BUENOS AYRES GREAT SOUTHERN-CENTRAL ARGENTINE. 367 receipts, as compared with 50-64 in 1868. The receipts from passenger traffic showed an increase of 7,2441., or 15.86 per cent.; and from goods traffic an increase of 17,0967., or 35:16 per cent. The receipts per train mile had been 12s. 11d. in 1869, as against 11s. 114d. in 1868, showing an increase of 1s. per train mile, while the expense of working had been 68. 84d. per train mile, as compared with 6s. 04d. in 1868. The net revenue for the half-year ending 31st December, 1869, showed a balance of 29,2661., out of which a dividend of 16s. per share (being at the rate of 8 per cent. per annum), free of income-tax, left a balance of 4,2881. The net receipts for the half-year ending 30th June, 1870, showed an available total of 37,3321. after providing for debentures, &c. Dividend at the rate of 8 per cent. absorbed 26,750., and lett 10,5827. to be carried forward. The increase in the net profits for the half-year was 22 per cent. while the working expenses had been brought down to 46 per cent. The capital required for extending the main line from Chascomus to Dolores, 58 miles, is 253,400, which is to be raised by an issue of 3,670 additional shares of 201. each, and of 180,000l. permanent 6 per cent. debenture stock. The Salado extension line leaves the main line at Altimirano station, 55 miles distant from Buenos Ayres. It is about 33 miles in length, and has been built by a separate capital of 150,000l., in 101. shares. The Azul and Tandil extension commences at the terminus of the Salado line, and passes through Carmen de Las Flores to Azul. The total length is about 100 miles. The first section to Las Flores, about 40 miles, is now under construction. The Azul line is also made by an independent capital. The original line will work all the extensions at 50 per cent. of the gross receipts for maintenance, &c., and 7 per cent. extra for the provision of rolling stock, &c. It is proposed to continue the original line from its present terminus at Chascomus to Dolores, and the necessary capital for the purpose has been authorised. The distance is about 58 miles. DIRECTORS: Chairman-DAVID ROBERTSON, Esq., M.P., 56, Upper Brook Street, W., and Deputy-Chairman-G. A. H. HOLT, Esq., 36, Cambridge Terrace, Hyde Park, W. John Fair, Esq., 50, Hamilton Terrace, Peter George Heyworth, Esq., Aigburth, OFFICERS.-Sec., C. O. Barker; Manager in Buenos Ayres, Edward Banfield; Auditors, John B. Wanklyn and William Cash. Offices-4, Great Winchester Street Buildings, E.C. 441.-CENTRAL ARGENTINE. Incorporated with limited liability under "The Companies' Act, 1862." The grant of the railway is in perpetuity, with a guaranteed interest of 7 per cent. per annum, upon a fixed outlay of 6,400l. per mile, for 40 years, reckoned from the date of its first beginning to run; and at the expiration of that time all obligations on the part of the Argentine Government will cease. Length, 247 English miles. Capital, 1,600,000, of which, 65,000 shares of 201. each have been created, and the directors are authorised to create debentures to the extent of 300,0007. Messrs. Brassey and Co., under contract, pay 7 per cent. per annum interest, in half-yearly payments, on the capital, until the Government guarantee comes into force as respects each section. They also work each section from the time of its completion at the rate allowed by the Government, and are to maintain and work the entire line for two years after its completion at the same rate. The directors found it necessary, however, to effect some modification in respect of the allowance to be made for working expenses; and in order to adjust the revenue accounts, and obtain a settlement of the guaranteed interest due from the Government, a temporary arrangement was made with them, and adopted and agreed to by the contractors, whereby the working expenses are commuted at 53 per cent. of the gross earnings. The provisional arrangement is to remain in force only so long as the railway is under construction, and until the opening of the whole line to Cordova, and will not in any way prejudice or affect the following modification made by decree of Congress, June, 1864, in article 18 of the original concession:-"For the liquidation of the guarantee allowed, which will REVENUE. The receipts during the half-year ending 31st December, 1869, amounted to 117,4824, and for guaranteed interest to 63,000.-total, 80,4821. The expenditure in Bahia and London amounted to 21,7331., leaving a balance of 54,7491. Dividend at the rate of 6 per cent. absorbed 58,500l., and left a balance of 2491. to be added to the working account. The receipts for the June half-year amounted to 20,3671., the interest, &c., to 480, and the guaranteed interest to 63,000., making together 83,8471. From this was deducted the expenditure in Bahia and London, 22,122., leaving a balance of 61,7251. Dividend at the rate of 64 per cent. absorbed 58,500l. and left 3,255l. to be added to the working capital account. CAPITAL.