The Sun.
London, England, 1863-01-28 00:00:00

THE ASIA MINOR COMPANY.
(Limited).
Capital £500,000. in 50,000 Shares of £lO each.
First Issue, 10,000 Shares.
Deposit £1 per Share on Application, and £1 on Allotment;
the holders of such Shares to have the preference, pro rata,
in all future issues.
Calls not to exceed £2 each Share, and Three Months'
interval between each Call.
DIRECTORS.
Hugh Mason, Esq., Ashton-under-Lyne.
James Bibby, Esq. (J. Bitty, Sons, and Co.), Liverpool.
Edward Lord, Esq. (Lord Brothers), Todmorden.
Charles Joyce, Esq. (Chas. Joyce and Co.), London.
Nathaniel Buckley, Esq., Ashton-under-Lyne.
Patrick Proudfoot Esq. (P. Proudfoot and Co.), Manchester.
James King, Esq. (Jas. King and Sons), Rochdale and Man-
chester.
Joseph Firth, Esq. (Firth and Howarth), Todmorden.
MANAGERS SYRIA.
George William Benwell, Esq. lIN
Thomas Bowen Rees, Esq.
BANKERS.
Bank of London, Threadneedle-street, London.
Manchester and Liverpool District Bank, Manchester.
BROKERS.
London—Messrs. Philip Cazenove, and Co., 52, Threadneed:e -
street, E.C.
Manchester—Henry Rawson, Esq, Exchange-arcade.
SOLICITOR.
William Slater, Esq , 66, Fountain-street, Manchester.
SECRETARY (pro teml.—G. R. Haywood, Esq., Manchester.
Temporary Offices—No 3, Arcade, Manchester.
PROSPECTUS.
To have relied upon one source of supply for the raw ma-
terial of the great cotton industry of this country is now
proved to have been an almost fatal ;Jolley. Whatever, there-
fore, be the result of the conflict now raging in America, it is
clear that, for the future security of our manufacturing inte-
rests, fresh ground will have to be brought under cultivation
in other parts ot the world.
Phis Company is formed for the purpose of encouraging
the growth of Cotton in Asia Minor—a c untry x ith soil,
climate, and geographical position peculiarly adapted to the
production of our invaluable textile, abundance of free labour
accustomed to agriculture, natural means of irrigation, and
ready channels of transit by railway and otherwise to the
p rt of Smyrna, which is within 15 days' steam communica-
tion with Liverpool, and placed in immediate contact with
the manufacturing districts by the electric telegraph. It thus
possesses all the advantages fitted to render it immediately
available for the object in view.
The promoters of the Company have already proved, by
satisfactory test, the capabilities of the country, and the
desire of the cultivators to improve the quality of their crops.
In the spring of last year, by an arrangement with the Cot-
ton Supply Association, they procured a large quantity of
Egyptian and New Orleans seed, which was eagerly received
d planted, with most gratifying results. The following is
the report of the samples produced from this seed:—
"Cotton Supply Association, 1, Newall's-buildings,
Dec. 10,1862.
" Sir,—Your favour of the 9th inst. has been duly submitted
to the consideration of the executive committee ot this Asso-
ciation.
" I am desired to inform you that the samples you have
submitted, grown from American and Egyptian seed, are of
a very superior description, especially the American, and in
every way suited to the wants of the trade.
" The committee consider your exertions have demon-
strated that Asia Minor is capable, with proper encourage-
ment, of rapidly supplying Cotton, of a very superior quality,
and they highly approve of your efforts for the formation of
a Cotton Company to achieve this result. They are prepared
to render you every assistance and encouragement that fhe
Association can afford.
" It is desirable that the efforts of the Turkish Govern-
ment to stimulate the growth ot Cotton in Asia Minor should
be actively followed up by such enterprises as that which
you are setting on foot, in order that the quality may be
improved, and that machinery of the best description for
cleaning and packing may be introduced.
" I am, Sir, yours obediently,
G. K. HAYWOOD, Secretary.
" Geo. Wm. Benwell, Esq., Asia Minor Cotton Company."
The Company will especially endeavour to stimulate a
largely increased production of improved Cotton by the
introduction of superior kinds of seeds, the best agricultural
implements, and the most improved machinery for cleaning
and baling the material
It is not the intention of the Company to engage directly
in the cultivation of Cotton on their own account, but by
means of agencies in the interior to stimulate and offer every
assistance to those who are prepared to extend the cultiva-
tion.
