The Sun.
London, England, 1845-12-10 00:00:00

TOURS AND NANTES RAILWAY.
MACKENZIE, PATERSON, AND CO.
REPORT TO THE SHAREHOLDERS.
Your Directors have the satisfaction to announce the amalgama-
tion of eight principal Companies in competition for the lease of this
Railway.
Among these competitors, your Company occupied a proud posi-
tion. They not only presented a subscription list of the very first
class, and comprising much that was calculated to inspire public
confidence, but a deposit innil, amounting to 6,425,000 f., or more
than double the caution-money required by the French Government.
It is gratifying to your Directors that, by common consent, even
amongst their competitors, the first place was conceded to yoar Com-
pany.
In the actual state of the money market, and in the present de-
pressed situation of railway property in general, your Directors
deemed it prudent to prefer rather a fraction of a concession, obtained
upon the very best terms, than to run the risk of a probably reckless
competition, that could not fail to be ruinous to the Company who
should obtain it.
To arrive at a resnit so much to be desired, and to include in this
arrangemert all the bona fide competing Companies, your Directors
made many successive sacrifices. They have succeeded in retaining
one-fifth of the stock, and seven Directors (four French and three
English) in the consolidated Company, viz. :
CAPITAL. Francs.
Mackenzie, Paterson, and Co. .. •• • • 8,000,000
Currette and Co. .. •• • • ......... ..... • • 6,000,000
Brouillard and Co. ••.••• .. • . • • • 5,000,000
Raigeeourt and Co. .. ••••.. •• • • -.. ...... 5,000,000
Lefevre and Co. • •
O'Neill and Co.
Delamarre and Co. ••• • • • • ......... ..... 4,500,000
Basse Loire ••

40,000,000

Directors—Messrs. The Baron Sarget, Regent of the Bank of
Bordeaux ; Edward Caillard and Ragn!eres, Directors of the Messa-
geries Generales of France ; Monternault, ancien magistrat ; William
Mackenzie and J. D. Barry, Resident Directors in Paris ; and Richard
Paterson as a member of the Board in London. The other members
of the London Board are Mr. John Anderson, Mr. Bagshaw, and
Captain Chamier, R.N.
The competition of the " Postmasters' Company" did not in the
least alter the determination of your Directors as to their bidding.
They had made up their minds, whatever might be the number of
competitors, not to accept the lease of this railway unless for a term
that could not fail to be highly remunerative to the Shareholders
(considered only with respect to the actual traffic), in addition to the
mathematical certainty of the repayment of the capital in the term
of the lease, by the operation of a moderate sinking fund.
The result of the adjudication is, a lease to the consolidated Com-
pany for a term of 34 years and 15 days, to be computed from the
period of the opening of the line to the public, throughout its entire
length from Tours to Nantes. The maximum term fixed by the law
relating to this railway was 35 years.
As to the general conditions of the grant, it may suffice to say,
that they are precisely the sante in every respect as those of the Or-
leans and Bordeaux Railway, except that in the case of the Tours
and Nantes Railway the Company are bound to repay the Govern-
ment the actual cost of the land for the scat of the railway and its
accessories.
The Company will thus have to support only about one-half of the
entire cost of an admirably cinstructed railway, stocked and appointed
in the most efficient manner. They will, consequently, have only
one-half the capital on which to provi It a dividend, with the whole
net revenue of the line applicable to that purpose.
After the distribution of a return equal to eight per cent. per an-
num
to the Shareholders, the Government is entitled to one-half of
the surplus profits, but not until after the first five years of the open-
ing of the line throa,thout to Nantes, and not even then unless the
aggregate profits of the preceding years shall have been equal to six
per cent. on the capital actually expended, plus a sinking fund.
Your Directors would just observe, that a sinking fund of one and
a half per cent., improved at fbur per cent. compound interest, (i. e.,
extinguishing a four per cent. stock, by paving off a certain number
of Shares annually), will liquidate the whole capital of the Company
in 33 years 46 days. There will then remain nearly one year of the
lease unexpired, together with the value of the stock, materials, and
stores, to be repaid to the Company by the Government, or the future
lessees of the railway, within three months after the determination of
the term of the lease.
The revenue of the last year of the term, together with the amount
of the valuation of the stock and stores of the Company, will amount
to several millions of francs, which will be either distributed in the
shape of a bonus to the ultimate Shareholders, or the annual sinking
fund may be reduced to one and a quarter per cent. on the capital
from the commencement, as the Directors may determine.
Considered in all its bearings, and more especially with respect to
the strong presumption that the first lessees of the French railways
will be lessees in perpetuity, subject to a fine of some sort on renewal
of the term, your Directors are led to believe that the grant of this
railway, upon the terms upon which ithas been obtained, will be one
of the best, if not the very best railway property in France.
The foregoing arrangements as to the distribution of the capital
amongst the competing Companiesattill enable your Directors to give
one share in the consolidated Company for every five of the reduced
shares in this Company. Parties entitled to fractions of shares may
render them available by joining several together, and dividing the
whole shares afterwards, for which every possible facility will be
given.
The rights off the Shareholders will be preserved intact, although
they may have omitted to exchange their old receipts for new encs
in time for the late competition.
The adjudication pronounced in favour of this Company, on Thee-
day, November 25th, was approved by Royal Ordinance, in the offi-
cial " Moniteur" of Friday, the 28th of the same month. Such is the
favourable light in which this consolidated Company is viewed by
the Government, that the Royal Ordinance approving the statutes
of the Company, usually a work of some months, has been already
obtained.
The Company is thus definitely and legally constituted a soeiete
anonyme, by which the liability of a shareholder is limited to the
number of shares of which he is the proprietor.
The first duty of your Directors will be to return to the Share-
holders the excess of the deposits paid, after retaining 51. per share
on the consolidated shares, at the same time to give a voucher
for the number of shares to which each shareholder is entitled.
This duty will be entered upon as soon as the necessary forms can be
prepared and printed, on Friday, 12th of December.
The Certificates of Shares in the names of the Proprietors will be I
issued as soon as they can be got ready. The statutes of this Com-
pany permit that the Shares may be transferred to bearer, when 101.
per Share shall have been paid up, after which no transfer will be
required.
The works of construction are in a great state of forwardness nearly
throughout the whole line, hut more especially so on the first and
most important section, between Tours and Angers. No time will
be lost in taking the requisite measures for bringing this highly pro-
ductive section into early active operation in connexion with the
section of the Bordeaux Railway between Orleans and Tours.
Finally, the capital is more than sufficient for the completion and
stocking of the railway.

WILLIAM MACKENZIE,
JOHN DAVID BARRY.
RICHARD PATERSON.
2, Capel-court, London, December 9, 1845.

Paris, Docewber 6, 1845,

FOGS AND DAMP AIR.
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---
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