The Sun.
London, England, 1866-12-20 00:00:00

~~

--,_

US UR OP MAU A PRRPERENnE MUMS OV
~teff BEARING 8 PER CENT. INTEREST, AND
REDEEMABLE AT .zl5- PER SHARE.

CREDIT FONCIER OF ENGLAND (LIMITED),
ARE PREPARED TO RECEIVE APPLICATIONS
FOR THE ABOVE SHARES IN
THE
BELGIAN PUBLIC WORKS COM-
PAY .
t9iital £350,000, in 35,N 000 (L
Shares,) £lO each. Divided
into 25,000 A Preference Shares, £lO each (being the
Shares now offered for subscription), and 10,000 B De-
ferred Shares, of £lO each.

Frederic Doulton, Esq.
~ M.P DIRECTORS
Metropolitan Board of
Works.

Albert Grant, Esq., M.P., London.
Lieut.-Colonel Edward Neville, Clarges-street.
Jelin Irving Pascoe, Esq., Highbury New Park.
Henry Pownall, Esq., Russell-square.
tdward Warner, Esq., M.P., London.
CONSULTING ENGINEER.
J. kV. Bazalgette, Esq., C.E., Engineer-in-Chief to the
ketropolitan Board of Works.

BANKERS.

Messrs.
Street, E.O.

Smith, Payne, and Smiths, 1, Lombard-

SOLICITORS.
Aloars. West and King, 3, Charlotte-row, Mansion
tiona.; E.C.

BROKERS.
Prancis Cop, E3q., 1, Angel-court, Throgniorton-
street E.C.
Messrs. Price and Devot, 54, Threadneedle-street, E.C.

OFFICES.
St. Clemeut's House, Clement's-lane, London, E.C.
SECRETARY.
W. J. L. Heriot, Esq.