-The share capital extends to 1,800,000%., of which, to 30th June 1870, there had been expended 1,797,265., leaving a balance of 2,7941. The working capital account being money voted at various times by the proprietors out of dividends, extends to 35,9851., and is constituted as under:1868-8th Oct. By cash voted by the proprietors........... 1869-1st April.,, do. do. do. £28,371 3,971 993 1,022 248 382 1,014= £35,985 1870-30th April.,, Cash voted by the proprietors Chairman-T. M. WEGUELIN, Esq., M.P., 23, Eaton Square, S.W. Ex-officio Director-Chevalier AVALLAR BARBOZA, Representative of the Imperial Government of Brazil. R. J. Gainsford, Esq. Harvey Lewis, Esq., M.P., 24, Grosvenor Street, W. John Morgan, Esq. Sheffield Neave, Esq. OFFICERS-Sec., W. Clay; Eng. -in-Chief, Charles Vignoles, F.R.S.; Auditors, J. A. Franklin and J. de Castro; Solicitors, Oliverson, Peachey, Denby, and Peachey; Bankers, Rothschild and Sons. 439.-BRAZILIAN STREET. Incorporated under limited liability. Capital, 100,000., in 50,000 shares of 21. each: first issue, 25,000 shares of 21. each. This undertaking has been in operation since 1st January, 1869. It paid 12 per cent. that year, and first half of 1870, to June 30, at same rate, viz., 63 for the six months. DIRECTORS: Chairman-HENRY HAYMEN, Esq., Chairman Don Pedro North Del Rey Gold Mining Company, Limited. William Martineau, Esq., C.E., Liverpool | Barão do Livramento, Brazil. and Brazil. Saml. Jno. Wilde, Esq., Director of Bom Dr. Jose Bernardo Galvão Alcoforado, bay Baroda and Central India Company. | Sr. Antonio Luis dos Santos, Brazil. OFFICERS.-Sec., Herbert Heath; Gen. Man. and Eng.-in-Chief in Brazil, William Rawlinson; Solicitors, Stevens, Wilkinson, and Harries, 4, Nicholas Lane, E.C.; Auditors, Percy Heurtley, 5, Austin Friars, E.C. Offices-35A, Moorgate Street, E.C. 440.-BUENOS AYRES GREAT SOUTHERN. From Buenos Ayres to Chascomus, length, 71 miles, single line, but between the city of Buenos Ayres and the suburb of Barracas, about two miles in distance, is double. The concession is in perpetuity. The Government of Buenos Ayres originally guaranteed interest at the rate of 7 per cent. upon a fixed sum of 750,000., but this guarantee has been commuted by a money payment, and the company is now entirely independent. REVENCE.-The receipts of the year 1869 were 124.8771., as compared with 99,1287. in 1868, and the working expenses 65, 2237., against 50,2077., leaving a balance of 59,6541. for the year 1869, against 49,921. for 1868. From a balance of 59,6541. were deducted 31,4991. for interim dividend of 34 per cent. to 30th June, and for interest, &c., on debentures, leaving a balance of 28,1557. To this was added 1,111., the balance from 1868, making a disposable sum of 29,2661. The increase in the gross receipts for the year was 25,7481., or equal to 25-97 per cent., and the increase in the net profit 10,7337., or 21 93 per cent. The working expenses amounted to 52 22 per cent. of the BUENOS AYRES GREAT SOUTHERN-CENTRAL ARGENTINE. 367 receipts, as compared with 50-64 in 1868. The receipts from passenger traffic showed an increase of 7,2441., or 15.86 per cent.; and from goods traffic an increase of 17,0961., or 35 16 per cent. The receipts per train mile had been 12s. 11d. in 1869, as against 11s. 114d. in 1868, showing an increase of 1s. per train mile, while the expense of working had been 68. 84d. per train mile, as compared with 6s. 0d. in 1868. The net revenue for the half-year ending 31st December, 1869, showed a balance of 29,2667., out of which a dividend of 16s. per share (being at the rate of 8 per cent. per annum), free of income-tax, left a balance of 4,2887. The net receipts for the half-year ending 30th June, 1870, showed an available total of 37,3321. after providing for debentures, &c. Dividend at the rate of 8 per cent. absorbed 26,750., and lett 10,5827. to be carried forward. The increase in the net profits for the half-year was 22 per cent. while the working expenses had been brought down to 46 per cent. The capital required for extending the main line from Chascomus to Dolores, 58 miles, is 253,400, which is to be raised by an issue of 3,670 additional shares of 201. each, and of 180,000l. permanent 6 per cent, debenture stock. The Salado extension line leaves the main line at Altimirano station, 55 miles distant from Buenos Ayres. It is about 33 miles in length, and has been built by a separate capital of 150,000l., in 10. shares. The Azul and Tandil extension commences at the terminus of the Salado line, and passes through Carmen de Las Flores to Azul. The total length is about 100 miles. The first section to Las Flores, about 40 miles, is now under construction. The Azul line is also made by an independent capital. The original line will work all the extensions at 50 per cent. of the gross receipts for maintenance, &c., and 7 per cent. extra for the provision of rolling stock, &c. It is proposed to continue the original line from its present terminus at Chascomus to Dolores, and the necessary capital for the purpose has been authorised. The distance is about 58 miles. DIRECTORS: Chairman-DAVID ROBERTSON, Esq., M.P., 56, Upper Brook Street, W., and Deputy-Chairman-G. A. H. HOLT, Esq., 36, Cambridge Terrace, Hyde Park, W. John Fair, Esq., 50, Hamilton Terrace, Peter George Heyworth, Esq., Aigburth, OFFICERS.