NORTHERN OF SPAIN-NORWAY-NORWEGIAN TRUNK.

329

This company constructed branches:-1st, Quentin to Erquelines, via Maubeuge (53 miles); 2nd, from the Boulogne at Noyelles to St. Vallery (34 miles); 3rd, to unite that of Maubeuge with that of St. Valenciennes, via Somain and Le Cateau, with a deviation to take in Cambray (22 miles); and 4th, to join the St. Quentin with Paris and Strasburg, via La Fere and Rheims (50 miles).

LILLE TO STRASBURG.-By this line the Northern, Ardennes, and Strasburg are united together. The Northern construct from Busigny to Hirson; the Ardennes. from Hirson to Thionville; and the Strasburg, thence to Strasburg.

REVENUE. -The receipts for the half-year ending 30th June, 1870, amounted to 1,915,617, in comparison with 1,736,3017., exhibiting an increase of 179,3167. No account of expenditure has yet been made, nor is any detailed information expected for some months after the conclusion of the war, which, in December, had penetrated to Amiens and Dieppe.

DIRECTORS IN LONDON:

Baron Anthony de Rothschild, M.P., 107, | Baron Lionel de Rothschild, M.P., 148,
Piccadilly, W.
Piccadilly, W.

Baron Gustave de Rothschild.

OFFICERS.-Paris :-Castel, Secrétaire de la Cie; Seigneurie, Caissier; Petiet, Ingénieur Chef de l'Exploitation et du Matériel; Mathias, Ingénieur sous Chef de l'Exploitation; Couche, Ingénieur en Chef des Travaux; Chobrzynski, Ingénieur Inspecteur Principal de la Traction;; H. E. Lefébure, Agent Résident.

London Offices-20, Moorgate Street, E.C.

382,-NORTHERN OF SPAIN.

The period prescribed by the Spanish law as that in which the creditors of this company were to offer such opposition as they might be able to make to the arrangements proposed with reference to the debts of the concern expired. The extent of the opposition offered was much less than the proportion recognised by the law as presenting an insuperable barrier to the fulfilment and execution of the arrangement scheme; so that it may be regarded as definitive. The Spanish Crédit Mobilier consequently received in payment of its claim against the Northern of Spain 266,000 obligations of that company-200,000 of a first category bearing an annual interest of 12s. each, and 66,000 of a second category with a variable revenue. The possession of the 200,000 obligations of the first class assures to the Spanish Mobilier a revenue of 120,000. per annum, or sufficient to pay an interest of 5 per cent. on a share capital of 2,400,000. Meanwhile, the Northern of Spain, an undertaking in which British capital is interested, becomes extinct.

The scheme for re-organisation of the Alar-del-Rey and Santander was completed in December. The obligation-holders stepped into the position of the original shareholders, whose only solatium is an allowance of new stock at the rate of 5 per cent. upon their original investments.

383.-NORWAY.

The railway system of this country is being constructed with a gauge of 3 feet 6 inches, under the direction of M. Carl Pihl, State engineer. Two lines have been completed; the one from Grundsett to Hamar, a distance of 24 English miles, at a cost of 3,000l. per mile, including rolling stock and stations; and the other, from Trondhjem to Storen, a distance of 30 English miles, at a cost of 6,000l. per mile, including also rolling stock and stations; but in the latter case the country was more difficult, the works generally heavy, so that steep gradients and short curves were unavoidable.

384.-NORWEGIAN TRUNK.

Concession for 100 years from 1852. Line to connect Norway with the two great lakes of Ogeron and Miosen into communication with Christiania; facilities to transport timber, &c. Capital, 450,000. Land conveyed by Government at annual rent. of 4 per cent. on its value, not exceeding 1,2007. a year.

Net profits to be applied to pay, 1st, 5 per cent. on the shareholders' 225,0007.; 2nd, 4 per cent. on Government advance, surplus to be divided equally. At the end of 100 years Government has option of taking possession of railway, on the payment of shareholders' portion of capital.

The first section, extending from Christiania and Strommen, a length of about 11 miles, was opened for timber traffic in July, 1853; the second section to Dahl, making a total length of 36 miles, was opened in November, and the line throughout to the termination of Eidsvolds, in September, 1854. Total, 42 miles.

DIRECTORS IN NORWAY

A. Stabell.

M. Heftye.

(Named under the contract by the Norwegian Government): Dr. Broch. OFFICERS.-Representative at Christiania of the English Directors, J. R. Crowe, British Consul-General; Eng., G. P. Bidder; Agents for the payment of dividends, A. and W. Ricardo, 11, Angel Court, Throgmorton Street, E.C., to whom all inquiries are to be addressed.

