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 available, 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 dense!; 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 land 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 ascertained 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 to be fixed, from time to time, by the
mutual consent of the Government and the Company,
or by arbitrators appointed 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 great value against loss.
Secondly. Tolls levied upon all boats and vessels using
the navigable water ways of the Company, and rates
and fares for the conveyance of goods and passengers
thereon.
Irrespective of three minor, though, as shown by expe-
rience, promising sources, viz.:-
1. Rent for mills and factories which may be established
on the banks of the various channels, and supplied
with water power therefrom. The water power to
be thus available will be very large.
2. Tho cultivation and sale of timber and other produce
raised upon the land of the Company. And,
3. The supply of water to the various villages and towns
within the vicinity of the Comj:dny's canals for pri-
vate and public purposes.
By the contract with the Government the Company are
entitled to receive and retain all profits from 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, and particulars submitted to and ap-

THE RESCUE SOCIETY'S HOMES
.tre as follows :
For Fallen Women.
28, Church-row, Hamp- 150, New Kent-road.
stead. 48, Church-street, Stoke
13, Camden-street, Camden- Newington.
town. Maize-hill Cottage, Green-
-205, Great Portland street. wich.
For Young Girls in Danger.
27, Church-row, Hampstead.
9, Henstridge-villas, St. John s-wood.
St. Mary's Lodge, Buckhurst-hill.
Country Home—St. James's-street, Dover.
Temporary Home-85, Queen-street, Cheapside.
The home at Great Portland-street is for young fallen
girls from 10 to 16. The committee ate deeply anxious to
open another house for this pitiable:class.
The Society admitted to its homes last year 687 young
women and girls. It was compelled to refuse 524 appli-
cants, whose histories are recorded in the applicant's book.
In addition to the above-named homes, the Committee
have under their charge throe homes for servants of good
character, in which are admitted about 1,000 friendless
servants annually.
The Society's Report(of which a contributor writes, "I
never read a report of any charitable institution which so
entirely commended itself to my mind and awoke my
sympathy") may be had on application.
The Society is under the presidency of the Earl of
Shaftesbury. Its bankers are Messrs. Barclay and Co.
The Committee very earnestly commend its work to the
benevolent. DANL. CO3PER, Sec.
85, Queen-street, Cheapside.