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

PROSPECTUS.

The present object is to offer for public Subscription the
rat half of the A Stock-of the Metropolitan Extension
Itallways of the London; Chatham, and Dover Company,
'lllounting to £1,212,000; which, with the £1,213,000 to be
li!alled only as fully paid-up Stock, at not less a price than
;:10 por cont. increase on the present price of issue, or ear-
ner than twelve months hence, completes the amount of_
42,125,000, the total amonnts4 that Stock-
' Pull details of the labs and their present position are
Riven at length in the statement annexed, which, with the
flaps attached, show the routes of these lines and those in
connexion.
In considering this Stock as an investment, the principal
Points for consideration are, first, the amount of Stock to
Pay dividend upon ; secondly, the probable receipts ;
thirdly, the minimum dividend per cent. to yield a fair
return on the price of issue.
The capital of the Metropolitan Extension Railways is
constituted as follows, viz.:—
Debentures £1,433,300
13 Stock, entitled to 6 per cent. Preference
C Stock, entitled to 6 percent. Preference afterß 1,050,000
A Stock (present Issue) ntitled to remainder
For future Issue as fully of Profits £1,212,000 2,425,000
paid-up Stock up to 6p. ct. 1,213,000

£5,733,000

Tho total mileage is about 14 miles.
....
The traffic on the Metropolitan Railway(Underground)
average of
has amounted since Ist January, 1865, to an.
£673 per mile per week, which is, moreover increasing,dailya.nteg
and at present arises from metropolitan passengers,
. Inn
amount only of through traffic, and 110 goods being as yet
carried on this line.
....When it is considered that the Pre
k• tropolitan Extension Railways inLse London, raffidotn,Cc on the
Chatham,
d
an Dover Company is conducted over only two linos of
Iva y, and with an inadequate amount of rolling stock, also
that it is still unfinished,
be observed that the
and that the portion at work has
poly recent, tl been opened, it will
Present receipts afford no reliable data upon which to form
an estimate of the probable traffic.
To fix t
Petent j
the enormous
he amount at anything like what is felt by com-
udges will be the actual result when .
41/Re that the junctions with the Metropolitan (Under-
ond), the Great Northern, the Midland, the Great
°stern, the West London Extension, the South W stern,
and the North Western,
the
ceusidered an exaggeration by those inexperienced in
_e
will bring on the lines, mighte be
Wonderful elasticity of metropolitan and suburban traffic.
t It is therefore thought better not to estimate the probable
Irtafac higher than the average of the milea
vetropolitall
Chatham,
, (Underground) Railway, as above mentioned,o_
go receipts.ofthe
ae.lz„l 4,6„'3 Per mile per week. This multiplied by the m 1
ago of Metropolitan Extension Lines of the London,
turn of and Dever Railway Company would give a re-
-4489911 per annum. Fromsup_smalla..bet liberal
at; acted 40 per cent. for working charges, which ii
cesstrato. The net results from
Trted therefore at £293,966 per annum. . alike
:inthe arran passengers only may be
from iarg,
.° goods traffic, which these lines will enjoystations
as
I the auniira,ble position and number of the
gements made for working the traffic, will
certainly augment the receiptS by at least £lo,oootnent pe-
bentben,r° ; wllich, in that case, after payin6 inter?spaoof
m'
on the 13 and C Stocks, would yield a dividend.
"riper c°nt. on the whole of the £2,425,000 A Stock (in-
0-firtodiug the present issue), which, at the price it is now
Triiced at,. would be equal to 10 per cent. per annum.
used Price at which the A Stock is now off.ere. d must be
- ed
half °red most advantageous to tho investoi if
increased
one
reof this result is attained ; when, however, the ieas bartipts would permit a dividend of 5 per cent., the Stocka
profit
certarnly rise to par, which would practically
issue.
It 15 11PWardS of 47 per cent. above the Pricettie isabov'e
A gti 3 considered that results approaching
stead
"ea Will be reached in lesi than two years, and that a
Arr Y finer be
may
S. Mor-
t,ilalt,gements have therefore been made with Sirr
inte-
be further looked for from that. time.
