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Indian because it shows there No. 438, A...
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EASTERN BENGAL RAILWAY. Among tie recent...
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The great feat of conveying the locomoti...
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THE LONDON JOINT-STOCK BANKS. The extrao...
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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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Bombay Joint-Stock Companies. Amon& The ...
future of Indian enterprise , because it shows there is a demand for security as well as for large returns , which ¦ will bring in capital for investment . Among the bank shares which are of local sale in Bombay are those of the Bombay Bank at 38 per cent , premium , of the Oriental I 3 ank at 55 percent , premium , of the Commercial Bank and the Mercantile Bank . All tlese are at premium , and there are likewise others . A ^< a * « ¦•» » . v . « . _
Indian Because It Shows There No. 438, A...
No . 438 , August 14 , 1858 . ] THE LEADER . 815 ^^^^^ ^
Eastern Bengal Railway. Among Tie Recent...
EASTERN BENGAL RAILWAY . Among tie recent additions to the Bengal railway system is the Eastern Bengal Railway . The promoters obtained the guarantee of 5 per ceat . in consequence of the high opinion entertained of the line by the Government of India , which went to the length of recommending the line to the home Government , not only on the ground of its commercial and political advantages , but likewise on the opinion that the guarantee will be only formal , as the profits of the railway will certainly pay more than the guaranteed interest of
5 per cent . This is a etep in advance for the Indian Government , for hitherto the guarantees have been granted on the speculation that the lines may not pay , and that the guaranteed interest , or some considerable portion of it , may have to be disbursed out of the Government revenues . The recognition of the Eastern Bengal Railway was therefore the recognition of the principle that lines having adequate local traffic shall have the encouragement of a guarantee , and if this policy be persevered in , India will be more rapidly ¦ covered vcith railways .
The first guarantee , in the case of the Eastern Bengal Hallway , is on a capital of one million sterling , of which a quarter was called , and as some shares have been paid « p in full , an amount more than equivalent has been raised and paid into the Treasury here ; The line on which this guarantee is given , and which is first to be -constructed , is 108 miles long , and only extends to the Ganges at Kooshtee , but is to be continued to Decca , which may be considered the commercial centre © f Eastern Bengal . The line now in hand is a direct line as far as its
terminus on the Ganges at Kooshtee , at a point where it is accessible from . Calcutta , and where it saves the circuitous course of navigation through the Soonderbunds , a navigation irregular because it is dangerous . The Eastern Bengal Railway is , however , essentially a trunk Hue , for starting from Calcutta direct , it passes through some of the suburbs , and , at sixteen miles distance , reaches the great military station of Barxackpoor , and thence proceeds through numerous towns , more or less important , on the eastern bank of the Matabanga branch of the Ganges , being so situated as to command the
traffic of various branch lines , which will certainly be constructed . At Ranaghaut , about fifty miles from Calcutta , branches can be thrown off east and west . To the east , the large town of Jcssore is reached by a branch of about twenty-five miles , which is very little beyond the distance of the direct route , while it only requires a limited extent of railway to effect the communication . From Ranagli nut another northern line will be run , though at a later date , by Kishnagur , following the east side of the Bhagimttee , to Burhampore and Moorshedabad . We say later , because the
operations of the company will naturally be first directed to Eastern Bengal rather than to a district more nearly approaching the territory which is sorved by the East Indian Railway Company . The Jessoro branch admits of extension through the delta to -Furreodpoor and to Burrisol , which latter may , in the course of time , become ¦ of great importance . From lianaghaut , the main line proceeds by , or near , Rojapoor , Kissengunge , and Doorgapoor , to Kooshtee . At Kooshtee will be found one . of the main engineering labour * of the line , namely the passage of the Ganges . It will take much of the river traflic between the Kajmalial station of the East Indian Railway and Kooshteo , while there will be exclusive possession of the rivor traffic from the Burhampore districts , which year oy year are rapidly improving .
