The Sun.
London, England, 1865-05-23 00:00:00

The NATIONAL BANK is authorised to roceivo SUB-
SCRIPTIONS for the SHARES of the PERUVIAN
RAILWAYS COMPANY, on the terms of the follow-
ing Prospectus.
PERUVIAN RAILWAYS COMPANY
(Limited).
With Peruvian Government Guarantee of Interest at tho
rate of £7 per cent. per annum, as hereinafter set forth,
on a

Total Capital of £3,340,000.
Present Issue—£l,67o,ooo, in 66,800 Shares of £25 each.
Deposit £1 per Share on Application, and £2 per Share on
Allotment.

Future Calls of £2los. per Share will be made at intervals

of not less than three months between each Call.

Seven per cent. per annum will be paid during the con-
struction, and is guaranteed by the International Con-
tract Company (Limited).

DIRECTORS.

William Latham Bailey, Esq. (Bailey Brothers and Co.),
Liverpool.
Wm. Carte; Esq. (Joseph Robinson and Co.). Laurence
Pountney-hill.
John Ennis, Esq., M.P., Director of the Bank of Ireland.

P. S. Fletcher, Esq. (Alexander Fletcher and Co.), 10,
King's Arms-yard.
S. G. Getty, Esq., M.P. for Belfast, Onslow-square.
W. R. liindsajt...EN. (Messrs. H. H. Vivian and Co.),
Birmingham.
S. L. Koe, Esq., Bowling Ironworks, Bradford.
Albert Ricard ,o Esq., Angel-court, Throgmorton-atreot,
Director of the National Bank.
Robert Simpson, Esq. (Frederick Levick and Co.),
Charlotte-row, and Cwm Celyn Ironworks.

BANKERS.
London—The National Bank.

Liverpool—The National Bank of Liverpool.
Manchester—The Manchester and Liverpool District Bank.
Ireland—The Bank of Ireland, and its Branches.
The Branches of the National Bank.
CONTRACTORS.
The International Contract Company (Limited).

ENGINEERS.
Georgo Parker Bidder, Beq., C.E.
John Mortimer Heppel, Es.q, C.E.
SOLICITORS.

Messrs. Bircham, Drake, and Co., Parliamont-

street.
Messrs. Baxter, Rose, Norton, aid Co., Victoria-street.

BROKERS.

London :—Measrs. P. Cazenovo and Co., Throadnoodlo-

street.
Messrs. Seymour and Co., Throgmorton-street.
Liverpool :—Messrs. Thomas Tinley and Sons.
Manchester :—Messrs. Warner and Page, Stamp Office-

buildings.
Dublin:—Edward Fox, Esq., Dame-street.

SECRETARY.
B. A. Smith, Esq.
OFFICES.
85, Cannon-street West, E.O.

This Company is formed for the construction and work-
ing of two lines of railway in Peru—one to connect the
seaport of Pisco with the town of Yca ; the other to con-
nect the city of Arequipa with tho port of Mejia.
For the construction of these railways the Government
of Peru have granted special concessions, and a guarantee
of income, which would appear exorbitant, if it were not
that the statistics of the existing traffic have satisfied the
Peruvian Government that the railways, when at work,
will yield returns which will not only relieve the Govern-
ment of the charge for their guarantee, but far exceed the
sum required for that purpose.
The Peruvian Government guarantees for the period of
twenty-five years L-or until the railways have produced
over and above the cost and provision for repair, renova-
tion, and maintenance for the space of two consecutive
years, dividends at the rate of 7 per cent. per annum—
an income of £233,800 per annum, charged upon the public
revenues of the State, and further secured by hypotheca-
tion of the guano shipped to European States. The con-
cessions for the railways contain the
.usual provision for
reimbursing to the Government(out of any surplus exceed-
ing a 10 per cent. per annum dividend to the shareholders)
such sums, if any, as may have been paid by them to cover
their guarantee.
The concessions of these lines of railway from the Go-
vernment of Peru is for a period of 99 years from the open-
ing of the railways. A sufficient sum will be set apart to
form a sinking fund for the redemption of the whole capi-
tal, at a premium of £lOO per cent., to be operative yearly
after the first 20 years of the working of the railways. The
shares so redeemed to be altogether cancelled, and the divi-
dends which would otherwise be payable on such share to
accrue to and form part of the sinking fund. After the first
50 years the price at which shares shall be redeemed and
cancelled shall be regulated at such higher or other price
than £lOO per cent. premium as the state of the sinking
fund shall warrant.
When it is borne in mind that the Peruvian Govern-
ment Loan, bearing per cent. per annum interest, pre-
viously borrowed on the same security, is rapidly in course
of extinction, it will be quite evident that, irrespective of
the prospect of a much higher rate of dividend being
realised from the working of the railways, the nature of tho
security should obtain a ready market for the shares of the
Company.
The prospects of revenue from the working of the rail-
ways are, however, so great as to render the Government
guarantee (in other respects so important) a feature of but
secondary, consideration.
The Republic of Peru has a seaboard of nearly 1,600
miles, and an area of about 50,000 square miles. There is,
perhaps, no country in the world in which the elements of
commercial prosperity are more complete. The mineral
products of all kinds with which its interior provinces
abound, combined with its long stretch of coast, give it an
almost unrivalled facility for the development of commerce
on the most extensive scale. To this development one
obstacle—and one alone—exists ; the want of propermeans
of communication between the ports and the interior coun-

