The Sun.
London, England, 1853-04-13 00:00:00

NORTH OF SPAIN RAILWAY.
Bayonne, !run, St. Sebastian, Tolosa, Bilboa, Vitoria, Miranda,
Isriviesca, Burgos, Palencia, Vallado:id, Avila, L'Escurial, Madrid.
Capital 29,925,000 piastres. 315 000 shares of 95 piastres each for
Spain, ZOO francs for Fiance, or 201. for England. Deposit 19 piastres
in Spain, 100 f ants in France, or 41. in England. One fifth of the
capital has been subscr bed in Spain, two-fifths in France, and two-
fifths remain for appropriation in England.
President-3 he Duke De Riansares.

Bankers in Paris—Messrs. Rothschild, Paris.
Bankers in London—Messrs. Masterman, Peters, and Co.; the
London and County Bank.
Rankers in Bordeaux—Messrs. Ezpeleta et Fits.
Agents in London—Messrs. C. Devaux and Co., 62, King William•
street, City ; to whom applications for shares may be made.

The North of Spain Railway is about 685 kilometres, or 427 miles
long, including the branch to the port of
The p►rjeetors have already obtained the . concessien for 99 years,
of the Spanish portion. which traverses a distance of 650 ki ometres,
or 406 miles. They have paid 750,000 piastres (157,0001.), the caution
money, and they are in actual treaty with the French Government
for the section from Bayonne to the Spanish frontier; the length of
which is only 35 kilometres, or 21 miles.
The Spanish Government guarantees to the Company, on a maxi-
mum capital of 30,000,000 piastres (6,315,7891.), a minimum interest
of 7 per cent., inc'uding 1 per cent. to be applied to a sinking fund.
The provinces and comp tines traversed by this railway, as well as
the contiguous provinces and communes, have agreed to share with

the ovemment the responsib lity qt this guarantee.
Ihe Spanish Government, perceiving the great advantaze which
must result to the public revenue by the encouragement of railways,
which • •evelop the various sources of national wealth, have faithfu ly
adhered to the guarantees they have given ; and even in cases whore
companies have not been able to perform their engagements, the
Governm, nt has returned to such companies, whether native or
foreign, the entire sums paid as caut•onary deposit.
In order to secure to the shareholders in the North of Spain Rail-
way the fail value of the guarantee of 6 per cent., and 1 per cent.
sinking fund, a general contract has been already made for the pur-
chase of the land, the construction of the whole line, and for rolling
sto.k, plant, &c.,. according to the requirements of the Government,
at a price within the guaranteed capital. The contractor has depo-
sited 500,000 piastres of 105,A3/., as a guarantee for the due fulfil-
ment of the contract, and is to leave 5 per cent. out of each certiflc‘te
in the hands of the birectors as a further security, until such reserves
shall amount to the sum deposited.
'l he contract price coves all expenses incurred in surveys and
otherwise up to the present time, and leaves a fund of about 10 per
cent. ot• the capital in the hands of the.eirectors, to meet the general
expenses of the. undertaking, and to pay interest at the rate of 5 per
cent. per annum to the sharehold.4ra during the course of construc-
tion.

The North of Spain Railway connects Madrid with several provin.
cial chief towns, terming points of convergence of various high roads,
such as Vitor.a, where seven meat. Burgos, Valladolid, and Avila,
are also the centres of similar streams of traffic.

The North of Spain Railway traverses most important Industrial
dist: icts, such as the. provinces 01 Biscay, Gsipuzcoa, and Alava. It
runs also through districts rich in wools, wines, and corn—districts
producing much more than they cm either consume, or at present,
export ; and which. to gain access to the home and foreign markets,
need only those iacilities of economical transport which this railway
will provide.

The North of Spain Railway witl establish a thorough communi-
cation between the Atlantic and the Mediterranean. Starting
trout Bayonne and tliboa it vi ill proceed through Irun, St. Sebastian,
To osa, and Vito. is to Miranda At Miranda it reaches the river
Ebro, which is now being canalised don n to the port of Alfaques,
on the shores of the ‘ted.terranean. At Madrid also it will be placed
in communication with the great line of railway now in course of
construction between the capital and Valencia.

Another very linpo: tint feature of this great undertaking is that
at Valladolid it will reach the river Douro, which runs to Opo:to ;
and lastly, at Madrid, it wilt be brought into connexion with the
Aral juez Railway, which w.it be continued first to Badajoz to m-et
.
the

Portuguese line to Lisbon, next to Cordova, and thence to
'ille and Cadiz.

To estimate the advantages which such data promise to the North
of Spain Railway, the distinction between zpanieh, English, and
French railways must be kept in view.
Firat,—The cost of construction is greater in England or France,
because land is of a higher value than in Spain. Labour is much
dearer in England and in France than in Spain. Rails a'so and
engines bear in France a price somewhat extravagantly high, in
consequence of the protection given to home industry, whi.st into
Spain they are imported from England free of duty..
Seconder, —The return from railways in England or France are of
much slower development than in Spain, because in the former
countries railways hive to compete with already existing and long
estibliJied means of conveyance, whilst in Spain railway;, from the
_ _

moment of their opening, absorb the a hole of the tra2l,!:
The returns arc less profitable in England and France than in
Spa n, because they can be secured only by incessant reductions
upon the tariffs of the numerous competing means of transport;
n-hi st in t.,pain the tetiffs will, to a certainty, b 3 largely retnune•
rative, since they can reasonably be hxed at 50, 100, and even 200
per cent above the Engl sh and French tariffs, and still remain

much cheaper than the old means of iran,port, and be accordingly
appreciated.

These dis inctions axe well founded, and have received conthma-

lion front the results of all the existing railways .n epain; hence
the Railway Company from Valencia to Aleira has een compelled,
alter a few months' tratliv. to douule the rolling stock, which had
been estimated sufficient tor YeArs. Upon the line from
Laugreo, in the Asturias, the exeroltant tariff of 2 t centimes per
kilometre and per ton sufficed to put down all competing mean* 01
transporting the coat of the basin of r4runa to the port of Gijon; and,
lastly, the line from Madrid to Aranjuez, only 51 kilometres long,
and which runs to no centre of production or commerce, had in
1552, the first year or its working, a trafile of 300,e00 passengers,
and 110,000 tons of mere an.lise.

The e'stimats of the receipts to be expected from this line have
been framed under the special superintendence of the provincial,
consular, and municipal corporations of Biscay, and establish upon
the existing traffic an immed:aie return of 5,150,000 piastres, or
1,05 ;1101., which, after deducting 45 per cent. for working ex-
peoses, leaves a net profit upon the capital of the Company of 10
per cent. This estimate, however, is wholly irrespective if the in-
crease which improved means of transport invariably ensures.
The Board 01 Direction will be nominated in the statutes of the
Company, and will consist of eight Spanish, four French, and three
English Directors. Three French Directors have been appointed,
viz.:—

M. Ardouin, banker, Paris,
M. De Ca imaldi, Paris, and
M De Ezoeleta, Pads and Bordeaux.
London, April 9, 1853.
FORM OF APPLICATION FOR SHARES.
north of Spain liailway Company.
To Messrs. C. Devaus and Co.

Gentlemen,—l request you to allot me shares in the above
undertakinw, and I hereby agree to /kept the said shares, or any
less number you may allot me, and to pay the sum of 4/. on each
share al.otteo, at the time to be specified is your letter of allotment.
Dated this day of 185
Name in fall .......
Re idence •• • .
Freres:lon ......

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