385.-NOVAKA AND LAKE ORTA.

This undertaking (limited) is intended to form the first section of the "European Junction," uniting Italy with Germany and France. Capital, 200,0007. in 20,000 shares, at 10. each, with power to raise 75,000. in debentures, retaining shares to that amount, 12,500 shares only being issued. The concession for this line (27 English miles) was granted for 100 years by the Sardinian Government in July, 1860, and time fixed for its being opened, February, 1862, the rate of charges being the same as on the Government lines. The line was opened from Novara to Gozzano on 10th March, 1864, and is worked by the Italian Government, on terms which the directors consider satisfactory.

DIRECTORS:

The Hon. Thomas C. Bruce, 13, Hertford | Nicholas Philpot Leader, Esq., ConserStreet, May Fair, W.

Alan Lambert, Esq., Heath House,
Putney, S. W.

vative Club, S.W.

Charles Liddell, Esq., Abingdon Street,
Westminster, S.W.

OFFICERS.-Sec., Edward Bellamy; Eng,, G. Barkley; Solicitors, Hughes, Masterman, and Co.

Offices-7, Westminster Chambers, Victoria Street, Westminster, S.W.

386,-OTTOMAN-SMYRNA TO AIDIN.

Established by concession from the Turkish Government, who guarantee the company 112,000l. per annum. The following is an outline of the principal clauses of the concession:-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 as above-mentioned for 42 years. The line to be opened in sections, and the guarantee to come into operation as each section is opened. Profits over 8 per cent. to be divided with Government. 3. Government lands and materials to be taken and made use of by the company gratuitously. 4. Materials for constructing, working, and renewing the railway, to be imported duty free. 5. Power of working all coal mines within 30 miles of any part of the lines on payment of a fixed royalty. 6. The privileges of erecting warehouse, with a custom-house attached, on company's premises at Smyrna. 7. Government not to grant a concession to any competing line. 8. Unrestricted power of management.

The railway, 80 miles in length, connects Smyrna, the most important seaport in the Levant, with Guzel Hissar or Aidin, the grand entrepôt of the internal trade of Asia Minor. The works were commenced on 24th September, 1858, and 27 miles were opened on 24th December, 1860; 10 on 9th September, 1861; and 3 (completing the first section) on 14th November, 1861. The extension to Ephesus (74 miles) was opened on 15th September, 1862; the line being opened to Aidin on 1st July, 1866, when the guarantee of 112,000l. a-year, by the Turkish Government, should have come into operation.

REVENUE. The receipts for the year ending 30th June, 1870, amounted to 75.1152, as compared with 68,0077. for the preceding year, exhibiting an increase of 7,1087 The traffic had steadily increased since the opening of the whole line. The expendi ture for the June half-year, including all charges in London, and for expenses in Constantinople, amounted to 28,3271., against 27,6951. for the corresponding period of 1869, the increase being mainly attributable to the renewal of rails, &c. The net profit on the working amounted to 5,6321. The capital account was credited with

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331

4,8727. interest on mandats received from the Ottoman Government, and debited with an expenditure of 11,755, chiefly for works required by Government. The rolling stock had been maintained in good order, and the traffic was conducted with regularity and safety. A short line of railway, about 13 mile in length, was in course of construction by a local association to the village of Boudja. The directors had agreed on behalf of the company to work the branch when completed on equitable terms, as sanctioned by the Imperial Government.

It was reported in September that the board was as yet unable to report the corfirmation by the Imperial Government of the arrangements made by the chairman during his visit to Constantinople, and, as a consequence of the war, had up to the present been unable to obtain any further payment on account of the guarantee. The accounts of the company for the half-year ending 31st December had, however, been passed by the Council of Public Works, and the directors would continue their best endeavours to bring about an early settlement of the balance due to the company. Under an order in Chancery all money received on account of the guarantee was paid into court as soon as remitted from Constantinople and invested in consols. The sum of 65,000l. had been paid in during the half-year. An additional 38,6004. had been paid in since the 30th June, making the total sum in court 103,600. The company had in bills and mandats a further amount of 122,0007., making in all 225,600, divisible in accordance with the decision of the Court, when obtained, besides the balance of 141,7267. still due from the Imperial Ottoman Government.

CAPITAL. This account to 30th June, 1870, showed that 1,865,0551. had been expended, leaving a balance of 109,2387. against the account. The estimate of further expenditure on capital account was 10,070., the assets to meet which must be derived from the general revenue of the undertakings.

