The Sun.
London, England, 1845-09-29 00:00:00

BANKERS.

London—Messrs. Carries and CO.,Coinhill ; Messrs. Masterman and
Co., Nicholas-lane ; Messrs. Cockburn and Co., Whitehall.
Madrid—Bank of Isabella 11.

STANDING COUNSEL—Jacob Waley, Esq., Llncole's Ina
SouciTozs—Messre. Keddell, Baker, and Grant, 14, Lime-street.
CONSULTING ENGINRER—P. Prichard B
aly EK.
SECRETARY—F. Kirkham Powell, Bsq.
Offices of the Company, 37, Moorgate-stroot.

The present Company has been formed for the construction of a
line of railway from Madrid to the city and port of Valencia, the mast
central seaport on the Mediterranean. It will open out the re-
sources of an extensive district of country, eastward from the capital,
remarkable for the richness and fertility of its soil, the varied abun-
dance of its productions, and the commercial spirit of its inhabitants.
This railway is authorised by a special ordinance of her Majesty
the Queen of Spain ; and from its vast importance as a national route
of intercommunication her Majesty has been pleased to accompany
the grant with all the privileges and immunities which the Crown is
empowered to confer upon a railway company. Amongst these may
be enumerated—

1. A lease of the line and of its branches for 99 years.

2. The gratuitous grant of such Government and corporatloa lands
as may be required for the railway.
3. The free use of all timber, the property of the gtate, that may be
necessary for the works, or for other purposes.
4. The exemption for ten years, to be computed from the com-
mencement of the works, of all import duties on the machinery,
rails, and other articles requisite for the completion of the railway.
5. The entire exemption from .all national and loeal taxes that
could otherwise be levied upon the railway, works, or Windings of
any description, and upon the capital represented by the shares.

6. The Government is not to interfere with the Company's tariff
of charges for the space of forty years from the completion of the
works ; and no revision thereof is to take place on the expiration of
that period that can sink the profits below 15 per cent.
7. The line is to be classed, by a special law, under the title of a
" work of public utility," and as such to enjoy the royal patronage
and protection, and all the pecallar privileges attached to important
national undertakings.
The proposed line, thus largely endowed, is about 240 miles in
length, being upwards of 150 miles nearer the capital than the ports
of Cadiz and the north coast of Spain, and generally nearer than any
other port in the kingdom. Although it has not yet been minutely
surve,ed, it is well known that there is no similar district of equal
extent in the kingdom which presents so few engineering difficulties.
For upwards of 80 miles the lins will traverse the almost level plain
of Valencia ; and emerging from the boundaries of the province, it
will follow as nearly as possible the course of the rivers which flow
east and west from the central plateau in the province of Cuenca,
and approach Madrid by the valley of the Manzanares. The line
will either pass through or accommodate the most important towns
hi the two provinces, which will thus he brought into rapid com-
munication with the capital OR the one side, a seaport on the other.
This railway will be the means of supplying -Madrid, containing
300,000 inhabitants, entirely dependent for provisions upon the con-
tiguous provinces, at a cheap rate, with the rich products of the pro-
vinces of Valencia, which abounds in most valuable mines, and is
beyond comparison the most fertile district of Spain.

Valencia, bronglit by this communication within- ten hours' dis-
tance of the chief market of Spain, must necessarily become the
port at which all vessels with supplies tbr the metropolis will unload,
and the centre of the coasting‘trade along the whole sea-line from
Barcelona to Gibraltar.

The traffic in passengers and goods now existing between Madrid
and Valencia has been correctly ascertained, showing the following
results :

The annual number of passengers trairel:ing between
:Madrid and Valencia, and the intermediate towns, is
upwards of 42,000 ; but taking that number at the
present cost of conveyance by stage coaches, private
carriages, galcras, and waggons, the amount will be 07,80 e
The annual weight of goods conveyed betwe.c the two
cities and the Intermediate localities is 4,909,091 cr.
from which the return is estimated at .. .. 1,223,400

X 1,291,200
Assuming that two-tifths only of the existing charges
become a source of revenue to the railway, and that
the tariff be reduced considerably
low the State
tariff' of Belgium, there will be deducted 752,320

Remains • • • .
£53
Sapporing that the present traffic will only be doablel.. 'BB°
by the railway, although experience has proved the
increase to be equal to 300 and 400 per cent., there will
be added • • .. • • • • • • • • • • 5.f4,4•5t

And add
For the transport of troops, military stores, &e., which
the Government will substitute for the conveyance by
waggons .. .. •• •• 50,000
28 per Cent., at the least, for the Alicant traffic .. 215,97,2

£1,313,712
From which deduct nearly 50 per cent. for maintenance
or way, &c. .. • • • • •. 671,356

£671,856

Leaving a net profit of
Or of nearly 28 Or cent. upon the capital.
The capital now proposed to be raised has been estimated, by
competent authority, to be amply sufficient for the completion of the
railway, including station-4, a double line for rails, and the working
plant.

The royal ordinance authorises the erection of an electric tele-
graph along the line, which will answer the double purpose of placing
the railway under the special protection of the Government, and
closely uniting it with all the railways that intersect the kingdom
and have their common termini in Madrid, to which capital maritime
and mercantile information from the Mediterranean can be instan-
taneously communicated.
One-third of the shares are, by the terms of the concession, con-
ceded to Spain.
The locale of the Company will be in Spain, and It will be framed
on the principle of a cosnpania anonema, agreeably to the commercial
code of that country._
- . _

The affairs of the Company will be conducted by a Board of TH.
rectors in London, assisted by a highly influential Committee in
afddrid. The remuneration to the Directors will be made in ae..
cordance with the plan usually adopted in continental railways, and
that to the Concessionaires consists of a mere contingent interest in
two-twentieths of net profits, after five per cent. shall hare seen se-
cured to the shareholders.

A deposit of 2/. per share is payable on allotment, and no future
call will exceed 2/. per share, of which two months' notice at least
will be given.

Applications for shares, according to the subjoined form, to be ad-
dressed to Messrs. Keddell, Baker, and Grant, solicitors, 34, Lime-
street, London ; to Messrs. Hutchinson and Son, stockbrokers, Loth-
bury ; Messrs. Carden and Whitehead, Threadneedle•street ; Messrs.
Johnston, and Co., Manchester ' • Messrs. Townley and Whitehead,
Liverpool ; Messrs.Wreford, audCo., Bristol; Mr. N. Lea, Birming-
ham; Messrs. Watson, and Co., Leeds; Messrs. Wilkinson and Earle,
Hull ; Messrs. Buchanan and' Aitkin, Glasgow ; Mr. W. Gordon,
Aberdeen ; Messrs. Labertouelie and Stafford, Dublin ; and to the
Secretary, at the office, 31, Moorgute -street, London.
London, Sept. 10,'1545.
Tooenttliieentinre,ctoirs of the
OF APPLICATION. .
.reque:tMyt,adurliwil Valencia Railway Company.
same, or any less number which yen hereby undertakco accept the
each in the above Company ;
and allot me s. arcs of 201.
pay the deposit thereon of Si. per shaZII appropriate to e, and to
Dated this day of •

11445.
Residence . .....
Procession or Trade
Plat eof Business ........
Reference
..

MADRID and VALENCIA RAILWAY._
No APPLICATION FOR SHARES will be received after
IVEDIVESDAY, the First day of October next.
By order,
F. KIRKELLII FOWLER Secretary.
Mt 37, Moorgate-street,_sept. F 5,1845.