debentures for lands in freehold or leasehold at certain rates was also allowed. Not more than £26,500, however, was subscribed by the public; and early in 1864 the Municipal Commissioners again applied to Government for a loan of £45,000, which was refused by the Government of India, except on the impracticable condition that the mercantile community should simultaneously contribute the remainder of the £200,000 required for the town.
The scheme of forming the Port Canning Company dates from a proposal made in November and December 1864 by Mr. Ferdinand Schiller, one of the Municipal Commissioners, to raise the means of undertaking the works essential to the development of the port, consequent on the refusal of Government to advance the funds except on conditions which the Municipality found impossible of fulfilment. Mr. Schiller’s proposals were to advance the sum of £25,000 to the Municipality, on condition of receiving from them certain concessions,—namely, (1) the gift in freehold of a hundred acres of land in the centre of the town; and (2) the exclusive right of constructing tramways, wharves, jetties, and landing accommodation, and of levying rates upon the same for fifty years, subject to the control and regulation of the Commissioners. Mr. Schiller also undertook on the part of himself or his assignees—(1) to excavate within two years a boat-dock, two thousand five hundred feet in length by two hundred feet in width and ten feet in depth, on the assigned land; (2) to provide for the conservation and protection of the river bank along the entire length of the Commissioners’ property facing the Marlá; (3) to pay the Commissioners one-third of all profits from these works exceeding ten per cent. The right of purchasing the completed works at original cost at the expiration of fifty years was reserved to the Municipality, and in the event of non-purchase, an extension of the term for another twenty-five years was stipulated. These terms were agreed to by Government, and the payment of the loan of £25,000 to the Municipality was made in March 1865.
In March 1866, the Government of India consented to a loan of £45,000 on security of the property of the Municipality, without interest, repayable in five years, and for which debentures were issued bearing dates from April 1866 to August 1868. Under the conditions of commutation mentioned above, debentures to the extent of £8760 were converted for lands.
In the meantime the prospectus of the Port Canning Company