DIRECTORS:

Chairman-Sir R. MACDONALD STEPHENSON, 72, Lancaster Gate, W. Deputy-Chairman-ALEXANDER DEVAUX, Esq., 62, King William Street, E.C. Seymour Teulon, Esq., Tenchleys Park, Limpsfield, Surrey.

William John Lysley, Esq., 23, Prince's
Gardens, W.

Eric Carrington Smith, Esq., 1, Lombard
Street, E.C.
Major-General Tremenheere, Spring Grove,
Isleworth, W.

Joseph Henry Trewby, Esq., Chancellor,
Turkish Embassy, 1, Bryanston Sq., W.
Edward Warner, Esq., Quorn Hall, near
Loughborough.

OFFICERS.-Sec., S. J. Cooke; Traffic and Loco. Supt., Edward Purser, C.E., Smyrna; Agent, Henry James Hanson, Constantinople; Auditors, George Smith and Henry Lloyd Morgan; Solicitor, George Rooper, 26, Lincoln's Inn Fields, W.C.; Accountant, S. J. Smithers; Bankers in London, Smith, Payne, and Smiths, 1, Lombard Street, E.C.; Bankers in Turkey, C. S. Hanson and Co., Constantinople, and the Ottoman Bank, Smyrna.

Offices-47A, Moorgate Street, E.C.

387. PARIS CIRCULAR.

This line de ceinture, which goes great part of the way round Paris, to unite the different lines, was completed in October, 1854. It was executed by the administration des Pontes-et-Chaussees, and has cost 540,000%. Of this sum, the Rouen, Northern, Strasburg, Lyons, and Orleans, each contributed 1,000,000fr., and the State gave the remainder, viz., 7,000,000fr. The entire length of the line is nearly 11 miles, including the junctions.

The concession of an extension of the Girdle of Paris (left bank) has been granted to the Western. By this arrangement the termini of five of the great systems-the Northern, the Orleans, the Lyons-Mediterranean, the Eastern, and the Western-will be united to each other.

388.-PARIS, LYONS, AND MEDITERRANEAN.

This is a confederation of the PARIS and LYONS, LYONS and MEDITERRANEAN, LYONS and GENEVA, and all the subsidiaries of these companies.

DAUPHINE.-In conformity with the resolution of 18th July, 1863, the 35,000 shares were exchanged for 58,333 three per cent. obligations of the Paris, Lyons, and Mediterranean, at the rate of 13 obligation for each share. These obligations bear interest from 1st January, 1864.

The net workin Algeria, conceded to the company by a decree dated June 11th, 1863. comprises two lines, viz., that from Algiers to Oran, about 2864 miles; and from Phillippeville to Oran, 54 miles.

REVENUE. The receipts for the half-year ending 30th June, 1870, amounted to 4,381,757., in comparison with 4,074,3931. for the corresponding period in 1869. No detail of expenditure or of net revenue has, however, yet been made, and payment of dividend on this line, as well as the other networks in France, remains in abeyance. For later intelligence, see ADDENDA.

London Agency-Devaux and Co., 62, King William Street, E.C.

389.-PARIS AND ORLEANS.

With its extension to Nevers, Roanne, Clermont, Limoges, Bordeaux, Rochefort. La Rochelle, and Nantes, comprises an aggregate length of 981 English miles; an amilgamation of PARIS AND ORLEANS, ORLEANS AND BORDEAUX, CENTRAL OF FRANCE. and TOURS AND NANTES, fused 27th March, 1852. Concession, 99 years, from 1st January, 1852, to 31st December, 1950. The Grand Central is leased by the Paris and Orleans.

REVENUE. The receipts for the half-year ending 30th June, 1870, amounted to 2,365,109., in comparison with 2.215,4681., showing an increase of 149,6411. No report has yet been made of the expenditure, nor has the net revenue available for dividend yet been published. For later intelligence, see ADDENDA.

Offices-Boulevard de l'Hôpital, Paris; for transfers, &c., 4, Rue Drouet.

390.-PRUSSIA.

Probably no small part of the success attendant upon the various sections of the Prussian system is attributable to the fact that the rigidly paternal government of that country will not permit the commencement of construction of any line until the whole of the capital has been substantially subscribed, and not merely nominally so as in this country. At all events, there are few systems in England which cau exhibit a range of dividends like the following:

A contract has been concluded between Prussia and the Duchy of Saxe-Weimar on the subject of the establishment of a line which will leave the Straussefurt station of the Nordhausen and Erfurt, and traverse in succession Weissensée Soemrda. Coelleda, Olbersleben, Buttstedt, Tromsdorf, and Eckardstberga, terminating at the Thuringian near Sulza,

391.-RIGA AND DUNABURG.

