The Sun.
London, England, 1864-02-15 00:00:00

Messrs. Field, Son, and Wood, 9, Warnford-court, Throb-

morton-street.
Messrs. Robins and Bather, 29, Threadneedle-street.
SECRETARY (pro tem.)—G. W. Benwell, Esq.
Temporary Offices—Offices of the Mercantile Credit
Association, 21, Threadneedle-street.

TTHE CREDIT FONCIER (Limited).
The followlne; Circular has This Day been issued to
all Applicants for Shares in this Company :
THE CREDIT FONCIER (Limited),

At the Temporary Offices of the Mercantile Credit Associa-
tion (Limited), 21, Threadneedle-street, E.C., London,
Feb. 10, 1864.
Sir, —fly a resolution of the Committee of the Stock Ex-
change, passed this day, it is required that all new companies
shall Issue at least one half of the number of ehares consti-
tuting their nominal capital, and shall call up not less than
10 per cent. of the amount of such shares before being entitled
to the privilege of being quoted on the Stock Exchange Offi-
cial List,
Under these circumstances, and to comply with the regula-
tion above referred to, the Directors have this day decided to
reduce the £lOO shares into £5O shares, to make the nominal
capital of the Company £1,000,000, in 20.000 shares of £5O
each ; the first issue to consist of 10,000 shares, as already
announced ; and that £1 shall be paid on application and £4
on allotment.
I am consequently instructed to enclose herewith an
amended prospectus, and also a fresh form of application.
The Meeting of the Directors stands adjourned to Wednes-
day, the 17th inst., at one o'clock, by which time the amended
form of application should be returned, duly signet by you,
as all applications not then received by the Directors must
be considered as withdrawn, and the deposits already paid
will be returned. • _

I am, sir, your obedient servant,
G. W. BENWELL, Secretary, (pro tem.)

CREDIT FONCIER of MAURITIUS (Limited).
Incorporated with limited liability under the Com-
panies' Act, 1862.
Capital £500,000, in 10,000 Shares of MO each. Payable on
allotment £2 per Share. It is contemplated that about £lO
per Share will be called up.
DIRECTORS.
LONDON BOARD.

Colonel Balfour, C.Eiate Chief of Military Finance De-
partment of India, Director of the Land Mortgage Bank of
India.

Sir John P. Grant, K.C.B.' late Lieutenant-Governor of
Bengal, and Director of the Land Mortgage Bank of India.
George Henry Money, Esq., 9,.Berkeley-street, Berkeley-
square.
George Palmer Robinson, Esq., Director of the Alliance
Bank of London and Liverpool. _

Richard Spooner, Esq., Deputy-Chairman of the Bank of
Hindustan.

Lieut.-Col. F. A. V. Thurburn, late Deputy-Commissioner
of Revenue In Oude.

Henry Young„ Esq., late Chief Secretary to the Govern-
ment at Bombay.
George Clerihew, Esq„ late Chief Medical Offiler at
Mauritius.

BTAII IITIUS BOARD.

The Hon. C4.lcourt Ante line, Member of the Legislative
Council and Landed Proprietor.
The Hon. Henri Pitot, Member of the Legislative Council
and Landt,d Proprietor.
G. C. Bourguignon, Esq., Merchant and Landed Pro-
prietor.
Henri Masson, Esq., Merchant and Landed Proprietor.
Vole), de Sennevill , Esq., Landed Proprietor.
LONDON AGENTS.
The Land Mortgage Bank of India (Limited).
BANKERS.
London—Alliance Bank of London and Liverpool.
Mauritius—The Chartered Mercantile Bank of India, Lon-
don, and China.

SOLICITORS.
Messrs. Flux and Argles, Mincing-lane.
BROKERS.
Messrs. J. and A. Scrimgeour, 10, Old Broad-street.
SECRETARY (o tem.)—Wm. Grceme Dick, Esq.
Offices, Land Mortgage Bank of India, 17, Change-
alley, E.C.
The progress of Mauritius, as the chief seat of the produc-
tion of sugar by free labour, has been such as to create a
large and valuable landed property, which affords an excel-
lent field for the operation of a Land Mortgage Bank or
Credit Fonder.

