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    754 TUB LEADER, [No. 436, July 31, 1858.

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    STATISTICS OF INDIAN FACTS AND INDIAN PB...

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    ST. GEORGE ASSURANCE COMPANY. The annual...

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    GENERAL TEADE REPORT., London, Friday Ev...

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    Indiak Railwars. The Admitted Importance...

    At this point , however , the East India Company came to the rescue , with their guarantee of five per cent , upon the capital , and tlie appointment of their late able secretary , Sir J . C . Melvill , as the ex-officio director ; and , it being his special prerogative and duty to supervise all allowances and expenditure , he forthwith vetoed the anomalous position of the manager and engineer , reduced the salary from 2500 / . to 1500 / ., severed the offices , aadleft the ex-managing director in the position of consulting engineer to the company .

    Subsequently , the "board displaced their origi nal solicitor , stockbroker , and shipping agent , thus increasing the ranks of the disaffected , and accumulating upon themselves an amount of personal disappointment aud antagonism which , could only have teen withstood and surmounted by the candid support of the general proprietary . It appears , however , that this essential aid has been withheld , and that consequently there rages at this momenta civil ¦ war between the directors and a certain portion of the shareholders ; that there exists an acrimonious feeling among the more prominent men on either side , and that , as a fitting sequel , we have an administrative interregnum . The old directors have been displaced by the vote of a general meeting of the shareholders , and only hold office by courtesy for fourteen days , that time may be afforded for selecting their

    successors . It may seem a strange hypothesis , but we advance it seriously and after mature reflection , that the existing confusion is mainly attributable to the fact of the guaranteed interest upon paid-up capital . We think this certainty © f the pecuniary investment being a good one has a direct tendency to induce a considerable amount of indifference , on the part of distant shareholders , to any minor consideration of management or detail ; and that this apathy on the part of a decided majority of the proprietary gives free scope and unusual facilities for sinister attempts to vest the administrative authority of the company in the hands of any compact and organized party , who may deem it worth their while so to avail themselves of the immobility of the consti . tuency at large .

    This consideration becomes the more cogent when it is seen that the motion jby which the old directors have been displaced was proposed at a meeting of only fifty-two of the six hundred and thirty-seven shareholders , by Mr . Kennedy , brother to the engineer and to tte secretary , and either father or uncle to the engineer in India . And when it is known that the ex-managing director and the secretary appear in the accounts as claimants upon the company for some thousands of pounds disallowed by Sir James Melvill , there certainly does exist abundant reasons -why the shareholders should exercise more than ordinary vigilance in the appointment of directors .

    As similar causes -will produce like effects , we think it behoves all Indian railway companies , enjoying as they do a- guaranteed interest upon their capital , to provide agairjBt the possibility of such oroceedings as those which have obstructed the progress of the Bombay Baroda and Central India , Bail-¦ way . we shall watch with , much anxiety the future proceedings of the shareholders , and recur , if need be , to the subject upon a future occasion .

    754 Tub Leader, [No. 436, July 31, 1858.

    754 TUB LEADER , [ No . 436 , July 31 , 1858 .

    Statistics Of Indian Facts And Indian Pb...

    STATISTICS OF INDIAN FACTS AND INDIAN PBOGiRESS . Amtd the din of revolt aad the preparations for war , there is still evidence of attention to the progress of the country . Telegraph lines are , to a certain extent , part of the machinery of -war ; but wherever laid for warlike or other governmental purposes , they become in time instruments of commerce . The able director of telegraphs

    , Sir W . O'Shaughnessy , looking to tho necessity of providing for the vicissitudes of war , ia urging the formation of coaat and ether duplicate lines , and more particularly a coast line from Calcutta to Madras . The lino from Calcutta to 1 > ecca i * in active progress , and has become the more essential as it is in the eastern dependencies of the Bengal Presidency . In Assam , Pegu , and Tctuusaerim , that enterprise is extending . It is much to Tb * regretted that the telegraph was not laid before toe late promenade of military revolted in the East .

