The Sun.
London, England, 1857-05-27 00:00:00

DIRECTORS,

CHAIRMAN.—Sir MACDONALD STEPHENSON, 115, Glou-
oester-terrace, Hyde-park.. • • ,
DEPIITY-CHAIRM-M—Captain DANIEL WARREN, 17, Por,
chester-terrace North, Hyde-park.
Philip B. Blyth, Esq., 53. Wimpole-street, Cavendish-square.
William Gordon Thompson, Esq., 83; Gloucester-terrace,
•Hyde-park.
Eric Carrington Smith, Esq., 1, Lombard-street.
Maj ,r-General Tremenhere,l33, Somerset-street, Portman-
square. .•
SOLICITORS,—Messrs. Rixon, Son, and Anton..
ExenNsita.--Geerge Meredith, Esq., M.I.C.E;
BANKErts IN LONDON.---Messrs. Smith, Payne, and Smiths,

Lombard-street.

BANKERS IN TURHEY.-;-,

Messrs. auson and, Co., Smyrna

and Constantinople.
SECRETARY. —J. L. Elkin, Esq.
SHAREBRORERS.—tiIessrs. Mullens, Marshall, and Daniell,
3, Lombard-street. • •
• -
OFFICIAL AUDITOR—Henry Lloyd Morgan, Esq.
Offices-38, Cannon-street, E.C.
PROSPECTUS.
This Railway, about 70 miles in length, will connect
Smyrna, the most important seaport in the Levant, with
Gaze! Hissar or Aidin, the great entrepot of the internal trade
of Asia Minor. It will bring the two places within three
hours of each other, instead of four days as at \present.
Smyrna contains a population of 160,000, possesses one of
the finest harbours in the world, and takes the highest rank
among the trading ports of the Mediterranean.
The aggregate value of her imports and exports in 1856,
taken from the most reliable sources of information, amounted
to 5,000,000/. sterling, and the tonnage inwards and out-
wards to 869,380 tons.
The extraordinary fertility and resources of Asia Minor
maintain Smyrna in her position as a trading emporium, not-
withstanding all the disadvantages she has had to contend
with from the total absence of even the most ordinary roads,
and which has from time immemorial rendered imperative
the exclusive use of camels and mules. When the goods are
packed at Aidin, the deterioration now caused, particularly
in delicate products, by the frequent lading and unladiug
consequent upon the nightly rest of the camels, will be
avoided. The loss of damage arising from the death of
animals and from numerous other casualties, which frequently,
occur during the conveyance from Aidin to the port of ship-
ment, Smyrna, will all be obviated by the proposed Railway.
The physical features of the neighbourhood of Smyrna,
which is surrounded by mountains, force the traffic along two
principal routes—one to the north, skirting the sea coast,
and leading; by a circuitous path, to Magnesia and Cassaba,
and from thence to the northern and north eastern parts of
Asia Minor—the second to the south-east, opening upon the
celebrated province of Aidin. The varied elevations of this
part of the country, the genial temperature of the climate,
and the alluvial nature of the soil, enable it to grow produce
of all kinds from the rarest to the coarsest qualities. Tobacco,
the fig, the vine, the olive, the poppy, the cotton plant and
mulbery tree aro indigenous products, whilst wheat, maize,
barley, beans, flax, hemp, and a variety of pulse and oleagin-
ous seeds are raised in large quantities. Valonia, yellow-
berries, wool, goat's hair, dyestuffs, drugs, skins, honey,
wax, &e., likewise abound.
Guzel Hisser, more commonly called Aidin, is a thriving
city, having about 60,000 inhabitants, and is the point of
concourse for persons from all parts of the interior, who re-
sort to that market for the disposal of produce in small par-
cels to the resident dealers trading with Smyrna; and for the
purchase of foreign goods.
According to a low average of the various estimates made
by 'a Special Commissioner sent out for the purpose, whose
report has been confirmed by all the principal resident mer-
chants of Smyrna, the goods traffic from Aidin to Smyrna
employs 10,000 camels and 500 mules, at the cost of over
400,000/. per annum. Independent of the 10,000 camels
which are constantly employed to carry the traffic between
Smyrna and Aidin, there are at least 20,00.0 employed on va-
rious routes in cyniveying produen from theinterior to the sea.-
When this Railway is completed to Aidin the traffic conveyed
by at least 10,000 of these 20,000 camels will come to the line,
thus at once considerably increasing the existing amount of
traffic between the two places.
It is evident, from the above data, that the present goods
traffic will give a divi lend of 12 per cent. per annum, after
deducting one-half of the receipts for working expenses, and
