The Express.
London, England, 1865-05-17 00:00:00

LONDON, WEDNESDAY EVENING, MAY 17, 1866•

IHE NATIONAL BANK IS AUTBORISZD TO 11.11CRITZ
SUBSCRIPTIONS FOR TIE SEWS Or TIE PINLITTLAN
RAILW AYllngiOnctel P ON 111.1: TERMS OF THE FOL-
LOWING
.13ERIIVIAN RAILWAYS COMPANY
(Limited).
With Peruvian Government guarantee of interest at the rote of
itT per cent. per annum, as hereinafter set forth as a tutu
capital at £3MBOOO.
Present Wee, £1,870,000, In 00.800 shares of AU ear .
Depodael per share on application, and a per share on allotment.
Future .mM of LE 10s. per share will be made at intervals of not
toes than three months between each calL
Seven per cent per annum will be paid during the construction,
and Is m renteed by the International Contract Company
(1/

William Laths= Balky. Ihm. (Balky Brothers and Co., Lfvar
WrOssier, Dm. (Jossph Robinson and Co., Laurence Pountney-
Job* rank, MR., Y.P., Director of the Bank of Ireland.
P. S. natehar, isq. (Alerandor Fletcher and Co., 10, Mato
S. Ananyard.)
OsttY. D.P. for Belfast Onslowognare
W. R. Lindsay, Esq. (Dews. H. H. Vivian and Co., Mr-
litiaronat ,) Dowling Ironworks, Brodford.
et
Alberthe National likarde, Dm., Angeleourt, Throgmorton-strest, Director
Dank.
Robert Simpson. Req. (frodstick Lorick and Co.), Charlotte-
I row, and Cwm Calyn Ironwolia

WEIR&
Lesion-7M NsYowl I.U.
Liverpool—The NaSional Honk of lAv=ii
gad IA
jilaill==rl roam& , seveVirsetchellilik.
„ The Breaches of the Iztatleest auk.

. The lelignationtifeliiiioi Company (Untied).
1119111KUS.
Oeotgi Parker Bidder, Eaq., C.E.
John Mortimer Heopel, Esq., C.E.
SOLICITORS.
Years. Make" Dalrmgle, Drake. and Co., Parttime
Mean Baxter, Roes, Norton, and Co., Victoria street.
!WEIRS.
London—Yeas. P. Calenoreued Co., Tlsreadesedloatri

Mum Seymour and Cu., Throgmoston-itreet.
Llverilemes. Tbomu Tinley and Saes.
11.1m3F.t—Iltams. Warner and Psee,ptazap OBlce-1m

DubUn—ilwird t .liq.,.

ablNe.
•

anOuralti —B. A. Mail
Mow lid. Cennosofeset
This Company ls formed fur the construction and working of
two Uses of railway in Peru—one to connect the seaport of Piece
with the town of Tea the other to connect the city of Areqat,ps
with the poet of Melia.
Pm the sonetreciton of these railways the Government
of Peru have granted special conceedoos, and a guarantee of
income, which would appear exorbitant, U It were not that the
statistics of the existing traffic have satisfied the Peruvian Go-
vernment that the railways, when at work, will yield returns
which will not only relieve the government of the charge for
their guarantee, but far exceed the sum required for that peo-
The Peruvian Government guarantees for the period of twenty-
fire years—or until the railway. have produced, over and above
the cost and provision for repair, renovation, and maintenance
for the space of two consecutive years, dividends at the rate of 7
per cent. per annum—an income of £33,800 per annum, charged
upon the public revenues of the State, and further secured by
hypothecation at the guano 'hipped to leuropean States. The
concessions for the railways oontain the usual provision for re-
imbursing to the government (out of any surplus profit exceed-
ing a 10 per moth per annum dividend to the shareholders) such
sums, if any, as may have been paid by them to cover their
grantee.
The
econceadons of these lines of railway from the Government
of Pere is for a period of niuety.ntne years from the opening of
the railways. A sufficient sum will be set apart to form • Anti-
ing fund for the redemption of the whole capital, at a premium
of £lOO per cent., to be operative yearly after the first twenty
years of the working of the railways. The shares so redeemed
to be altogether cancelled, end the dividends which would other-
who be payable on such shares to accrue to and form part el the
sinking rand. After the Int fifty years the prieest which shares
shall be redeemed sad cancelled shall be regulated at each higher
or other price than £lOO par cent. premium ss the Mate of the
sinking fund shall warrant.
When ft is borne in mind that the Peruvian Government Loan,
bearing At per cent. per simum interest, previously borrowed on
the same security, is rapidly in the course of extinction, it will
be quite evident that, lrre.pective of the prospect of • much
higher rate of dividend being realised from the working of the
railway, the nature of the security should obtain a ready market
for the shares of the Company.
The prospects of revenue from the working of the railways are,
however, so great as to render the government guarantee (in
other respects so important) a feature of hut secondary emdde-
ration.
The Republic of Peru has a seaboard of nearly 1,000 miles, and
an are.: of about 60,000 square miles. There is, /*Aram no
country In the weld in which the elemenhi of commercial pros-
perity are more complete. The mineral products of all kinds
with which We interior provinces abound, combined with its long
stretch of coast, give it an almost unrivalled facility for the de-
nt of commerce on the most extensive scale. To this
one obeincle—and one alone—mita the want of
proper lamas of oommunication between the ports and the inte-
rior ooantry.
la spite of this obstacle, the large existing trade of the Re-
public is proved by its custom returns ; and that undertaking.
having for their object the remedy for this defect are likely to
be remunerative is shown by the working of the calla and
Lima Railway, which now ma dividends at a rate approaching
£3O per cent. per annum on the original cost of construction.
The ordinary charge for the conveyance of goods per mile in
Peru is equal to the charge for the carriage of a like quantity
in Great Britain fourteen miles.
The construction of the railways to be undertaken by this
Company will establish communication between important
centres of commerce in the interior and theOroper ports on the
OM coast
The line from Neils to Arequipa Is laid out to serve the traffic
which at present take. the route from the latter city to the port
of Islay, a route which forms the main chan, el of communica-
tion from the oast to the districts of Arequipa, Pun,,, and
Como, and the northern portion of Bolivia.
The connection with the bet-mentioned stale is important, as
the establishment of a system of railways antral& to its own
wants Is now a subject of serious attention. The railwey now
proposed would form one of the main outlets of any inch system
to the coast of the Pacific, a circumstance which alone must
secure it a considerable additional Mille of the most remunera-
tive description.
The railway from Place to Tea is proposed to be constructed
under coorlit analogous to those of the Callao and Lima line
already referred to.
Prom the easy character of this line, and a large existing
trade in the district to be traversed, it Is evident that the
net revenue must greatly exceed the guaranteed amount.
The lengths of the proposed lines are as follows :
Moira to Arequipa
Place to Yca „

