BRANCH RAILWAYS OF FRANCE-BUCHAREST, ETC. 319 distributed among the shareholders, 80,7561, remained to the credit of 1870. The dividend, however, paid upon the share capital declined to 5 per cent. per annum. The balance of 80.756., forming the undivided profits, was represented in the balance sheet as follows:-Fund of foresight, 71, 2001.; reserve fund, 9,3981.; carried forward, 1581. The sum actually paid away in dividends to the shareholders in the three years would seem to have been somewhere about 138,8911., representing an average return at the rate of 6 per cent. per annum. The receipts on the Great Central of Belgium for the eleven months ending 30th November, 1870, amounted to 462,9447.. and for the corresponding eleven months of 1869, to 456,5231., showing an increase of 6,421. 361.-BRANCH RAILWAYS OF FRANCE. Société Anonyme.-Capital, 1,000,000l. sterling; dividend in shares "to bearer" 41. each. Interest at 51. per cent. during construction. The company has obtained the concession of the line Auteuil and St. Cloud, through the Champs Elysées; the line from Rennes to the sea (37 miles), passing through Benon, Aubin, Sene, Tremblay, Antrain, Pontorson, and Moidry. C. Bart, ex-Préfet, Paris. DIRECTORS: Count d'Avigdor, Director of the Sardinian Marquis de Lefressange, Paris. J. Boncaruc, Paris. De Moncuit, Mayor of Rennes. Marquis de St. Paul, Paris. - Collasson, Iron Manufacturer, Paris. Managing Director-A. LAURENT DE BLOIS. Bankers-In Paris, the Bank of France. 362.-BUCHAREST AND GIURGEVO. This State line was opened on 1st November, 1869, and is worked by the Public Works Department. In December of the same year an issue of bonds took place to the extent of 435,520, in bonds of 1007, each, at 7 per cent., payable half-yearly in January and July in each year. Redeemable at par by an accumulating sinking fund in seven years, by payments commencing in July, 1870, and ending in January, 1877, by half-yearly drawings in April and October. These bonds bear a threefold guarantee:-1. Of the Government, by annual insertion in the budget of the State. 2. A first mortgage on the revenues of the railway itself. 3. The gross revenues of the salt mines of the United Roumanian Principalities, subject to a first charge of about 57,7201. per annum. The gross revenue of the salt mines was 218,500., as per budget of 1868. The bonds were issued at 907, for each 1007., payable by instalments as follows:-51, on application; 10%. on allotment; together 151.; for which a scrip certificate was given. 157. 2nd January, 1870; 207, 2nd March, 1870; 207, 2nd May, 1870; 201. 2nd July, 1870. On payment of each of these instalments a receipt will be given on the scrip certificate. Principal and interest payable at the bank of Roumania, in Bucharest. The bank has engaged to remit half-yearly, out of the funds received from the Government, the amount necessary for the payment in sterling of all coupons and drawn bonds presented in London. Coupons (31. 10s, each) and drawn bonds must be lodged for payment in London with Messrs. C. Devaux and Co., 21 days before payment is due. The bonds, redeemed every half-year, are to be drawn by lot in the months of April and October in each year, at the Ministry of Finance, at Bucharest, in the presence of a public notary, of an agent of the Government, and the agent of the bank of Roumania. The first drawing is to take place in April, 1870. Holders of scrip certificates will be entitled to the benefit of the first drawing on payment of all the instalments on their bonds drawn. 363.-CHARENTES. The concessions accorded by a new convention, coupled with those previously granted, may be said to constitute a seventh great French network, which, although less considerably than others, does not the less possess real importance. The company may be said to have commenced its career in 1862, as in July of that year an Imperial decree granted it a definitive concession of a network 185 miles in length, and comprising lines from Napoléon-Vendée to La Rochelle, from Rocheforte to Saintes, from Saintes to Coutras, and from Saintes to Angoulême. The subvention granted by the State for the execution of these lines was $19,800, or about one-third the whole cost, which was estimated at 2,600,000. The Government imposed on the company the eventual execu tion of a line from Angoulême to Limoges, the