From , Kooshteo to Daccn a large bend is made , and considerable engineering works have to bo undertaken to cross the river channels . One of the extensions , which will ultimately become of importance , is to Silhot and Chirra Ponjoe , on the Silhet hills ; as a place of healthful resort , it will bo found valuable Lo the residents at Ducca and tlie neighbourhood . The works to Kooshteo will , however , occupy the ** W 1 , and measures have now buen organised for their Proeocution . 1 'b . o director a nroposo that the works shall
be carried out by contractors from this country , which vyill perhaps be the best step for their vigorous prosecution , as there is great want of qualified superintendents in Bengal ; and were the engineer of the Company to undertake the management of the works , the whole of the labour organisation has to be effected , Trhich is in itself a -work of time . That the traffic will be productive there is strong reason to believe : first , because there is a large existing traffic sufficient of itself to pay a good dividend ; secondly , because the countries to the north and west are greatly —
advancing and sending forth new products ; and thirdly , because a railway of itself creates traffic , -which could not be conveyed without its aid . The passenger traffic from the countries beyond the old Bengal collectorates is likely to be of a valuable character , because the population engaged in the new cultivations and operations is of an active and enterprising character , by whom , the value of quick transit is better appreciated . The railway will afford to the north-west a better supply of superintendence and labour , and thereby increase the products of the soil available for transport .
The meeting of the proprietors last week went off very satisfactorily . The report was adopted unanimously . The directors showed the great advantages of the line , not only to the country it proposed to traverse , but in a commercial point of view , and particularly pointed out the benefits that would be derived to Calcutta by the facilities which , would be afforded of reaching the Sanatorium at Darjeeling . The contracts were nearly all let , and altogether the undertaking was progressing favourably . Votes of thanks were passed to the directors and officials .
The Great Feat Of Conveying The Locomoti...
The great feat of conveying the locomotive and carriages up the Bore Ghat allows the Deccan line to be successfully worked , and the company will thereby save traffic , and come into earlier possession of a revenue from that portion of its outlay . The receipts on the old portion of the line , 88 £ nu * le 3 from Bombay to Campoolee , have been very satisfactory , for the traffic in the half year ending 31 st December , amounts to no less than 32 , 8 G 7 / ., being an increase of 83122 . on the corrresponding half year , or about 33 per cent . The expenses increased only 7 . 54 per cent ., being altogether 15 , 3 S 6 £ , or 46 . 84 per cent on the receipts . The directors observe that this result has occurred notwithstanding some parts of the interior have been in an unsettled state , and much of the traffic ordinarily on the road not coming forward during the half year .
GEEAT INDIAN PENINSULA RAILWAY . Although th « works on the remaining portion of the Bore Ghat are still in a backward state , communication between Bombay and Decksal , on the main junction line to Madras , will be opened by the end of September , and then one hundred and five miles of the railway will be at work in the Deccan . During the delay in the completion of the Bore Ghat works , for -which the directors held the constructor responsible , arrangements have been made to keep up the communication through the Ghat , but , till this is complete , the passenger and goods traffic must be much interfered with .
Passengers can already be booked through from Bomhay to Decksal , 187 miles , and when the break is closed up the operation of such a length of line will be looked forward to with some interest . Sholapore will be duly reached by the works now in progress , but the Madras railway is in arrear , and it will bo long before the junction between Bombay and Madras can be effected , and the full effects of the traffic bo felt . Of the line by the Thull Ghat a favourable report of progress is made . The North Eastern extension ia proceeding as far as Bhosawul , and the steepest gradient on the Thull Ghat incline has been determined at 1 in 37 .
The traffic receipts already include sonic interesting entries . Parcels and excess of luggage , which eome years hence will amount to thousands , arc now entered for the half-year at 822 / ., carriages , horses , and dogs at 135 / ., and live stock at 590 / . The movement of cattle from the interior , though now represented by such a trifling amount , and considered as of little importance , will become in such a climnto as India no mean source of revenue , for in time- cattle , and when clue provision
is made , dead meat , will be brought down to Bombay and other cities in such condition us nothing but railway conveyance can effect . In England the railway saves a great part of the waste in driving beasts , which in very largo , and which provides a saving of a great amount of meat in the course of tlio year , which before tho introduction of railways was lost to the food of tho population . In India the saving and the- quality of incut and othor articles of food will bo a mutter of consideration ,
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The London Joint-Stock Banks. The Extrao...
