The Sun.
London, England, 1865-11-25 00:00:00

BROKERS.

Messrs. Partridge and. Greenfield, 21, Throgmorten-street.
Messrs Price and Derot, 54, Threadneedle-street.

AUDITORS.
Messrs. Johnstone, Cooper, Wintle, and Evans, Coleman-
street-buildings.
SECRETARY.
J. F. O'Brien, Esq.
TEMPORARY OFFICES.

No. 1, Royal Exchange-buildings, London.
This Company is formed for the purpose of executing
Public Works in Naples, and will commence operations by
constructing a Boulevard, upwards of a mile in length and
80 feet wide, connecting the centre of the city, the Royal
Palace, and the Government buildings with the Chiaja, and
Corso Victor Emanuel, the chief carriage drive of the
Neapolitan people. The entire project is shown on the
accompanying plan, where the portion coloured red indi-
cates the first section of the works, and that coloured blue
(for which plans are now being prepared, and arrange-
ments are in progress with the Municipality) is marked out
to be subsequently proceeded with.

Naple% the thh:d city in Europe, contains about 600,000
inhabitants, and is rapidly increasing in population and
commercial development. It is the port and centre of a
population numbering nearly 2,000,000 souls, dwelling
within a radius of twenty miles, and is much frequented
by foreigners from all parts of the world, both for tempo-
rary and permanent residence.

A tender for this work was made to the Municipality of
Naples, in accordance with a decree of expropriation, and
having been accepted by them, and approved in due form
by the prefect, on behalf of the Government of Italy, the
requisite compulsory powers are thus secured for the pur-
chase and expropriation of the necessary land in fee-simple
for the intended object, without delay of other legal forma-
lities. The Municipality of Naples upon accepting this
tender required the usual deposit of caution money, which
the concessionaire has accordingly paid.
The Municipality contributes a subsidy of 1,800,000 f.,
progressively as the works proceed,
Contractors have undertaken to purchase all the land
necessary and to complete the construction of the new
thoroughfare in the style of the edifices lately erected on
the,new Boulevards of Paris, including the formation of the
road, paving, and works of drainage, &c. The new houses
aro to be 20 metres high (65 feet), and the total cost for
houses, land, &c., amounts 'to 620 f. (.£24165.) per square
metre of the area built upon.
The contractors relying upon the success of the under-
taking have accepted these terms, and they look for their
remuneration out of a portion of the surplus profits after
repayment of capital, interests, and all other expenses.
This remuneration has been fixed at one-fourth of the
realised profits ; the remaining three-fourths being divisible
among the Shareholders.
. .

From a report published by the Muncipality of Naples in
1862 on the value of house property there, and from the
increase of value since that date, which is estimated by
experienced residents at upwards of 30 per cent., the reve-
nue from rentals would be calculated to yield at least 10
per cent. per annum on the cost of construction.
The value of house property in Naples is reported to
vary, according to locality, between twenty to twenty-five
years' purchase, houses in the Via Toledo. being valued at
twenty-five years', those in the Chiaja district, and in the
Vicinity of the new street, at twenty years' purchase. When
the proposed Boulevard is opened into the Toledo it is be-
lieved that these houses will command an equal if not a
higher price than those in the Toledo. Taking the value,
however, at an average of only twenty years' purchase,
each square metro yielding a minimum rental of sixty-five
francs, or over 10 per cent. on a cost of 620 francs (£24 165.),
would attain a selling value of 1,300 francs (£52).
There is alarge and increasing demand for house accom-
modation in Naples, and house property being the favourite
investment of the Neapolitan people, immediately houses
are completed they find ready purchasers. Indeed, in many
cases, contracts for sale can be made in anticipation of
their completion.

andl
sales,
share After
o of
aaa
taking
nmt
attendant
lot
place
acdexaaer
during
uou
circumstances,
en,ooxgoa: mtt
hoi
together
pttrhi ooe ngr r
with
fts
progress
ithsoh f
the
ha epl
theerr
returns
swtaeutnoer
nrtdi
csthat
project
h,
fromaw t l
al
be sufficient to work out the entire concession. And the
calculation, founded upon the above stated rates, exhibits
as a result—within the term of eight years to be occupied
in completing this enterprise—returns, from the disposal
of successive portions of the estate, which promise to fur-
nish at least X5OO in the aggregate of bonuses upon every
subscription of .£loo—exclusively of the entire repayment
of the capital, or, in other words, a capital profit of 500
per cent. ; with intervening interest at the rates of 5 per
cent., 6 per cent., and 10 per cont. as described.
The Report of Mr. Burges, the Architect, of London,
who was especially deputed to make investigations on.the
spot, is referred to in corroboration of the foregoing state-
ments.
A provisional contract has been entered into for the
transfer of this Concession to the Company for the sum of
£50,000 as the consideration for such transfer.
The Company, under their Articles, adopt and confirm
the agreements and contracts, and the Directors are en-
joined to carry out the same, to repay the caution-moneys,
discharge the considerations as agreed, and to pay the
various expenses and commissions incurred to constitute
the Company. The Company indemnify the first contractors
in the usual manner, and the Financial Agency Commis-
sion is fixed not to exceed two per cent., to cover and in-
clude commissions for acceptance upon bank credits
required.
ga g Directorsm e n ;
t 8
Power is reserved in the Memorandum and Articles of
Association, which can be seen at the Temporary Offices
fao
ofs
ra theout ohetCompany,ro public
purchase
w foroor
ksr theled ae
seem Boardpedr
em to
spromisingesenter
ffor
r intoy
the cn
improvements or
use, and to create and issue redeemable Debenture Bonds
and Deposit Notes, in proportion to the progress of the
of Seri Corti-
cwoomrkpls,etaenddfrtoomthteimeextteouttimofe. one-half of the value of works
The right is hereby reserved to allottees p
ficates to pay up the full nominal value thereof so that they
be convertible into fully paid shares.
Eon which no allotments are made will be re-
turned oisnful
informationandßcoayna beE xocbhtaa zed- b u frol
dm-
obtained from the Brokers and Solicitors.
ilnigePsssro,rassnideCcelteounpscieeh'ssaoSnfmdtihathile Articles of Association may also be ,

DEFRIES and SONS
tfr • supply Merchants with Pattern Books Free.