DOI Page / Citation link:
https://doi.org/10.11588/diglit.27741#0158
and left on the security of those in-
hated shares. As a final result, when
the aftermath came, the Backbay
Company lost all the monies it had in the
bank, save that part of it which had been
legitimately expended on the reclamation
works. It recovered a fraction only of
the amount of the 90 lakhs from the bank
when finally liquidated. The shareholders
received only Rs. 1,700 per share.
It remains to be added how the 400
Backbay shares came to be auctioned.
One of the terms on which the
Government of Sir Bartle Frere had
granted the concession to the Company
was that it should reserve 400 shares
for the State. The Government acted
on the analogy of the proprietorship
it had in the shares of the Bank
of Bombay. The concessions, which
have already been referred to in Chapter
X, were fair and reasonable and in other
circumstances, perhaps, the proprietary
130
hated shares. As a final result, when
the aftermath came, the Backbay
Company lost all the monies it had in the
bank, save that part of it which had been
legitimately expended on the reclamation
works. It recovered a fraction only of
the amount of the 90 lakhs from the bank
when finally liquidated. The shareholders
received only Rs. 1,700 per share.
It remains to be added how the 400
Backbay shares came to be auctioned.
One of the terms on which the
Government of Sir Bartle Frere had
granted the concession to the Company
was that it should reserve 400 shares
for the State. The Government acted
on the analogy of the proprietorship
it had in the shares of the Bank
of Bombay. The concessions, which
have already been referred to in Chapter
X, were fair and reasonable and in other
circumstances, perhaps, the proprietary
130