-Sec., C. O. Barker; Manager in Buenos Ayres, Edward Banfield; Auditors, John B. Wanklyn and William Cash. Offices-4, Great Winchester Street Buildings, E.C. 411.-CENTRAL ARGENTINE. Incorporated with limited liability under "The Companies' Act, 1862." The grant of the railway is in perpetuity, with a guaranteed interest of 7 per cent. per annum, upon a fixed outlay of 6,4007. per mile, for 40 years, reckoned from the date of its first beginning to run; and at the expiration of that time all obligations on the part of the Argentine Government will cease. Length, 247 English miles. Capital, 1,600,000l., of which, 65,000 shares of 201. each have been created, and the directors are authorised to create debentures to the extent of 300,0007. Messrs. Brassey and Co., under contract, pay 7 per cent. per annum interest, in half-yearly payments, on the capital, until the Government guarantee comes into force as respects each section. They also work each section from the time of its completion at the rate allowed by the Government, and are to maintain and work the entire line for two years after its completion at the same rate. The directors found it necessary, however, to effect some modification in respect of the allowance to be made for working expenses; and in order to adjust the revenue accounts, and obtain a settlement of the guaranteed interest due from the Government, a temporary arrangement was made with them, and adopted and agreed to by the contractors, whereby the working expenses are commuted at 53 per cent. of the gross earnings. The provisional arrangement is to remain in force only so long as the railway is under construction, and until the opening of the whole line to Cordova, and will not in any way prejudice or affect the following modification made by decree of Congress, June, 1864, in article 18 of the original concession:-"For the liquidation of the guarantee allowed, which will be done at the end of each year, there shall be deducted from the gross proceeds of the line, the legitimate and indispensable expenses of administration, wear and tear, and repairs of the permanent way, stations and trains, but not deducting in any case amounts for interest or other charges than those mentioned. The balance remaining shall be considered as the net proceeds." REVENUE. It was reported in March that the traffic had made steady progress, and when the line reached Cordova the highest expectations would be realised. The interest paid by Government on the capital expended was considered as a loan to the company, to be repaid out of profits over 7 per cent., which they hoped to be able to do in a comparatively short time. It appears, by advices received on 14th January, from Buenos Ayres, that the proposal of the Argentine Government to sell the 17,000 shares which they hold in that undertaking was rejected unanimously by the Congress, and that another proposal submitted by two senators, that the Government should purchase and possess themselves of the line, was withdrawn, it being found that the terms of the concession gave no authority for such a measure. The Rio Cuarto, which was inaugurated on November 25, will form a junction with the Central Argentine at Villa Nueva, 160 miles from Rosario, and will concentrate the traffic of Mendoza and San Luis, becoming thus a most important feeder to it. Meanwhile the Government are making a good carriage road between Cordova and San Juan, which is nearly finished, and will also greatly contribute to the traffic of the line. Half of the proposed loan of six millions sterling is to be devoted to the extension of the Central Argentine, from Cordova to Tucuman, as authorised by Congress, 375 miles, forming the great trunk for that province and Catamarca, the rich mineral province of the Republic. The Government have further ordered a detailed survey of the whole line to Jujuy, which has already been reported by preliminary surveys to be perfectly practicable, and this, when executed, will make a total length of 832 miles from Rosario. At the same time the Government of Bolivia have authorised Mr. William Wheelwright, the projector and promoter of the Central Argentine, to survey a line from Jujuy to Potosi, with the view of opening up a direct communication with the Atlantic through the valley of La Plata. LAND COMPANY.-It was resolved at the meeting in April, 1870, to form a separate company, with a view to assist in colonising the lands belonging to the undertaking, which were ceded for 130,0007., in shares of 11. each. DIRECTORS: Chairman-JOHN HEGAN, Esq., 30, Moorgate Street, E.C. W. B. Buddicom, Esq., Penbeddw Hall, Lawrence Heyworth, Jun., Esq., Wain Samuel Waterhouse, Esq., M.P., Hope William Wagstaff, Esq., Rhûg, near Corwen, and 91, Westbourne Terrace, W. RESIDENT DIRECTOR-THOMAS ARMSTRONG, Esq., Buenos Ayres. OFFICERS.-Sec., George Woolcott; Eng., Edward Woods, C.E., 3, Storey's Gate, S.W.; Agent and Resident Eng., E. Harry Woods, C.E., Rosario; Solicitors, Travers, Smith, and De Gex, 25, Throgmorton Street, E.C.; Auditors, R. P. Harding and W. T. Linford; Bankers, The London and Westminster Bank, and The Consolidated Bank, London. Offices-Palmerston Buildings, Bishopsgate Street, E.C. 442.