The Sun.
London, England, 1853-04-14 00:00:00

PATRON-H.R.H. PRINCE ALBERT.

ROYAL POLYTECHNIC INSTITUTION.
—Mrs. Beecher Stowe's Popular Work on Slave, y Plus
traced in an Optical Exhibition, with Vocal and Instrumental Music
and New Dissolving Scenery, Morning and Evening. Lentil* es :
By J. H. Pepper, Esq.—Half-hours with the Anc ent and Modern
Chemis's ; by 1)1'. Bachhoffner, on Pneu.natieS, in which the Principle
of the Fly's Foot and Walking on the Cei in; w ill be explained ; by
Mr. Crispe, on Ericeson's Calm ic Engine.

Adm!ssion, Is. ; Schools, and Children under Ten years of age,

llalf•price.

_ILAGENTS.—Life Assurance Agents in any
part of England may with advai.taze become Agents for-Fire
Irslrance, and thereb, greatly extend their Life 1 t•im se. The
Directors of the UNITY FIRE INSURANCE ASgOCIATION—an
institution cstablishel on new and impott.tnt f rincink 5, and possess-
ing upwards of Two THOUSAND SHAREHOLDERS, whose DaMCS and
address,,s are published with the Prospectus—are ready to receive
applications for Agencies, accompanied by referoact s. By looking
over the List of Shareholders, applicants will probably find several to
whom they are known. For terms, prospectuse), &c apply to

THOMAS 11. B tYLIS, General Manager and Eeeretaty
Chef Offices, 41, Pall Mall, London.

.NORTH OF SPAIN RAILWAY.
Bayonne, Ir un, St. Sebastian, Tolosa, Bilboa, Vitoria. Miranda,
Briviesca, Burgos, Palencia, Valladolid, Avila, L'Escurial, Madrid.
Capital 29,925,000 piastres. 315,000 shares of 95 piastres each for
Spain, 500 francs for France, or 201. for England. Deposit 19 piastres
in Spain, 160 francs in France, or 4/. hi England. One fifth of the
capital has been subser bed in Spain, two-fifths In France, and two-
fifths remain for appropriation in England.
President-1 he Duke De Riansares.
Bankers in Paris—Messrs. Rothschild, Paris.
Bankers in London—Messrs. Masterman, Peters, and Co.; the
London and County Bank.
Bankers in Bordeaux—Messrs. Ezpeleta et Fi's.
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, inc'uding the branch to the port of Bilboa.
The projectors have already obtained the concession for 99 years,
of the Spanish portion. which traverses a distance of 650 ki °metres,
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 kilometresor 21 miles.
The Spanish Govprnr,,--t irearantees to the Company, on a maxi-
mum ca„ital c: es (6,315,7891.), a inimmum interest
of 7 per cent., in .tiling I per cent. to be applied to a sinking hind.
The provinces and comn tines traversed by this railway, as well as
the contigvous provinces and communes, have agreed to share with
the overinnent the responsiblity of this guarantee.
The Spanish Government, perceiving the great advantage which
must result to the public revenue by the encouragement of railways,
which .tevelop the various sources of national wealth, have faithfu ly
adhered to the guarantees they have given ; and even in cases where
companies have not been able to perform their engagements, the
Government has returned to such companies, whether native or
foreign, the entire sums paid as cautionary deposit.
In o; der to secure to the shareholders in the North of Spain Rail-
way the full 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
stock, plant, &c., according to the requirements of the Government,
at a price within the guaranteed capital. The contractor has depo-
sited 500,000 piastres or 105,2631., as a guarantee for tin due fulfil-
ment of the contract, and is to leave 5 percent. out of each certific ,te
in the hands of the directors as a further security, until such reserves
shall amount, to the sum deposited.
The contract price cove-s all expenses incurred in surveys and
otherwise np to the present time, and leaves a fund of about 10 per
cs nt. of the capitol in, the hands of the directors, to meet the general
expenses of the undertaking, and to pay interest at the rate of 5 per
cent. pa* annum to the shareholders during the course of construc-
tion.

The North of Spain Railway connects Madrid with several provin.
cial chief towns, forming points of convergence of various high roods,
such as Vitoria, where ~eren meat. Burgos, Valladolid, and Avila,
are also the centres of similar streams of traffic.

