The Sun.
London, England, 1865-06-13 00:00:00

SOMBRERO ISLAND.

This property is held on lease, granted by Her Majesty,
for a term of 21 years, from the 16th March, 1865, to the
present proprietors, at a fixed rental of .El,OOO per annum,
without royalties, in consideration of the large expenditure
incurred by them in erecting buildings, machinery, and
other works thereon, for the development of the undertak-
ing, and of the great benefit thereby conferred upon the
agricultural interest.
The Island has been worked for the last eight years by
the present proprietors, and upwards of 10,000 tons per
annum of the Phosphate have been sold in the United
Kingdom alone, and large quantities of the article have
also been disposed of on the Continent, and in the United
States.

The average profits on the sale for the last three years
have been £20,000 per annum, which may be considerably
increased by the application of additional Capital.
The quality of this Phosphate is well known, as contain-
ing 75 to 80 per ceht. of Bone Phosphate, and its quantity
is estimated at upwards of a million tons.
The business is fully organised, and in active operation,
and the benefit of existing contracts for the delivery of
nearly 10,000 tons of Phosphate during the next six months
will be transferred with the lease of the property to the
Company; and it is estimated that the profit upon these
contracts will be upwards of £ls,ooo—thus giving a sub-
stantial guarantee for the payment of an early dividend.
Further contracts of an equally profitable nature for deli-
very of upwards of 30,000 tons, during the next six years,
have been entered into, and these contracts will also be
transferred by the present proprietors to the Company.
LOGROSAN (ESTREMADURA) PHOSPHATE.
This property is held on lease from the owner in fee, for
the term of 99 years, from the 16th April, 1863, at moderate.
Royalties. It is situate about 24 miles from Villaneuva,
on the railway from Badajoz to Ciudad Real, where a
station has recently been opened, and uninterrupted rail-
way communication is thereby afforded to the port of
Lisbon. The vein of Phosphate runs for a length of two
miles, and has proved in some places to be 40 feet deep,
and from 7 to 16 feet wide; how much deeper it goes is
not known. One definable space, which has been mea-
sured, contains upwards of 250,000 tons, and this extends
over a comparatively small portion of the surface of the
concession.

The Directors have entered into a provisional contract
to purchase this property subject to a good title, free from
incumbrances, being made by the Vendors to the Company,
and also to the ratification of an agreement on the subject
of the royalties.
The deposit at Logrosan contains from 80 to 90 per cent.
of Phosphate of Lime ; an average quality of 85 per cent.
can therefore be safely calculated upon. At the low price
of ls. per unit, £4 ss. will be its value per ton.
To the Agricultural interest, the further development of
these deposits of Phosphate of Lime is of the greatest im-
portance ; whilst, as a commercial enterprise, the under-
taking promises to be most successful. Tho profit from
Sombrero Island alone can bo confidently estimated to pro-
duce more than 15 per cent. on the capital to be called up
for its purchase and working; and as the development of
the Estremadura quarries proceeds, the Directors anticipate
a largely increased ratio of dividend from that source. The
present undertaking will virtually have a monopoly of the
market, for there are no other similar deposits of equal
magnitude and practical value at present Down; there
will, therefore, be no serious competition.
Organised arrangements already exist with leading firms
in the United Kingdom, on the Continent, and in the
United States, for the sale of the article. The Company
will thus commence its operations with the advantage of
an established connexion, and avoid the trouble, risk, and
expense of forming a new business.
The consumption of Superphosphate, and other Phos-
phatic Manures in the United Kingdom, is estimated at
from 200,000 to 300,000 tons annually, and that quantity
is probably not applied to one-tenth part of the land which
would be benefited by its use.

The purchase-money of the two properties is £250,000,
which the vendors agree to take as follows :—.£35,000 in
debentures, and £90,000 in paid-up shares of the Company,
which shares, for the purposes of dividend, are to rank only
to the extent of the calls from time to time made on the
ordinary shares, until July 1, 1866, after which date, pro-
vided the Campany shall declare a dividend of Ten per
cent. on the Capital then paid up, these shares are to be
entitled to participate in future dividends to the full extent
of their nominal value. The vendors take the remaining'
half of the purchase-money in cash by instalments, without
interest, extending over a period of twelve months.
In order to meet these instalments, and to provide funds
for the due and efficient carrying out of the objects of the
Company, calls will be made as follows :
£5 per Share, being equal to 20 per cent., £1 on appli-
cation, and, £4 payable on allotment.
£5 per Share, being equal to 20 per cent., payable 10th
October, 1865.
£5 per share, being equal to 20 per cent., payable 10th
February, 186.6.
£2 10s. per Share, being equal to 10 per cent., payable
10th June, 1866.
It is not anticipated that any further Calls will be re-
quired. Subscribers will have the option of paying the
above calls ih, advance, or of paying the whole £45 in full,
and on such payments 6 per cent. interest ;per annum will
be allowed, from time of payment.
Applications for shares may be forwarded to the bankers
of the Company, with the deposit of £1 per share. If the
number of shares allotted be less than the number applied
for, the deposit paid will, so far as necessary, be credited
towards the payment due on allotment. Should no allot-
ment be made the deposit will be returned in full.
The articles of association, leases, plans, reports, and
valuations, with analyses of the respective products, may
be inspected at the Office of the Solicitors.
Prospectuses and forms of application for shares may be
obtained of the Brokers, Bankeri, Solicitors, and at the
Tempaaq ()Moog of thy 09rapany.