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ffo. 445, Octobejr 2, 1858.]
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THE CAPE TOWN RAILWAY AND DOCK COMPANY. ...
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CAPE TOWN RAILWAY AND DOCK COMPANY. The ...
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Transcript
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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'The Cotton Movement. I>? Our Last Numbe...
had only a small French population to help us ; in tha southern states negroes , and a few French and Spaniards : but in India there is a teeming populationyon which we can confer prosperity , as we have on the inhabitants of Canada and the French and Spanish planters of Louisiana . ¦ ,. . The Reporter markedly says that India is as yet in a state of semi-barbarism , for without roads , -which are a great essential of commercial life , it is impossible her people can enjoy the advantages either of commerce or civilisation . Many Indian administrators affect to resist these first laws , and affirm that India is in some exceptional state , where during the dry season the whole country is flat enough for a road , and in the wet season no traffic can be carried on . It might as well be said
that no road is wanted on Salisbury Plain , which is traversed by sheep , no / on the prairies of the West , nor , in fact , in any country where herds can be grazed on tablelands and plains , and flocks driven from station to station . That terrible scourge , the merino flocks of Spain , passed over that country yearly without much aid from roads , devastating the lands , but no Spaniard thought this an argument against the royal ' roads , or that the want of roads was less a grievance in Spain . In India the provision of roads is positively kept back by the resistance of some officials and the indisposition of some governments , and thus the efforts of many enlightened administrators are thwarted .
The Reporter says , with regard to roads , railways , navigation , and works of irrigation , that had the East India Company done its duty , twenty-five millions of English capital , now invested in American ^ railways , might have been diverted into a more patriotic channel , The Manchester men cannot see why India , like America , should not ere long possess one steamer for every mile of river communication , though it may be observed that , besides the rivers now navigated , there are ten thousand miles of Indian rivers which are capable Of being navigated bj' shallow steamers on the plan of Mr . Bourne .
The Cotton Association again urge the establishment of a Board of Works , whose duty it shall be , as speedily as possible , to open up the vast river navigation of the country , to construct good market and high roads , bridges , piers , and docks , canals and railways , with a sum of 20 , 000 , 000 * ., to be raised by public loans , to be placed at their disposal for this purpose . It is quite evident that the present organisation of the Council of India is qnite incompetent for the adequate discharge of these duties . Sir Pro by Cantley is the practical Member of Council for Public Works , and he is tacked into a committee of which " public works" is last in the title , and , we fear , will be last in consideration . Let the Manchester plan be adopted . Let Sir Proby Cautley , as a Councillor , be appointed the President of the Board of Works , with a distinct department under him , and such 6 am , by way of distinct appropriation' of the revenue
and by way of loan , as will enable him to do something . We shall then have some one truly responsible . Instead of a committee , which is no one , we shall then have some one who . has a reputation at stake , and the means of performing great things , and of acquiring distinction . The President of the Board of Works of India will leave his name as an heritage of fame as much as a Governor-General , President of the Council , or Commander-in-Chief , and a public work will be found a more abiding record of a name than a public law , and its benefits being more material will be better appreciated . To snch department will belong the revenue of publi fi works , as well for the discharge of the interest of loans as for the execution of new enterprises . , In a few years the department will have its own revenue , and will become a government within itself , as much as the command of the army .
Ffo. 445, Octobejr 2, 1858.]
ffo . 445 , Octobejr 2 , 1858 . ]
THE LEADER . 103 ?
The Cape Town Railway And Dock Company. ...
