The Sun.
London, England, 1870-04-09 00:00:00

66 0U it OCEAN HIGHWAYS"
AND ITS MONTHLY SUPPLE3ILNT,

lucorporated with
"THE ANGLO-AMEUICAN TIMES."

The mission which "Our Ocean Highways" has to achieve
is to afford Travellers OF ALL NATIONS a means, in the
simplest and readiest of forms, that of the alphabet, to lind
their way, safely and easily, over the whole world. _

The success already obtained by the first annual, for 1870,
is a guarantee fur the future. The whole British Press have
applauded the enterprise ; many American and Continental
Journals have encouraged and sympathized with the move-
ment, which is international, and made iu the best interests
of all countries.

The host of elaborate special Handbooks and Guides
which abound at the Railway Stations give many minute
details to which a condensed Gazetteer of the World, in a
moderate-sized volume, cannot lay claim. But what it does
claim is, that it contains every necessary particle of Tra-
velling and Commercial information, derived from the best
and original sources.
It is a matter of just pride and congratulation that all the
great Ocean Steamship Companies, and many eminent Com-
mercial Shipping Firms, have cheerfully acceded to the
&Rees application to forward Printed Forms of Ques-
tions to their Correspondents and Agents all over the globe
for reply.
Many of the home and continental ports have already sent
in the requisite information ; those more remote will all be
in time to have the latest authentic intelligence inserted in
the next annual volume, -which will be published on the Ist
of December next, -so as to be received and utilised by the
Ist day of the New-year in almost every part and city of
the globe.
It will embody an amount of topographical, statistical,
commercial, railway, and shipping intelligence, such as can-
not be found in any other p.nblication. A valuable addition
will be FOREIGN PORTS' DIRECTORY, containing the names
of British and American Ministers, Consuls and Vice-Con-
suls, Clergymen of all denominations, Physicians, Banks,
Managers and London Correspondents, Chief Merchants,
Ship Brokers and Shipping Agents, Lloyd's Agents, News-
papers and Editors, Hotels and Proprietors; in short, no
labour or expense is being spared to render the work of
paramount universal utility.
Our Ocean Highways " Monthly Supplement, incorpo-
rated with the "Anglo-American Times," the leading organ
of America in Europe, is essentially for the use of passengers
by our great Ocean Steamship Companies. Each number of
the Supplement and each bi-monthlynumber of "The Anglo-
American Times " will contain; in addition to a Ports' Rail-
way and Steamers Summary, a Skeleton Tour, taking the
traveller from the steamer, on his arrival in port, to some
one of the great European centres, guiding him on his way
and ensuring his comfort at the most eligible hotels. These
Supplements accompany the passengers in the bomowaid-
bound steamers, provision having been made for the Agents
of the respective Steamship Companies regularly receiving
them for distribution at all foreign ports.
Communications, suggestions, and corrections are earnestly
solicited from all Travellers, either by letter to the Editor, or
personal interview, at the Buckingham Palace Hotel,
London.

{ABRIDGED QIRCULAR.]

EMIT PER CENT. DES MOINES VALLEY
BA LRO AD BONDS,
Secured on 247 miles of Railroad, Plant, and Equipment, and
on 465,000 Acres of Land in the State of lowa.
Or, at the option of Applicant, 74- per cent., payable in G old
in London, on amount of purl hase.
PRESIDENT.
D. W. Kilbourne, Esq.
- VICE-PRESIDENT.
• C. H. Perry Esq.
TRti STEES.

