Page:The Cyclopedia of India (Specimen Issue).pdf/134

 Rs. 5.50.000 being in the more remu- nerative Municipal debentures and Port Trust Bonds of Bombay and Karachi, Rs. 9.50.000 in loans on policies. and nearly ﬁve lakha in house property-

'l‘lte city is indebted to banks and Insurance Companies for many ﬁne building; and fen are more stiﬂing, either in design orin situation. than that of the Oriental Life Ofﬁce, Ihich was completed in 1898 at a cost of over four and a half lac: of rupees.

THE CYCLOI’EDIA OF INDIA.

the founder, and under his care the traditions of the Company hare been well maintained. and its prosperity has greatly increased. That the Oriental has been eminently successful in its original object of popularising life insurance among the natives of India is shown by the fact that of nearly 7oo dath claims paid last year. not ten per cent were Europeans or Eurasianr. The great majority were Hindus, vrith a proportionate number of Parsees. The Mahomedan community do not

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The building was one of the last archi~ tectural work: of the late Mr. F. W. Stevctta. whose tkill has done so much to make Bomba the handsome city it la. The late A r. Slater did not live very long after the Company had been installed in its present home. but he ran the Oriental eatabliahcd on the firm basis of ample funds and econo- mical management. Mr. R. Paterson Brown. who had been mth the Con» pony for some years. and who had spent his life in learning the business in one of the leading British Companies, became manager on the death of

show signs of auch speedy economic conversion. This, no doubt, it due partly to the fatalistic religious outlook of the older school. and partly to the very general poverty of the greater number.

The Oriental Oﬁice has many features beyond its table of rates to recommend it to dweller: in India. Some of these, auch as the security of its investments. have been already mentioned ; other! may be mentioned here. such as the wholesome rule that 90 per cent oi the proﬁts, after protmling for the reaerre fund. is

divided among the policy-holders—a generous policy. but one that did not prevent the Directors from being able to secure for the shareholders a div'r dead of 125-5 per cent on the last year’s working. Another wholesome and beneﬁcent regulation isthat policyholders insured for Rs. 4,000 or mer have a vote at meetinga of the Company. The Oriental Life Ofﬁce is one of the missionaries of reformed economies which are slowly but surely bringing India into line with the rest of the world.

Mr. WILLIAM HEATH PHELPS. J. P.. a Municipal Corn» miaaionet for Calcutta, vaa born at llucknall. near Nottingham, in t8”. Ile received his education in England and came out to India in 1880. He has since then been connected with the nellknown firm of Messrs Phelps & Co.. and is novr the aenior partner in India Mr. Phelps for some time has actively associate-l himself with the Municipal life of the city. He has served on sereral Corporation Committees. As it Member of the Hackney Carriage Committee. Mr. Phelps tmlt an active part in the crusade against the notoriously bad carriage service of Calcutta 'I'hc rigorou» tolicy adopted was respon~ sible for a most welcome improvement. He hart acted on the Markets and numerous other Committeea and tho General Committee of the Corporation. All matters connected with the ad vancement of Calcutta as a modern city have claimed and recrired Mt Phelps‘ support. He has recently formulated a proposal. that has received inﬂuential support, for the building of a Town Hall that Ihould serve as the real Centre of civic life in lieu of the present obsolete Town Hall. He proposed that the building should include a Municipal Theatre and in every respect fulfil the intellec~ tool and entertainment requirements of a great city. to be erected near the New Municipal Oﬁices in Corpo- ration Street. Naturally hlr. l’helps' proposal excited a warm controversy, or. generally. public opinion is in favour at a reform that Would so materially beneﬁt the city and, [xsﬁiblL tore a source of income to the

unicipnlity. Calcutta loch to some extent the type of business man like Mr. I’helpa Ithu in willing to devote his time and ability to the cellare of the city. Since t888 he hits almcnt