The Sun.
London, England, 1870-12-10 00:00:00

THE LONDON TRAMWAYS COMPANY,
LIMITED.
Forined for Amalgamating the undertakings of the under-
mentioned Street Tramways Companies, for which special
Acts of Incorporation have been obtained.

• • •
Capital. ,C 250,000, in 25,000 Shares of £lO each,
0,750 Shares will be allotted in exchange for a corresponding
number of Shares of the existing Shareholders of one of the
COMpanies;
Leaving for subscription 15,250 Shares.
Deposit on application, it per share ; payment on allotment, £2
per 'share. The Balance payable as follows on. 31st
January, 1871; .2'on 31st March, 1871; on 31st Ntay, 1871 ;
and £2 on 31st July, 1871.

•
A portion of the lines have been opened for traffic, and the
remainder will be opened in sections, the \(hole of this lines to
be completed before the,end of, 1871. •• •

, • • DIRECTORS.:
William Evans, Esq. Z Directors of the Metropolitan
' John Humphreys, Esq: f 'Street Tramways Company.
A.; J. Mundella; Esq., M.P.
James Reynolds,' Esq., Pornbridp,•e Gardens, Bays Water.
Adolphus W.. Young, Esq., M.P. .
BANKERS.
Bank of Scotland, No. 11, Old BrOad-street, London, and
Edinburgh, and Branches in Scotland.

SOLICITORS.
Metsrs. Ash Ant, MOrris and Co., 6, .Old Jewry, E.C.
BROKRRS. • '
•
Messrs. Walker and Lumsden, 25, Austin Friars, E.C,

SECRETARY.
John Foutston aunt, Esq.
—Cark.c.E&
No. 35, Parliament-street,

,_ _ .

PROSPECTUS.
The object, of this CompanY4is to acquire and work as one con
solidated undertaking two separate Metropolitan Tramways,
incorporated under special Acts of Parliament passed in the
two last sessions, viz., those of—,
1. Ihe Metropolitan Street Tramways Company (the first
Company 'which obtained an Act for Tramways in
London,
2. The -Millie°, Peckham, and GreenWich Street Tramways
. Coinpany.
The Two Tramway Companies , before mentioned are, by their
present .Acts, empowered to construct and work Tramways in
nearly all the main thoroughfares on the south side, and extending
to Victoria Station, Pimlico, on the north side of the Thames,
'comprising .25 *miles of street, partly; single, but
.principally
double lines, making altogether about 451 miles of Tramways.
The accompanying map shews the authorised Tramways
marked red, from which it will be seen that they traverse very
populous districts and are important, not only as local, but also
as trunk lines.
The Metropolitan Company' has constructed and opened-for
traffic the lines from Brixton and Clapham to near the south
end of Westminster Bridge; by direct cash outlay, ant' these
lines .are, bythe terms of the Amalgamation Agreement, to be
made over'to this Company by the exchange of the Shares of the
MetropOlitan Company for shares in this Company at par.
The Pimlico Company engages to hand over their portion of
the lines completed to this Company in sections free of all' ex-
penses, risks, or contingencies, at the, same mileage cost as that
Of the Metropolitan Company. ',the total estimated out-
lay on all the authorised lines on this basis; including equip.
anent, will be provided by the share capital of £250,000 and an
intended issue of 'debentures £70,000, -lea.ving• an 'ample margin
for working capital. . :
The first section of the Greenwich line, viz., from Blackheath
Hill to New Cross, has been e,pened.for traffic,' and the continua-
tion of that line to East Greenwich is, under construction, and
Will be in operation by the end of the year (1870). ' By this tine
the above arrangements, the capital will ,be 'remunerative as
soon as called up.
The returns from the working of the fragmentary portion of
the lines from Brixton to Kennington, which 'alone has been
opened for any length of time, have been audited. .by Mr.
Broome, of the firm of Broome, Son, and Hays, public ac-
countants, and Mr. Tendrcin; who are the auditors, and 'for the'
first three months, of, the opening, were found to yield a net
return at the rate of ten per cent. per annum on the capital
expenditure.. The,subsequent results are equally satiSfactery,
and the traffic is steadily increasing.
The-only other experience of. Tramway working In London is
the line which is now open between„WhitechaPel and Bow, and
the result, from the audited 'accounts; shews 12 per cent. net
profit. . . •
Street :Tramways, although but little known in this country,
have been in very profitable operation for many years. in most
. of the large, cities of America and Canada, and also on the Conti-
nent of Eutope, in 'St. Petersburgh, Vienna, Brussels, Copen-
hagen, &0., paying dividends generally of not less than 10 per
cent. on the Capital invested, and the shares command good.
premiumi. The Capital Account of most of the American Com-
panies shews an expenditure per mile greatly exceeding that
requited by this Company, and with the easy gradients in the
Metropolis (a most important item in the economy of working),
and by the judicious administration which experience has
brought to bear, there can be no doubt that Tramways will
prove highly profitable here. By the improvements effected in
construction by Wing the groove rail, the objections previously
existing to the American Tramways have been removed.
Last Session the WhOle subject Of Tramways was investigated
by Select Committees of both. Houses of Parliament, and in the
result' a General Act was passed under which local authorities
can purchase. Tramways in their district on a valuation (ex-
cluding goodwill) at the end of twenty-one years, but in the
case of the • Companies above-Mentioned, this period is extended
to Twenty-eight years, in consideration• of their having been
the pioneets for the introduction of Tramways into London, and
as an equitable eqUivalent'for these exceptional privileges, and
in consideration of these Companies transferring their interest
without goodwill, there is reserved to the original Chareholflers
one-half of the surplus
.profits of , the Company after payment
of a dividend' of six percent. per annum, so that the originators
of the scheme continue interested in the undertaking, and are
remunerated according to its success.
Important ,extensions of the existing. lines are being applied
for, the benefit of which is made'evor to this Company.
If no allotment be made the' Deposits will be returned in

full,
The Acts of Incorporation and the Agreement for Amalga-
mation can be inspected at the Offices of the *elicitors of the
Company. The Agreement is dated the 9th day of December,
1870, and the names of the parties to it are as follows :—The
Metropolitan Street Tramways Company and the Pimlico, Peck-
ham, and Greenwich StreetTramways Company of the first part,
John Fonlston Hunt on behalf of this Company then intended
to be formed of the second part, and certain Shareholders of
the Pimlico, Peckham, and Greenwich Street Tramways Com-
pany of the third part.
Application for Shares may be made to the Bankers. Pros-
pectuses with Forms of Application can be .obtained of the
Brokers, and'at the Offices of the Company.

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