But after the lapse of
about nine months it was discontinued as it was found to be working at
a dead loss, the reason for which it is unnecessary to state here. The
plant was subsequently sold. Some years later Mr. Soutar and Mr.
Parish--the former a brother of the then Acting Chairman of the
Municipality--obtained the necessary concession to construct a
comprehensive system of tramways throughout the city, on which they
formed a syndicate with the object of giving practical effect to the
proposed scheme. Eventually in 1879 they disposed of all their rights
and existing plant to the Calcutta Tramways Co. for the sum of L4,000
per mile, and the latter commenced operations in the latter part of
1880. But the company could not make headway, and the poor
shareholders got very little return for their investment until the
introduction of the electric system in 1902. Then matters brightened
up considerably and an era of great prosperity set in, which has been
fully maintained ever since. I think the company's last dividend was
9-1/2 per cent.
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