The Sun.
London, England, 1845-09-30 00:00:00

THE SUN

.an, Limehoum
)rd, 9, Manchester-square,
.1)1-rer:-Erii the

Banailors R;ol,.•ny Cor (Truly •
Witham ii'cr-.1;:n Thompson, Esq., Dfreeter of the Beath Midland
Junction
S. J. Waley, Esq., 22, Devonshire-place
Willtam Lochmere Whitmore, Esq., 19, James-street, Buckingham-
gate, Director of the London Central Railway Terminus.
BANK as.

London—Messrs. Curries and Co., Comb 111 ; Messrs. Masterman and
Co., Nicholas-lane ; Messrs. Cockburn and Co., Whitehall.
Madrid—Bank of Isabella 11.
STANDING CouNssL—Jacob Waley, Esq., Lincoln's Ins
SOLlClToßs—Messrs. Keddell, Baker, and Grant, $4, Lime-street.
CONEULTING ENGINEER—P. Prichard Baly,
SECRDTARY —F. Kirkham Fowell, Esq.
Offices of the Company, 37, Moorgate-street.

The present Company has been formed for the construction of a
line of railway from Madrid to the cityand 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 corporation lands
as may be required for the railway.
3. The free use of all timber, the property of the State, 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 local taxes that
could otherwise be levied upon the railway, works, or buildings 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 peculiar privileges attached to important
national undertakings.
The proposed line, thus largely endowed, is about 240 miles in
length, being upwards of 160 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
surveyed, it is well known that there is no similar district of equal
extent in the kingdom which presents so few engineering difficulties.
Fer upwards of 80 miles the line 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 tow
east and west from the central plateau in the province of Cuenca,
and approsch Madrid by the valley of the Manzanares. The line
will either pass through or accommodate the most important towns
in the two provinces, which will thus be brought into rapid com-
munication with the capital on 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, brought 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 for 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 travelling between
Madrid and Valencia, and the intermediate towns, is
upwards of 42,0130 ; but taking that number at the
present cost of conveyance by stage coaches, private
carriages, galeras, and waggons, the amount will be £67,800
The annual weight of goods conveyed between the two
cities and the intermediate localities is 4,900,05 d cv.
from which the return is estimated at • . .. 1,223,400

X 1,291,260

Assuming that two .fifths only of the existing charges
beoome a source of revenue to the railway, and that
the tariff be reduced considerably below the State
tariff of Belgium, there will be deducted •• 752,320

Remains • • • • • • £53 • ,880
Supposing that the present traffic will only be doubled
by the railway, although experience has proved the
increase to be equal to 300 and 400 per cent., there will
be added .. • . • . • • i3B,SBL

And add - 41,077,760
For the transport of troopg, military stores, &c., which
the Government will substitute for the conveyance by
waggons .. .. • • • • ' • • • • • 50,000
25 per Cent., at the least, for the Alicant traffic .. 215,952

£1,343,712

From which deduct nearly SO per cent. for maintenance
of way, Bcc. • • .. • • • • • • .. ..

671,556

Leaving a net profit of X 671,856
Or of nearly 28 per cent. upon the capital.
The capital now proposed to be raised hag been estimated, by
competent authority, to be amply sufficient for the completion of the
railway, including stations, 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 compania anonirace, agreeably to the commercial
code of that country.
The affairs of the Company will be conducted by a Board of Di-
rectors in London, assisted by a highly influential Committee in
Madrid. The remuneration to the Directors will be made in ac-
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 have been 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, and Co., 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. Labertonche and Stafford, Dublin ; and to the
Secretary, at the office, 37, Moorgate-street, London.

London, Sept. 10, 1845. -
FORM OF APPLICATION.

To the Directors of the Madrid and Valencia Railway Company.
Gentlemen,—l request you will allot me s. arcs of 20/.
each in the above Company; and I hereby undertaketa accept the
same, or any less number which you may appropriate to L.e, and to
pay the deposit thereon of 2/. per share.
'Gated this day of 1845.
Name ..
Residence
Profession or Trade .......
• Place of Business
Reference • .