THE LONDON JOINT-STOCK BANKS . The extraordinary dividends paid by the London Jointstock Banks subsequent to 1853—never lower than . 10 per cent ., and rising to 2 G per cent . —and the large share they had in the late commercial excitement , created great anxiety for them last year , and their reports at its close were looked for with intense interest . With equal interest , too , their reports for the half-year which expired with June were looked for , to learn the effect on them of the current low rate of discount . They are now made , and are more favourable than was expected . The declared dividends were , at the close of 1857 and at the end of June , 1858 , at the following rates per annum : — Dec , 1857 . June , 1858 . PerCent . Per Cent . London and Westminster ... 14 16 London Joint-Stock ........... 22 £ 22 £ Union Bank of London ...... 15 15 London and County ............ 12 10 Commercial Bank of London 6 6 CityBank 5 8 Bank of London 5 5 Unity Bank ............ nil nil Western Bank ..... nil nil The chief of them , therefore , have not suffered apparently either from the convulsion or the low rate of discount prevalent during the first half of the year * and still pay extraordinary dividends . The London and Westminster is not quite so prosperous as in 1856 , the Joint-Stock not so prosperous as hi 1854 and 1856 , and the Union not so prosperous as in any year since 18 64 . Twoof them—the Unity , established in 1855 , and the Western , established ip . 1856—rhav ' e' not yet fulfilled thehopes of their shareholders . There have been also two or three abortive attempts to establish other banks , and the scandalous failure of the Royal . British is fresh in the public recollection ; but , on the whole , the London joint-stock banks lave been amongst the most successful of modern undertakings . They have acquired the public confidence to an extraordinary degree , and have been entrusted with deposits to ten times the amount of their capital . We transcribe from the published accounts the particulars of this peculiar feature : — June , 1858 . _ Current and - Deposit Accounts . Name of Bank . ¦— ¦ . — Paid-up r < J t a- Dec . June . Capital , gj ^ 1857 . 1858 . £ £ £ ~ £ London and Westminster 1 , 000 , 000 105 . 20113 , 889 , 021 12 , 443 , 745 London Joint-Stock ... 600 , 000 180 , 819 . 10 , 737 , 580 10 . 287 . 62 S Union Hank of London OOO . OoO 165 , 000 9 , 645 , 918 0 , 032 , 134 London and County ... 500 , 0001 103 , 000 3 , 533 , 425 4 , 178 , 283 Commercial Bank of | I London 300 , 000 75 , 000 821 , 626 935 , 081 City .. 300 , 0 ( 10 80 . 000 1 , 388 , 933 1 , 262 , 250 Bank of London .... 300 . 000 8 , 000 1 , 114 , 843 1 , 050 , 352 Unity 161 , 3 O 5 | None . M 9 . 774 103 , 447 Western 200 , 00 i ) j 2 , 213 j ... 228 , 662 Total 3 , 961 , 305 ' 740 , 266 ' 41 , 271 , 115 39 , 520 , 5 S 7 Thus at the end of last year , when the guarantee fund was 708 , 197 ? ., and the paid-up capital , together with this fund , amounted only to 4 , 060 , 502 ^ , these banks were entrusted with 41 , 271 , 115 / . of other people ' s money . Nor does it appear now that the confidence in them is in the least abated . The falling off in tho deposits and current accounts is not greater than may be explained by the annihilation of much fictitious capital and the greater rate of interest obtained on securities as compared to the rate of interest allowed on deposits . In two of tho banks , the London and County and the Commercial , the amount of deposits and current accounts is greater in this June than last December . On the whole , the vuluo of tho capital and tho guarantee fund of these banks is novr something less than 12 per cent , of tho money entrusted to their care . The contrast between their position and that of tho Bank of England is remarkable . Its secured capital is 14 , 558 , 000 ? . i therost , 8 , 412 , 8871 . ; together—7 , 965 , 387 * . ; and the deposits and current accounts , public and private , amount only to 18 , 4 . 22 , 138 A , or only half a million more than its capital and guarantee fund . The private deposits , though bankers place their reserves in its care , are only 14 , 319 , 008 / . Thoro is a similar contrast in tho rato of dividends , 11 per cent ., on Bank of England Stock , never of Into higher , and 22 i per cent , on tlio London ami Joint-Stock Bank at present , or 26 por cont . in tho first six months last year . Tho explanation of tlits dilleronco lies in tho fact that tho joint-stock banks nllow in tercst on deposit accounts at tho rato of 1 per cent , below tho Hank rate of discount , whilo tho Bank adheres to tlic practice , latterly , of English bankers , and allows no interest on deposits . Tho joint-stock banks , therefore , get in proportion to thoir
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Citation
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Leader (1850-1860), Aug. 14, 1858, page 23, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_14081858/page/23/
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