THE CAPE TOWN RAILWAY AND DOCK COMPANY . A few weeks ago we drew the attention of capitalists to the singular advantages which the Cape Town Railway offered for permanent investment at this time of low interest for money . We were the more strongly induced to take this stop because we saw a growing disposition on the part of speculators to divert * ome portion of tno vast mass of capital now lying idle into foreign channels , a proceeding that we objeoted to on commercial and national grounds , and because wo wore well aware there were very many sound and legitimate
undertakings in progress , both at homo and connected with our colonies , which offered much superior advantages both in thq way of security and profit on outlay . Wo instanced the Cape Town Railway , and having laid before our readers the best information we could obtain from the most reliable sources , we prosontcd for their consideration what appeared to us one of the soundest undertakings of the day . We are much jgratified to find that our statements have received comploto verification at the meeting of shareholders on Thursday last . We refer to our report in another column for a detailed statement of the . position , and prospects , and progress of this important work . Tho speeches of the
chairman and the managing director contain all the information that shareholders or intending investers can possibly desire . We would call special attention to the remarks of the managing director on the certainty of the shareholders receiving 0 , 1 . per cent ., even should the stipulated sum of 470 , 000 / . be , by some extraordinary misadventure , exceeded , and which are founded on the following article m the original printed conditions issued by the Colonial Government and Captain Galton : — " When the line of railway from Cape Town to Wellington shall have been opened for traffic , then interest , at the rate stipulated in the contract , shall be guaranteed to the contracting party by the Colonial Government upon the sum then actually expended by the contracting party in tho manner following ; that is to say , in case the receipts from the railway in any half-year after opening thereof shall not , after the deduction of tho expenses of working the said
railway during such half-year , leave a surplus equal to interest a «; the rate stipulated in the contract upon the sum actually expended by the contracting party , whether such sum so expended be below or above the sum of 500 , 0001 ¦ ., then tho Colonial Government will pay and make good the difference or deficiency , so « that the contracting party shall receive the stipulated rate of interest upon the sum actually expended . It is , however , to be expressly agreed upon and understood that , whilst the contracting party is to be entitled to apply the net profits from traffic to make good * as far as they Mfill go , interest at the stipulated rate upon the whole sum actually expended , and be entitled to call upon the Colonial Government to pay and make good the difference between such net profits and such interest , yet that , at no time , and under no circumstances , is the Colonial Government to bo called upon to pay in any one year any greater sum than interest at the stipulated rate upon a sum of OOO . OOOi "
It will be seen that our statement of the minimum guarantee of six per cent , from the Colonial Government , with a . fair prospect of . ten per cent , ultimatel y from legitimate traffic , and other advantages , is fully confirmed , and that the preparations for commencing the ' works are progressing with as much rapidity as circumstances will admit of . We entertain ho doubt whatever that the experienced and practical hands to which the conduct of affairs has been confided , wilLbe considered the best guarantee that no unnecessary delay in pushing forward the works will be suffered to take place , and that , no improvident
and useless expenditure of capital ' will'be allowed to occur . But we confess that our sympathies are mainly enlisted in the progress of the colony and the development of its—comparatively speakingvirgin resources . We . repjard the Cape Town Railway not so much in the light of a private undertaking , likel y to be largely remunerative to the shareholders , as of an essential means by which the colony will be vastly increased in commercial importance , and made more valuable to this country . We shall , from time to time , lay before our readers any information we are put in possession of relative to the progress of the undertaking .
Cape Town Railway And Dock Company. The ...
CAPE TOWN RAILWAY AND DOCK COMPANY . The ordinary half-yearly general meeting of the proprietors in this undertaking was held on Thursday at the offices , Gresham House ; Mr . H . Watson in the chair . The report was read by Mr . G . L . Browne , the managing director . The directors have the satisfaction of congratulating the shareholders upon having completed arrangements with the Government of the Cape of Good Hope for the introduction of the railway system into the colon }' , na originated by this company so far back as 1858 . After so long a delay , some explanation is required of the
difficulties that have hitherto impeded a satisfactory settlement . ^ When , in tho autumn of 1863 , this company was first established , it was proposed not only to construct the railway recommended by the Local Government from Oape Town to Wellington , but to form docks in Table Bay . The Government having itself undertaken tho formation of a breakwater in the bay , the latter portion of your original plan has been abandoned . Shortly after your board had sent in thoir proposal to tho then Secretary for the Colonies ( tho Duke of Newcastle ) to construct the railway from Cape Town to
Wellington , a free constitution wns granted to tho colony . Tho whole question of the introduction of railways wns therefore necessarily deferred until tho newly elected Parliament could take it into consideration ; and it was not until September , 180 * 1 , that tho House of Assembly approved tho ' report of its committoo in favour of the construction of a railway under a colonial " guarantee . Hereupon your board , with tho consent of tho then Se cretary for tho Colonies ( Lord John liuflSolV ) , obtained an act of incorporation , and repeated their original offer to carry out such a lino of railway as tho colonial authorities might desire .