The following table of the exports of sugar from Mauritius
gives the best pro ,f of this progress, and shows how firmly
the prosperity of the colony is now established:—
Tons.
1850
1851
1852
1853
1854 85,011
1855
1856
1857
1858
1859
1860
The crop of 1861, owing to a hurricane, only produced
108,000 tons, but that of 1862 reached 160,000 tons.

This production tends every year to increase with the het-
lilies of obtaining labour from India, with extended cultiva-
tion and irrigation, and with the establishment of railroads,
which are in course of execution, and will be partially open
to traffic in the early part of this year.
At the present rate of production the annual value of the
sugar crop may be t iken at £3,00 ),000, and the fee-simple
value of the sugar e dates at £6,000,000 ; in addition to whl3h
there is a large amount of real property in lands, houses, and
other forms.
There is also great scope for useful outlay of capital in im-
provements on estates, by erecting new machinery, clearing
waste lands, and irrigating.
The rate of interest is exceedingly high, and a rate equal
to 10 per cent. per annum, or 8 per cent. interest, with 2 per
cent. commission, would be readily paid on loans redeemable
by annuities, and with a security never less than double the
advance.
It is estimated that a sum of £2,000,000 might be safely in-
vested at this rate. _ . .

Supposing £1,000,000 only to be invested at a difference of
4 per cent. between the rate paid upon bonds in England and
received in Mauritius, it is evident that the profit on the
paid-up portion of the share capital, which would not exceed
£lOO,OOO or £150,000, would be very large.
The remainder of the share capital of £500,000, together
with the amount of first mortgages on first-class real pro-
perty, which would always equal the amount of bonds issued,
would thus give these bonds an unexceptionable security.
The legislation of Mauritius affords great advantages for
the establishment of a Credit Fonder,
It is the same as that of the French Code Civil, and a law
providing a simple and effective registration of all mortgages
has just been passed for the express purpose of facilitating
the establishment of Companies to lend upon land.
Under these circumstances an application has been made
to the Directors of the Land Mortgage Bank of India, on be-
halt of a large number of the principal members of the Legis-
lative Council and Landed Proprietors of Mauritius, to esta-
blish a branch there.

The Directors of the Land Mortgage Bank were of opinion
that Mauritius promised an excellent field of operations, but
as the nature of the properties and tenures of land are diffe-
rent from those of India, to which the original subscriptions
of their Bank were invited, it was thought better to raise a
separate capital and constitute a new Company, which, while
connected with the Mortgage Bank by friendly relations,
should yet be a distinct institution. The close connection
between Mauritius and India renders this alliance peculiarly
desirable, and will be. the means of securing valuable busi-
ness to the new Company, while the expenses of an office
and establishment in London will be diminished by mutually
advantageous arrangements.

A depOsit of 22 is payable on allotment, and calls by in-
stalments up to £lO per share will be made, atter whioh it is
intended to issue Bonds.

The Articles of Association lie at the offices of the Solici-
tors for inspection.
Applications may be made in the annexed form, addressed
to the Offices of the Land Mortgage Bank of India (Limited),
Change-alley, or to the Brokers.

FORM OF APPLICATION FOR SHARPS.
To the Directors of the Credit Foncier of Mauritius (Limited).
Gentlemen,
I hereby request that you will allot me Shares
in the above Company, subject to the Memorandum and
Articles of Association, and I agree to become a Member of
tie Company in respect of such Shares, or in respect of any
less number you may allot me, and to pay the deposit of £2
per Share thereon ; and I request that my name may be
placed on the Register of Members for the Shares so allotted.
Name in full
Residence
Profession or Business
.• • •
Date
Reference • •

CREDIT FONCIER OF 111 AURIT [US
lJ (Limited).
NOTICE IS HEREBY GIVEN. That NO FURTHER
APPLICATIONS tor SHARES in this Company will be
RECEIVED atter Four o'clock on WEDNESDAY next, the
17th inst.

By Order.
WM. GRIERE DICK, Secretary.

17, Change-alley, XO.
Feb. 12, 1864.

MESSRS. BOTT. JACKSON, AND CO.
execute COMMISSIONS on all races throughout the
year. Market price guaranteed. Remittances. London and
Westminster Bank. Post-office Orders payable at Camber-
Well-park.
N.B.—Betting on the Waterloo Cup.
Address—BoTT and JACKSON, "Man of the World" Wine
stores, George-street, Camberwell-park, London.