The Sun.
London, England, 1865-04-11 00:00:00

DIRECTORS.

H. Wollaston Blake, Esq., F.R.S. (Director of the Con-
tinental Union Gas Company).
James Frederick Gregory, Esq. (President of the Council
of Control of the Hague Gas Company).
Neville D. Goldsmid, Esq. (Managing Director of the
Hague Gas Works).
Edward Hawkins, jun., Esq. (Chairman of the London
Gas Company).
Frederic Mildred, Esq. (Deputy-Governor Agra and
Masterman's Bank (Limited).
James Oughterson, Esq., 21, Bentinck-street, W.
Mons. P. S. Schilofski, Moscow.
Sir J. Emerson Tennent, F.R.S., 66, Warwick-square.

BANKERS.

The Agfa and Masterman's Bank (Limited), 35, Nicholas.
lane, Lombard-street.
SOLICITORS.

Messrs. Young, Maples, Teesdale, and Young, 6, Frederick's.
place, Old Jewry.

BROKERS.
Messrs. Hill, Fawcett, and Hill, 29, Threadneedle-
street, E.C.

This Company has been formed for Lighting the City of
Moscow with Gas, under the powers of a Concession,
granted, with exclusive privileges by the Muncipality, on
26th October, 1864, and ratified in the month of December
last, by the mperial Government.
Moscow contains a population of about 500,000 persons.
It is situated at the centre of the commerce of the country,
with six railways converging within its walls. It is the
winter residence of a large portion of the Russian aristo-
cracy, and the nature of its climate is such as to render the
introduction of gas, both for lighting and warming pur-
poses, an object of primary importance to the inhabitants.
The Kremlin (which covers 250 acres, and includes the
Emperor's Palace, the Senate, the Arsenal, and Government
Offices), the great Universities, and the Public Schools,will
all have to be lighted by gas. _ _

From official Statistics it appears that there are at present
in Moscow about 200 hotels—most of them very spacious-
-4,841 inns, restaurant; caf6s, cabarets, and wine-houses,
where people pass the greater part of the night in winter ;
upwards of 100 police posts and stations ; 102 printing-
offices, exclusive of those belonging to the Government and
the Municipality, 27 public baths, 15 civil and military hos-
pitals, and 27 Government asylums. The German, Eng-
lish, and Merchants' Clubs, and the Club de la Noblesse,
each spend about X 250 per month for lighting, and the
Government pays annually £13,600 for the lighting of the
Opera House and the Russian Theatre, and £12,000 for the
barracks.

In addition to the above-mentioned buildings, and alto-
gether irrespective of private houses, there are 17,032 shops,
700 factories and workshops of various descriptions, many
of them of great magnitude, and one alone requiring 800
lights.
Moscow has hitherto been dependent for artificial light
upon portable gas, stearine candles, and petroleum oil. The
costliness of these articles and other disadvantages con-
nected with the imperfect lighting thus obtained are such
as to render any competition with ordinary gas impossible.
The Concession which has been secured to this Company
confers an exclusive privilege for 30 years ; at the end of
that period the works will either remain the property of the
Company in perpetuity without special monopoly, or the
Municipality may elect to purchase them at a sum equiva-
lent to the entire net profits of the previous ten years ; or
to extend the Concession, with exclusive privileges for a
further period of ten years. In this latter case, the Works
would revert to the City at the end of 40 years, unless
fresh arrangements shall have been made for continuing
the business in the hands of the Company. A sinking
fund will be provided to meet these contingencies.
The Cahier des Charges allows the Company to charge five
silver roubles (equivalent at the present exceptionally low
rate of exchange to thirteen shillings, and to fifteen shil-
lings and tenpence at the par of exchange) per 1,000 cubic
feet of gas for all private lights. The street lights will be
paid for at the price of 14.50 silver roubles per light, burn-
ing 10,000 cubic feet during the year, and at the same rate
for any further quantity which may be required, with an
illuminating power which need not exceed 12 candles. All
the lamps of the Government and Municipal buildings are
to pav the same price as the private lights, viz., five silver
roubles per 1,000 cubic feet of gas.
A provisional contract has been entered into with Smith,
Knight and Co. (Limited), for works capable of supplying
120,000 lights, together with the whole of the mains of the
City (upwards of 140 miles in length) adapted to the entire
prospective consumption. The net profits upon the capi-
tal required for this purpose are calculated to exceed 20 per
cent. per annum, and in this estimate no profit whatever is
assumed on the public lights.
The works will be laid out with a view to the supply of
10,000 street lights and upwards of 200,000 private lights ;
and as soon as the Company can meet the demand to this
extent the net profits are calculated to exceed the above
rate. To show that this estimate is by no means exagge-
rated, reference may be made to the profits of other Gas
Companies possessing exclusive privileges on the Conti-
nent ; amongst others the gas works at the Hague have
paid for many years 25 per cent. per annum, and the Paris
Gas Company is at the present time paying dividends above
20 per cent. per annum.
Sufficient plant will be erected for the supply of 50,000
lights by the end of August in next year, from which date
a large net revenue will be received.

Power will be taken to borrow aportion of the capital on
debentures, by which means tho profits divisible amongst
the Shareholders may probably rise to a higher figure than
that already indicated.
Offers have been received for the purchase of all the
coke and tar produced, at prices which will bring down the
net cost of coal carbonised to a point which contrasts
favourably with the Gas Works of most of the large cities
on the Continent.

Interest at the rate of 7 per cent per annum will be paid
half-yearly on the capital during construction.
The outlay for plans, estimates, engineering, travelling
expenses, and other preliminary charges will be borne by
this Company. The Proprietors of the Concession have
such confidence in the complete success of the undertaking
that they have agreed to transfer all their rights and ad-
vantages to this Company in consideration of receiving, in
lien of any present payment, one-half of the net profits of
each year after 10 per cent. shall have been earned on the
total paid-up capital of the Company.
A large proportion of the capital is already subscribed.
Applications for the remaining shares will be received by
the Agra and Masterman's Bank; by the Solicitors ; and
by Messrs. Hill, Fawcett, and Hill, the Brokers of the
Company, from whom prospectuses and forms of applica-
tion may be obtained.
The amount of £1 upon each share applied for must be
paid to the Company's Bankers previouslyto the application
being sent in; this sum will be returned if no allotment is
made to the applicant.
An option will be given to each subscriber of taking
one-fifth part of the shares allotted to him in fully paid-up
shares.

Temporary Offices, 29, Threedneedle-street, E.O.
April, 1865.
__

- .
No.
FORM OF APPLICATION FOR SHARES.
To the Directors of the City of Moscow Gas Company
(Limited).
Gentlemen,—Having paid to your credit, with the Agra
and Masterman's Bank (Limited), the sum of being
a deposit of per Share on Shares in the above
Company, I request you to allot me shares of £25
each in the City of Moscow Gas Company (Limited), and
I hereby undertake to accept the same or any smaller num-
ber you may allot to me, and to pay the further deposit of
£4 per share on allotment; and I agree to enter my name
on the ltegister of Shareholders in respect of the shares
allotted to me. I am, Gentlemen, ycur obedient servant,
Name in full
Address in full
Date ......