Through dealing directly with the producers the Company
will, whilst reaping its own advantage, confer great benefit
upon the growers, by freeing them from the oppression of the
native money lenders, who make them such advances as they
require at exorbitant rates of interest, thus keeping them in
a state of poverty, which is a serious hindrance to energy
and enterprise.
The rates of interest charged by these money lenders vary
from 20 to 50 per cent. per annum; yet the sums advanced are
always paid in full by the pea-ant -exact payment tekoodaiid
is certainly not to be counted upon, perhaps from delay in
realising produce, but care is invariably taken to have ample
value to meet all contingeacies ; and besides the deposit of
the farmer's title-deeds the chiefs or communitys of the vil-
lages frequently become, collectively or severally, substan-
tial guarantees for the lo,ns.
The Company will proceed upon broad and sound commer-
cial principles, and w 11 make its staff mainly dependent for
remuneration upon the profitable results of their respective
labours. It will lock up as little as possible of its capital in
unrealisable property, and make advances on nine but good
and sufficient security.
The Ottoman Government will protect and give every
assistance in furtherance of the objects the Company have in
view. His Imperial Majesty the Sultan, desirous of encourag-
ing the culture of cotton in his empire, and of restoring to it
the importance it had in fbrmer times, has recently issued an
ordinance. By the principal clause therein it has been de-
creed that "whoever shall clear uncultivated and neglected
lands, and convert them into cultivated fields, shall receive
such lands gratuitously and without charge, and title-deeds
shall be delivered to him on the sole condition that he will
pay three piastres (sixpence, by way of stamp duty. Further,
the produce of these lands shall be exempt from the payment
of tithes for one year, or, should the land be stony, for two
years. If amongst the lands thus cultivated any should be
fou• d in which the cessionaire cultivates cotton the exemp-
tion of th • tithe, or any payment in lieu of tithe, shall be ex-
tended to five yeas s.'e By a subsequent article it is also de-
creed that, " In order that the cotton produced may be con-
veyed with facility to the seaports the roads in the districts
where cotton is grown shall, if necessary. be repaired and put
into good order. The instruments and machinery imported
from Europe, and which may be required in the cultivation of
cotton, as well as in the cleaning of it and separating the
ed, shall be exempt from all customs dues, tee."
Within the space of two years the exports of the raw ma-
terial from Smyrna have multiplied nearly tenfold. In 1.60
they were but 6,000 bales. Last year's crop, already coming
forward, is estimated at about 60,000 bales. Large additional
tracts of land are now being prepared for cotton cultivation,
and the British Consul of Smyrna, in a recent despatch to
Earl Russell, says :—" It is the general expectation that the
rend of 1863 will be at least 200,000 bales. or 72,001,000 pounds."
No other part of the world can furnish a parallel to this in-
creased ratio of production.
These extraordinary results are due to the almost unas-
sisted efforts of the native cultivators. With the aid of capi-
tal promptly and judiciously applied, the ,rop of 1863
might probably be considerably increased, and a correspond-
in,g progress in cultivation secured in future years, This
Company has therefore a most important and promising field
for its operations.
The sources from whence the Company confidently look for
profit may be briefly enumerated I hus :-
Ist. From advances made to cultivators against the crops.
2d, From the purchase of Cotton on their own account and
on commission.
3d. From gins belonging to the Company established
throughout the country, which will clean the Cotton at a cer-
tain rate per lb.
4th. From the hydraulic presses belonging to the Company
engaged in packing the Cotton for shipment.
(his form must be delivered entire to the Bankers of the
Company, who will tear off and retain the Form of Applica-
tion for Shares.)
FORM OF APPLICATION FOR SHARES.
To the Directors of the Asia Minor Company, Limited.
Gentlemen,—Having paid to your bankers the sum of
I
hereby request that you will allot me Shares of' £lO
e •ch in the Asia Minor Company, Limited, and I hereby
agree to accept such Shares, or any smaller number that may beallotted to me, ant pay the depos t and calls thereon, and
to sign the articles of association of the Company at such
time and in such manner as yo .1 may appoint.
I am, gentlemen,
Name in full
Profession or Occupation
Address in full. .....
Date

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