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Leader (1850-1860), 31st July 1858, Edition 1 of 2, Page 754

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      Indiajsr Railways. The Admitted Importan...

      At this point , however , the East India Company came to the rescue , with their guarantee of five per cent , upon the capital , and the 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 250 QL to 150021 , severed the offices , and left the ex-managing director in the position , of consulting engineer to the company .

      Subsequently , the board displaced their original solicitor , stockbroker , and shipping ; agent , thus increasing the ranks of the disaffected , and accumulating upon themselves an amount of personal disappointment and antagonism which could only have been withstood and surmounted by the candid support of the general proprietary . It appears , howeve ^ that this essential aid has been withheld , and that consequently there rages at this moment a 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 iitting sequel , we hare 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 fox 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 of 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 scape 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 constituency at large .

      This consideration becomes the more cogent when it is seen that the motion by 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 the 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 against the possibility of such oroceedings as those which have obstructed the pro . gresa of the Bombay Baroda and Central India Railway . We shall cratch -with much anxiety the future proceedings of the shareholders , and recur , if need be , to the subject upon a future occasion .

      754 The Leader. [No. 436, July 31, I858

      754 THE LEADER . [ No . 436 , July 31 , i 858

      Statistics (Xf Indian Facts And Estdtan ...

      STATISTICS ( XF INDIAN FACTS AND ESTDTAN PBOGBESS . Amid the din of revolt and the preparations for irar , 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'Shawghnegsy , looking to tbo necessity of providing for the vicissitudes of war , u urging the formation of coast and other duplicate lines , and more particularly a coast line from Calcutta to Madras . The line from Calcutta to Decca . Is in active progress , and baa become the more essential as it is in the eastern dependencies of the Bengal Presidency . In Assam , Pegu , and Tenasserim , thaX enterprise is extending . It is muoh to be regretted that the telegraph , was uot laid before * the late promenade of military revolted in the East .

      One of the most curious records , perhaps , in these troublous times ia the inauguration , of the new hall of the Legislative Council of India . Ibis ia fitted up in the French Renaissance Btyle , under the superintendence of a Frenchman—the Director of tie Central School of Design—and the decorations carried out by the pupils . The decorations are , as it might "be expected , without any reference to England or India , but they are very handsome , and it is to be hoped the English and native Indian residents of the Eastern metropolis will bo gratified . The furniture ia of a costly character , and the throne for the Governor-General provided with magnificent embroidery . There aia seats 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 Burdwan ,. 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 the hill regions , the only facts are that the tunnel on the Dugslaie 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 Purneah proceeding with the Calcutta and Darjeeling : road , and that the tea crop in 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 . . Thexmmght in Madras has been the more sensibly

      felt because no adequate measures have been taken to extend irrigation , and the loss to the Government on this year ' s revenue will , it is expected , be not less than 500 , 000 / . 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 Kurracbee . This will be 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 Kurrachee 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 700 ? . 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 , ou "Wednesday , the 28 th , 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 . Gilbert : — "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 iu 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 Koist , a firm of first-class standing , have been appointed to succeed Mr . Hodges , and who ore 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 liis successor Mr . Gilbart , of whose 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 boen moBt unremitting and successful . Notwithstanding the unprecedented monetary derangements and other difficulties the directors have had to contend with during toe past year , the following statement must be considered highly satisfactory . Since the last report , the directors have received and considered 892 proposals to assure 116 , 684 / , producing a new income of 8405 / . 14 s . 4 d ., from which number 198 policies , to the amount of 48 , 880 / ., producing a new annual incomo of 1891 / . 18 s . 10 d ., have been completed and issued up to the close of the accounts on tlio 17 th current . Tho remaining proposals have been either declined or bad not been carried out at the time those accounts were closed . The quarterly return of new business will illustrate tho improving character of tho company ' s operations ;—

      No . of Proposals For An 7-Received . Assuring P ™ ? 1 st quarter ...... 84 ... £ 24 , 824 ... ^ T l ^ 2 nd „ 62 ... 19 , 050 ... 5 ** ^ I 3 rd „ ...... 118 ... 33 200 :: 93 ? 2 11 4 th » j ifS ... 39 , 210 ... 1200 80 Total ...... 392 ... £ 115 , 684 ... £ 3405 14 ~~ 1 "Which , after receiving careful consideration ' result ¦ policies being completed , each quarter , as follows :-l " * _ Amount Annual Policies . Assured . Incor ™ . 1 st quarter 45 ... £ 7935 ... £ 271 ? % 2 nd „ 22 ... 6560 ... 191 , 1 * 3 rd „ ...... 6 ± ... 15 , 245 .. Jg-JJ * 4 th » __ 67 ... 13 , 640 ... 4 i 96 * . Total .. 198 ... £ 43 , 380 ... £ 1391 18 9 eaving , it will be perceived , a considerable number tobe completed , the days allowed for which not havine " i' ^? f ^ : Ia th ^ year 3 u deluded , the sum of 1475 / . 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 the resources of the company have not been misplaced . " The directors called attention to the clause of the deed of settlement , relating to the day 8 of grace 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 . The 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 Ranelagh 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 . Pi Scrivener was appointed auditor , vice Mr . J . 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 wa 3 general and almost universally felt , and the fact being well known that the" 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 in a very prosperous condition . In conclusion , lie 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 thanks were given to the directors and chairman , and to the secretary and various officers , and the meeting terminated .

      General Trade Report. London, Friday Eve...

      GENERAL TRADE REPORT . London , Friday Evening . Judging from the improving character of the goods traffics upon the leading railways , the comparatively few cases of want of employment , and the general amount of occupation upon the great manufacturing staples , it is not a rash assertion that the trade of tbo country is progressively improving . Hero and there , in particular branches , the depression caused by the severity of the late crisis has not very materially abated . In this respect Birmingham and the midland districts arc 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 tho 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 tho year , certainly show a falling off in the declared value of our exports as compared with those of the corresponding period last year s but it is less than might have beon anticipated . On the month , for example , it is only Ji 89 , 407 A less , whilo in May It was 1 , 117 , 550 / . less , and tbo falling off in June is much less than in any preceding month .

      In Manchester there has boon a fair demand for goods from the homo trade , and export orders have beon somewhat extensive , though for India and China little was doing in the early part of tho week . Many manufacturers ore well supplied with contracts , and tlio tendency of the prices of cotton at Liverpool has caused tliom to decline further orders ; but others , less actively ongngedi , have accepted easier terms . On tho whole , tho viiluo of goods has beon romarlcably steady , With regard to

  • Citation
    • Leader (1850-1860), July 31, 1858, page 754, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/ldr_31071858/page/26/