    One of the most envious records , perhaps , in these troublous times is the inauguration of the new hall of the legislative Council of India . This is fitted up in the French Renaissance style , under the superintendence of a Frenchman—the Director of the Central School of 3 > esign—and tho decorations carried out by the pupils . The decorations axe , as it might be expected , without « ny reference to England or India , bat they are very handsome , and it is to fce hoped the English and native Indian residents , of the Eastern metropolis wiU be gratified . The furniture- is of a costly character , and the throne for the Governor-General provided with magnificent embroidery . There are seata for tho Legislative

    Councillors , Government reporter , and the Press . The cost of the alterations is 5000 / . This does not look as if the " raj" of the English were considered to be doomed , but is rather a happy augury of its long and prosperous continuance . Another palatial structure now in hand is a subterranean palace for the Maharajah of liurdwan , something novel in architectural annals , but which , will be found cool enough in the hot season . 'It is to be

    constructed on the base of two tanks . From tae hill regions , the only facts are "that the tunnel on the Dugshaie road is to be proceeded with , which -will very much improve the access to that station ; that the European cantonments at Darjeeling are in progress . Mr . T . Login was at Pumeah proceeding with the Calcutta and Darjeeling road , and that the tea crop ia the Debra Dhoon is promising . A quantity of tea-seed for local manufacture or export -will be produced .

    From "beyond the mountains accounts are far from satisfactory . The progress of our expanding trade with the interior is constantly in danger from the want of English agents or consuls in the upper states , and Russian and Chinese intrigues are feared in Thibet , Bhootan , and Tartary . . The approaching great Tatoo , or Seven Years' Fair , is looked forward to not without apprehension , as large bodies of armed horsemen formed part of the gathering . The drought in Madras has been the more sensiblv

    felt because no adequate measures have been taken to extend irrigation , and the loss to tho Government on this year ' s revenue -will , it is expected , be not less than 5 O 0 , 00 O £ The suffering to the population is not to be so measured . Such facts are being continually registered , and yet India is left dependent for works of irrigation on the practical efforts of the general treasury , instead of an extensive system of irrigation works being effected by private enterprise properly encouraged .

    The trials on the Scinde coal-field are favourably reported of , the pit is well cleared , and the manager expects to deliver shortly 300 tons in Kurrachee . This will he an important event for that rising part . The camel train in the Indus provinces , -which lias worked so well , is to be increased from 1500 camels to 2000 . The contractor expects to do . the distance from Kurraciee to Moultan in from twenty to twenty-five days . This is great progress , but it is nothing to what

    will be effected when the Scinde Railway , the Indus Flotilla , and the Punjaub Railway are in full operation . Perhaps a measure as important for India as anything we have recorded is the great increase of the funds of the Manchester Cotton Association , -which , within a week , has got together 2000 * . in large donations , of which TOO ? , was from Miss Burdett Coutts . Although part of this will be applied to African and West Indian purposes , it will afford large funds for keeping up the agitation for Indian cotton .

    St. George Assurance Company. The Annual...

    ST . GEORGE ASSURANCE COMPANY . The annual general meeting of this company was held on Wednesday , the 28 tb , at the offices , 118 , Pall-mall , the chairman , Henry Pownall , Esq ., presiding . The following are the chief points in the report , which was read by the Secretary , Mr . F . H . Gilbart : — " The directors , in meeting the shareholders of the St . George Assurance Company , have much satisfaction in presenting this their annual report of the proceedings and progress of the company since the last annual meeting . The board deemed it advisable , early in the past year , to institute an inquiry into the management , with a view to curtail the expenses in the agency department , both

    home and foreign , "without , they trust , impairing the efficiency of the agents employed . In England a large number of agents , of great respectability and zeal , are now actively engaged in promoting the prosperity of the company , and from whom much recent advantage has been derived ; while in Germany , Messrs . Pauzig and Keist , a firm of first-class standing , have been appointed to succeed Mr . Hodges , and who are exerting themselves most beneficially , and , under the circumstances in which they have been placed , most successfully . Since the last annual meeting Mr . Urquhart has resigned the office of Secretary , and the board have unanimously elected as his successor Mr . Gilbart , of whoso ability , zeal , and labours on behalf of the

    company they had abundant evidence . Mr . Gilbart had from the commencement been the chief manager of the Advance Fund Associations , where his exertions have been moat unremitting and successful . Notwithstanding the unprecedented monetary derangements and other difficulties the directors have had to contend with during the past year , the following statement must bo considered highly satisfactory . Since the lost report , tho directors bavo received and considered 882 proposals to assuro 115 , 684 * , producing a new inco > mo of 8406 J . 14 s . 4 d ., from which number 198 policies , to tho amount of 48 , 380 £ , producing a new annual income of 1801 / . 18 a . 10 d ., have been completed and issued up to tho close , of the accounts on tho 17 th current . The

    remaining proposals have been either declined or liod not been carried ont at the time these accounts -woro closed . Tho quarterly return of new fousinoaa will illustrate the improving character of the company ' s operations : —

