The Sun.
London, England, 1870-05-28 00:00:00

EVENING ED TION.

£600,000 or Fes. 15,000,000, or 4,000,000 Thalers.
ROUMANIAN STATE RAILWAY LOAN,
WITH GOVERNMENT GUARANTEE.

Being balance of a Loan of £4,800,000, issued in Berlin, and
authorised by the Act of Concession voted by the Legisla-
tive Bodies and sanctioned by Decree (No. 1,516) of His
Highness Prince Charles 1., of Roumania, dated September
21st (October 3rd), 1868.

To be issued in Bonds to Bearer of £l5 each, or in multiples of
Four, Eight, or Ten Bonds respectively, bearing Interest at
71 per cent, per annam.
The Interest to commence from the Ist January, 1870, and to be
payable half-yearly on the Ist January, and Ist July in each
year.
The Bonds to be Redeemed at par, by the operation of an ac-
cumulating Sinking Fund, in yearly drawings. The first
drawing to take place on the Ist March following the com-
pletion of the Line from Galatz to Roumania.

Messrs. GLYN, MILLS, CURRIE and Co. are autnorised by
the Contractors of the Loan to receive subscriptions for the
above Bonds, which are issued by virtue of a Concession
granted by. His Highness Prince Charles 1., of Roumania, and
approved by the Roumanian Chambers, on the 3rd of October,
1868, to provide the requisite capital for the construction of
Railways in the Principalities. A portion of the contemplated
lines has already been opened, and a further section is expected
to be opened in the course of two or three weeks, and the re-
maining lines by the end of August, and before October, 1870,
and only for a small portion of the lines, the latest time is
stipulated to be in the course of 1871. The present issue of the
Bonds is designed for the works and purchases executed, and all
particlars will be found in the Report of the Special Commis-
sary of the Roumanian Government, appended to this Pros-
pectus. In the same official document, a literal-translation of
which is annexed, will be found in detail the various terms
and conditions of the issue. The Loan bears the immediate and
unconditional guarantee of the Roumanian Government for the
due payment of interest, and is moreover secured on the entire
property of all the conceded Railways.
The Bonds are issued at the rate of £72 per cent., being
£lO 16s. per £l5 Bond, the half-yearly Coupon of 31 per cent.
falling due Ist July, being included. The Bonds are payable by
Instalments, as follows : _ _ .

July lat 3 4 9
Coupon due 0 11 8

£3 0 0 Application.
4 0 0 Allotment.

7 0 0 for which Scrip Certificate
will be given.

3 16 0

£lO 16 0 for Bond of each £l5.
In default of due payment of the respective instalments, all
previous payments will be liable to forfeiture.

After payment of the final instalment, the Scrip Certificates
will be exchanged at once for fully paid-up Bonds with Coupons
attached. The Bonds will be issued singly or in multiples
of four, eight, or ten, of the value of £6O, £l2O, and £l5O
respectively.
The interest is payable half-yearly, on the Ist of January and
Ist July, in London, Paris, Berlin, and Bucharest. In London
by Messrs. Glyn, Mills, Currie and Co., and the Anglo-Austrian
Bank. _ _ _

The first Coupon will be payable Ist July next, and the amount
will be deducted from the final instalment when due.
The drawings for the redemption of the Bonds will take place
annually, at Berlin, on the Ist of March, in presence of the Con-
cessionaires and a Notary Public, and the Bonds so drawn will be
paid off at par on the Ist of July of every year. The first draw-
ing will take place on the Ist of March following the completion
of the line.
Taking into account the price of issue, and the advantages of
annual drawings, the Bond will yield to holders a return of fully
10i per cent. per annum.
It should be stated, as illustrating the rapid advance in credit
of the Roumanian Government, and the comparative advantages
offered to investors in the present Loan, that the 8 per cent Loan
of the Danubian Principalities, issued three years ago at 71, has
steadily risen in market value ever since, and is now quoted in
the lists of. the London Stock Exchange at above 95, and the 7
per cent Danubian Loan, issued at 75 is now at 88 to 90 percent.
Applications will be received on Monday and Tuesday next,
May 30 and 31, at the Bank of Messrs. Glyn, Mills, Currie,
and Co.
Forms of Application ma• be obtained of Messrs. Glyn, Mills,
Currie and Co., Lombard-street, and of the Brokers, Messrs. J.
and A. Scrimgeour, is, Old Broad-street.
Should the number of Bonds allotted be less than that applied
for, any surplus of the amount paid on application will be
applied towards the payment due on allotment ; and any
remaining balance will be returned forthwith.
In the event of no allotment being made, the deposit will be at
once returned in full.
A Bond, and a Certified Copy of the Act of Concession, may
be inspected at the Offices of Messrs. Upton, Johnson, and Budd,
Solicitors, Austin Friars, E.C.

ROUMANIA STATE RAILWAY LOAN,
WITH GOVERNMENT GUARANTEE.

FORM OF APPLICATION,

(To be retained by Messrs. GLYN, MILLS, CURRIE and Co.)
To THE CONTRACTORS OF THE ROUMANIAN STATE RAILWAY LOAN

Gentlemen,
Having paid to Messrs. GLYN, MILLS, CURRIE and Co.
the sum of £.........., I hereby request that you will allot me
Z .............. nominal amount of the above Loan, and I hereby
agree to accept the same, or any smaller amount, that may be al-
loted to me, and pay the further sums due on such allotment,
according to the terms of the prospectus issued by you.
I am, Gentlemen,
Your obedient Servant,
Signature .......
Address in full .
Date ..