Provisionally registered 7th and 8th Vic., cap. 110. Established by special decree of His Imperial Majesty the Emperor of Russia, dated the 18th May, 1853, granting a guarantee of a minimum interest of 4 per cent. on the sum of 12,000,000 & ra, of capital, which is equal to a guarantee of 5 per cent. on the sum required for the construction of the railway, with other valuable privileges. An additional per cent. is also guaranteed on the above sum, to form a sinking fund to redeem the shares at par within 56 years. Length, 140 miles.

Capital (authorised by the Imperial Government), 2,000.000. in 20,000 shares of 1007. each, bearing a guaranteed minimum interest of 4 per cent. to be issued at 80%. Deposit, 17. per share. 3,000 shares reserved for shareholders in Russia.

RIGA AND DUNABURG-ROMAN-ROYAL PORTUGUESE.

333

Several modifications in the concession were announced in March, 1857. The more prominent were as follows:-"The term of the concession has been extended from 56 to 75 years, dated from the opening of the whole line, during which period the company will enjoy the profits. The Imperial Government has not reserved to itself the right to purchase the line during the term of concession. The terms as now arranged enable the directors to substantiate the original representation of a minimum interest of 5 per cent. upon the required capital; and the terms of the contract for the construction of the line, as approved by the Engineer-in-Chief, leave such a margin as to justify the directors in anticipating an increase on that per centage. The company is not required to account to the Imperial Government for its expenditure, but the guarantee applies to the fixed capital for 75 years; hence, any saving in the cost of the works enhances the value of the guarantee." Opened September, 1861. The number of directors is limited to 5.

At a special meeting, held at Riga, it was resolved-1st, To accept the division agreed to by the Government of the surplus of the net receipts-viz., half in favour of the shareholders, and half towards liquidating the advances made under guarantee. 2nd, To grant per cent. of the gross receipts for the maintenance of the Government inspection. 3rd, To conclude the contract with the Government for a loan of 1,650,000 roubles for increase of material and extension of railway buildings. 4th, To allow troops to be carried for 25 per cent. of the settled tariff.

DIRECTORS:

Chairman-The Councillor of State, G. VON CUBE, Riga.
Deputy-Chairman-Coll. Ass. A. FALTIN, Riga,

A. Hollander, Esq., Riga.
Councillor Dolmatow.

Henry Robinson, Esq., Riga.

392.-ROMAN.

Described as the first section of a grand line from Rome to Naples, founded on a concession for 99 years.-Société Anonyme, authorised by decree of Pontifical Government, dated November 8th, 1854. Capital, 320,0007., divided into 32,000 shares of 107. each. In operation, 7623 miles.

A convention with the South Austrian and Upper Italy for the cession of the working of the line from Florence to La Spezzia, with a branch from Avenza to Carrara and various contemplated tronçons of the Ligurian line, placed in the hands of the Roman certain resources which enabled it to meet the coupon due in January, 1869, on its obligations, and also permitted the company to pay certain pressing debts due to small creditors. The most considerable items in the debts of the company are sums due to the Crédit Industriel et Commercial, the Société de depôts et Comptes Courants, the Federal Bank of Berne, and the Italian Bank of Credit. These various establishments cf credit, whose claims were fixed at the close of 1868 at an aggregate of 916,7954, agreed to accept payment by instalments maturing at the dates fixed for certain payments to be made by the Italian Government by a convention of September 30th, 1868.

The management of this company being located in Paris, no reports have been issued during the year.

393.-ROYAL PORTUGUESE.

A Company Anonyme. Share capital, 1,400,000%., in 70,000 shares of 201. each. Bonds are authorised in addition, to complete the undertaking. Concession granted to M. José de Salamanca, by Act of 14th September, 1859, and ratified by the Cortes, on the following conditions:

1. The concession is granted for 99 years.

3. Subvention granted by the Portuguese Government, amounting on an average to 7,2581. per English mile.

2. Tariffs similar to those of the French railways. The concession is for a line from Lisbon to Badajoz, on the Spanish frontier, to join the line from Badajoz to Madrid; also from Lisbon to Oporto; length, 310 English miles. The capital is represented by 70,000 shares of 202., now fully paid up, and by debentures. Guaranteed interest of 8 per cent. during construction. The obligations of the company are for 201. each, being the nominal amount; but according to the continental system they are issued at 107, the other half being the bonus payable when the obligations are drawn. The interest is 3 per cent. on the nominal amount, being 6 per cent. on the cash. Drawings take place every year, and each drawing increases annually from the accumulations of interest on the amortisated bonds. The subvention of the Government was from 4,500l. to 5,400l. per kilometre, according to the nature of the ground.