State agreeing to participate in the cost on the terms of the law of June 11, 1842. The company succeeded in opening for traffic. in October, 1868, the line from Rocheforte to Angoulême the length of which is 73 miles, aud which is one of the most important sections of the system. The results obtained thus far, although traffic has, of course, been conducted upon incomplete and unfavourable conditions, induce hopes that the company will realise sufficient working profits in order to cover the interest and redemption of the capital employed in the execution of the line, the sum in question being 1,040,000l. Under these circumstances, the company recently solicited a definitive concession of a line from Angoulême to Limoges. The Government acceded to the application, and also granted a concession from St. Savinien to St. Jean-d'Angely, 117 miles in length. The utility of a line uniting Angoulême to Limoges, and putting in communication the existing lines from Paris to Bordeaux and from Orleans to Perigueux, is generally admitted. The district, although essentially agricultural, possesses independently of farm products, timber and iron minerals which are expected to prove valuable elements of future traffic; the locality comprises also various industrial establishments, which would find in improved means of communication a source of rapid development. The preliminary plans, for which surveys were made in 1861, were revised in 1867, and formed the subject of a fresh official inquiry in October, 1869. The question of the route gave rise to animated debates, as two directions were available for selection. Eventually the General Council of Bridges and Roads and the Consultative Railway Committee expressed an opinion in favour of a route passing by or near Rochefoucauld, St. Junien, and Aixe. The Government adopted this opinion, but at the same time resolved to meet the wishes of the arrondissement of Noutron by uniting that town to the main line by a branch. The proposed line from St. Savinien to St. Jean-d'Angely forms the first section of a line from St. Savinien towards Niort. Considered as a whole, it is intended to form an extension from Angers to Bordeaux, via Niort, and to unite the basin of the Loire to that of the Gironde, restoring to its natural direction the important commercial movement which formerly existed between Bordeaux, Rouen, and Caen. Government sought the means of giving satisfaction to the district by combining the resources of the Treasury and those of the Charentes, which result the Government considered likely to be attained by conceding immediately and definitively the part of the line extending from St. Jean-d'Angely to St. Savinien, a distance of 11 miles. The second part from St. Jean-d'Angely to Niort, may be the subject of a future concession to the Charentes, which engages to execute the part placed at its charge by the law of 1842 (if the State requires it to do so) within a period of four years from January 1, 1869. The subvention proposed for the two lines, which present between them a development of about 56 miles, is fixed at 712,0007., viz., 640,000l. for the line from Angoulême to Limoges, and 72,000, for that from St. Savinien to St. Jean-d'Angely. This subvention is considered to represent the share which the State ought to sustain in the construction of the lines by virtue of the law of June, 1842. 364.-DANUBE AND BLACK SEA. Incorporated under the Limited Liability Act. A concession from the Imperial Ottoman Government, for 99 years from date of opening. Capital, 400,0001, in shares and 150,000. in debentures. Length from Tchernovoda to Kustendjie. 40 miles. public land given by the Turkish Government. Line opened 4th October, 1860. All REVENUE. It was reported in February that the gross receipts showed an increase of 10,9001. for the carriage of grain, while there was a slight decrease in the local traffic, which was due not so much to a bad harvest as to the fact that the Turkish Government had neglected to collect the tithes until so late in the year that a large portion of the crops had been injured and rendered unfit for shipment. Previous to the year 1863 the revenue had been debited with upwards of 11,300, and it was proposed that 2,000! out of the balance of 3,3361. should be devoted to reducing this suspense account, which had been created by the