The Sun.
London, England, 1866-12-19 00:00:00

N°. 23,252.

ISSUE OF 25,000 A PREFERENCE SHARES OF .£lO
EACH BEARING 8 PER CENT. INTEREST, AND
REDEEMABLE AT £l5 PER SHARE.

THE CREDIT FONCIER OF ENGLAND (LIMITED),
ARE PREPARED TO RECEIVE APPLICATIOANS
FOR THE ABOVE SHARES IN
THE BELGIAN PUBLIC WORKS COM-
PANY (Limited).

Capital £350,000, in 35,000 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 £l.O each.
Dm=Tons.
Frederic Doulton, Esq., M.P., Metropolitan Board of
Works.
Albert Grant, Esq., M.P., London.
Lieut.-Colonel Edward Neville, Clarges-street.
John Irving PaScoe, Esq., Highbury New Park.
Henry Pownall, Esq., Russell-square.
Edward Warner, Esq., M.P., London.
CONSULTING ENGINEER.
J. W. Bazalgette, Esq., C.E., Engineer-in-Chief to the
Metropolitan Board of Works.
BANKERS.
Messrs. Smith, Payne, and Smiths, 1, Lombard-
street, E.C.

Somcrrons.
Messrs. West and King, 3, Charlotte-row, Mansion
House, E.C.

BROKERS.
Francis Cope, Esq., 1, Angel-court, Thrognorton-
street, E.C.
Messrs. Price and Devot, 54, Threadnoedle-street. E.C.

• OFFICES.
St. Clement'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-
sions granted by the Municipal Council of Brussels, in con-
cert with the authorities of the province of Brabant and
the Belgian Government, for the drainage and coincident
improvements 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,
comprises the construction of an underground channel for
the 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
also for the erection of an Exchange, a Market-place, a
Monumental Fountain, and such works as mly be neces-
sary in connection therewith.
The concessions also give the exclusive valuable right
to the sewage for a period of sixty-six years, subject to the
maintenance of the Eecantation Works in connection
therewith.

The magnitude and value of these concessions will be
understood by the fact that they include subsidies to be
received by the Company in 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.
The concession also gives the right confirmed by Royal
decree of expropriation along a belt embracing frontages
on both sides and in the vicinity of the proposed new
Boulevard ; and, in addition, the free grant (fee simple) of
all town and suburban land derived from diverted streets,
open public places, and closed river courses, that aro in-
cluded within the limits of the concession. _ _

The value of those stipulations will be readily discerned
from the fact that (apart from the land, not to bJ paid for
at all, being received as free gift), the town blocks to be
purchased and cleared aro at present mostly occupied by
very indifferent buildings, whereas the site will become
at once the most important Boulevard for traffic, business,
and residential purposes, opening up, as it does, a direct
road between the North and South Railway Termini, and
the land will become saleable by the Company at the
largely-enhanced anticipated value.
The many thousands of our countrymen who have re-
cently visited Brussels cannot but have observed a scarcity
of unoccupied dwellings ; in addition to the existing want
of additional accommodation, it should be considered as
affecting the after value of vacant town blocks in such
eminently desirable situations, that the works alone will,
it is estimated, displace upwards of 1,200 families.
After a long course of laborious official inquiry, extend-
ing over several years, as to the must effectual sanitary
plan to be adopted, the Belgian Government finally accepted
that upon which the present concessions are based, upon
the report of a special Government deputation commis-
sioned to make a personal examination of the important
sewage and main drainage works of London and the
suburbs.

The original estimates for the principal part of these
works were examined and verified by Mr. J. W. Baz•dgette,
Engineer-in-Chief to the Metropolitan Board of Works of
London, under the sanction of that body ; and these esti-
mates have been further tested by months of minute and
careful revision on the part of contractors and their respec-
tive engineers.
The contracts for the execution of the whole of the main
drainage works, and the formation of the Boulevard, have
been concluded with experienced and responsible Belgian
contractors, approved by the Belgian authorities, and who
have placed at the disposal of the Company sufficient gua-
rantees for the due penormanea of their engagements.
It is intended that the whole of the works shall be com-
pleted within four years.
The importance of the undertaking is evidenced in the
protracted official debates in the Brussels Municipal Coun-
cil, and also in the Belgian Chambers and Senate on the
subject, and by the special report thereon from Lord
Howard de Walden, her Majesty's Minister Plenipotentiary
at Brussels, transmitted by the Earl of Clarendon, through
Sir George Grey, to the Metropolitan Board of Works, in
London, and recorded in their Minutes under date of,
May 18, 1866, an extract of which is annexed to the
Prospectus.
. _

The late distinguished Monarch, Leopold 1., to whose
wisdom and sagacity Belgium is so deeply indebted, always
manifested the warmest interest in these projected works ;
and the reigning Sovereign, his Majesty Leopold 11., after
earnestly forwarding every stage of the negotiation from
its inception, has further testified his conclusive approval
by having expressed his desire to inaugurate the works by
laying the first stone in State ceremony, which is fixed to
take place at Brussels on Wednesday, the 22nd of January
next.