W. S. Gilman, Ezq. (Messrs. Gilman, Son, and Co.), Banker,
Now York.'
N. A. Cowdrey, Esq., Barrister, New York.

Messrs. Chadwicks, Adamson, Collier; and Co. beg to
announce that upwards of $3,000,000 having been privately
subscribed, they are authorised to offer to the public
$1,300,000, the balance of these Bonds, bearing 8 per teat.
interest at the price of 95 in Atherican currency, and have
arranged to secure the payment of the interest in cash in
London, to all who on purchasing now prefer it, at the rate
•of -711 per cent. per annum on the purchase price.
Each Bond of $l,OOO bearing 8 per cent. interest in
American currency will be sold for £l7B 2s. 6d., and if
specified in the application the_interest will be made payable
in cash in London, at the rate of £6 13e. Bd. every half-
year, being at4be rate of 71 per cent. per annum. These
Bonds are Ails made a. First Class Land Secured Railway.
Bond, bearing 71 per cent. interest on the cost price payable
in Loudon free of all charges and free of. American Income
Tax.

The Bonds are a First Mortgage on 85 miles of Railroad,
from Des Moines to Fort Dodge, of which 77 are already
completed; on 365,0110 acres of land or thereabouts in the
State of lowa, already parcelled out and granted by the State
to the Railway Company, and on 100,000 acres of land
granted .by the State to the Rail way Company, on condi
tion of the completion of the Railway by the runnineof
trains into Fort Dodge before the end of the year 1870 ; and
are a Second Mortgage on 162 miles of railroad from Keokuk
to Des Moines. . .

The Terms of Repayment are at par on the Ist October,
1898, or at any time by optional purchase by the Company at
market value not exceeding 120 per cent, by means of the
proceeds of sale of surplus lands, or by drawings from time
to time at 120 per cent., so often as $50,000 shall be in the
hands of the Trustees of the Deed from the same sources.
The numbers of the Bonds drawn for payment are to be ad-
vertised in New York and London Newspapers.
The Trustees have power in the event of default being
made for six months in payment of the interest to foreclose
and sell the property after three months' notice.
The Bondholders are privileged to purchase any of the
surplus lands comprised in the security at a minimum price,
fixed by the Company and the Trustees, and the bonds or
coupons are receivable in payment at their par value.
The title to these lands is derived by direct patent from
the United States Government to the Ftate of lowa, and
conveyance from the State to the Railway Company for
railway purposes.
The present value of these lands is estimated to be from
$5 to $lO per acre, and their rapid future increase in value
is considered certain.

The net earnings of the Railroad from its first opening
throughout have been sufficient to pay all interest, and the
operating expenses-have averaged from 50 to 60 per cent. of
the gross receipts.
The Share Capital of the Company amounts to $3,904,400,
which was subscribed for bona fide at par by owners of
property and inhabitants of lowa and the adjoining States,
and is all paid up.

Further info;mation, with full Prospectus, Map, and
copy of the Deed of Trust and Land Grant, may be ob-
tained of Messrs. John Stuart and Co, Bankers, Manches-
ter; or from Messrs.. Chadwicks, Adainso,, Hier, and
Co., Go, Moorgate-street, London, and G 4, Cross-street,
Manchester.

Applications for these Bonds, in the annexed Form
accompanied by a deposit of .£lO per Bond, will be received
up to Three p.m. on the 15th instant by the London and
County Bank, London, or auy of its branches ' • by the Con-
solidated Bank (Limited), London and Manchester; or by
the National Bank of Scotland, Edinburgh, London and
Branches.

Tho balance of £l6B 2s. 6d. per Bond will be payable
within 11 days after allotment.

FORM OF APPLICATION.
To Messrs. Chadwicks, Adamson, Collier, and Co.,
65, Moorgate-street, London,
Agents for the Des Moines Valley Railroad Company.

I request you to allot me 8 per cent. Des
Moines Valley Railroad Bonds of $l,OOO each, issued at 95
per cent., or £l7B 2s. 6d. each.
I have paid a Deposit of £lO per Bond to the Bank,
and I engage to pay the balance of the amount of issue
within 14 days after allotment; and I request that the inte-
rast•thqeon mAy be made payable in London,at the rate of
13e.'WhiRC yearly, or 71 per cent. per annum.
Name
Address
Description
Date