    2 To . of Proposals For IT deceived . Assuring P ™^"" 1 st quarter ...... 84 ... * 24 , 824 : \ .. £ n ^ s ' 2 nd „ 62 ... 19 , 050 ... ill l I 3 rd „ 118 ... 33 200 937 I * 4 » _^ ... ^ j ^ io ::: igj . \ \ Total ...... 392 ... £ 115 , 684 . . £ 3 405 T 4 ~~ 7 Which , after receiving careful consideration , ' resulted in policies being completed , each quarter , as follows --Amount Annual Policies . Assured . Incomt 1 st quarter 45 ... £ 7935 ... i 271 T \ 2 nd „ 22 ... 6560 ... 191 Z I 4 th „ 67 ... 13 , 640 ... 449 q | . Total 198 £ 43 , 380 ... £ 1397177 leaving , it will be perceived , a considerable number t » be completed , the days allowed for which not havin ? vet expired . In the year just concluded , the sum of 14 / o / . has been paid upon policies which have since become claims , thus proving clearly the advantages of life assurance , and that the public confidence and reliance on tlie resources of the company Lave not been misplaced . The directors called attention to the clause of the deed of settlement , relating to the days of CTace which shows that , the policies of this company have always been and are still valid , in the event of the assured dying within the days of grace , and before payment of the premium . Tlie policies of this company have always borne an endorsement -with this provision and with a proviso to meet the further cases when the premiums are payable half-yearly or quarterly . As regards the Direction , Mr . Henry Pownall succeeded Lord Rauelagh as chairman , and Mr . Henry Haines had become deputy-chairman . The retiring directors with the exception of the late chairman , are re-elected ! Mr . T . P . Scrivener was appointed auditor , vice Mr . jl L . Panter , deceased . In conclusion , the directors congratulate the share and policy holders on the present position of the company , which is very satisfactory , considering the monetary trial of last year , and the depression of trade , consequent upon the panic , which was general and almost universally felt , and the fact being well known that tie past year had not been one of large increase of assurance business generally . The Chairman said that it was not necessary for him to make any observations upon the report which they had just heard read . From the arrangements they had entered into with their agents both abroad and at home , he thought that they might confidently anticipate a large increase of / business . He could not but look upon the company as ia a very prosperous condition . In conclusion , he would be happy to answer any questions that might be put to him respecting the conduct and management of the company ; and he could assure the shareholders that the board of directors wished to conceal nothing from them . He begged to move the adoption of the report , and Mr . Buckmaster seconded the resolution , which was finally adopted . Some altercation succeeded with the friends of the retiring chairman , but it was satisfactorily proved that the directors had fully examined into the accounts and state of the company , and that the management resulted in a material reduction of expenditure and a considerable increase of business . Votes of thanka -were given to the directors and chairman , and to the secretary and various officers , and tho meeting terminated .

    General Teade Report., London, Friday Ev...

    GENERAL TEADE REPORT ., London , Friday Evening . Judging from the improving character of the goods traffics upon tho leading railways , the comparatively few cases of want of employment , and the genera ! amount of occupation upon the great manufacturing staples , it is not a rnsh assertion that the trade of the country is progressively improving . Here and there , in particular brandies , the depression caused by the severity of the late crisis has not very materially abated . In this respect Birmingham and the midland districts are rather too prominent ; but these cases are exceptional , and though there is ample room for improvement the general aspect of affairs is not discouraging when wo remember the trials and difficulties caused by the collapse in the United States . These views are borne out by tho character of the Board of Trade returns . These returns , which are for the first six months in the year , certainly show a falling off in the declared valuo of our exports as compared with those of tho corresponding period last year : but it is less than might have been anticipated . On the month , for example , it is only 889 , 407 / . less , while in May it was 1 , 117 , 566 / , less , and tho falling off in June is much less than in any preceding month .

    In Manchester there has been a fair demand for goods from the home trade , and export orders have been somewhat extensive , though for India and China littlo vsa doing in the early part of tho week . Many manufacturers are well supplied with contracts , and tho tendency of tho prices of cotton at Liverpool hnB caused tlimn to decline further orders ; but others , less actively engaged ? have accepted canier terms . On tho whole , the v / iluo of goods , has bcon remarkably steady . With regard to

• Citation
  • Leader (1850-1860), July 31, 1858, page 26, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_31071858/page/26/