-CHILI AND BUENOS AYRES. A company has been formed in Buenos Ayres for the purpose of constructing a railway from that city to the Chilian frontier. The proposed road is under the direction of a German engineer, named Otto von Armen. The route will be from Chivilcoy, Buenos Ayres, in a straight line to the Planchon Pass, in the Andes, connecting the present Western of Buenos Ayres with the Southern Chilian. The works on the Chilian and Talcahano are progressing, and orders for rolling stock have been forwarded to the United States. COPIAPO AND CALDERA (CHILI)-COQUIMBO (CHILI), ETC. 369 443.-COPIA PO AND CALDERA (Chili). Incorporated by local authority, in 1849, from Port Caldera to Copiapo (1,300 feet above sea level), to supply the mining population. Length, 50 English miles. An extension to the Corderillas, 27 miles, was opened on 30th January, 1859. By Act of the Chilian Legislature, a tramway in the province of Coquimbo begins at the Cuesta of Peralta, and proceeds to the city of La Serena, with branches to all the chief mining places. From La Serena the line will be continued to the port of Coquimbo, and thence to the copper smelting works of the Mexican and South American Company at Herradura and Tongoy. Power is given to convert this in:o a railway to be worked by locomotive. Another concession was obtained from the Government of Chili for continuation of the railway from Pabelon to Chanarcillo (27 miles), opened May, 1853. The directors solicited a period of 15 years for fixing their own rates of freights and passages, instead of 10 years, and the Government acceded to the request in that respect. 444.-COQUIMBO (Chili). This company was projected by a few English merchants in Valparaiso in August, 1860, and in November in the same year obtained the Government sanction. The capital was immediately subscribed, chiefly in Valparaiso, the works undertaken, and completed in eighteen months. The railway is single, and its length, including 8 branches, is 40 miles; its total cost, including rolling stock, purchase of land, and all legal and other expenses, is 230,000!., or 5,750l. per mile. The line is composed of two branches. The starting point is the port of Coquimbo, and the northern branch, which is 10 miles long, unites the port with the city of La Serena, capital of the province. The southern branch, starting also from Coquimbo, takes a southerly direction for 30 miles, penetrating into the heart of one of the richest copper mining districts of the world, the main object of the railway being to bring down the minerals to the coast, either for shipment to England and the United States, or to be worked up into copper ingots at the smelting establishments of the port. Opened 21st April, 1862, but no regular return of traffic or profits appear to be published. 445.-COSTA RICA. A contract has been obtained by some American capitalists or adventurers from the Government of Costa Rica, the main regulations of which are as follow:-The capital stock is to be $10,000,000, and the headquarters of the company to be in New York, Philadelphia, or Boston. The Government of Costa Rica issues to the company bonds of the Republic to the amount of $60,000 per geographical mile, payable in United States gold in the city of New York at the expiration of forty years, and bearing interest at the rate of 8 per cent. per annum, payable semi-annually in New York. The delivery of these bonds constitutes a mortgage in favour of Costa Rica, and the net earnings of the road go to that Government in re-payment of the interest on the bonds, after deducting a dividend of 6 per cent. on the capital stock. The Government also makes an allowance for harbour improvements, liberates the company from any responsibility for private property taken in the construction of the road, agrees that foreign mails and the company's correspondence need not pass through the post office, stipulates not to intertere in the management of the company's business, and has in every respect made most liberal concessions. The road will run near the capital, San Jose, passing through the principal coffee districts; it will be about 140 miles in length from ocean to ocean. The names of the incorporators are Edward Reilly, Alexander Hay, William H. McCartney, and David Vickers. 446.-HONDURAS (Inter Oceanic). The surveys of this line (200 miles) establish the superiority of the route from Puerto Caballo, on the Atlantic, to the Bay of Fonseca, on the Pacific (a length of 147 miles), over the routes by Panama and Tehuantepec. This railway will shorten the distance from New York to San Francisco by 1,300 miles, or ten days' time, and attract a great proportion of the travelling from the Panama route, which had paid 12 per cent. yearly. The proposed maximum cost of the line is estimated at $10,000,000, and the net revenue $3,200,000 per annum. A loan in aid of this undertaking was negotiated in September and October, 1869, but it was announced that fresh surveys would be made relative to the railway and state domains. These surveys and the preliminary expenses were defrayed by the contractors. |