failure of the Turkish Government to pay off the sums due in commutation of the harbour dues. The revenue receipts had been used to defray capital expenses, so that the dividend, which had been fairly earned, could not be paid until the receipts for the year 1870 were obtained. The traffic was worked at a cost of 67 per cent, of the gross receipts. It was further reported in August that the directors were unable to fix a time for payment of the preference dividends. The money called up on the last issue of bonds was being applied to an extension of the harbour works so as to afford proper protection to shipping. The Ottoman Government has agreed to purchase the harbour of Kustendjie, for 112,000l. The harbour to be declared free and the company to enjoy the exclusive use of the same for the remainder of the term of its concession, viz., 87 years. Meetings in February and August. DANUBE AND BLACK SEA-DUNABURG AND WITEPSK. DIRECTORS: Chairman-W. P. PRICE, Esq., M.P., Tibberton Court. Gloucester, and 321 Deputy-Chairman-J. TREVOR BARKLEY, Esq., Reform Club, Pall Mall, S.W. William Johnstone Newall, Esq., 3, Crown | Wm. Lansdowne Beale, Esq., Waltham St. Court, Philpot Lane, E.C. Charles Liddell, Esq., 24, Abingdon Street, Lawrence, Twyford, Berks. Edward Greaves, Esq., M.P., Barford Wm. Tipping, Esq., M.P., Brasted Park, OFFICERS.-Sec.. C. W. Eddy; Gen. Man., Edward Harris; Auditors, Richard Potter and Timothy Kenrick; Solicitors, Johnston, Farquhar, and Leech, 65, Moorgate Street, E.C.; Bankers, Barnetts, Hoare, and Co., Lombard Street, E.C., and Hanson and Co., Constantinople. Offices-24, Abingdon Street, Westminster, S. W. 365.-DUNABURG AND WITEPSK. Incorporated with Limited Liability under the Joint Stock Companies' Act, 1862, The line constructed under a concession granted by the Emperor of Russia, dated 19th of March, (0.8.), 1863. Nominal capital (fixed by the concession), 2,600,000l., on which the Russian Government guarantees an annual interest of 5. per cent., amounting to 130,0001, in sterling money for 85 years, and an additional 1-12 per cent., to redeem the capital at par in 85 years, by annual drawings, commencing the first year after the completion of the line. The capital is issued in 26,000 shares, at 1007. each, bearing a minimum interest of 51. per share, which, on an outlay of 831. per share amounts to a fraction above 6 per cent. Interest on calls at the rate of 6 per cent. per annum paid during construction. This railway, 161 English miles, connects Dunaburg, the terminus of the Riga and Dunaburg, with the Witepsk. The receipts, including Government guarantee, will be distributed rateably over the shares, according to the amount paid on each. Opened 100 miles from Dunaburg to Polotzk, on 5th June, and 61 miles from Polotzk to Witepsk, on 17th October, 1866. In operation, 161 miles. The net profit for the year 1869 amounted to 95,0241., which showed that if the traffic continued to increase, as no doubt it would, the receipts for 1870 would considerably exceed those of 1869. The railway from Witepsk to Orel, which had already increased the traffic, was to be continued into the most populous and productive districts of Russia by the opening in August of the new line from Moscow to Smolensk, so that by means of the Riga and Dunaburg, the Witepsk would form a portion of the main line from Riga to Moscow. The cost of additional stations and sidings had been 35,000l., making 170,000l. expended in England and Russia during the year, and 30,000l. more would be required for those purposes. The Russian Government had lent them the money at 6 per cent. per annum, including 1 per cent. for the sinking fund. The interest on that additional amount would add to the expenses of the company, but the surplus net receipts would be 128,000l. for 1870, and in 1871 they would be 160,000l., so that the company would be soon in a position from the progressive increase of traffic and net receipts to pay a higher dividend. The receipts for the month of November, 1870, amounted to 202,522 roubles, against 182,280 roubles for the same month in 1869, showing an increase of 20,242 roubles. CAPITAL.