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

STEWARDS.

MOORE'S MEMOIRS, VOLS. 111. & IV.

Just published, Vols. 111. and IV., in post frvo., price 10s. 6d. each,
M O ORE'S MEMOIRS, JOURNAL, and
CORRESPONDENCE.

Edited by the Bight Hon. Lord JOHN RUSSELL, MX.
With Portraits of Sir John Stevenson and Samuel Ittogers, Esq.; and
Vignettes by T. ereswiek, R.A., of the Meeting of the Waters and
Moore's Residence at Mayfield.

London : Longman, Brown, Green, and Longman.

NORTH OF SPAIN RAILWAY.
Bayonne, film, St. Sebastian, Tolosa, Bilboa, Vitoria, Miranda,
Briviesca, Burgos, Palencia, Valladolid, Avila, L'Escurial, Madrid.
Capital 29,925,;i00 piastres. 315,000 shares of 95 piastres each for
Spain, if. 00 francs for France, or 201. for England. Deposit 19 piastres
in Spain, IGO f, ancs in France, or 41. in England. One fifth of the
capital has been subscribed in Spain, two-fifths in France, and two-
fifths remain for aporopriation in England.
President—The Duke lie Riansares.
Bankers in Paris—Messrs. Rothschild, Paris.
Bankers In London—Messrs. Masterman, Peters, and CO. ; the
" - London and' County Bank.
Bankers in Bordeaux—Messrs. Expeleta et Fils.
Agents in London—Messrs. C. Devaux and Co., 62, King William-
street, City ; to a horn 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 Bilboa.
The projectors have already obtained the concession 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 (6,315,789/.), a minimum interest
of 7 per cent., including 1 per cent. to be applied to a sinking fund.
The provinces and coma tines traversed by this railway, as well as
the contiguous provinces and communes, have agreed to share with
the ,overnment the responsibility of this guarantee.
The Spanish Government, perceiving the great advantage which
must result to the public revenue by the encouragement of railways,
which oevelop the various sources of national wealth, have faithfully
adhered to the guarantees they have given ; and even in cases where
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 cautionary deposit.
In order 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
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 or 105,2631., as a guarantee for the due fulfil-
ment of the contract, and is to leave 5 per cent. out of each certific tte
in the hands of the directors as a further security, until such reserves
shall amount to the sum deposited.
The contract price covers all expenses incurred In surveys and
otherwise up to the present time, and leaves a fund of about 10 per
cent. of the capital m the hands of the directors, to meet the general
expenses of the undertaking, and to pay interest at the rate of 5 per
cent. per annum to the shareholders during the oourse of construc-
tion.

The North of Spain Railway connects Madrid with several provin-
cial chief towns, forming points of convergence of various high roads,
such as Vitora, where seven me.t. Burgos, Valladolid, and Avila,
ate also the centres of similar streams of traffic.
The North of Spain Railway traverses most important industrial
districts, such au the provinces of Biscay, Guipazcoa, 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 ; and which, to gain access to the home and foreign markets,
need only those facilities of economical transport which this railway
will provide.
The North of Spain Railway will establish a thorough communi-
cation Intween the Atlantic and the Mediterranean. Starting
from Bayonne and Biboa it will proceed through Iron, St. Sebastian,
To'osa, and Vitoria to Miranda At Miranda it reaches the river
Ebro, which is now being canalised down to the port of Alfaques,
on the shores of the Mediterranean. 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 important feature of this great undertaking Is that
at Valladolid it will reach the river Douro, which runs to Oporto ;
and lastly, at Madrid, it will be brought into connexion with the
Ararjuez Railway, which wdi be continued first to Badajoz to meet
the Portuguese line to Lisbon, next to Cordova, and thence to
Seville and Cadiz.
To estimate the advantages which such data promise to the North
of Spain Railway, the distinction between Spanish, English, and
French railways must be kept in view.
First,—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 also 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..
Secondly, —The return from railways in England or France are of
much slower development than in Spain, because in the former
countries railways have to compete with already existing and long
established means of conveyance, whilst in Spain railways, from the
moment of their opening, absorb the whole of the traffic.
The returns are less profitable in England and France than in
Span, because they can bo secured only by incessant reductions
upon the tariffs of the numerous competing means of transport;
whist in Spain the tariffs will, to a certainty, be largely remune-
rative, since they can reasonably be 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 Spain; hence
the Railway Company from Valencia to Alcira has neen compelled,
atter a few months' traffic, to double the rolling stock, which had
been estimated sufficient for several years. Upon the line from
Langreo, in the Asturias, the exornitant tariff of 2e centinees per
i
kilometre and per ton sufficed to put down Competing moans of
transporting the coal of the basin of Sama to the port of GUonland ,
lkilometres lastly, the line from Madrid to Aranjuez, only
ong,
and which runs to no centre of production or commerce, bad in
1852. the first year of its working, a traffic of 300,000 passengers,
and 110,000 tons of mere anenee.
The estimates 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 establislh upon
the existing traffic an immediate return of 5,150,000 piastres, or
1,08 ,2101., which, after deducting 45 per cent. for working ex-
penses, leaves a net profit upon the capital of the Company of 10
per cent. This estimate, however, is wholly irrespective of the in-
crease which improved means of transport invariably ensures.
The Board of Direction will be nominated In the statutes of the
Company, and will consist of eight Spanish, four French, andl three
English Directors. Three French Directors have been appointed, . 1
viz..—

M. ArdOuin, banker, Paris,
M. De Grimaldi, Paris, and
M De Ezpeleta, Pads and Bordeaux.
London, April 9, 1853.
FORM OF APPLICATION FOR SHARE&
north of Spain Railway Company.

To Messrs. C. Devaui and Co,

Gentlemen,—l request you to allot me shares in the above
undertaking, and I hereby agree to accept the said shaies, or any
less number you may allot me, and to pay the sum of 4/. o R each
share allotted, at the time to be specified in your letter of allotment.
Dated this day of 1 B 5
Name in full
Re:•idenee
Profession... .....

IMPORTANT MEDICAL AND SURGICAL WORKS„
Just published, by H. Bailliere, 219, Regent-street, Londotn
No I.
Bvo., in cloth, price is. by post free, ss. 6d.,
ON TRUE & FALSE SPERMATORRH CEA,
with the View to the Correction of wide-spread Errors
In relation to the Treatment and Cure of Sufferers from Debility of the
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No. 11.
Bvo., in cloth, price 3s, 6d., by post free, 48.,
THE CURE OF STRICTURE OF THE URETHRA, on Princi-
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BY F. B. COURTENAY,

Member of the Royal College of Surgeons of England.
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FRAGMENTS FROM THE FOI7NTAINS. Two Vols.
Vol. I.
VISIT TO THEILAKES; SKETCH OF EDINBURGH, Sco.
VoL IL
THE LAKES OF KILLARNEY ; REMINISCENCES OF
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WHAT TO EAT, DRINK, A.ND AVOID,
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