The Sun.
London, England, 1865-09-19 00:00:00

AGENTS.

In London—Messrs. J. Henry Schroder and Co.
In Havana—The Bank of Commerce, Francis Fesser,
Esq., Manager.

This Company was formed in 1857, obtained its conces-
sion the same year, and in 1861 the main road was com-
pleted from Regla, in the Bay of Havana, to Matanzas, a
distance of 54 miles.

Since then branch lines of considerable value have been
constructed.

The cost of construction to this date is £1,056,000 ; of
this sum £448,000 was raised upon shares subscribed in tho

£250,000 was raised in London, in 1861, by a first mort-
gage loan, bearing 7 per cent. interest, and repayable by
the operation of a sinking of £25,000 per annum, com-
mencing 1867, which will redeem the entire loan in 1876.
£lOO,OOO was similarly raised in 1863 for the construction
of two branch roads, secured by a second mortgage on the
road, and guaranteed by the Bank of Commerce, repayable
by the operation of a sinking fund of £4,000 per annum,
commencing in 1873.

A considerable portion of the remainder of the capital
has been supplied from time to time out of the earnings of
the road.

The results of the undertaking have been very satisfac-
tory, and show the following returns :--
1862 Gross receipts £100,700
1863 ,,
1864 143,000
And 1865 gross receipts I/
from January to June £93,000
Against same period, 1864 82,000
The Bay of Havana and Matanzas Railroad Company
has now effected the purchase of the Coliseo Railroad,
running from Matanzas to Bemba, a distance of 35 miles, a
very valuable road, and of immense importance to the Bay
of Havana and Matanzas Company, inasmuch as it is in
direct junction with that road at Matanzas, traversing a
district rich in sugar produce; and being connected at
Bemba with the Cardenas and Jucaro Railroad, becomes a
section of the central road of the island, which will very
shortly reach Villa Clara by the completion of the Car-
denas and jucaro Railroad.

The returns of the traffic of the Coliseo Railroad are as
follows :

1860 Gross receipts £49,100
1862
1864
And the returns of 1865, from Jan. to 20th May...£49,000
Against 1864, same time 45,000
To complete this purchase, the Bay of Havana and
Matanzas Company desire to raise a loan in London of
£400,000, bearing interest at 7 per cent. per annum, pay-
able half-yearly in London.
As security for this loan, the Bay of Havana and Matan-
zas Railroad Company will effect a first mortgage on the
Coliseo Railroad, its rolling stock, appurtenances, and all
properties ' • and also a mortgage on the Bay of Havana and
Matanzas Railroad and its branches, subject only to the
existing mortgages of £350,000, of which the first mort-
gage of £250,000 will be paid off entirely in 1876, by the
operation of the sinking fund which commences in 1867.
The property thus mortgaged is as follows :
The Coliseo Railroad to be purchased out of the proceeds
of this loan, producing a gross revenue in 1864 of £71,200.
The Bay of Havana and Matanzas Railroad and its
branches, costing £1,056,000, producing a gross revenue in
1864 of £143,000 (subject only to the above-mentioned
mortgages).
It will be noticed that the revenue of the Bay of Havana
and Matanzas, as well as that of the Coliseo Railroad, has
for some years been steadily increasing at the rate of 20 per
cent. per annum, and it is beyond a doubt that the amalga-
mation of the two roads, by a natural increase of traffic and
a large saving of expenditure in the administration, will
produce a far larger revenue, and may be fairly estimated
for the coming year at £250,000 gross, or fully £lOO,OOO
net revenue.

For the repayment of this loan a sinking fund is ar-
ranged for, whereby £20,000 is to be paid off annually,
either by the purchase of bonds or public drawing, its ope-
ration to commence in 1877, by which time the first mort-
gage loan of £250,000 will be entirely redeemed.
The Bonds will be issued in sums of £lOO, and bear in-
terest coupons, payable 10th June and 10th December, at
the counting-house of Messrs. J. Henry Schroder and Co.
The first coupon will be payable 10th June next.
Tho subscription price is 90 per cent., payable as fol-
lows :
£5 on application.

25 on allotment.
80 on 10th November.
£3O Os
Less 0 14s interest at 7 per cent. per annum upon
previous instalments.
29 6s on 10th December.

Interest at 5 per cent. per annum will be allowed for pre-
payment of any of the instalments.
Application for an allotment to be made to
Messrs. J. HENRY SCHRODER and Co.,
145, Leadenhall-street ;
or to the Brokers—
Messrs. LAURENCE, SON, and PEARCE.
No. 7, Angel-court, Throgmorton-street.
145, Leadenhall-street, London, Sept. 7, 1865.