The Sun.
London, England, 1871-01-30 00:00:00

ABRIDGED PROSPECTUS.

For several years tradition has pointed to . the existence of
Mountains of Silver in the neighbourhood of Arizona, in the
United States, but until a very recent period their exact position
could not be ascertained, in consequence of the district being in
the possession of Indians. The submission, however, of the
latter, about twelve mouths since, led to bands of explorers
being organised, and the discovery and location by them of
Ledges of Siver Ore, unequalled in mining enterprise. Upon
the facts being made known, experienced miners repaired to
the spot, and in consequence of their reports, and statements
made by them as to the extent, richness, and value of the Ores,
the Vendors, under whose notice these reports came, forthwith
despatched practical and competent persons to investigate the
locality, and procure samples from all parts of the mountainous
range, the results of which, after being duly tested, convinced
them that the Ledges of Ore IN SIGHT, in point of magnitude
and richness, as well as facility for working, were unequalled,
and in point of quantity inexhaustible.

The District was visited in the month of October last by Mr.
Henry Morgan, of 39, Jermyn-street, St. James' (in whose intel-
ligence and veracity the Directors place the utmost reliance).
He was accompanied by men of sound practical knowledge, and
by Dr. Cleveland, of San Francisco, a well-known scientific au-
thority. The following are the Certificates of Assay by Messrs.
Johnson, Matthey, and Co., of Hatton-garden, and by the
School of Mines, Jermyn-street, to whom such samples were
submitted by Mr. Morgan :
"Assay Offices and Ore Floors, November 23rd, 1870.
" CERTIFICATE OF ASSAY.

"For H. Morgan, Esq.----
" We have examined the samples of minerals marked as under,
and find the following to be the result
Mark of Sample.
" 1. Large. Produce of silver, 1340 z. per ton of 20cwt. of ore.
"2. Small. „ 11 119'500z. per ton of 20cwt. of ore.
"3.21 " 86oz. per ton of 20cwt, of ore.
(Signed) " JOHNSON, MATTHEY, & Co."
"Assay Offices and Ore Floors, Nov. 28th, 1870.
" CERTIFICATE OF ASSAY.
" For Henry Morgan, Esq.
" We have examined the samples of mineral marked as under,
and ilnd the following to be the result
Average sample taken from 190 specimens of mineral.
"2 qrs. 20 lb. Produce of silver, 139•500 oz. per ton of 20 cwt.
" JOHNSON, MATTHEY, & CO."
The identity of the samples assayed in England is verified by
a statutory declaration, which may be seen at the Offices of the
Solicitors.

Charles Gilpin, Esq., M.P., and John Morris, Esq., are the
Trustees to hold the Shares taken by the Vendors, and retained
until 20 per cent. dividend is paid on the A Share Capital.
The Comstock Mines in the Virginia District, Nevada, which
have yielded over 120,000,000 dollars, or £24,000,000 sterling,
have for the last nine years crushed and extracted the Silver
from 1,500 tons of Ore per day, even with the disadvantage of
the Ore being underground, and steam-power being necessary.
With the working capital which will be at their disposal,
the Corppany will be enabled to crush and extract silver from at
least 250 tons of ore per dieln. The average assays shew more
than 200 dollars, or £4O per ton, estimating, however, the pro
duce, for the purpose of this calculation, at only 50 dollars, or
£lO, per ton, the daily produce would be ............ £2,500
DEDUCT for Working (including cost of Mining, Mil-
ling, Haulage, and other expenses, at per ton 500

The result is, per Working day, a net profit 0f...... £2,000
On this limited estimate, the net annual revenue,
allowing 280 days, would be...................... £560,000
or more than 100 per cent. per annum on the entire Capital of
the Company.
The Agreement, as well as the Title-Deeds to the property, the
Articles of Association, Certificates of Assays made in England,
and the declaration of Mr. Morgan, may be seen at the Offices of
the Company's Solicitors, Messrs. Ashurst, Morris, and Co.,
6, Old Jewry, London.
Applications, accompanied by the payment of £1 per Share,
will be received by the Bankers of the Company, or by Messrs.
Coates and Hankey, 24, Gresham-street, London, or by Mr.
Charles Warner, Secretary of the Company, Lombard House,
George-yard, Lombard-street, London, where Prospectuses can
be obtained.

