The Sun.
London, England, 1863-04-28 00:00:00

THE ROYAL SARDINIAN RAILWAY
COMPANY.
Guaranteed by the Italian Government,.
A &Vete Anonym° ; the Liabilay ot Shareholders Limited
to the Amount of their Shares.
Share Capital, £1,0000(0 sterling., or 25.000,000 f., in 50,0)0
Share ,of £2O, or 500 f., each, to bearer. With pwer to issue
5..2,0:0,000 Nominal Capital, in Obligations or Debentures.
The Shares to be redeemed by lot, at par, out of the pro-
Ceeds of Freehold Landed Estates granted to the Company ;
to bear Interest at 6 percent per annum during construction,
and subsequently an estimated minimum annual dividend of
Thirty-two Shillings (equal to eight per cent) per share,
based upon the Government Guarantee., and payable during
the whole term of 93 years, on all shares, whether redeemed
or not.
Debentures or Obligations £2O, or 500 f. each ;
To bear interest at 3 per cent. per annum, repayable by an-
nual drawings within 41 years, at par ; to be issued at 411,
or 275 f. each. Every subscriber for Shares to have a pre-
ferential option of claiming two Obligations or Debentures
for each Snare allotted to him.
` The security f r the Capital and interest is a grant to the
Company in perpetuity of Freehold Landed Estates of the
Crown in the Island of Sardinia, comprising.`,oo,ooo hectares,
or MAO English acres, and a distinct State Guarantee of a
tact annual revenue, or subvention, of 9,0(0 lire for each kilo-
metre of railway, equal to .£5BO sterling per English mile, for
the term of 99 years.
Further PaDeposit
.£1 per Share on application.
yments, on Allotment, £2 per Share, and £1 per
Arran ements Obligation or Debentur ‘.
g will be made with respect to further calla
Which avill enable Shareholders to have the op ion of paying
up a proportion of their Shares and Obligations or Deben-
tures is full.
honorarCouNorr. or ADMINISTRATION IN ITALY.
Marmora. y President—General Count Alberto Della
Marquis Gustavo di Cavour,
Marquis Boyl di Villafior.
Parl
Sign me or nisei Pe Sauna-Sauna, Deputy of the Italian
nt
. _

DIRECTORS n ENGLAND.
Thomas Mimes, Esq., M.P. (Director of the Lancashire
and Yorkshire Railway).
Co
C), Lharloesndon. Bell, Esq. (Messrs. J. Thomson, T. Bonar, and
_ ons R.
) . Lon R. Grenfdon ell, Esq., M.P. (Messr3. Pascoe, Grenfell, and
I.
ter Leonino, Esq. (Messrs. I. Leonino and Co), London.
thee
John, Fender, E., F. sq M P (Messrs. J. Fender and Co.), Man-

Messrs, GI BANKERS.
yn, Mills, and Co., London.
Messrs. Arthur Heywood, Sons, a Co.
The Consolida'ed Bank (Limited), nd
Manc, Liverpool.
hester.
Sign!. Fratelli Bolmida, Turin.
Sigri Fratelli Leonino di D , Genoa.
BROKERS.
Messrs P. Cazenove and Co., 52, Threadneedle-street,
London, E.C.
Ares G'eo. E. Seymour, 38, Throgmorton-street, Lon-
don, 1•;•C,
Messr
M.rs. Hors all and Addison, Liverpool.
s. Shore and Kirk, Manchester.
SOLICITORS.
Messrs. Bircham, Dalymple, and and Ward, London.
Messrs. Littledale Itidley, and 13ardswell, Liverp?ol.
Mr. Benjamin Pitne ENGINEER.
y, C.E., 28, Great George-street, West-
minster.
INTEllim SECRETARY —Dir. J. J. Ridley.
Temporary Offices—S, Coptha'l-court, London, E.C.
The Government of Italy, desiring to dew' op the resources
of the Island of Sardinia by the introduction of foreign capi-
tal in the construction f railways, have, by virtue of an Act
bearing the Royal confirmation under date of the 4th of
Januar• last, conferred he following valuable concessions,
which have been purchased for this Company; --
First. The exclus ve privilege of constructing, railways in
the Island of Sardinia.
Second. A guarantee or sutvention fir the lines now pro-
osed of 9,100 lire for each kilometre of railway, or £5BO ster-
fins.ers per English mile, per annum, net revenue, for a period of
Third, 99 v payable as each section is opened for traffic; and,
. An immediate grant to the Company, in perpetuity
and absolutely. of freehold landed estates, belonging to the
Crown, in the Island of Sardinia, containing' 200,000 hectares,
or 480,000 English acres, the present value of which is offi-
cially returned at £500,000, but which it is manifest will be
largely increased by the comp'etion of the railways.
The .£5BO per mile net guaranteed income, together with
the comparatively low rentals now proceeding from the
lauded estates, and amounting., according tothe Goernm,nt
returns, to £24 000 p,r annum, are equivalent to an annual
dividend of at least 8r
per cent. upon the total estim
of the railways This will be seen from the followina ted cost
g calcu-
lation :
Annual Income--
Guarantee 1 Net R.TeDUE £5BO per mile for 210 miles £139,200
Present rent from the lands (susc, pt ble of increase) 21,0 0

