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1873-06-14 for page-1
Iron Times
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Iron Times 

   Iron Times (Newspaper) - June 14, 1873, London, Middlesex                              AT THE GENERAL POSTOFFICE AS A NEWSPAPER AND ABROAD STRIVE AND JUNE PRICE FRANCIS CANAL AUTHORISED BY THE HUNGARIAN Share Capital Ordinary Stock subscribed for by the Hungarian Preferred Issue of or Six per First Preference Bonds of or bearing interest from 1st With participation in the profits of the Company for the whole term of the concession after payment of six per interest on the entire Redeemable at in 30 by an accumulative Shaking Fund of one and per per in 85 per The and are authorised to open Subscriptions for the said issue of SIX per FIRST PREFERENCE At 85 per payable as follows 5 per on application 10 per on allotment 20 per on 1st August 20 per on September 1st 30 per 1st less deducting 85 per Subscribers may pay up in full on or on any day when an in stalment falls under discount at five per per In virtue of a concession which has received the sanction of the Hun garian a Company has been formed in accordance with the laws of Hungary for the following purposes a To take over from the Government the existing Francis Canal and put it in good b To construct a feeding and navigation Canal from the near the town of Baja to a junction with the Francis near the town of To cause the branch of the which is commonly called the to be made and to be partly transformed into a To make an extension of the Francis Canal as far as the cut of on the river To construct a new navigation and irrigation which shall start from the Francis Canal near Kis and take its course near sundry reaching the Danube below the town of To work the said canals for The term of the concession is for seventyfive dating from 26th and during twenty years after completion of the works the Company is exempt from The capital of the Company has been fixed by Government at in First Preference in Preferred in Ordinary The by authority of has subscribed the whole of the Ordinary Share Capital at the Preferred Shares have also been The Bonds now issued are a first charge on the undertaking and revenues of the and are free from all Hungarian according to the tanor of the In addition to the ordinary interest Coupons there will be 69 surplus profit Coupons attached to each entitling the holder thereof to participate in the profits of the Company on equal terms with the during the whole term of the after payment of 6 per interest on the whole capital of the the sinking fund of the Bonds and other according to the The Company has entered into a contract with Wythes and of to complete all the works by the 1st 1875 ana construction to pay interest on the Bonds now M of the works was inaugurated by the King on the 5th and they are being vigorously proceeded 7ST ComPany is at and the Board of the ng ten four of whom have been appointed by General MP r Canal on the River Theiss to Bezdan River 73 English miles in formerly the property of and which is transferred by the Concession on being thoroughly repaired and will be completed in rs Longridge having been at work upon it 1871 the said anal is and done will not interfere with the It unites iT Jt Driver Danube the known as the situated on 1 v Theias and 8aves 150 English miles the boats T to the and vice by avoiding the o i S two and moreover does away with the anct long navigation up stream caused by the strong current of the sin J The depth of water will be sufficient at all times to ensure the passage of the largest Theiss The new canals from Baja to and from Kis Stapar to will form a direct communication between the towns of Baja and both situate on the The distance between these two points by the river Danube is now 160 English and by the new canals this distance is reduced to 90 English They intersect the districts known as the with the Banat already form one of the most fertile districts of and are capable of producing annually according to the estimate of the Chamber of Commerce of The export in 1868 was It is believed that the greater part of the wheat and other grains grown in the will be carried by these The above canals will be employed not only for navigation but for drainage and of both of which the country is in great Bonds will bear interest at the rate of 6 per per payable in in on the 1st May and 1st at the countinghouse of Bonar and and the first half years interest will fall due 1st A sinking fund and per per annum on the entire nominal amount of the bonus will be applied by semiannual drawings by in on 1st May so as to redeem the whole loan in 30 The first drawing will take place one year next after the completion of the but not later than the 1st and the drawn bonds will be payable months after each If no allotment is made the deposit will be returned in and if only part of the amount applied for is the balance of deposit will be first applied towards the 10 per due on and the remainder if any Default of payment of any instalment renders all liable to Such certificates to bearer will be exchanged against allotment and de posit and bonds to when will be issued tothe of Applications in the annexed form accompanied by a deposit of 5 pep will be received by the and Old 12th The documents relating to the issue can be inspected at the offices of the Forms of application can be obtained at the offices of and Old Broadstreet or of Cazenove and Approximate estimate of the revenue furnished by the and based on the statistics of the Chamber of Commerce of the statistics of the towns and villages crossed by the and work on the Exports of the Kingdom of Hungary Proceeds from From the river Theiss to the river by the Canals from to and Bezel an to 16 to 20 German miles By the new Canal from Neusatz to Kis Stapar and 16 to 20 German miles By transport of merchandise from the Danube to the Theiss O AAA for the whole at 8 kreutzers per centner per equal to Local traffic of Canal towards Theiss and per statistics of the Communes at o equal to Sundries Lease of water power at revenue from fisheries lease of land belonging to the Company Irrigation The Canal carries sufficient to irrigate of which the different Communes crossed by the canals and landed proprietors have already for Taking quantity as the first basis for revenue at an

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