The Sun.
London, England, 1866-03-09 00:00:00

CONSOLIDATED SEVEN PER CENT.
NJ BONDS of the FIRST DIVISION of the SAINT
PAUL and PACIFIC RAILROAD COMPANY, State
of Minnesota, United States of America.

Issue of $2,800,000 First Mortgage Bonds carrying in-
terest at the rate of Seven per Cent., payable in London at
the fixed rate of 4s. per dollar, redeemable in 30 years in
Now York, or at the option of holders in London at the
fixed rate of 4s. per dollar.
The payment of the principal and interest of those Bonds
is secured.
Istly. By a mortgage on the whole' lin6having '
a total length of 130 miles, the cost of
which amounts to 53,250,000
2ndly. By a mortgage on the estates or proper-
ties of the Company at St. Pa-al and St.
Cloud, valued at , 400,000
ardly. By a mortgage on 512,000 acres of fer-
tile lands, near the line, valued at

87,650,000
It is proposed to issue $780,000 of these Bonds for the
purpose of completing the entire line from St. Paul to
Watab, and placing it in working Ardor by the spring of
this year.

The price of issue of each Bond of $l,OOO, or £2OO ster-
ling, carrying interest from the Ist December, 1865, is £l4O,
payable by instalments as follows: •
.£7 on application,
£2l on allotment,
£56 on 20th March,
£56 on sth April.

£l4O
Subscribers will have the option of paying in full, under
discount at the rate of 7 per cent. per annum. Tho defini-
tive Bonds will be delivered in exchange for Scrip, as soon
as it is paid up.
The remaining $2,020,000 of this Mortgage will be re-
tained in the hands of Trustees or their Agents, and will
only be issued in exchange for the Bonds already in exis-
tence, viz.:—
$820,000 let Mortgage on the Railroad.
$1,200,000 2nd Mortgage on the Railroad, and Ist Mort-
gage on 307,200 Acres of Land.
These Bonds can hereafter be converted into the Conso-
lidated Bonds of the present issue, at the option of the
holders, on their paying £2O on each $l,OOO Bond.
Ten per cent. of each Bond issued, or £2O, will be set
aside to form a Guarantee Fund against contingencies,
which fund will amount upon the entire debt to £56,000
sterling, which will be invested in the Six per Cent. Bonds
of the United States.
The Bonds of this Mortgage will be accepted at par, in
payment of Lands purchased, and the Company reserve to
themselves the right of redeeming these Bonds—at any
time before maturity—at a premium of Ten per Cent.
According to the Mortgage of the Company, no deed can
be given of any of the Lands without retiring a corre-
sponding amount of the Bonds.
The Lino in question promises the most satisfactory re-
sults, and the 50 miles already completed afford evidence of
what may be looked for in the future.
The Lands are of an excellent quality, very fertile, and
possess water and timber in abundance.
The climate is extremely healthy.
. _

In the present instance 512,000 acres are mortgaged for
$2,800,000, or at the rate of 180 acres for each $l,OOO Bond.
St. Paul is the principal town of Minnesota, and the
population is continually increasing, to an extent only pos-
sible in these countries, where thousands of hands can
always find sufficient employment.
The population was:—
In 1850
In 1860
In 1864
There already exists a line of communication with the
existing railroads, and as the further navigation of the
Mississippi is impeded at SL Paul, it is necessary to obviate
that inconvenience by extending railroad accommodation
to the westward and northward of Minnesota, and to and
from British North America. _ _ _

The traffic, which is already considerable, will no doubt
bo largely developed when the fertile Hudson Bay terri-
tory shall be intersected by a railroad.
The communication with the Pacific, so ardently desired
in America, will, it is confidently believed, be at no distant
date realised by the completion of this road, and the con-
struction of extending lines, forming links in the shortest
and best route to the Western Seaboard. _ _ _

--gul:;;(;4tions for these Bonds will be rocoived from Gth
ara, a
In --ms..ercr 11118-121InCa:ui—m-criara:XLVMETIIIVUUrantr
Company.
In Rotterdam, at the Office of Messrs. 11. C. Voorhoeve
and Company.
In London, at the Office of Messrs. Robert Benson and
Company, 10, King's Arms-yard, Moorgate-street ; or of
Messrs. Messrs. Surgey and Pickering, 11, Angel-court,
Throgmorton-street.
Brokers and Agents will be allowed a Commission of
one-quarter per cent. upon the nominal amount of their
subscriptions.
On the day when the total amount of the applications
shall exceed the number of Bonds remaining disposable,
the List shall be closed, and the applications on that day
reduced proportionally.