rest etc., Dart., Botts, and Crampton, to guaranteeat the
eto
of
from Ist January, 1865, until Ist July, 1867,
vrhi ,ha Per cent. per annum on the amount paid up, by
ke ~-, latter date it is confidently believed the intrin
4,1 a of the whole system willhave developodthemselvos.
et th 9 belief enter' ained as to the augmentation in value
ketrole,, ttecic, when it is considered that the lines possess , trfary,eittan termini as well as metropolitan and suburbaani! 1 stoeo rbOrtle out by the relative pi:ces of the shares
_nd-
der„ ofti Great Northern and of the Metropolitan pg
theic°'ind) Railway Company, before they had finished
Th"°B and afterwards, v,z.— ° Great Northern A Stock was in October, 1853,
ri.2t9,d in the Stock Exchange List at £54 per £lOO
.1411 ""ye'r, it is now worth £145, or 91 per cent. increase,
value,
186 etropolita (Underground) Railway was in April,
h%" only four years ago, quoted in the Stock Et-
ext..-n,ge List at equal to £54 per £lOO Stock; itnow is
fs.„°tlll £135, or £Bl per cent. increase in value ; these
FenrtsPeak for themsves to tho prospects of the
,The ~,Z novr offered farsubscription.
~,,‘°' $.40 (;,,,--ee,of subscription is fixed at £2l per certificate
t'Vrae' ;lea' to 452 10s. per £lOO stock, and the periods of
-IL are 48 under :
£1- Per Certificate on Application.
4
4 ~ Allotment.
4 ~ Ist September, 1865.
4 II Ist December, 1865.
4 77 Ist March,lB66.
lst June, 1866.
•......... 77
421
:A•11 calls •
' .
liable to fBre-,,74. duly will render previous payments
certificate° -,-„,'"ar_,e. When the whole amount of £2l per
will name of the then holder thereof.
.n
traTiltfe°rro tined into f'"11,3440 Stock for each certificate will be
akount of
11111 on il':
corkt at thepaywiTolle
further reduceliri.lent (entitling them to interest 9.1? t.h.tend
die_
of issue from Ist January, bb
Prepame t rate of 6 per cent per annum willBbe)ailOwed on
of instalnients. Those two allowances would
per cent.
In the the Price of issue by about £2 16s.
*hi. allotment, those applications tho whc.de e
.astain.
140,,v, is intended by applicants to be paid in on 1
'.‘ on allotment will be first considered.
4ce.o-11-P.plications must be made on the Forms annexed, and
t which
4° ai-ul?l'sied bY PaYment of £1 per share then-
brs. Glyn,
ti can be considered) to any of underme
Tehdel3ankers
..._
Mess ondon and County Bank.
liills, Currie, and Co.
the Agra and Masterman's Bank (Limited).
rtis..Bl. Smith, Payne, and Smiths.
1/1 Ireland.
hi
Bank,
Thrm• London, Dublin, and its Branches
131741 h National Bank of Scotland, Edinburgh, and its
leetlies lu Scotland. • .
faid ill event of no allotment being made, the Deposit
ess are 111 be returned forthwith without deduction ;. and if
the el allotted than the number of certificates applied for
allot ta Will be applied towards the amount payable on
1, Ment on the number so allotted.
l'adre°BNetnees, with Maps, Plans, &c., may be had of the
kenuentioned Stockbrokers :
Messrs iaurence, Son, and Pearce, 9, Angel-court, E.C.
, keR-;,,'s• o• and A. Scrimgeour, 10, Old Broad-street. . kgs. --p."',B. linight, Dale, and Co., 1, Royal Exchange-build-
ofx jr;.ted (Alfred Lowe, Esq., Secretary),
land; -"in:. and of Credit Fonder and Mobilier of MlK-
the eV; 17 and 18, Cornhill, London • and at the Offices of
at their
E.,Teadoe, Chatham, and Dover Railway ilway Company (YK
FAR
-°ll, Esq., Secretary), Victoria Station, Pimlico, S.W.
u.
-- op A.PPPICATION FOR SHARES TO BE
)212,000 A
To the Directors
UP BY INSTALMENTS. . .
'e Directors of the Credit Foncier and Mobiber of
1 England (Limited).
iva Stock of the Metropolitan Extension Rail-
lly.
Ya of Pa the London, Chatham, and Dover Railway Com-
li
It . Gentlemen,
heinan,,g Paid to the* Bank, the sum of .re ' '-'1- Per Scrip Certificate on Scrip Certificates,
a", quest you to allot me Scrip Certificates of the
NrZe Stock, in conformity with the Prospectus issued by
less iland 1 hereby agree to accept such Certificates, or any
ther umber that may be allotted to me, and to pay the fur-
the Th.,•81111, el --4 per Certificate due on allotment thereof, and
--'''''ouents when due.
I am, Gentlemen, your obedient Servant,
Name in full ~.
Usual signature
Date May, 1865. Address in full