PROSPECTUS.
The object of this Company is to carry out the conces-
-Binne granted by,the Municipal Council of Brussels, in con-
-0 with the authorities of the province of Brabant and
!fißelgian Government, for the drainage and coincident
fulprovements of the capital of Belgium.
The concession, for the due execution of which £50,000
caution money has been lodged on behalf of the Company,
,cintuprises the construction of an underground channel for
he river Senne (at present an open main sewer) running
through the City, together with a broad thoroughfare or
Boulevard above that course; a complete system of Main
sewers, and important branches above, through, and below
the City ; the rectification of the river channel, and an
outfall station for exhaustion of the sewage ; it provides
11100 for the erection of an Exchange, a Market-place, a
4€luurnental Fountain, and such works as may be nacos-
-147 in connection therewith.
, The concessions also give the exclusive valuable right
'0 the sewage for a period of sixty-six years, subject to the
ntenance of the recantation Works iu connection
therewith.
The magnitude and value of these concessions will bo
nuderstood by the fact that they include'subsidies to be
teceived by the Company iu cash and Annuities, of the
value together of 26,000,000 f., or £1,040,000 sterling,
Which have been voted by all the authorities and sanc-
tioned by the Crown.
The caution money will be repaid to the Company in
Proportions as the works progress.
, Ihe concession also gives the right confirmed by Royal
decree of expropriation along a belt embracing frontages
00 both sides and in the vicinity of the proposed new
ad town
; and, in addition, the free grant (fee simple) of
ad town and suburban land derived from diverted streets,
°Pen public places, and closed river courses, that are in-
cluded within the limits of the concession.
The value of those stipulations will be readily discerned
'foul the fact that (apart from the land, not to be paid for
I,t,talli being received as free gift), the town blocks to be
..enrchased and cleared are at present mostly occupied by
at `Try indifferent buildings, whereas the site will become
°ace the most important Boulevard for traffic, busineSs,
and residential puToses, opening up, as it does, a direct
throad between the North and South Railway Termini, and
e land will become saleable by the Company at the
rgely-enhanced anticipated value.
The many thousands of our countrymen who have re-
cently visited Brussels cannot but have observed a srcity
°,l•nuoccupied dwellings; in addition to the existing scarcity
°'.unocupied dwellings; in addition to the existing want
°, additional accommodation, it should be considered as
fleeting the after value of vacant town blocks in such
t.rninently desirable •situations, that the works alone will,
`l' is estimated, displace upwards of 1,200 families.
,After a long course of laborious official inquiry, extend-
t'', g over several years, as to the most effectual sanitary
an to be adopted, the Belgian Government finally accepted
the
upon which the present concessions are based, upon
e report of a special Government deputation commis-
„Tiled to make a personal examination of the important
all bug, and main drainage works of Loudon and the
rbs.
*0 ks The original estimates for the principal part of these
were examined and verified by Mr. J. W. Bazalgette,
lingineer-iu-Chief to the Metropolitan Board of Works of
hsoudon, under the sanction of that body; and these esti-
'gates have been further tested by months of minute and
fef l revision on the part of contractors and their respec-
ve engineers.
d The contracts for the execution of the whole of the main
drainage works, and the formation of the Boulevard, have
tZU concluded with experienced and responsible Belgian
II "Motors, approved by the Belgian authorities, and who
,ave Placed at the disposal of the Company sufficient gua-
rantees for the due penormance of their engagements.
~,It is intended that the whole of the works shall be cora-
rioted -within four years.
h.The importance of the undertaking is evidenced in the
;";',°fracted official debates in the Brussels Municipal
on the
and also in the Belgian Chambers and Senate on the
Vieet, and by the special report thereon from Lord
it,nward de Walden, her Majesty's Minister Plenipotentiary
Brussels, transmitted by the Earl of Clarendon, through
tr George Grey, to the Metropolitan Board of Works, in
nadon, and recorded iu their Minutes under date of
1,`43' 18, 1866, an extract of which is annexed to the
t„°'Pectus.
1,;.4 he late distinguished Monarch, Leopold 1., to whose
kisiont and sagacity Belgium is so deeply indebted, al was
eanifested the warmest interest in these projected woks;
rnese reigning Sovereign, his Majesty Leopold If., after
iitly forwarding every stage of the negotiation from
be inception, has further testified his conclusive approval
having expressed his desire to inaugurate the works by
Littrig the first stone in State ceremony, which is fixed to
seat.o place at Brussels on Wednesday, the 22nd of January
It will be at once seen by this brief description of the
itellcession that it is one of no ordinary character, whether
t.,18 considered in the importance of the work to be done—
t:lo identification with its success—the the al character of its object—and the directors believe
kcY May fairly add without entering into details (which
4,14 Public statement they cannot do), from its prospect of
!ncial success.
851,11 e capital of the company is fixed at £350,000, in
4,,1v00 shares of £lO each, divided into 25,000 A Prefer-
"ce Shares and 10,000 B Deferred Shares.
Preference Shares represent the capital to be sub-
latqhfid by the public for working out the concession, and
c Deferred Shares are accepted by the Concessionaires
Of consideration of the assignment by them to the Company
4he concession.
t 0.6 he
follow Privileges attached to the respective share capital
REI ▪
he A Preference Shares are to be redeemed out of the
1,448°,_,ts of the Company, by drawing by lot, and each share
%lc, off at £l5 per share, being a bonus of £5 per share ;
vi! drawings will take place on the following dates,
`.
• the 22nd January, 1870, 6,250 shares, or £62,500,
1871, 6,250 „ £62,500,
1872, 6,250 „ £62,500,
1873, 6,250 „ £62,500,