THE OXFORD.—This magnificent establish.
meat, end: deoonied, noilland, sod Wand, le non for
the stunner edam, with trait candidates for favour, DOW Ope-
ratic ligiegliegn, AA The tonic pantos le emptied by the net
svalleble talent, end envy other genitally
_attended
to. Dopeso9lll is nest clank. 1=1: Area, AL : steal
sod balmy, ; private boa" 10s. It

AVAN• BEGAR AGENOT
I,Cenutoroad, N, 101177, mad-
87111IT, LONDON. Irolh"rtellirrolirire public el manalual
Havana &gars direct from the avow soon m WelH.
Phillips, end Co. (late J. H. Wolff aad propagates.
merits of the choked Hams Pews tweed by the lope
steamer via Southampton, and eattaithed the selected diacrip•
time of the most celebrated Hams makers, can now be
sod samples selected from the original wimples as intpartiod,wl
the establishments SI above. Beefdee the well known haws a
the Portages, Moe de Cuba, 17Dmann. Cabana, Henry may, sad
other excellent brood; Hewn Wolff, Phillips, sad Co. bare the
=Wive comment In this country of many ran and cholas
gegan suitable for the higher atom of connoisseurs In
smoking.
Samples and prospecWses, with ot yentaa in Liotapool
ford, feeds, Citelleuhan. Lmmington. andinsmy other proctorial
towns, at wour, PHILLIPS, and Co e, ii. Lea-
den sod 2, Ounte-rood, Docks, Southmpton. City sllonts,
Elms mildewy, el, King William Wan, K
A sample bm, sentelning 100 guaranteed Havana Boors, wilt
be tarended fres to say railway station In Oast Britain on
receipt
to
a post-oince ceder farCl, or any locramed price per
100 up to it, which purchasers distance may wish to select.

CILIITION.-0001ESS celebrated MELDING
ILJ BAUM krt Neb. Qom, Rook; Boum Groviao, Hot mad
Cell Ns" AM unluelkol kr esetealcra43lllo4, ell re-
in bae
!ICI eoleta V=totor,l4 Wel&
Mae. the °Astral ssatoe Warehouse. All ahem its
Spertoss Wisdoms.

AST CHAIRS, COUCHES, and SOFAS,
best quint,. Ulmer& Id WO Merest slew* oesetently
on vteir foe selectioa and istaaidlele delivery. may chairs
made to any ebape oiat vaL At T. H. MIZE. and BOWS
Kameda:tom Si. 3t, Benterestteet, W. An Illustrated
prised catalogs* seat post

IMPROVIIIIRNTS in SHIRTS.
JL 1010108 1101tOTZD COL= SKIM, at toe dio.
Good metal alitrio (oor No. 0, to 01 dais, 10 the hatt-dooon,
unequalled tor esainain sod disown. Mood nolo, wilis ran
oCriii=o, pod troo.-11.0DGIERS and Oa, aldra nakora
Cluairgaron. listabilliod 0 yam
On patio Tranvia