The Sun.
London, England, 1870-12-15 00:00:00

PROSPECTUS

The object of this Company is to acquire and work as one con-
solidated undertakjng two separate Metropolitan Tramways,
incorporated under special Acts of Parliament passed in the
two last sessions, viz., those of-
1. The Metropolitan Street Tramways Company (the first
Company which obtained an Act for Tramways in
London).
2. The Pimlico, Peckham, and Greenwich Street Tramways
Company.
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 45} 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, and these
lines are, by the 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-
ment, will be provided by the share capital of £250,000 and an
intended issue of debentures £70,000, leaving an ample margin
for working capital.
The first section of the Greenwich line, viz., from Blackheath
Hill to New Cross, has been opened 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 and
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.
Broom, of the firm Qf Broom, Son, and Hays, public ac-
countants, and Mr. Tendlt•en, 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 satisfactory,
and the traffic is steadily increasing.
The only other experience of Tramway working in London is
the fine 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 Europe, in St. Petersburgh, Vienna, Brussels, Copen-
hagen, &c., paying dividends generally of not less than 10 per
cent, on the Capital invested, and the shares command good
premiums. The Capital Account of most of the American Com-
panies shews an expenditure per mile greatly exceeding that
required 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 using 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 pioneers 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 Shareholders
one-half of the surplus profits of the Company after payment
ota dividend of six per cent. 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 ovor 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 Solicitors of the
Company. The Agreement is dated the Oth 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 FouLston 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.

EUROPEAN ASSURANCE SOCIETY,
Empowered by Special Acts of Parliament.
For Ltfe Assurance, Annuities, and Guarantee of Fidelity in
Situations of Trust.
Chief Office-17, Waterloo-place, Pall-mall, London.
Annual Income, £300,000.
Capital, subscribed by more than 1,600 Shareholders, nearly
£BOO,OOO.
DIRECTORS.
CHAIRMAN—GeneraI Sir FREDERIC SMITH, K.H., F.R.S.
The Rev. A. Alston, D.D. It. M. Carter, Esq., M.P.
E. Hamilton Anson, Esq. Edmund Heeley, Esq.
A. R. Bristow, Esq. Reginald Read, Esq., 31. D.
This Society are now ISSUIN COMPLETE LIFE POLICIES.
The peculiar features of these Policies are as follow :-
1. The Payments Cease after Ten or Twenty Years.
2. The Policy is not forfeited by the non-payment of renewal
premium during the ten or twenty years.
3. The Assurer is entitled for each yearly payment he has
made to a paid-up Policy for one-tenth or one-twentieth of the
sum Assured.

HENRY E. PARMINTER, Manager.

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T. EVANS LUNDY, Secretary.

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