Tho Russian war now caused further delays and greatly Impeded the exertions of your board . In 1857 , however , the Colonial Legislature again took up tho subject of railways , and passed the bill under which wo aro now to aot , offering a minimum interest of 61 . nor cent , on a
sum not exceeding 500 , 000 / . for the construction of the railway to Wellington ( of which some approximate but incomplete estimates were given ) , and throwing the concession open to competition . , Previously to the intelligence of this act of the Colonial Legislature reaching England , your board had completed an arrangement with their engineer " , Mr . B ' rounger , to proceed to the colony , survey such a line of railway as the colonial authorities might approve , and tender for its construction , on a similar basis to that of the board ' s proposals in 1853 and 1855 . The survey having been carefully effected by Mr . Brounger , the tender of the company was sent in to the Local Government in March last . It was , however , declined , and the whole matter referred home to Captain Douglas Galton , R . E ., of the Board of Trade , who called for fresh tenders , and eventually accepted that of your company .
By the contract which your board has thus concluded with the Colonial Government , interest at the rate of 6 / . per cent , per annum is guaranteed for fifty years on the amount " expended or bond fide paid by the company " for the construction of the line , not exceeding the sum of 470 , 000 ? . The Government guarantee will commence from the date of the opening of the railway , but the amount required to pay the same of i nterest on calls during construction has been , with consent of the Government , included in the estimate of the cost . ¦
The works are to be commenced within six months , and completed within three years , of the signature of the contract , and to be executed to the satisfaction of the Colonial Engineer , or , in case of difference , of Mr . Hawkshaw , who has been selected as the standing referee . Securities of the > value of 25 , 000 / . have to be deposited with trustees before the 10 th of November next , as caution money , in order to secure the expenditure of a like suni of 25 , 000 / . on the enterprise , within a twelvemonth of the date of the contract .
With respect , however , to all calculations of time , by the 41 st and 42 nd clauses of the contract it is provided , that , " should the company be impeded by reason of any failure , on the part of the Colonial Government , to deliver in due time full possession of the land , or by reason of any other act or default of the Colonial Government , or of the Colonial Engineer , or hy reason of invasion of the colony , , or war , or civil commotion within or beyond the limits thereof , or by shipwreck , " then and in every such case the respective periods of time " shall be extended by a period , commensurate with the period of such delay . "
The line in the first instance will be a single one , but the land given by the Government will be sufficient fpr a double line . AH materials for its construction , excepting woodj may be taken from Government lands free of charge , and all such as are imported into the colony will be admitted without duties or port charges . In order to obtain , if necessary , the eventual use of the full powera of your act of incorporation , your board deemed it advisable to issue the remainder of the shares , offering them pro rata to the holders of scrip . Your board , however , pledge themselves not to ciall up any more capital than can be covered by the guarantee ,, without the consent of an extraordinary general meeting of shareholders .
With the view of as far as possible securing their shareholders from the contingency of the line costing more than the amount to be guaranteed , your board baa entertained the proposal of responsible parties to construct the whole line to the satisfaction of the Government for a fixed sum , within the period agreed on with the Government , and to secure the payment of the 6 / . per cent , interest during its construction . It is intended that the contractors should find such . approved security for the performance of their contract as can , if deemed advisable , be used as tho caution money to be deposited with the Government .
The sum fixed on by the board leaves a sufficient margin for preliminary and management expenses . _ As your board have not as yot received the details of the expenditure at the Cape , they aro unable to render such full accounts as they could wish . They , however , feel justiticd in estimating that the entire preliminary , expenses in England and at the Cape , from October 1853 , to 81 st Decomber , 1857 , including remuneration to directors , will not exceed 5000 / ., at which amount they recommend you to fix them . They also recommend that the entire management expenses in England during the construction of tho lino be limited to 2500 / . per annum . Your directors propose that' n call of 11 . 18 s , per share •—making with the deposit 2 / . per share paid—be made pa 3 able on or before 28 rd October next .
Your directors have now to call your attention to the following resolution como to by your boarfl on tho 27 th of October , 1858 , respecting remuneration to Mr . Waltor Raymond , tho registered promoter of tho company : — " The directors agree to recommend to tho shareholders tho appropriation to Captain Raymond , tho promoter of this company , of 200 paid-up oUaroa , to bo issued in such manner as tho ^ haroholders may determine . " , , .., Tho course of events related in tho opening of tli a report has hitherto rondorod it Impossible for your dtrootora to bring this matter boforo you . In Douruary last , however , your directors received Vi ° T " f ? V ™ mand from th . o aolioltor of Mr . Kaymond to transfer 200
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Citation
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Leader (1850-1860), Oct. 2, 1858, page 21, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_02101858/page/21/
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