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joint-stock company, in shares of 50 1. each, or 20,000 sharesin all, for the purpose of promoting the improvement of thecountry.
That the management of the concern be confided to a presi-dent, five vice-presidents, and twelve directors, as is usual insimilar cases.
That where any improvement is to be carried on, the companyshall be authorized, under such restrictions as may be thoughtadvisable, to lend to the proprietors of landed estates a sum ofmoney for improving the same.
That the proprietor shall pay, for such money, a certain in-terest of 4 per cent., and also one half of any profit to be deriv-ed from the improvement beyond 4 per cent. ; and that the sameshall be a real burden upon the property, in the nature of a rentcharge.
That in the case of plantations, no annual interest shall bepaid, but that, at the end of thirty years, such plantationsshall be valued ; and either one half of the value thereof shall bepaid to the Society, or one half of the plantation shall be allottedto the same, to be either cut down, or preserved, as the com-pany shall think most advisable'
I. Profit to the Proprietors of Land.
The terms above proposed for borrowing money, are abund-antly favourable to the landed proprietor ; because, 1. The rateof interest he is bound to pay, namely, 4 per cent., is certainlymoderate. 2. The additional interest depends upon the successof the improvement; and the more he pays to the Society, themore he puts into his own pocket. 3. The principal can neverbe demanded ; so that he need never entertain any apprehensionson that account. In some cases, both parties might be inclined,that the money borrowed shall bear, in perpetuity, an interestof 6 per cent., which, in this case, might be legalized by Par-liament . •
II. Profit to the Society.
It must be a great satisfaction to any company, to promotesuch improvements as are likely to take place, under the auspi-ces of such an institution as the one now proposed, more espe-cially when it will be accompanied with such profit as maybeexpected in the present instance. The payment of 4 per cent,is fixed on the most undoubted security ; and, if the money islaid out to advantage, the additional income to be received mustbe very considerable. Where waste lands are improved on aproper system, the profit on the money expended ought to be atthe rate of from 8 to 10 per cent.; in which case, the companywould receive above 6 per cent, for the money advanced. Wherethe improvement is carried on by irrigation, or by draining, theprofit is still greater, often from 15 to 20 per cent.; and in theCase of plantations, the advantage would be very considerable^