The Sun.
London, England, 1862-02-04 00:00:00

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The Italian Government has granted to this Company the
definitive Concession for the Railway from Turin to Savona,
with a branch to Acqui, by means of which branch the most
direct access will be secured to the ➢lediterranean from the
whole system of Italian Railways; whilst the sea-coast line
now being constructed from Nice to Genoa will complete the
connexion with all the Railways of France.

The leading features of the Concession are :-
1. The use of the Government line from Turin to Car-
magnola;l6 miles, subject only to a toll of 10 per cent.
of the-gross receipts.
2. A Government Subvention, or free gift, of 10,000.000 f.
(.0100,000).
3. A Communal Subvention of 2,000,000 f. (£80,000).
4. A Government guarantee of a minimum receipt of
£1,600 per mile per annum on the branch to Acqui.
The distance from Turin to Savona i5....90 miles.
The length of the branch line to Acqui...3o „

Total 120 miles.

Responsible contractors, from whom substantial guarantees
will be taken, have engaged to execute the whole work, in-
cluding purchase of land, stations, rolling stock, and all in-
cidental expenses, together with payment of interest at 6 per
cent. on the capital during construction, for the sum of
42,408,000, being at the rate of £20,000 per mile over the entire
distance; but as the subventions of £480,000 will come in aid
of this amount,rthe real cost of the Railway to the share-
holders is virtually reduced to £16,000 per mile.
The population adjacent to the line amounts to 250 inhabi-
tants per kilometre, whilst the population of the seven
Southern Departments traversed by the great line from Paris
to the Mediterranean does not exceed 80 inhabitants per
kilometre.

The gross annual receipts on the Italian State Railways
exceed £2,500 per mile per annum. The concurrent testi-
mony of the Government. Commissions and the Chamber of
Commerce of Savona shows that a traffic at the rate of £2,300
per mile may be confidently reckoned on this line from the
commencement, and that the gross revenue may be,expeoted
rapidly to rise to £2,800 per mile per annum.
Assuming a traffic of £2,300 per mile only, the gross annual
receipts on 120 miles will be £276,000 ; from which deduct
Working Expenses at 45 per cent. (which is above the Govern-
ment average) on 101 miles constructed by the Company,
£117,640; Toll to the Government on 16 miles, £3,700; Rent
of Station at Turin, £6OO ; Total, £111,940. Leaving a net
profit of £164,060. Out of this amount there will be required
for the payment of interest on the obligations at 6 per cent,
£67,680 ; Sinking Fund for repayment of ditto, £5,640 ; Total,
£73,320. Leaving 290,740 profit for the shareholders, equiva-
lent to a dividend of more than 10 per cent.
During the construction of the line, interest at the rate of 6
per cent. per annum will be paid hall-yearly on all instal-
ment from the date of the respective payments.
One-half of the Share Capital having been taken in Italy,
the remaining half, viz., 20,090 Shares, is now offered to the
English Public.
Prospectuses and Forms of Applications for Shares may be
obtained on application to the London Directors at the Com-
pany's Offices, or to Mr. Lewis H. Haslewood, 7, Lothbury,
London.
No application will be entertained if sent in after Saturday,
the Bth inst.
London, Feb. 1, 1862.