Or
tins FORM OP APPLICATION to be USED b
1 -''''''4
AuPPLICI
ONE INSTALMENT
desirous of PAYING the BALANCi
INSTALMENT on ALLOTMENT.
To the Directors of the Credit Foncier and Mehllier of
el 219 England (Limited).
' ---1000 A Stock of the Metropolitan Extension Railways
of the London, Chatham, and Dover Railway Company.
. Gentlemen,
beingvmg paid to the* Bank the sum of £
t 1 per Scrip Certificate en
eater; I r Scrip Certifi-
er the ,equest you to allot me Scrip Certificates
by auuve Stock in conformity with the prospectus issued
an'‘,Y)ll, and I hereby agree to accept such Certificates, or
fli-t.."thieon number that may be allotted to me, and to pay tn
--er 6'-''4 of £2O per Certificate due on allotment thereof
' am, Gentlemen, your obedient servant, '
Name in full
Usual Signature
Address

Date ' May, 1865,

* Insert Bankers' Name.

William Latham Bailey, Esq. (Bailey Brothers and Co.),
Liverpool.
Wm. Carter, 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. Lindsay, Esq. (Messrs. H. H. Vivian and Co.),
Birmingham.
S. L. Koc, Esq., Bowling Ironworks, Bradford.
Albert Ricardo, Esq., Angel-court, Throgmorton-street,
Director of the National Bank.
Robert Simpson, Esq. (Frederick Lovick 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.
George Parker Bidder, Esq., C.E.
John Mortimer Heppel, Es.q, C.E.
•
SOLICITORS.

Messrs. Bircham, Dalrymple, Drako, and Co., Parliament-

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

BROKERS.

London :—Messrs. P. Cazonove and Co., Threadnoodlo-

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

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

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

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 Yea ; the other to con-
nect the city of Arequipa with the 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—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. Tho 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 wilt 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. Tho
shares so redeemed to be altogether cancelled, and the divi-
dends which would other Wise be payable on such shares 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 4/ per cent. per annum interest, pre-
viously borrowed on the same security, is rapidly in course
of extinction, it will bo 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 the
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 Pero 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 ono alone—exists ; the want of propermeans
of communication between the ports and the interior coun-
try.
In site 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 Groat 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 serve the
traffic which at present takes the route from the latter city
to the port of Islay, a route which forms the main channel
of communication from the 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 Yea 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 2 and a. large existing
traffic in the district to be traversed, it is evident that the net
revenue must greatly exceed the guaranteed amount.
Tho lengths of the proposed lines 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.,
aE., and J. M. Heppel, Esq., C.E.
In accordance with the terms of each concession the Com-
pany will be converted into a Soci6t6 Anonyme with shares
to bearer, or, if necessary, into two Soda& Anonymes.
The capital of the Soci6te Anonyme, or Soda& 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
Anonym).
Copies of the Articles of Association, of the Contract, and
of the Acts of Concession, with translations, are open, at
the offices of the 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 be for-
feited and the allotment cancelled in cases where tho fur-
ther payment on allotment is duly made in accordance with
tho terms of the allotment letter.

Applications for shares must be made in the annexed
form, addressed to the Directors ; but no application will
be considered unless accompanied by the receipt of one of
the Bankers of the Company for .£1 per share on the num-
ber of shares applied for. This sum will be 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 tho International Contract Company,
85, Cannon-street, West, London, E.C.

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 per Share on Shares, I
request you to allot mo 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-
bers in respect of the Shares allotted to me.
I am, Gentlemen, your obedient servant,
Name in full
Address in full
Reference
Date_ntfiffis4l.M 4444444444 Mit

Demy Bvo , price 25.,
ZOIL ISM: An Essay toward Pathological
Analysis. An Eclogue for Eventide. By JOHN
YOYER, Author of "St. Thomas A'Beckett," " Anti-
Colenso," &c. &c.

London: F. Pitman, 20, Paternoster-row, r

Now ready, boards, price is. ed.,

HITS; a Collection of the Best Tales contri-
buted to "Temple Bar." " Once a Week," " Cham-
bers's Journal," &c. By LICWIS HOUGH, M.A. With
Two Illustrations by W. Schwenoh Gilbert.