17 17

77 If

Until
shares 25,000 or £250,000
,q,i_atu so drawn and paid off, each share to bear interest
ue rate of 8 per eent. per annum, payable half-yearly,
.on
144_8 Ist of Jazuary and Ist July in each year, for which
Loa'urest warrants will be attached to the shares.
repayment of the shelve of £l5 each, the shares will
th,„ ,to be given up with all interest warrants attached
off "e'e that have not become due, and the shares so paid
tnl are to be transferred for the benefit of the B SharF-
rs. Should the realisation of the concession permit,
at Directors reserve to themselves the right of making,
etitheir discretion, either earlier or larger drawings, but in
Oi h case the X 5 bonus per share is still to be paid, not-
•,t
e,4 :,standing such earlier or larger redemption of share
total.
44„, elroning the redemption at the dates and at the bonus
ter'ed, the investment will pay subscribers a rate of in-
fols arelows :—those shares which are drawn, and
NYC' be paid off on 22nd of January, 1870, will have re-
je4 per cent. interest and at tLe rate of 14 per cent.
1147118, or total of 243 per cent. per annum on amount of
istnient for the period of 3 years.
tejlose to be paid off on 22nd January, 1871, will shave
sent red 8 per cent. interest and at the rate of 14 per
Of • uenus, or total of 24 per cent. per annum on amount
prestment for the period of 4 years.
tv,„,ese to be paid off on 22nd January, 1872, will have
ho—t, Ived 8 per cent. interest and at the rate of 10 per cent.
ip,"us, or total of 18 per cent. per annum on amount of
,lestrnent for the period of 5 years.
te(.l,llose to be paid off on 22nd January, 1873, will have
bon 8 per cent. interest and at the rate of per cent.
14,118, or total of 16+ per cent. per annum on amount of
rptment for the period of 6 years.
for base A Preference Shares are now offered to the public
subscription. The payments are to be made as follows :
s. d.
2 0 0 per share on application.
8 0 0 on allotment.
210 0 ~
„", on Ist March, 1867.
210 0 „ on Ist July, 1867.
•

.or £lO 0 0
11T,„1 flay be paid subscriber at once either on application or
dii°-'ent, at option of —interest accruing from
t, f payment in all cases.
90," Directors do not pledge themselves to make an
hilit,incot to every applicant, nor to allot the whole of the
t4ece, it being their desire to place this small capital in
,/,',e alads of bona fide investors.
B Deferred Shares represent the Concessionaires'
titi„-78 in the Company. These shares will not b? hod either either to payment of any interest or capital until the
of the Preference Shares have received their capital
iote,,ThWith the interest and bonus before referred to ; there-
k-„le Deferred Shares become practically and'virtually
Vrautee to the Preference Shares.
141,,,(te Concessionaires having thus expressed their wil-
efi'hileee to endorse substantially their opinion of the value
,(141b ,„e concession, it follows that the Deferred Shares will
receive the surplus, whatever it may amount to after
4„',.?"euiption of the preference capital, the concession
er°Perty then remaining will belong to the Deferred
~1,1.°0 holders alone.
Nil Purchase-money for the concession and no propo-
likitlll°ney will be paid, and the expenses will,be strictly
tp ed to the actual preliminary disbursements necessary
eibe4l,,„lliring the concession and the establishment of the
441`",;`113' • the Credit Fonder of England (Limited) re-
, 4,-'1 th'eir profit entirely from the B Deferred Shares.
litue Preferenco Shares are intended to be paid up
e4y1,4-, Re before mentioned, no further liability after such
titi,-,etutg will exist, and power will be taken to inem:p,o-
thobbice Company according to Belgium law, a societ4
ueiti•11110, with a view to having the shares issuable to
ti01i,,,r37 information can be learnt by 'applying to the
Avieit)„“)l73, both as to the concession, plans, Articles and
litt,alidurn of Association, &c. ; and it is the wish of
c`iiet trtc're applicants should inform themselves on any
t A
.desire information.
erib, ei!tions for shares may be made in the annexed
ter ehieh must be accompanied by the payment of £2
11/Iciare deposit, without which no application will be
q4l:,d• Should a less number of shares be allotted
4110414tPlied for the deposit will, so far as required, be
wwards the payment due on allotment. Should