-The expenditure on this account amounted to 2,198,3551. The profit and loss account shewed that the net profit for 1869 amounted to 95,0241., and the amount required from the Russian Government under the guarantee to 46,6157., making together 141,6697. DIRECTORS: Chairman-T. A. MITCHELL, Esq., M.P. (Messrs. Mitchell, Yeames, and Co.), 50, Charles Street, Berkeley Square, W. H. L. Bischoffsheim, Eq. (Messrs. Bis- William Miller, Esq. (Messrs. William Jervoise Smith, Esq. (Messrs. Smith, OFFICERS.-Sec., S. H. Godefroi; Con. Eng., John Hawkshaw; Auditors, Alexander Sim and William Turquand; Solicitors, Messrs. Freshfield, 5, Bank Buildings, E.C.; Bankers, Smith, Payne, and Smiths. 1, Lombard Street, E.C Offices-15, Angel Court, Throgmorton Street, E. C. Y 366.-DUTCH RHENISH, Projected by the late King of Holland, who partly completed the portion from Amsterdam towards Prussia. In order to raise funds for the purpose, he issued by royal decree, dated 30th April, 1838, and May 12th, 1838, 9,000 bonds of 1,000l. (18. 8d. each)=750,000l., bearing interest at the rate of 4 per cent. per annum; guaranteedfirst by the railway, and second by the king himself. Open in 1853, 57 miles, on 21st May, 1855, from Utrecht to Goude, 20 miles; to Rotterdam, 12 miles, on 1st August: from Arnheim to Emmerich in October, 1856, thus completing the whole length of the Dutch Rhenish, which is 109 miles. REVENUE.-The following tabular statement exhibits the annual increase in traffic for each year ending on 30th April: Excess, including £50,767 70,438 93,227 99,988 71,632 115,030 126,688 133,327 149,888 188,756 200,710 The charge for interest on bonds, &c., advanced from 29.1071., in 1857. to 32,0571. for the year ending 30th April, 1870. The net amount applicable to dividend improved from 21,659., which paid 2 per cent, on 1,300,0001. of share capital, to 198,9647. in 1870, and was equal to 8 per cent. on a share capital of 2,360,000. RESERVE.-This fund amounts to 21,818., having been increased to the extent of 4,1991. during the year. CAPITAL.-During the last book-year the option was on two occasions given to the holders of the new shares, to pay up in full, viz :-on July 1st, on 5,000 shares with back interest from 1st May, and on the 1st November on 10,000 shares. On both occasions the application to pay in full were largely in excess of these respective numbers of shares. The payments thus made amount to 210,0007. The expenditure to 30th April was stated at 2,896,3667., showing a balance of 172,2864. against receipts. 367.-EASTERN OF FRANCE. Established by concession for 44 years, but by decree, March, 1852, the term was extended to 99 years from 27th November, 1853. The line occupies a rich and populous district, and connects Paris and Meux, Chateau-Thierry, Epernay, Chalons. Vitry. Bar-le-duc. Toul, Nancy. Luneville, Saverne. Rheims, Metz, and Strasburg. Thus it connects France with Germany and Central Europe. A branch to Starbruck connects the line with the Prussian and Bavarian systems. The Government retains its right to redeem the line. but upon condition that such purchase can only be exercised in reference to the whole (and not a part) of the undertaking; and, moreover, only after the expiration of the first 15 years from 27th November, 1855, By convention of September, 1853, Government conceded new lines from Paris to Mulhausen, with branch to Coulommierres; from Nancy to Gray; from Paris to Vincennes and St. Maux. There have also been annexed the lines from Montereau to Troyes, from St. Dizier to Gray, and the Strasburg to Basle and Wesserling. ARDENNES.-In accordance with the conventions with the Eastern of France approved by an Imperial decree, dated 11th June, 1863, 84,000 shares of the Ardennes were exchanged for a like number of the Eastern of France. The actual exchange took place on 1st July, 1864; as from 1st January, regarding the two companies as amalgamated, the number of Eastern of France shares is increased to 584,000. These shares took dividends in common as from 1st January, 1864. GREAT LUXEMBOURG. -An agreement has been entered upon between this company and the Eastern of France, for which see APPENDIX to volume for 1870, and also "Great Luxembourg." REVENUE-The receipts for the half-year ending 30th June. 1870, amounted to 2.372,7341., in comparison with 2,178,7991.. but no report of expenditure or of dividend has yet been made. For later intelligence see ADDENDA, EUPHRATES VALLEY-FRANCE-FRANCO-AUSTRIAN. 368.-EUPHRATES VALLEY. 