The Sun.
London, England, 1865-11-29 00:00:00

Messrs. CLENCH, SMITH, and Co. are instructed to re-
ceive APPLICATIONS for SCRIP CERTIFICATES
in the
NAPLES PUBLIC WORKS COMPANY
(Limited).
Incorporated under " The Companies Act, 1862," by which
the Liability of each Shareholder is limited to the
amount of his Shares.
Capital, £1,200,000, First Issue, £600,000, with power to
increase.
In 6,000 Provisional Scrip Certificates to Bearer, of £lOO
each, of which £3 must be paid on Application, and a
further sum of £7 on Allotment; each of such Scrip Cer-
tificates being divisible into five Sharo Certificates of
£2O each, upon their being called up' and paid thereon
the proportion of 20 per cent. of the nominal value.
Interest on all Calls duly paid by Shareholders during the
first two years of construction, at the rate of 6 per cent.
per annum, or at 7 per cent. if fully paid up. After the
first two years the rentals, then constituting the Share-
holders' revenue, aro estimated to yield 10 per cent., irre-
spectively of bonuses from sales.
The £lOO Provisional Scrip Certificates may be exchanged,
with the consent of the Company, for Debenture Bonds,
redeemable in five and seven years, to bear 8 per cent.
interest.

DIRECTORS.
G. A. F. Cavendish Bentinck, Esq., M.P.
Thomas Bradshaw, Esq., Director of the English Joint-
Stock Bank.
John Brown, Esq., Culvers Hadham, Herts.
Captain Windsor Cary Elwes, Guards' Club, Pall-mall.
Chevalier Annibal Giletta, Naples.
R. E. Barrett Lennard, Esq., Reform Club, Pall-mall.
Angus Mackenzie, Esq., Gresham-house, Old Broad-
street.
Sir Thomas Parkyns, Bart., 9, Gloucester-square.
R. A. Routh. Esq., 36, Cavendish-square.
Major-General Tromonheore, Director London and
South African Bank.

ARCHITECT.
Wm. Burges, Esq.,
SOLICITORS.
Messrs. Solo, Turners, and Co., Aldormanbury.
BANKERS.
Agra and Mastorman's Bank, Nicholas-lano.
BROKERS.

Messrs. Partridge and Greenfiold, 21, Throgmorton-street.
Messrs Price and Devilt, 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.
Naples, the third 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 1,800,0001.,
progressively as the works proceed,
Contractors have undertaken to purchase all the land
necessary and to complete the construction of the now
thoroughfare in the style of the edifices lately erected on
the now 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. (£21165.) 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 Fortion 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 cont. 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 tho new street, at twenty years' purchase. When
the proposed Boulevard is opened into tho 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 year purchase,
each square metre yielding a minimum rental of sixty-five
francs, or over 10 per cont. on a cost of 620 francs (£24165.),
would attain a selling value of 1,300 francs (X 52).
There is a large 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. _ _

After a.most careful examination of the present project
and of all attendant circumstances, it is calculated that a
share capital of £600,000, together with the returns from
sales, taking place during the progress of the works, will
be sufficient to work out the entire concession. And the
calculation, founded upon the above stated rates, exhibits
as a result—within the term cf 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 £5OO 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 cent. 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.
Power is reserved in the Memorandum and Articles of
Association, which can be seen at the Temporary Offices
of the Company, for the Board to enter into engagements
for other public works deemed promising by the Directors ;
as also to purchase or lease premises for improvements or
use, and to create and issue redeemable Debenture Bonds
and Deposit Notes, in proportion to the progress of the
works, and to the extent of one-half of the value of works
completed from time to time. •
The right is hereby reserved to allottees of Scrip Certi-
ficates to pay up the full nominal value thereof so that they
be convertible into fully paid shares.
Deposits upon which no allotments aro made will be re-
turned in full.

Prospectuses and all information can be obtained from
Messrs. Clench, Smith, and Co., 1, Royal Exchange-build-
jogs, and copies of the Articles of Association may also be.
obtained from the Brokers and Solicitors.

THE NAPLES PUBLIC WORKS COMPANY
(Limited).
Capital, £1,200,000. First issue, £600,000.
FORM OF APPLICATION.

To the Directors of the Naples Public Works Company
(limited), per Messrs. Clench, Smith, and Co., 1, Royal
Exchange-buildings, London.
Gentlemen,—
Having paid to the Bankers of your Company the sum
of £ for your Company's credit, I request you to
allot me ' Scrip Certificates of £lOO each in the
said Company. And I hereby agree to accept such Scrip
or any less amount that may be allotted to me, and also to
pay the further sum of £7 for every such Certificate when
allotted to me ; and I agree also, subsequently to accept,
in lieu of such Scrip Certificate of £lOO, five Share Certifi-
cates of £2O each, and to hold or transfer such Scrip or
Share Certificates, subject to the provisions of the Articles
of Association of your said Company, on the Register of
which you may inscribe my name as a Member in case of
allotment.

Name in full
Address

Profession or Condition
Date
*.* This portion will be retained by the Banker.