On this page
- Departments (1)
-
Text (7)
-
¦u- ~- ~~~, ——7 — .j j. jx Xi JLJ JUi JA...
-
EASTERN BENGAL RAILWAY. Among the recent...
-
CrREAT INDIAN PENINSULA RAILWAY. Althoug...
-
~v*- v « ffiPITntTTf 1> rttTlt rfTjliTTfTtPrrf Itl V**VUWUUH UiUl Vil/OUJlUI-lJ-lUlW
-
? ' THE LONDON JOINT-STOCK BANKS. The ex...
-
June, 1858. Current and. - Deposit Accou...
-
Thus at the end of last year, when the g...
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.
-
-
Transcript
-
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.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
Bombay Joint-Stock Companies. Amoxo 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 Bank at 55 per cent , premium , of the Commercial Bank and the Mercantile Bank . All lhese are at premium , and there are likewise others .
¦U- ~- ~~~, ——7 — .J J. Jx Xi Jlj Jui Ja...
¦ u- ~ - ~~~ , ——7 — . j j . jx Xi JLJ JUi JA . SJ JOi J $ l . R 1 K
Eastern Bengal Railway. Among The Recent...
EASTERN BENGAL RAILWAY . Among the recent additions to the Bengal railway system is the Eastern Bengal Railway . The promoters obtained the guarantee of 5 per cent , 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 advant a , 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 step in advance for the Indian Government , For hitherto the guarantees have been granted on the speculation that the lines may not pay , and tbat the guaranteed interest , or some considerable portion of it , may have to he 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 with railways .
The first guarantee , in the case of the Eastern Bengal Kaihvay , is on a capital of one million sterling , of which a quarter was called , and as some shares have been paid up 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 l fe miles long , and only extends to the Ganges at Kooshtee , but is to be continued to Decca , ¦ which may "be considered , the commercial centre of 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 Soonderhunds , a navigation irregular because it is dangerous . The Eastern Bengal Railway is , however , essentially a trunk line , for starting from Calcutta direct , it passes through some of the suburbs , and , at Bixteen miles distance , reaches the great military station of Barrackpoor , 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 , th « large town of Jessore 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 Ranagliaut another northern line w ill be run , though at a later date , by Kishnagur , following the east side of the Bhagiruttce , to Buihainporo and Moorsh « dabad . We say later , because the operations of the company will naturally bo first directed to Eastern Bengal ratlior than to a district more nearly approaching the territory which ia served by the East Indian Railway Company . The Jessore branch admits of extension through the delta to Furreedpoor and to Burrisol , which latter may , in the course of time , become of grent importunes .
From Ranaghaut , the main line proceeds by , or near , Rojapoor , IGsaengunge , and Doorgapoor , to ICooshtee . At Kooshtee will bo found one of the main engineering labours of the line , namely the passage of the Ganges . It Vill take much of the river traffic between the Rajmahal station of the Eust Indian Railway and Kooshtee , while thore will be exclusive possession of tho river traflic from tho Burhamporo districts , which year by year are rapidlv improving .
XVom Kooshteo to Ducca a largo bend ia made , and considerable engineering -works liavo to bo undertaken to cross the river cliunnola . One of the extensions , which will ultimately bocomo of importance , is to Silhct and Cuirra Ponjoo , on tho Silhet hills ; as a place of healthful resort , it will be found vaWmblo to tho residents at Dacca an <^ tho neighbourhood . The works to Kooshteo will , howovcr , occupy tlio directors for some time , as they will take till tho year 18 G 1 , and measures havo now boon organised for their rrosecution . The directors propose that the works shall
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 i ncrease the products of the soil available for transport .
be carried out by contractors from this country , which will 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 , which 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
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 Darjeeliiig . The contracts were nearly all let , and altogether the undertaking was progressing favourably . "Votes of thanks were passed to the directors and officials .
Crreat Indian Peninsula Railway. Althoug...
CrREAT INDIAN PENINSULA RAILWAY . Although the works on the remaining portion of the Bore Ghat are still in a backward state , communication between Bombay and Decksal , on the main junction li ne 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 tlie completion of the Bore Ghat works , for which the directors held the constructor responsible , arrangements hare 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 .
Tlie 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 traflic , and come into earlier possession of a revenue from that portion of its outlay . The receipts on the old portion of the line , 88 J miles from Bombay to Campoolee , havo been very satisfactory , for the traffic in the half year ending 31 st December , amounts to' no less than 32 , 867 / ., being an increase of 8312 / . on the corrresponding half year , or about 33 per cent . The expenses increased only 7 . 54 per cent ., being altogether 15 , 396 Z ., 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 mucli of tho traffic ordinarily on . the road not coming forward during the half year .