ISSUE OF £500,000 STERLING SIX PER
CENT. MORTGAGE BONDS

OF THE

CAMDEN AND AMBOY RAILROAD AND TRANSPORTATION

DELAWARE AND RARITAN CANAL, AND NEW

JERSEY RAILROAD AND TRANSPORTATION COMPANIES,

FORMING THE
UNITED CANAL AND RAIL ROAD COMPANIES OF
NEW JERSEY,

n Bonds to Bearer of £2OO Sterling each, at the Price of 02 per
cent., or £lB4 per Bond.

The repayment of the Bonds at par (£200) in 1894 is secured, in
addition to the Mortgage, by the establishment of an Annual
Sinking Fund, to be paid by the Companies to, and accumu-
lated by, the "Fidelity Insurance Trust and Safe Deposit
Company of Philadelphia."
PRINCIPAL AND INTEREST PAYABLE IN STERLING
MONEY IN LONDON,
FREE FROM ANY FEDERAL OR STATE TAX.

Messrs. J. S. MORGAN and Co. offer for Public Subscription the
above Mortgage Bonds of the United Canal and Railroad
Companies of New Jersey, at the price of £lB4 per £2OO Bond,
payable by Instalments, as under :-
410 per £2OO Bond on Application.
£4O f 1 on Allotment.
£4O PP PP on Ist March, 1871

on Ist April, 1871.
£44 „ „ on Ist May, 1871.

4184
Subscribers may pay the full amount in advacue on allotment
or on any of the above-mentioned days, and upon such payments
discount at the rate of 44 per cent. per annum will be allowed.
In case default be made in payment on allotment, or of any of
the instalments on the days pained, the allotment will be liable
to be cancelled, and the amounts then already paid forfeited.
Upon payment of the allotment money, Scrip Certificates to
Bearer will be issued to the Subscribers, which will be exchanged
for the Bonds, as soon as possible after payment of the whole
amount of the subscription.
The United Canal and Railroad Companies of New Jersey,
upon whose mortgage security the above Bonds are issued,
consist of " The Camden and Amboy Railroad and Transporta-
tion Company," "The Delaware and Raritan Canal Company,"
and "The New Jersey Railroad and Transportation Company,"
who, by agreement between themselves under authority of the
Legislature of New Jersey, have been united into one interest
and under one management, by which an end was put to the
competition previously existing.
These Railway and Canal Companies form three avenues of
traffic between New York, Philadelphia, Baltimore, and Wash-
ington, as well as the country south and west. They are
amongst the oldest and most successful of all the Railroad
Companies of the United States, and have always been con-
spicuous for their very able and judicious administration.
t. The paid-up Share Capital of the Companies amounts to
$16,550,000, and the entire Bond and Funded Debt of the Com-
panies (including the 4369,200 Sterling Bonds issued in 1869,
and the present issue of £500,000) are covered by Mortgage
Security representing $20,000,000, or 44,000,000.
The aggregate gross earnings of the Companies are nearly
$8,000,000 per annum. The Dividends paid on the Share
Capital are 10 per cent. The net earnings heretofore accumu-
lated in excess of profits divided as Dividend are upwards of
$1,000,000, which has been expended in the Works, and is not
represented in the Share or Loan Capital.
It will thus be seen that a very large margin of net income
will remain after providing for interest on the Bond debt,

