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    id only a small French population to help us ; in tha uthefn states negroes , and a few French and Spaards but in India there is a teeming population , on Men we can confer prosperity , as we have on the mibitanta of Canada and the French and Spanish anters of Louisiana * . The Reporter markedly says tfi at India is as yet in a ate of semi-barbarism , for without roads , which are great essential of commercial life , it is impossible her > ople can enjoy the advantages either of commerce or vilisation . Many Indian administrators affect to resist lese first laws , and affirm that India is in some excepmal state , where during the dry season the whole mntry is flat enough for a road , and in the wet season » traffic can be carried on . It might as well be said at no road is wanted on Salisbury Plain , which is

    trasrsed by sheep , nor on the prairies of the West , nor , in ct , in any country where herds can be grazed on tableads and plains , and flocks driven from station to station , lat terrible scourge , the merino flocks of Spain , passed er that country yearly without much aid from roads , vastating the lands , but no Spaniard thought this an gument against the royal roads , or that tbe want of ads was less a grievance in Spain . In India the ovision of roads is positively kept back by the reitance of some officials and the indisposition of some vernments , and thus the efforts of many enlightened ministrators are thwarted . The Reporter says , with regard to roads , railways , . vigation , and works of irrigation , that had the East

    dia Company done its duty , twenty-five millions of lglish capital , now invested in American railways , ight have been diverted into a more patriotic channel , le Manchester men cannot see why India , like America , ould not ere long possess one steamer for every mile of rev communication , though it may be observed that , sides the rivers now navigated , there are ten thousand iles of Indian rivers which are capable of being navited by shallow steamers on the plan of Mr . Bourne . The Cotton Association again urge the establishment a Board of Works , whose duty it shall be , as speedily possible , to open up the vast river navigation of the untry , to construct good market and high roads , idges , piers , and docks , canals and railways , with a

    m of 20 , 000 , 000 ? ., to be raised by public loans , to be iced at their disposal for this purpose . It is quite ident that the present organisation of the Council of dia is quite incompetent for the adequate discharge these duties . Sir Proby Caittley is the practical ember of Council for Public Works , and he is tacked to a committee of which " public works" is -Iaist in the le , and , we fear , will be last in consideration . Let e Manchester plan be adopted . Let Sir Proby Cautley , a Councillor , be appointed the President of the Board of brks , with a distinct department under him , and such m , by way of distinct appropriation of the revenue d by way of loan , as will enable him to do something , e shall then have some one truly responsible . Instead

    a committee , which is no one , we shall then have me one who has a reputation at stake , and the means performing great things , and of acquiring distinction , le President of the Board of Works of India will leave i name as an heritage of fame as much as a Governor ^ meral , President of the Council , or Commandcr-inlief , and a public work will be found a more iding record of a name than a public law , and its iiefita being more material will be better appreciated , i such department will belong the revenue of public > rks , as well for the discharge of the interest of loans for the execution of new enterprises . In a few ars the department will have its own revenue , and 11 become a government within itself , as much as the namand of the army .

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    IE CAPE TOWN RAILWAY AND DOCK COMPANY . * ew weeks ago we drew the attention of capilalts to the singular advantages which the Cape > wn Railway offered for permanent investment at is time of low interest for money . Wo were the ore strongly induced to take this step because we w a growing disposition on the part of speculars to divert , some portion of the vast mass of pital now lying idle into foreign channels , a proeding that we objected to on commercial and itional grounds , and because we were well aware ore wore very many sound and legitimate

    underchairman and the managing director contain . all . the information that shareholders ov intending investers can possibly desire . We would call special attention to the remarks of the- managing director on the certainly of the shareholders receiving 67 . per cent ., even should the stipulated sum of 470 , 000 j . 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 the 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 the expenses of working the said railway during such half-year , leave a surplus equal to interest at ; the rate stipulated in the contract upon the sum actually expended by the contracting party , wliether such sum so expended be below or above the sum of ^ 00 , 0001 , then the 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 bo 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 theywill 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 be called upon to pay in any one year any greater sum than interest at the stipulated rate upon a sum of 500 . 000 /"