the division of profits with Government over 7 per cent.
With' regard to passenger traffic, no accurate estimate can
be at present formed. Looking, however, to the result of the
opening of the Railways in Egypt and India, and to the ab-
i seuce of any passport system, a large revenue is certain to
be derived from this source.
The Turkish Government guarantees a minimum dividend
of 6 per cent, per annum on the expenditure not exceeding
1,200,0001., and contractors of eminence and responsibility
have offered to undertake the construction of the Railway
with ample rolling stock within this amount ; but the pre-
sent extraordinary traffic along the route it will traverse, un-
equalled by that of any railway ever offered to the public, is
the best guarantee of its success.
The Turkish Government, by the terms of the concession,
reserve 15,000 shares, or 300,000/. for local subscription.
The applications for these ,
shares, headed by his Imperial Ma-
jesty the Sultan, the Grand Vizier, and several influential
capitalists of Constantinople, have considerably exceeded this
amount.
The concession, which has been granted and confirmed by
au Imperial firman, accords the most valuable privileges.
The following is an outline of the principal clauses ;-
1. It is perpetual, subject to the right of purchase by the
Ottoman Government upon agreed and equitable terms at the
end of 50, 75, 95, and every subsequent 20 years.
2. A guarantee of dividend of 6 per cent, per annum as
above mentioned for 50 years. The line to be opened in sec-
tions, and the guarantee to come into operation as each sec-
tion is opened. The profits over 7 per cent, to be divided
with Government.
3. All Government land and materials to be taken and
made use of by the Company gratuitously.
4. All the materials for constructing, working, and renew-
ing the Railway to be imported duty free.
5. The power of working all coal mines within 30 miles of
any part of the line, on payment of a fixed royalty.
6. The privilege of erecting warehouses with a Custom-
house attached on the Company's premises at Smyrna.
7, The engagement of Government not to grant a conces-
sion to any competing line.
8. The unrestricted power of management.
The Directors having a due regard to the present unfavour•
able time for launching a new undertaking, have deferred
and would still defer, bringing forward the enterprise were it
not that the conditions of the Imperial firman limit the date
at which operations must be commenced. They have, how-
ever, determined that the first section of the line only shall
receive their immediate attention, so as to obviate the neces-
sity of making h,eavy calls during the existing stringency of
the money market.
The Concessionaries who have deposited at their own risk
the caution money, amounting to 24,000/., and who have also
defrayed all the exp nses since the first negotiations were
opened with the Porte, including the cost of detaled plans,
sections, and surveys, engineering, travelling, and other ex-
penses, have agree to accept for their int erest in the conces-
sion, and for all preliminary expenses, 33 per cent, upon the
capital, which they will take iu shares or otherwise as may be
deemed most advisable for the interests of the Company ; and
they have also, to show their confidence in the undertaking,
subscribed to the capital of the Company to the extent of
90,000/. in addition.
The first and most important section of 46 miles from
Smyrna, which it is calculated will yield a most satisfactory
return upon the outlay, may be opened in time to bring down
the produce of the harvest of 1858.
Carefully prepared plans, sections, and estimates of the cost
of the line, show that the capital on which the guarantee is
given is sufficient for its entire construction, the supply of
rolling stock, and the erection of stations, warehouses, and
water-side premises.
Interest at the rate of 6 per cent, per annum will be allowed
ou payments either for, or in anticipation of, calls during the
construction of the line. Provision for this item of expenditure
has been made in estimating the required capital at 1,200,000/.
upon which the guarantee of the Turkish Government has
been secured.
Applications for shares, with the bankers' receipt for the
deposit, to be addressed to Messrs. Mullens and Co., 3,
Lombard-street; or to the Secretary of the Company, 38,
Cannon-street, City, where forms can be obtained.

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