- • -
Total . ... ............. 4163,200
Xoterest payable on 000,000 Othigaliona or
Debentures at £3 per cent. . . .
Estimated Dividend on 41,00",000 .Shar e4O \CIO
Cakital at .c 8 pot cent
80. r 00

...-..-----£140,000

Surplus income applicable to the redemption of
423,200
Debentures
~, The special feature of this uldertaking is, that while the
°noteholders will receive an annual interest of 6 per cent.
during the commotion of the line, and a dividend of at least
8 per cent. thereafter on their capital, they will, at no.dis-
tent date, have their capital repaid to them out of the pro-
ceeds of the Crown landa granted to the Company, and con-
tinue, nevert' eless, in the enjoyment of the dividends during
the whole Period of f 0 years. The order in which shares will
bee
off in this manner will be determined by bsllot.
The estates are a towed in various parts of the Island, and
Will in great measure be-intersected by, or in the neighb..nr-
hood of, the several lines of rsilway now projected, and also
the Feveral new roads about to be constructen by the Govern-
ment, 'or wbich purpose they have voted One Million Pounds
st 4 ling. Some portions of the estates are under tillage; a
considerable extent consists oakasturage, and the remaining
portions contain forests of and other valuable t!mber.
From these forests the do kyards of England, Prance, and
Italy have for many years past derived and are now d. riving
their supplies of the finest oak.
Sardinia is extremesy rich in minerals, particularly eilver
lead, copper, and ironstone, the latter of the highest quality.
Besides thes - minerals, the Island contains extensive coal
fields, which will be developed by means of the intended
I ailways.
The lines raw projected will be single (with requisite yid-
Ings and passing places), and will be about 210 miles in length ;
six years e al!owed for their eornpletion. They will be pro-
ceeded With in the five following sections:—
I. Prom Cagliari to Iglesias, the centre of the mining e is-
trict and Cal fields. 2. Promazliari to the city of Oristano.
3. Prom Oristano to Ozieri.
4. Prom through the City of Sat sari, to Porto Torres.
5. Prom Ozieri to Terra Nova.
Thus, throughout the whole length of the Island, will be
established a comp etc system of railways, bringing into
closer Connexion the respective shores of the Mediterranean.
The most eminent contractors .n this u try hava care-
fully examined the detailed surveys and secot-on of the pro-
jected lines, prepared by the l'evelpeere Enegli neer, and have
offerad to contract for their construcilon at a sum which, after
making prevision for all preliminary and matingent e
PenBeB, Pri I fall within the sinnunt ot capital now proposed
to be raised.
The work ng expenses of railways in Italy and France
rarely ave-age 42 per ei nt of the gross reeeipts. i his Com-
Pliny has stipulated far an allowanee of 5) per eent., to be in-
ereased to 66 2-3 per cent. during the first five years, in ease
the gross receipts do not exceed le.ooo ltre iter kilometre.
On the other hand, the Government have reserved the op-
tion of purchasing the railways, at any time after the exi-
r .tion of 30 years upon payment to the Company of the vase
of to rolling sfocir, &e., and an annuity for the remainder of
the term of 99 years ; such annuity to be not less than the
average net income of the five most productive of the last
seven years, and not less than the net income of the last year
preceding such purehas .. The interest will be payable half-yearly In London, Paris,
Turin, and Gen .a.
Translated copies of the A.ct of the Italian Parliament with
maps of the bland an
ardinla, showing the course of the in-
tended railways, can be insp-cteci at the offices of Messrs.
Birclutat, Dalrymple, Drake, and Ward, 4 \ Parliarnent-street,
S.W. ; and of Messrs. lattledale, Ridley, and Bards ell,
Liverpool.
Brown's-buildings, Exchange,
Forms of application for Shares m tv be obtained from the
Brokers, and a'so at the Ternpo y Offices ot the Company.
In oases where no allotments arc inade tho deposit will be
returned without deduction.
THE ROYAL SARDINIAN RAILWAY CO3IPANY.
• FO RH OF APPLICA TION POit SR-ARES.
To the Directors in England of the Royal Sardinian Railway
Company.

Gentlemen,
Raving paid to your Bankers the sum of £ , I herebggaay
tequest that you will allot me Shares " and Obli-
tions" of Zal ea h "respectively" in the Royal Sardinian
41ailwaY pany, and I hereby agree to accept the said
Shares "and Oligations," or any smaller number that may
be allotted to me, unon the terms of the statutes, to be agreed
upon by You with the Italian Government, and to pay the
r9ler deposit of £2 per Share upon the Shares, " and £ per
Y3lltion upon the Oligations' allotted to me, at such time
and 14 fifth a manner as you m Ay appoint.
I am, Gentlemen,
Name in full
Address in full
Profession or business (if any).—
i‘ k Place of business ',it any)
atir.Plicantm Date
ot,a or shares onl will strike out the words
TILK tisn,:no above form ora' pplcation.
"Y4l,
BASA.RDINIAN RAILWAY COMPANY.
NRERS' RECEIP.r.