Passengers can already be booked through from Bombay 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 sonic interest . Suolaporo will be duly reached by the works now in progress , but the Madras railway is in arrear , and it will be long before the junction between Bombay and Madras can bo effected , and tho full effects of tlie traffic bo felt . Of tho lino by the Thull Ghat a favourable report of progress is made . The North Eastern extension is proceeding as far as BliO 3 awul , and the steepest gradient on tho Thull Ghat incline has been determined at 1 in 87 .
1 he traffic receipts already include some interesting entries . Parcels and excess of luggage , which some years hencu will ainouut to thousands , are now entered for the half-yeur at 822 / ., carriages , horses , and dogs at 135 / ., and live stock at 690 / . The movement of cattle from tho interior , thougii now represented by such a trifling amount , and considered as of little importance , will become in suoh n climate as India no mean source of revenue , for in time cattle , and when duo provision
is made , dead meat , will bo brought down to Bombay mid other cities in such condition us nothing but railway conveyance can effect . In England tho railway saves a great part of the wusto in driving beasts , which is very largo , and which provides a saving of a great amount of meat in tho course of the year , which before tliu introduction of railways was lost to tho food o : tlao population . In India tho saving and tho quality of incut nnd other articles of food will bo a matter of consideration .
~V*- V « Ffipitntttf 1≫ Rtttlt Rftjlittfttprrf Itl V**Vuwuuh Uiul Vil/Oujlui-Lj-Lulw
mnamt ant Cnnratmifll
? ' The London Joint-Stock Banks. The Ex...
? ' 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 26 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 t i e 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 ead of June , 1858 , at the followiag rates per annum : —• Dec , 1857 . June , 1858 . Per Cent . Per Gent . London and Westminster ... 14 16 London Joint-Stock 22 £ 22 JUnion Bank of London „ .... 15 15 London and County . 12 10 Commercial Bank of London 6 6 City Bank .... 5 8 Sank of London ............... 5 5 TTnity 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 in 1854 and 1856 , and the Union not so prosperous as in any year since 1854 . Two of them—the Unity , established in 1855 , and the Western , established in 1856 —have not jet fulfilled the hopes of theixshareholders . ThereKave 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 have 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 Accou...
June , 1858 . Current and . - Deposit Accounts . Name of Bank . — Paid-up . Jjit ofie Dec- Ju-n «« Capital , ggjj ? 1857 . 1858 . £ £ ~~ ~ e " 2 London and Westminster 1 , 000 , 000 165 , 20113 , 889 , 021 12 . 44 S . 745 London Joint-Stock ... 600 , 0001 189 , 819110 , 737 , 58010 , 287 , 623 Union Bank of London 600 , 000 165 , 000 9 , ( 545 , 913 9 , 032 , 134 London and County ... 500 , 000 ; 105 , 000 3 , 533 , 425 4 , 173 , 283 Commercial Bank on | London 3 t > 0 , O 0 Oi 75 , 000 821 , 626 4 ) 35 , 081 City 300 , 0001 30 . ! 1 , 388 , 983 1 , 2 * 2 , 250 Bank of London 300 , 000 8 , 000 ; 1 . , 848 1 . 089 , 852 Unity 1 ( 51 , 305 ! None . 139 , 774 103 , 447 Western . -200 , 000-, 2 ; itA ... 228 , 662 Total ... 3 , 961 , 303 ' 74 O , 26 o ' 41 , 27 J . 11589 . 520 , 637
Thus At The End Of Last Year, When The G...
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 , 6 * 69 , 5021 ' ., these banks were entrusted with 41 , 271 , 115 ? . of other people ' s money . Nor does it appear now that th « confidence in them is in the least abated . The falling off" in the deposits and current accounts is mot 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 tho Commercial , the amount of deposits and current accounts is greater in this June than , last December . On the whole , the value of the capital and the guarantee fund of these banks ia now something less than 12 per cent , of the money entrusted to their care . The contrast between their position and that of the Bank of England is remarkable . Its secured capital is 14 , 558 , 000 / . ; thcrost , 3 , 412 , 387 ^ together—7 , 965 , 887 / . ; and the deposits and current accounts , public and private , amount only to 18 , 422 , 133 / ., or only half a million more than its capital and guarantee fund . The private deposits , though bankers placo their reserves in its care , are only 14 , 319 , 008 /' . There is a similar contrast in the rate of dividends , 11 per cont ., on Bank of England Stoisk , never of Into higher , and 22 J per cent , on the London and Joint-Stock Bank at present , or 2 G per cent , in ( he iirst six months last year . The explanation of the diflbrouco lies in tho fact that tho joint-stock bunks allow interest on deposit accounts at tho rate « f 1 per cant , below ttiu Hank rate of discount , while tlm Bank adheres to tho practice , latterly , of English bankers , mwl alloivs no intorest on deposits . Tho joint-stock bunks , therefore , get in proportion to their
-
-
Citation
-
Leader (1850-1860), Aug. 14, 1858, page 815, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/ldr_14081858/page/23/
-