The North of Spaitillailway traverses most important industrial
districts, such as the provinces of Biscay, Guipuzcoa, and Alava. It
runs also through districts rich in wools, wines, and corn—districts
producing much more than they can either consume, or at present,
export • ana 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 will establish a thorough communi-
cation b tween the Atlantic and the Mediterranean. Starting
from Bayonne and Bi_boa it will proceed through Irma, St. Sebastian,
To osa, and Vitoria tb Miranda At Miranda it reaches the river
Ebro, which is now being canalised down to the port of Alfaques,
on the shores of the N; ed .terranean. At Madrid also it will be placed
in communication with the great line of railway now in course of
constructon between the capital and Valencia.
Another very important feature or this great undertaking is that
at Valladolid it will reach the river Douro, which runs to Opo:to ;
and lastly. at Madrid, it will be brought into connexion with the
Aratjuez Railway, which wall be continued first to Badajoz to met

the Portuguese hire to Lisbon, next to Cordova, and- thence to
Seville and Cadiz.
To e•timate the advantages which such data promise to the North
of Spain itailway, the distinction between spanteh, English, and
French railways must be kept in view.
First, —The cost of construction is greater in England or France,
because laud is of a higher value than in Spain. Labour is much
dearer in England and its France than in Spain. Bails :vs° and
engines bear in France a ptice somewhat extravagantly high, in
consequence of the protection given to home industry, wht.st into
Spain they are imported from England free of duty..
Seconds , -The return from railways in England or France are of
much slower development than in Spain, because in the fotmer
countries railways have to compete• with already existing and long
established means of conveyance, whilst in Spain railwayr, from the
moment of their opening, absorb the %hole of the traffic.
The returns are less profitable in England and France than in
Span, because they can be secured only by incessant reductions
upon the tariffs of the numerous competing means of transport;
whi st in Spain the tariffs will, to a certainty, be largely remune-
rative, since they can rcasotably bu fixed 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 transport, and be accordingly
appreciated.

These distinctions are well founded, and have received confirma-
tion from the results of all the existing railways in :vain; hence
the Railway Company from Valencia to Akira has een compelled,
after a few months' traffi-, to double the robing stock, which had
been estimated sufficient for several years. Upon the line from
Langreo, in the Asturias, the exorbitant tariff of 2 t centimes per
kilometre and per ton sufficed to put down all competing means of
trail Toning the coal of the basin of Soma to she port of Gijon ; and,
lastly, the line from Madrid to Aranjuez, on y 51 kilometres lung,
and which runs to no centre of production or commerce, had in
1852. the first year or its working, a traffic of 300,u00 passengers,
and 110,000 lons of mere andise.
he estimates of the receipts to be expected from th's line have
been framed under the special superintendence of the provincial,
con-ular, and municipal corporstions of Biscay. end establish upon
the existing traffic an inimeditue return of 5,150,000 piast. es, or
1,08 ;tlO/., which, after deducting 45 ter cent. for wore ing ex-
, doses, leaves a net profit upon the capital of the Company of to
per cent. This estimate, however, is wholly irrespective f the in-
crease which impr.,ved means of transport invariably ensures.
The Board of Direction will be nominated in the statutes of the
U. mpany, and will consist of eiAht Spanish, four French, and tin ce
English Directors. Three French Directors have teen appointed,
viz.:—

M. Ardouin, banker, Paris,
11. De Git 'maid', Paris, and
M De Ezpeleta, Paris and Bordeaux.
London, April 9, 1853.

FORM OF APPLICATION FOR SHARES.
North of Spain Railway Company.
To Messrs. C. Devaux and Co.

Gentlemen, request you to allot me shares in the above
undertaking, and I hereby agree to accept the said shares, or any
less number you may allot me, and to pay the sum of U. on each
share al.otted, at the time to be specified in your letter of allotment
Dated this day d 185
Re. id enee •.••••••••••.•••••
Profession.

NORTH OF SPAIN RAlLWAY.—Applica-
tions for Snares in this Company may be made to Messrs. C.
Devonx &co , King William-Street, City.
13th April, 1853.