    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 , ultimately from legitimate traffic , and other advantages , ' is fully confirmed , and that the prepai-atio ' ns for commencing the works are progressing with as much rapidity as circumstances will admit of . We entertain no doubt whatever that the experienced and practical hands to . which the conduct of affairs has oeen confided .

    will be 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 speaking— - virgin resources . We regard the Cape Town Railway not so much in the light of a private undertaking , likely to be largely remunerative to the shareholders , as of an essential means by which the colony will be vastly increased in commercial imr portance , 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 * *

    kings m progress , both at homo and connected ith our colonies , which offered much superior Ivantages both in the way of security and profit i outlay . Wo instanced the Capo Town 11 ail way , id having laid before our readers the best inforfttion we could obtain from the most reliable woes , we presented for their consideration what > peared to us one of the soundest undertakings of o day . We are much gr , ati ( ied to find that our fttements have reccivea complete verification at o meeting of shareholders on Thursday last . We fer to our report in another column for a detailed atoment of the position , and prospeots , and proess of this important work . The speeches of the

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    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 , Grcsham House ; Mr . II . 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 colony , as originated by this company so far back ns 1853 . After so long a delay , some explanation is required of the difficulties that have hitherto impeded a satisfactory settlement . When , in the nutumn of 1850 , this company was first established , it wns proposed not only to construct the railway recommended by the Local Government from Cape Town to Wellington , but to form docks in Table Bay . The Government having itself undertaken the formation of a breakwater in the hay , the latter portion of your original plan lias been abandoned . Shortly after your board hod sent in their proposal to the ( hen Secretary for tho Colonies ( the Duke of Newcastle ) to construct the railway from Cape Town to Wei * lington , a free constitution wns granted to tho colony . Tho whole question of tho introduction of railways wns therefore necessarily deferred until tho newly elected

    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 . Brounger , to proceed' to the colony , su . ry . ey 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 61 . per cent , per annum is guaranteed for fifty years on the amount " expended or bona 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 interest 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 sum 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 ud 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 by reason of invasion of the dolony , or war , or civil commotion within or bej'ond the limits thereof , or by shipwreck , " then and in every such case the respective periods of time " shalljbeiextended 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 for a double line . All materials for its construction , excepting wood , 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 powers 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 call up any more capital than can be covered by the guarantee , without the consent of an extraordinary general meeting of shareholders .

    With ttie 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 has 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 the 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 yet received the details of the expenditure at the Cape , they are unable to render such full accounts aa they could wish . They , however , feel justified in estimating that the entire preliminary , expenses in England and at the Cape , from October 1853 , to 81 st December , 1807 , 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 tho construction of tho line be limited to 2500 / . per annum . Your directors propose that a call of 1 / . 18 s . per share —making with the deposit 2 / . per share paid—bo made pavablo on or before 28 rd October next .

    Your directors have now to call your attention to tho following resolution come to by your board on tho 27 th of October , 1853 , respecting remuneration to Mr . Walter Raymond , tho rogistorod promoter of tho company : — " Tho directors agroo to recommend to tho shareholders tho appropriation to Captain Raymond , the promoter of this company , of 200 paid-up shares , to bo issued in such manner as tlio eharonolaora may determine . " The qourso of ovonts related in tho opening of this report has hitherto rendered It impossible ftryw « - roctors to bring th !» matter before you . In ^ bmwy last , however , your directors received a poromptory donm d from tho solicitor of Mr . Raymond to transfer 200

    Parliament could tnko it into consideration ; and it was not until September , 1854 , that tho House of Assembly approved tho report of its committee in favour of tho construction of a railway under a colonial guarantee . Hereupon your board , with tho consent of tho then Secretary for tho Culonlos ( Lord John KuasqII ) , obtained an act of incorporation , and repeated their original offer to carry out such a lino of railway as tho colonial authorities might dosiro . ¦ ' ¦ . The Russian war now cauaod furtheruelnys and greatly impeded tho exertions of your board . In 1857 , howover , tho Colonial Legislature again took up tho subject of railways , nnd passed the bill under which wo aro now to act , offering a minimum interest of 6 / . nor cent , on a

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    . No . 445 , O 0 TOBEB 2 , 1858 . ] T H E -I , , 33 A D E B . ' . 1037

• Citation
  • Leader (1850-1860), Oct. 2, 1858, page 1037, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2262/page/21/