323 A project to extend from the Mediterranean to the Persian Gulf, a distance of about 850 miles. Registered under the Limited Liability Act, but to be incorporated by Parliament. The Ottoman Government grant a lease of the land necessary for the railway and works for 99 years, free of charge. At the expiration of 99 years, the land with the railway and works pertaining thereto, become the property of the Ottoman Government, who will at the same time purchase the rolling stock at a valuation, to be settled by arbitration. The Ottoman Government guarantee the company against all competition from works of a similar character, and grant the right of land, woods, forests, and quarries, the property of the State, at a certain distance at each side of the line. It is proposed first, to execute the Section, about 88 miles of railroad, from the ancient port of Seleucia, on the Mediterranean, to Aleppo. The scheme has been for several years in abeyance, but hopes are entertained by its projectors of active measures being shortly taken on its behalf. DIRECTORS: Chairman-WILLIAM PATRICK ANDREW, Esq. (Chairman of the Scinde, Punjaub, and Delhi), 29, Bryanston Square, W. J. Edmund Anderdon, Esq., Henlade Thomas Williams, Esq., Grove End Road, Sir Frederick Arthur, Bart., 24, Queen's Harry Borradaile, Esq. (late Bombay Civil OFFICERS.-Consulting Eng., Major-General Chesney, R.A, D.C.L., F.R.S., and F.R.G.S.; Bankers, Glyn, Mills, and Co., 67, Lombard Street, E.C., and the Ottoman Bank; Solicitors, Baxter, Rose, and Norton. Office-Gresham House, Old Broad Street, E.C. Agents in Syria and Mesopotamia, Stephen Lynch and Co. 369.-FRANCE. TRAFFIC.-The receipts on the six principal railways for the 26 weeks ending 30th June, 1870, amounted on 10,288 miles to 13,643,6157., and for the corresponding period last year on 9,9261. miles to 12,611,5817., showing an increase of 362 miles and 1,032,0341., or 818 per cent., in the receipts. The receipts on the Paris and Lyons amounted to 4,381,7577. against 4,074,3937. in 1869, showing an increase of 307,3647.; on the Eastern of France to 2,372,734.. against 2,178,799., showing an increase of 193,93571.; on the Paris and Orleans to 2,365,1097., against 2,215,468, showing an increase of 149,641.: on the Northern of France to 1,915,617.. against 1,736, 301., showing an increase of 179,3167.; on the Western of France to 1,635,6421., against 1,559,0564., showing an increase of 76,5861,; and on the Southern of France to 972,756., against 847,564., showing an increase of 125,1921. The average receipts per mile for the 26 weeks amounted to 1,326., against 1,270. in 1869, showing an increase of 561. per mile. In contrasting the present state of affairs with the last year of complete home peace enjoyed by France, it will be found the various systems earned the following amounts to the dates indicated in 1870 and during the whole of 1869 :- 1869. 5,884,978 8,703,130 2,395,478 2,639,227 The revenue of all the French lines amounted, to June 30, 1870, to 13,740,5027, compared with 12,705,7647. in the corresponding six months of 1869. These figures show an augmentation of revenue of 1,034,7387.; but new lines were opened in France in the year ending June 30, 1870, to the extent of 498 miles. The average length of line worked in the first six months of 1870 was 10,630 miles; the corresponding average for the six months of 1869 being 10,155. The tax of 10 per cent. imposed on the quick-train traffic produced in the first half of the year 601,114., as compared with 584,3847, in the corresponding period of 1869. 370.-FRANCO-AUSTRIAN. The concessions of this undertaking may be divided into two networks-the first completed and worked for several years past for its whole length of 826 miles; and the second supplementary, in course of construction, and expected to be brought into operation at the close of 1870. The capital of the supplementary network, to whatever amount it may rise, consists entirely of obligations, the interest and redemption of which is guaranteed by the Austrian Government. The original estimate as to the cost of the supplementary lines will be materially exceeded; it had been set down originally at 3,200,000l., and it is expected to reach 3,700,000. By virtue of a convention of Dec. 1, 1866, the annuity guaranteed by the Austrian Government on the capital of the old network is 1,300,000l. The interest and redemption of the obligations issued |