The capitulation of Paris, says the Saturday Review,
will give the Germans something like half a million more
prisoners of war ; and even if only the regular troops, the
Marines, and the Mobiles are sent into Germany, the cost
of feeding so many more Frenchmen, and the trouble of
guarding against attempts made to escape from imprison-
ment, must severely tax the resources, the patience, and
the vigilance of the German authorities. Probably the
Germans will leave the National Guards to maintain the
police of Paris, and will principally trust to holding the
forts, which entirely command the city. Directly the
Germans have arranged for holding the city, and for re-
victualling it, and probably even while these processes are
going on, they will see whether they cannot use the capi-
tulation of Paris as a means of ending the war. Their
difficulty will be, as it has been ever since Sedan, to find
an anthority with which to treat. If a National Assembly
could be got together, then there would be some sort of
body that would have the right to act for the nation ; and
it has always been the great grievance of Count Bismarck
that the authors of the revolution of September 4th have
never proceeded so far as to give him such a body to nego-
tiate with. Whatever may be rumoured of schemes to
place the Emperor again on the throne, or to recall the
Empress as Regent, as part of Count Bismarck's plan, it
difficult to believe that he would not have greatly pre-
ferred the simpler and more efficacious plan of having a
National Assembly called by the present Government. But
if the present Government obstinately refuses to call a
National Assembly, if M. Favre or his colleagues say
that they have power to speak for Paris but not for
France, and that as soon as Paris has passed under
German dominion, the Government of Bordeaux is the
only Government, Count Bismarck will have to do with
the wandering, inaccessible, implacable Gambetta. For
France, for Germany, for every possible interest, the right
thing after the fall of Paris would be that a National
Assembly should meet and pronounce whether France
will accept the terms of her conquerors, or go on,with the
war. It will be a most serious thing for France to con-
tinue the war, and France has every right to be consulted,
now that a crisis has come which admits of a pause, as to
whether it wishes or does not wish to go on with the war.
But if everything is left to the Government of Bordeaux,
its members will almost certainly override the right of
France to be consulted, and will at their own mere plea-
sure decree that the war shall continue.

Our impression is, says the Spectator, that unless some
combination or other should be found to increase the re-
reluctance of France to fight, the capitulation of Paris
will not be followed by peace. Two such combinations
have been offered this week, one of which we reject abso-
lutely. This is the Napoleonic restoration, which the
Tiiges says Count Bismarck threatens to secure. No man
knows what may occur in this disjointed world, provided
only it is bad enough ; but there are a dozen reasons
against this plan, with its outside clevernesss and cynical
immorality, any one of which appears to us final. The
other combination, however, though surrounded by enor-
mous difficulties, is no doubt possible. We have little
doubt that if the Kaiser would agree, and tjie Belgian.
Parliament would assent, France would ahrtbst unani-
mously elect Leopold of Belgium King, with his country
and his constitution together. The temptation would be
too great for human nature, and Alsace and Lorraine
would be given up, immense provision being made for the
emigration of all who preferred France. The injustice to
the ceded provinces would be as great as ever, but the
political evil to Europe would be seriously diminished,
for France would be France still, would be free, and
would have time for education and recovery. But will
the Kaiser consent. or Belgium? We have no knowledge,
but neither approval appears to be absolutely beyond the
range of possibility. The Kaiser's Generals want the Bel-
gian county of Bouillon to complete their strategic
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tions ; and many reasons would incline her to favour a
Coburg candidature for the throne of France. The solu-
tion is not satisfactory to Liberals, who would have much
preferred a successful Republic, but it is possible, it is
not degrading, and it is the alternative to a long-continued

war.

The Economist says the moral effect of the fall of Paris
will be immense. The ascendancy of the capital has
always been great in France, and it is very great still, as
Monsieur Gambetta and his associates prove, for their
Government was appointed only by an accidental crowd
of excited Parisians. The capitulation will everywhere
find in the provinces beaten armies—hasty levies half-
trained and half-hearted—without competent officers,
with no general whom they can trust to lead them to
victory, and now led by generals whose army always
expects them to lead it to defeat, and who, if we may
judge from their timid strategy, seem half to defeat them-
selves.. The capitulation will find too a civil population
long deceived by false promises—long buoyed up by false
hopes, and only now the more likely to hope and to
believe nothing further. Every people would be likely to
sue for peace in such circumstances, but perhaps the
French are more likely than any, Excitable and effer-
vescent as in some respects they are, yet in other other
aspects there is a timid rationality about them. If they
take to counting the cost they count more narrowly and
more anxiously perhaps than any nation—much more so
certainly than the English. Such a people will not, we
expect, when Paris is gone, long. continue a hopeless, a
yislivweosr,sae
pernicious, and a costly strife. While there was any real
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