..... 1870

ROUMANIAN STATE RAILWAY LOAN.
WITH GOVERNMENT GUARANTEE,

RECEIPT FOR DEPOSIT.
(To be retained by the Applicant.)
Received on account of the Roumanian State Railway Loan for
£600,000, the sum of being the deposit required
on an application for an allotment of £............, of the above
Loan.

For the CONTRACTORS OF THE ROUMANIAN STATE

RAILWAY LOAN,

£......

THE ATLANTIC AND GREAT WESTERN
RAILWAY.
OFFICIAL SCHEME FOR REORGANISATION.

FORECLOSURE AND SALE OF THE LINE TO TRUSTEES

Foreclosure, under the Consolidated Mortgage, to be prose-
cuted, and Decrees for sale obtained, and the Railway, with its
rolling stock, leases, franchises, &c., sold ; and to be bought by
General George B. McClellan, William Butler Duncan, Esq.
(Messrs. Duncan, Sherman, and Co.), and the Hon. Allen G.
Thurman (United States Senator from Ohio), as Trustees and
Agents for the purchase of the property on behalf of the Credi-
tors, and for its reorganisation under the scheme herewith.
The Tiustees to organise a new Company, under the title of
"The Atlantic and Great Western Railroad Company."
During the time required to complete the reorganisation the
Trustees may appoint Managers to conduct the affairs of the
Railrbad; and appoint a Provisional Board of Directors until the
Board of the new Company is regularly elected.
The Trustees to cause to be executednew Mortgages, as herein-
after mentioned, to a Trust Company in America, and to have all
the new securities prepared and forwarded to their Agents in.
London for issue, in accordance with this Scheme and Agree-
ment.
All existing Bonds, Coupons, Certificates of Debenture and In-
debtedness, Shares, and other securities, to be lodged, if re-
quired, with the Agents of the Trustees in England, who are to
give Certificates acknowledging the receipt of the securities, to
be held for the purpose of this Scheme. Application will be made
to the Stock Exchange to recognise these Certificates, to be dealt
in as representing the original documents, pending their exchange
into the new securities when ready for issue.
Holders of Divisional Bonds who may prefer to retain them
until the new Bonds are ready for issue, may do so, but all over-
due Coupons up to and including Ist July, 1870, should be de-
posited with the Bankers on signing the contract and assent, and
the Bonds stamped to that effect.
Scrip for the new securities will be issued in exchange for the
Bankers' receipts as soon as the necessary legal formalities will
permit.
The Trustees to take such legal or other measures as may be
found necessary to carry out this Scheme.
A form of Contract and Assent to be prepared for signature.
The New Securities are to be issued in the following order :-
1. First General Mortgage Bonds for $10,500,900, or such
amount as may be required for the purposes hereinafter men-
tioned, secured by a First Mortgage of the whole line of road,
franchises, rolling stock, and property of whatsoever nature or
kind.
These bonds are to be sterling bonds, bearing interest at the
rate of seven per cent, per annum, payable in gold, half-yearly,
for a term of thirty years, with the option reserved to pay them
off at any time after ten years ; but a default in payment of two
consecutive half-year's coupons shall render the whole of the
bond and interest due and payable, and in such an event thirty
per cent. of the whole issue of these bonds shall have the absolute
power of foreclosure. These bonds are to be exchanged for the
present first Divisional Bonds and overdue coupons thereon. And
also for twenty-five per cent. of the Certificates of Debenture of
1864.

2. Second General Mortgage Bonds for 87,000,000, for such
amount as may be required for the purposes hereinafter men-
tioned, secured by a second mortgage of the whole line of road,
franchises, rolling stock, and property of whatsoever nature or
kind.

These bonds are to be sterling bonds, bearing interest at the
rate of seven per cent, per annum, payable in gold half-yearly,
for a term of thirty years, with the same conditions as to the
payment of interest and principal and power of foreclosure as
are to appertain to the First Mortgage Bonds. These bonds are
to be exchanged for the Second Divisional Bonds and overdue
coupons thereon, for twenty-five per cent, further of the Certi-
ficates of Debenture of 1864 ; and for all coupons due prior to
January 17, 1867, heretofore not duly paid.
3. Third General Mortgage Bonds for $22,500,000, or such
amount as may be required for the purposes hereinafter men-
tioned, secured by a Third Mortgage on the whole line of road,
franchises, rolling stock, and property of whatsoever nature or
kind.

These Bonds are to be sterling Bonds, bearing interest at the rate
of seven per cent. per annum, in gold, payable half-yearly, for a
term of thirty years, provided such interest, or any part thereof,
be earned during the year, but not to be accumulative. These
Bonds are to be exchanged for the Consolidated Bonds, for
Twenty-five per cent. of the Certificates of Debenture of 1864,
and for Twenty-five per cent. of the Certificates of Debenture of
1868.
4. Five per cent. Preference Shares to be given for the overdue
Coupons of the Consolidated Bonds, matured since 17th January,
1867, and for Twenty-five per Cent, of the Certificates of Deben-
ture of 1868.
5. Ordinary Shares to be given for Twenty-five per Cent. of the
Certificates of Debenture of 1864, and for Fifty per Cent of the
Certificates of Debenture of 1868.
The Securities of the Atlantic and Great Western Railway, after
conversion, will be cancellee by the Trustees, and the numbers,
amounts, and description published at stated periods, but the
Certificates of Debenture of 1864 will be cancelled only when the
proportionate amount of collaterals are duly withdrawn from
the Trust, when both will be cancelled.
EXPENSES.

The expenses of carrying out this scheme, and of sustaining
the organisation of the present Company to be provided by the
new Company, the Trustees bein* authorised to issue and use for
these purposes, by hypothecation or otherwise, a pro rata
amount of each description of Bonds.