It will be at once seen by this brief description of the
concession that it is ono of no ordinary character, whether
it is considered in the importance of the work to be done—
the Governmental identification with its success—the na-
tional character of its object—and the directors believe
they may fairly add without entering into details (which
in a public statement they cannot do), from its prospect of
financial success.

The capital of the company is fired at £350,000, in
35,000 shares of £lO each, divided into 25,000 A Prefer-
anco Shares and 10,000 B Deferred Shares.
The Preference Shares represent the capital to be sub-
scribed by the public for working out the concession, and
the Deferred Shares are accepted by the Concessionaires
in consideration of the assignment by themto the Company
of the concession.

The privileges attached to tho respective share, capital
are as follows :

The A Preference Shares are to bo redeemed out of tho
assets of the Company, by drawing by lot, and each share
paid off at £l5 per share, . being a bonus of £5 per share ;
the drawings will take place on the following dates,
viz. :

On the 22nd January, 1870, 6,250 shares, or £62,500,
t 7 1871, 6,250 „ £62,500,
„ 1872, 6,250 „ £62,500,
If tt 1873, 6,250 „ £62,500,

Total shares 25,000 or £250,000
Until so drawn and paid off, each share to bear interest
at the rate of 8 per eent. per annum, payable half-yearly, on
the Ist of Jain:LlT and Ist July in each year, for which
interest warrants will be attached to the shares.
On repayment of the shares of £l5 each, the shares will
have to be given up with all interest warrants attached
thereto that have not become due, and the shares so paid
off are to be transferred for the benefit of the B Share-
holders. Should the realisation of the concession permit,
the Directors reserve to themselves the right of making,
at their discretion, either earlier or larger drawings, but in
such case the £5 bonus per share is still to be paid, not-
withstanding such earlier or larger redemption of share
capital.
Reckoning the redemption at the dates and at the bonus
named, the investment will pay subscribers a rate of in-
terest as follows :—those shares which are drawn, and
thus are

To be paid off on 22nd of January, 1870, will have re-
ceived 8 per cent. interest and at the rate of 161 per cent.
bonus, or total of 241 per cent. per annum on amount of
investment for the period of 3 years.
Those to be paid off on 22nd January, 1871, will lhave
received 8 per cent. interest and at the rate of 121 per
cent. bonus, or total of 20i per cent. per annum on amount
of investment for the period of 4 years. -
Those to be paid off on 22nd January, 1872, will have
received 8 per cent. interest and at the rate of 10 per cent.
bonus, or total of 18 per cent. per annum on amount of
investment for the period of 5 years.
Those to be paid off on 22nd January, 1873, will have
received 8 per cent. interest and at the rate of 81 per cent.
bonus, or total of 161 per cent. per annum on amount of
investment for the period of 6 years.
These A Preference Shares are now offered to the public
for subscription. The payments are to be made as follows :
£ s. d.
2 0 0 per share on application.
3 0 0 „ on allotment.
210 0 „ on Ist March, 1861.
-2 10 0 „ on Ist July, 1867.

£lO 0 0
or all may be paid up at once, either on application or
allotment, at option of subscriber—interest accruing from
day of payment in all cases.
The Directors do not pledge themselves to make an
allotment to every applicant, nor to allot the whole of the
shares, it being their desire to place this small capital in
the handA of bona fide investors.

The B Deferred Shares represent the Concessionaires'
interest in the Company. These shares will not he en-
titled either to payment of any interest or capital until the
whole of the Preference Shares have received their capital
back, with the interest and bonus before referred to ; there-
fore the Deferred Shares become practically and virtually
a guarantee to the Preference Shares.
The Concessionaires having thus expressed their wil-
lingness to endorse substantially filcir opinion of the value
of the concession, it follows that the Deferred Shares will
only receive the surplus, whatever it may amount to after
the redemption of the preference capital, the concession
and property then remaining will belong to the Deferred
Shareholders alone.

No purchase-money for the concession and no promo-
tion-money will be paid, and;the expenses will;be strictly
limited to the actual preliminary disbursements necessary
to acquiring the concession and the establishment of the
Company ; the Credit Foncier of England (Limited) re-
ceiving their profit entirely from the B Deferred Shares.
As the A Preference Shares are intended to be paid up
in full, as before mentioned, no further liability after such

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