The Sun.
London, England, 1865-11-18 00:00:00

PROSPECTUS.

This Company is established to acquire Petroleum Lands.
in America, either by purchase or lease ; to work those
lands on its own account,' or to re-sell or sub-let them, and
generally to trade in Petroleum.

A preliminary contract has been entered into for the pur-
chase by the Company of the undermentioned properties:—
The freehold of 1,343 acres, and the leases of 4,830 acres
—together 6,173 acres, situate in Kanawha, Calhoun,
Mason, Ritchie, Putnam, Wirt, and Jackson counties—in
the centre of the petroleum producing district of Western
Virginia; the leases are, as to 3,173 acres for 15 years, and
as to 1,657 acres for 10 years, at royalties of one-fifth of
the oil.

These lands bear upon them undeniable evidence of oil.
Not a week passes but oil is struck on adjacent properties ;
the yield of the wells being from 15 to 70 barrels of oil
daily, of the best lubricating sort, which pervades the
whole district, and is saleable at the well's mouth at from
40 to 50 dollars per barrel. The situation of the lands, with
respect to transit, is excellent, some being within 20 miles
of Parkersburg, the metropolis of the oil district of Western
Vii ginia, which is connected by a branch of the Baltimore
Railway with Northern and Western America; while others
are on or near the Ohio, Great Kanawha, Elk, and Poca-
falico Rivers, all of which are navigable.
The farms leased or sold to this company are all occu-
pied andcultivated. Wood is abundant, and the best Cannel
coal underlies the surface at a very moderate depth, giving
the company the peculiar advantage of obtaining fuel at a
nominal cost.

T.he sum to be paid for the acquisition of the property,
including all engines, tools, derricks, and other fixtures, is
£30,000 in paid-up shares of the company, and £130,000 in
cash, by instalments, out of which the vendor empowers
the directors to retain (say 64 per cent. of about £85,000)
sufficient to guarantee a minimum dividend of 8 per cent.
per annum for ten years on the amount paid up on shares
allotted to the public. This reserved amount will be depo-
sited, as the instalments are paid, with the Bank of London,
in the names of trustees, to be appointed by the directors,
on behalf of the shareholders.
It is impossible that an undertaking of this nature should
be entirely free from speculation, but considering the satis-
factory nature of various reports that have been received--
copies of which lie at the office of the Company for inspec-
tion, the fact that the purchase-money is represented by a
large extent of freehold land, and the substantial guarantee
of a minimum dividend, the directors have no hesitation in
recommending the enterprise to the investing public.
It is the intention of the Board that a deputation will
proceed to America to consult with the committee in New
York, in order to place the working of the Company under
the most efficient management, and the circumstance that
large workings have been commenced, and that wells are
now going down a considerable depth on the property,
warrants the Directors also in expecting that the Company
will soon be in a position to pay highly remunerative divi-
dends on capital, much in excess of the guaranteed mini-
mum of 8 per cent.
Bearing in mind the disappointments which have resulted
to the'public from the recent refusals of settling days by
the Committee of the Stock Exchange, the Directors will
apply for a settlement within ono month after allotment,
and have arranged to return it in full if no settlement is
granted to the Company.
Applications for Shares to be made in the accompanying
form. In the event of no allotment being made, the de-
posit will be returned in full. Should a less number of
Shares be allotted than are applied for, the deposit will be
made available towards the payment on allotment, and the
balance, if any, returned to the applicant.
Prospectuses and forms of application for Shares may be
obtained at the Offices of the Company, and of the Bankers,
Brokers, and Solicitor, where the Articles of Association
and Contract for Purchases, together with a plan of the
several properties, can be seen.