The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1844-08-13 00:00:00

Clermont. The gradients of the Line are favourable, and
the cost of its maintenance and working will be moder-
ate, from the absence of heavy works, and from its prox- '
imitv to coal-fields. Coal is got on the southern parts of
the Line at half the price it costs at Orleans, and at one-
third of the price paid at Paris.
The important portion of this Railway between Orleans
and Vierzon is already so nearly completed, that it may
be opened and in working within twelve months ; but the
term of the lease to be granted by tie Government is
only to date from the opening of the whole undertaking :
consequently, exclusive of the term of lease, the Com-
pany will have, besides, all profits arising from the partial
working of the Vierzon and other sections until the final
completion of the Railway.
The law authorizes the Government to treat with a
competent Company for a term not exceeding 40 years,
to date from such final completion.
The State is to provide the land, to construct the earth-
works, masonry, stations, workshops, and all other
buildings ; to uphold the earthworks for one year, the
masonry on the Line for two years, and the buildings for
five, after they shall have been respectively delivered in a
complete state to the Company. The Company will
only have to ballast the Line, to provide and lay the
rails, chairs, &c., to fence the Railway, to maintain it and
the works during their lease, and to find the locomotive
carriages and other stock for working the Line.
At the expiration of the lease, unless it be renewed by
the Government, the Company will be reimbursed the
value of their stock, materials, stores, &c. The State
will participate with the Company in the nett profits of
the Railway whenever they shall exceed 8 per cent. per
annum on the capital expended ; but this is not to take
place until after the expiration of the first five years from
the opening of the entire Line, nor until all the previous
years shall have averaged a nett annual profit of 7 per
cent. on the capital expended by the Company. The rate
of charge, or " tariff,' for the conveyance of passengers
and goos is to be nearly the same as that of the Paris and
Orleans Company, except an increase of 10 per cent. in
the rate for third-plass passengers, in consequence of hav-
ing to cover and put curtains to the third-class carriages.
By the constitution of the Company in " Societe
Anonyme," the liability of each Shareholder will be
limited to his own shares, as in the incorporated Com-
panies of England. The original Subscribers will, also,
after transfer, be liable for the first three-tenths, or Li
per share only. In other respects the statutes will be as-
similated as nearly as possible to those of the Rouen and
Havre Railway Company.
On the 32,000,000 francs (£1,280,0001 which form the
whole capital of the Company, it is considered that it will
only be necessary to raise or call 24,000,000 francs, or
£960,000, until the second line of rail.;, from Vierzon to
Chateauroux and Nevers, shall be laid. The Company
will be constituted as soon as shares to the amount of
24,000,000 francs shall have been subscribed for, if the
Directors shall think fit; and in that case the remaining
capital will be raised by the future issue of the remaining
shares, or taken up by way of loan, as the Directors shall
here liter find expedient. One-half of the capital is to be
raised in France. A deposit of 50 francs (£2 per share)
is to be paid on allotment, and the remainder in instal-
ments not exceeding £2, with one month's previous
notice.

The bankers will give to each Subscriber, on payment
of his deposit, an accountable receipt, and (on pain of for-
feiture of the deposit) each Subscriber must execute such
deed of contract as the Directors may require, and must
exchange his deposit receipt for a certificate or certificates
of Shares at the London Office of the Company, within
twenty-one days from the first appearance of an ad-
vertisement requiring him to do so. This advertisement
will appear three times in two daily morning Lon-
don newspapers. When the Shares are fully paid up,
certificates to bearer, transferable like English Exchequer
Bills will be given. Interest at the rate of 4 per cent. per
annum will be allowed on the deposits and calls paid up,
from the date of the final concession or grant of the Line

to the Company, or from the subsequent payment of each
call until after the opening of the whole Line. No trans-
fer of Shares can be made before the Company shall have
been finally constituted.
It has been already stated, that this Railway will very

shortly be adjudicated, or given on lease to a Company,
and the law states within two months from its promulga-
tion. In the event of failure to secure the grant of this
Company, the projectors will bear all the expenses, and
the deposits will, immediately after the return of the
caution money by the French Government, be restored to
the subscribers without any deduction.
The affairs of the Company will be managed by a Board
of not less than seven, nor more than twelve, Directors,
who will meet in Paris. It is proposed that one English
Director of experience shall reside in Paris, or on the
Line, and shall take au active part in the management of
the Company.

The proceedings of the Board will be regularly com-
municated to the London Directors, who will meet when-
ever the affairs of the Company render it advisable. The
English Shareholders will always be able to obtain full
information at the office which the Company is to have in
London.
The English Directors will have the power to appoint
an English Engineer, if they should deem it necessary.
After the opening of the whole Line, the profits of the
Company will be appropriated as follows, upon the prin-
ciple now generally adopted in the French Railway Go-
vernment: namely, 100,000 francs (X 1000), or the pro-
portion of the profits mentioned below shall be paid to the
Directors, including the English resident Director; after
which the Shereholders shall receive 5 per cent., and 1
per cent. per annum shall be retained as a sinking fund
and reserve. Of the remainder, the Directors may, at
their own option, claim one-twentieth for their remu-
neration, instead of the £4OOO above mentioned. The
surplus will then be again divided into twentieths, of
which eighteen-twentieths will be given to the Share-
holders, and the other two-twentieths to the projectors.
The allowance to the Directors, including the English
resident Director, shall be fixed at £4OOO per annum until
the opening of the entire railway.
A close and careful calculation of the receipts and ex-
penses of the Line has been made in the first instance by
the French Government officers, and, subsequently, by
the projectors. The details of these estimates and cal-
culations, which are two voluminous for publication, may
be seen at No. 62, King William-street, London, and
they are such as have induced the Directors to conclude
that there are no lines of railway in existence, or projected
in France, to which the line now proposed will prove in-
ferior, both on account of its traffic, and from the peculiar
advantages granted by the Government.
In conclusion, the Directors have only to add, that,
although they have endeavoured in the above statement
faithfully to represent the undertaking, and the advantages
which it is believed will accrue to those who subscribe to-
wards it, they can by no means pledge themselves to
secure any particular set of conditions, and must,
on the
very
contrary, ask of the subscribers liberty to exercise
a overn-
wide discretion in their negociations with the
ment.
The subscribers maytiorensst
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must enter upon the
they shall obtain the particular advantages now antici-
pated, but in confidence that the Directors have sufficient
knowledge, zeal, and integrity not to commit them by the
acceptance of inadequate terms.
Application for the shares to be made to the SECRETARY,
at the Office, 62, King William-street,BLondon, or rto
Messrs. PARSONS and TOWNLEY,
Royal
appearedank-b iulldnin thegs
Liverpool.
By A
drertisement which has just
Moniteur, this Railway will be ad' d
list will yed to a Company
on the sth of October. The
be closed on Thuls-
day, the 15th instant.

FORM OF APPLICATION.

TO THE DIRECTORS OF THE ORLEANS, VIERZON, AND

CENTRAL RAILWAY COMPANY.
62, King William-street, London.
GENTLEMEN,-1 request that you will insert my name
as a subscriber for shares in the above Company,
upon the terms and conditions of the prospectus, dated
2d August, 1844 ; and I hereby undertake to accept the
same, or any less number you may allot me, to pay the
deposit, and to sign all required deeds as and when I shall
be called upon so to do.
I am, Gentlemen, your obedient servant,
Name —
Trade or profession
Residence
Date 1844.