trY•
In spite of this obstacle the large existing trade of the
Republic is proved by its Custom returns ; and that under-
takings, having for their object the remedy for this defect,
are likely to be remunerative, is shown by the working of
the Callao and Lima Railway, which now pays dividends
at a rate approaching £3O per cent. per annum on the ori-
ginal 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 14 miles.
The construction of the railways to be undertaken by
this Company will establish communication between im-
portant centres of commerce in the interior and the proper
ports on the sea coast.
The line from Mejia to Arequipa is laid out to servo the
traffic which at present takes the route from the latter city
to the port of Islay, a route whioh forms the main channel
of communication from tho coast to the districts of Are-
quipa, Puno, and Cuzco, and the northern portion of
Bolivia.
The connection with the last mentioned State is impor-
tant, as the establishment of a system of railways suitable
to its own wants is now a subject of serious attention. The
railway now proposed would form one of the main outlets
of any such system to the coast of the Pacific, a circum-
stance which alone must secure it a considerable additional
traffic of the most remunerative description.
The railway from Pisco to Yca is proposed to be con-
structed under conditions analogous to those of the Callao
and Lima, line already referred to.
From the easy character of the line, and a large existing
traffic in the district to be traversed, it is evident that the net
revenue must greatly exceed the guaranteed amount.
The lengths of the proposed linos are as follows :
Mejia to Arequipa
Pisco to Yea 46 miles.

Total 136 miles.
A contract for the construction of the lines has boon
entered into with the International Contract Company
(Limited), according to the estimates of G. P. Bidder, Esq.,
C.E., and J. M. Ffeppel, Esq., C.E. •
In accordance with the terms of each concession the Com-
pany will be converted into a Socidt6 Anonyme with shares
to bearer, or, if necessary, into two Socidtes Anonymes.
The capital of the Socidte Anonyms, or Sociit6s
Ano-
nymes,will be £3,340,000—t0 be issued in shares andbonds.
The present Company has been formed as a Limited.
Liability Company, the shares in which will be exchange-
able for shares of a like denomination in the Soci6t6
Anonyms.
Copies of the Articles of Association, of the Contract, and
of the Acts of Concession, with translations, are open, at
the offices of tho Company, for inspection by parties desi-
rous to become subscribers, so that they may make them-
selves acquainted with all the provisions and conditions of
such concessions.
The deposit paid on application for shares will bo for-
feited and the allotment cancelled in cases where the fur-
ther payment on allotment is duly made in accordance with
the terms of the allotment letter. _ _ _

Applications for shares must bo made in the annexed
form, addressed to the Directors ; but no application will
bo considered unless accompanied by the receipt of one of
the Bankemof the Company for £1 per share on the num-
ber of shares applied for. This sum will bo returned in the
event of the application not being acceded to.
Forms of Application for Shares and Prospectuses may
be had at—
The National Bank, London ;
The National Bank of Liverpool ;
The Bank of Ireland, and its several branches, Ireland;
The Branches of the National Bank, Ireland ;
At the Offices of the Brokers of the Company ' • and
At the Offices of the International Contract Company,
85, Cannon-street, West, London, E.O.

FORM OF APPLICATION FOR SHARES.
(To be left with the Bankers.)
PERUVIAN RAILWAYS COMPANY (LIMITED

No.
To the Directors of the Peruvian Railways Company
(Limited).
_

Gentlemen,
Having paid. to the Bank the sum of
, being £1 por Share on Shares, I
request you to allot me Shares of £25 each
in the Peruvian Railways Company (Limited), in con-
formity with the Prospectus issued by you, and I hereby
agree to become a member of the Company, subject to its
Articles of Association and Regulations, and to accept such
Shares, or any less number that may be allotted to me, and
to pay the further sum due on allotment thereof, and I re-
quest that my name may be placed on the Register of Mem-
bore in respect of the Shares allotted to me.
I am, Gentlemen, your obedient servant,
Name in full
. Address in full
Reference
Date 4111111 00000 mummetissis