Reoviveti of
, 1863.
of the Direot-or
the sum of on account
Company, 6ln Plngland of the Royal Sardinian Railway
£ : .
The above iortom
must, upon the i2b"' aster
eat of th
presented entire Poe t being filed up by the applicant,
,e depf £1 rer share, be
receipt and return it tot4,4nkera.Who will ign and detach the
The svm speciiim to ?he aPplicant.
as may be necessary, will ail9ve receipt, or such portion of it
retained by the Directors on
account of the the full dero.,l
of Shares and £1 per ub Igati,?,f x 3 Per Share on the number
tions which may be allotted to Fin the number of Obliga-
the birect4ie applicant, and will be
lt ,ble to forfeiture by
the residue of such
deposit of £3 and 41 respectively b: iv
not Paid at the lime to
be stated in the notice of allotment.

LUXURIANT WHISKRits, Afoust
aches and
Eyebrows kroduced in a few weeks b ac
ELLIOTT'S TONIC LOTION, the stfrattlatfle the
011:retipo„f
t they may be eon
°' Which are unfailing in their operation. Thoniar:vq,iii
invites a trial from the most sceptical,
a.--ThBoms
vineed of iti idallible power. Price ghat36d.. 68. od.. 10 • cd,
and 21s. Forwarded on receipt of postage stamp
Elliott, bairgrower (first floor), 51, Fenchurch-street. T. E. ' 8
Wigs, XI lON.

IMPERIAL OTTOMAN LOAN OF 1862.
4, BANK BUILDINGS, LOTITRURY.
Holders of Scrip who have not exchanfed the same for the
definitive Bonds are hereby requested to do so with the least
Possible delay, as the First Drawing- of the Bonds for Re-
demption at par will take place in 2rAY this year.

THE ONLY OFFICE WIICSE BONDS AND POLICIES OF
GUARANTEE ARE ACCEPTED BY THE TREASURY, CUS-
TOMS, INLAND REVENUE, GENERAL POST-OPFTCE, 'WAR,
ADMIRALTY, HOME, COLONIkL, INDIA, AND OTHER
GOVERNMENT DEPARTMENTS.
THE EUROPEAN ASSURANCE
SOCIETY.
DIRECTORS IN LON nom.
Henry tvlekham Wickham, Esq., M.P., Chairma7.
John Chce ham, Esq , Stalybridge.
John ield, Esq., Warnford-court, City.
Charles For,ter, Esq., M.l'. for Walsall.
Ilichard Francis George, Esq., Bath.
Henry 11. Harrison, Esq., Harn,lton-place, St. John's-wood.
ho ~as C. Hayward, Esq., Minories and 111.;hbury.
John Hedgins, Esq., Cavendish Club.
Jaime Edward M'connt 11. dish Club
Wolverton.
C. W. Reynolds, Esq., Eaton-place, Belgravia.
Eichar.l Spooner, Esq , late li(r 3lajesty's Commissioner of
Customs, Bombay,
H. Wickham Wickham, Esq., M P. fey Bradford.
Thomas Winkwor:li Esq Gresham Club, and Canoubury.
J. P. Brown.' Westhead, Esq., M.P. for York.
DIRECTORS IN SCOTLAND.
AleXfllldPr ALen, Esq.. of
James Forman, Esq., Advocate, Edinburgh.
Robert hunter, Esq., Manager of the Agra and United Ser-
vice Bank, Edi• burgh.
Pr essor Laycock, M D., F.R.C.P., Univ. rally of Edinburgh.
Thomas Spent. EEdinhnrgli
Donald Cuthb,rt.on, Esq.. Ac,c..untant, Glasgow.
Robert unter, Esq., M.D., Glasgow.
Alexsnder Strathern, Esq., Shenff-Substitute of Lanark-
shire,
John Stewart, Esq., of C'raigie Buckler, Aberdeen.
William Gordon, Esq , Ire 'surer for the City of A berdeen.
Thomas Couper Esq., Manager of the Dundee Shipping
Company.
James Yeaman, Esq., Craigie Miff, Dundee.
Security is provide ' in approved cases for officers of Bank-
ing Commercial Establishments, Publil Companies, Mu-
nicipal Corporations, and for other places of trust,
Life Assurance maybe combined with Guarantee on advan-
tageous terms.
Prospectuses, Perms of Proposal, and every informa'ion
may be obtained from the Chief Offices, 2, Waterloo-place,
Pall-mall, London, and 3g, George-street, Edinburgh.