The Sun.
London, England, 1865-09-07 00:00:00

%~~/~-,

PRICE 4(1,
STAMPED 5(1.'

their commissioner so favourable a report upon the
progress of the works that they had agreed to
return at once to the company the whole amount of
the caution money left in their hands, and which,
according to the terms of the concession, was only
repayable by instalments. The Government was
making arrangements with Messrs. Peto, Betts, and
Crampton for the immediate commencement of the
works of the harbour at Varna. He trusted, there-
fore, that by the time the railway was opened for
traffic sufficient harbour accommodation would be
provided, and he had no doubt whatever that the
whole line would be completely finished and ready
for traffic before the winter of next year.

NEWS PAPI"R

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vet
and a further sum of .£1,149i2404,
upon this portion of the systetki.444lni4iriegielki-
penditure on the oldnetworkt pe0;:k14.341459456.
Of the £1,149,242 expended uporitik:oldin-41364,
£320,582 was laid out on lines prevfoitsly inroperVion, and
£828,660 on lines of the old network still in course of con-
struction. The total receipts on capital account in respect
to the Aubin mines and ironworks to the close of 1864
were £685,911, and the total outlay to the same date was
£675,752. The receipts on capital account to the close of
last year in respect to the new network were £20,906,076,
made up thus :—Obligations of the old Great Central,
£2,359,174; obligation of the Paris and Orsay, £159,720;
obligations attributed in exchange for the shares of the
Great Central and the Paris and Orsay, £3,555,517 ; fourth
loan, £1,847,000 ; fifth loan, £2,971,597 ; sixth loan,
£3,55'1,042; seventh loan, £1,271,215; eighth loan,
£3,508,179; and ninth loan (partly negotiated), £1,882,632.
The outlay made on the network to the close of 1864 may
be summarised thus :—Amount paid for the Great Central,
£5,722,178 ; amount paid for the Paris and Orsay, £214,970;
payments by the company fur works on new lines (after
giving credit for State conventions to the amount of
£2,264,140), £9,990,686; service of interest on the capital
engaged in the network (after giving credit for profits de-
rived from the lines in working to the amount of £066,013),
£4,532,852 ; and contributive share of the company in
the cost of the Pyrenees network, £280,000;
£20,740,685. It will bo seen that a heavy item in the ex-
penditure on capital account for the new network was in-
terest paid out of capital. By a convention concluded with
the State in 1859 the company undertook to make good
the interest and redemption service of the obligations de-
voted to the now network, after giving credit for the profits
actually acquired upon that part of its system ; and it will
be seen that the responsibility thus assumed involved in
1859, 1860, 1861, 1862, 1863, and 1864,' a very considerable
outlay. The annual charge of the obligations, interest,
and redemption combined, is calculated at 515 per cent.
per annum ; and after the Ist of January, 1865;this charge
is to be sustained for the greater part of the new lines out
of the revenue of the old network, less, however, a State
guarantee of 1.65 per cent., reducing the burden to 1.10
per cent., which will further be materially minimized by
,aaguai profits acquired. The total amount of capital raised
to the close of 1864 for the old network, the Aubin works,
and the new network combined, was £39,601,937, of which
only about £12,000,000 had been obtained from shares (the
nominal share capital figures in the accounts f0rX12,000,000,
although £12,210,248 had been actually paid up to the
close of last year). The amount derived from obligations
was thus £27,391,689. The English theory in respect to
borrowed capital is that it should not exceed one-third of
the whole amount raised by a company ; in France, the
theory appears to be reversed, and shares take the place of
debentures. The obligation, however, is such a favourite
channel of investment in France that it has gradually
become a kind of preference share, as well as a de-
benture.

The Charge of Perjury against Madame

Valentin.