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FINANCE - SEVILLE TRAMWAY COMPANY

See also:
The Granada Railway
The GSSR
The Hornillo Company
The Bacares Iron Ore Mines
The related Bilbao companies
The Manila Railway

The Seville Tramway Company Ltd was another company that Edmund Sykes Hett was involved with, through Hett, Maylor. Many of the people involved were also involved with The GSSR in some way. There is precious little documentation regarding this project, the prospectus below being all that seems to be extant.

DATEPRESS REPORT

1887

From The Pall Mall Gazette, January, 1887

The SUBSCRIPTION LIST will CLOSE on

THURSDAY, 20th January, 1887.

THE SEVILLE TRAMWAYS

COMPANY (LIMITED).

CAPITAL, £75,000, divided into 15,000 Shares of

£5 each.

FIRST ISSUE of £50,000 in 10,000 Shares of £5 each, payable as follows:-10s. on Application and 10s on Allotment. The balance to be called up at intervals of not less than two months between each call.


DIRECTORS.

EDWARD WOODS, Esq., President of the Institution of Civil Engineers, Director of the City of Buenos Ayres Tramways Company (Limited)(Chairman).
W. Goodwin Barnes Esq. (Barnes, Leighton and Co., Great St. Helens), Shipowner.
John Taylor, Esq., Director of the Buenos Ayres and Belgrano Tramway Company.
E.J. Yarrow, Esq., late Director of the Union and Paso Molino Tramways of Moote Vidoo
BANKERS.-Messrs. Prescott, Cave, Buxton, Loder and Co., 63, Threadneedle-street, London, E.C.
SOLICITORS.-Messrs. G.F. Hudson, Matthews, and Co., 32, Queen Victoria-street, E.C.
ENGINEER.-George Higgin, Esq., Mem.Inst.C.E.,
Broadway Chambers, Westminster.
AUDITOR.-William Cash, Esq., 90, Cannon-street E.C.
SECRETARY (pro tem).-Alfred F. Judd.
REGISTERED OFFICES.-53, New Broad-street, London, E.C.

PROSPECTUS.

The Company is formed for the purpose of acquiring a concession of, and constructing and working, a system of tramways in the City of Seville where none at present time exist. A concession for this purpose has been granted by the Municipality and confirmed by the Government for a term of sixty years, being the longest period allowed by law.

The total length of the Tramway conceded, and which it is now proposed to construct, is a little over eight miles, including sidings. The routes have been selected so as to secure the principal lines of traffic, leaving future exetensions to be carried out when found to be desirable. Seville is the third most important city in Spain, and within recent years the navigation of the river has been greatly improved, perrmitting access of ships of large burden up to the city, where extensive quays have been erected.

An excellent supply of water has recently been provided by an English company.

The city contains at the present time close upon 150,000 inhabitants, and is rapidly extending and increasing in commercial importance.

The Company have entered into a contract with Messrs. Hett, Maylor and Co. (Limited), of 53, New Broad-street, for the transfer of the concession, and for the construction and due completion of the lines and supply of the rolling stock in accordance with the specification and to the entire satisfaction of the Company's engineer on or before the 31st December, 1887, for the sum of £49,000 of which £10,000 is payable in fully paid-up shares of the Company. The contractors undertake to provide funds for the payment of interest at 7 per cent. per annum on the amount paid up on shares to the 31st of December, 1887, in consideration of which they have the right of working the line to that date for their own benefit.

The results given by Spanish Tramways are very favourable. The principal lines at present working are those of Madrid, Barcelona, and Valencia.

The Madrid Tramways, belonging to the "Trarmways Union," earned in the year 1885 £5,410 per rmile gross; the Barcelona £4,089 per rmile; and the Valencia £2,530 per mile. The Valencia Line was opened last year during a severe visitation of cholera,and under disadvantageous conditions as regards facility of working; their expenses were 66.44 per cent. and they divided 8 per cent. on their Ordinary Capital of £38,000, after paying 6 per cent interest on their Debenture Capital amounting to £65,000, and also providing a Sinking Fund for its extinction in 30 years.

The streets of the city being practically level, other great facilities for working a tramway economically, as one-horse cars can be used, and as Seville is favourably situated for the supply of mules and fodder, the working expenses should not exceed 60 per cent. The population being concentrated on a small area, the number of inhabitants served by the tramway is unusually large, amounting to 18,500 per mile of line.

As regards the capital cost of the Seville Tramway, it will compare very favourably with that of Valencia and Barcelona - cities of a similar description; thus while the Valencia Tramway has cost £14,000 per mile, and the Barcelona £12,400, the Seville Tramway, completely equipped and including construction of stables, carriage sheds, and offices, and all expenses of concessions, is estimated to cost £7,500 per mile.

From the data obtained as to probable traffic, and in view of what has been done in the cities already named, it is reasonable to expect a gross return of £3,000 per mile on the Seville Tramways. Allowing that the working expenses amount to 65 per cent., this would leave a net revenue of £8,400, which would permit of a dividend of 14 per cent. on the money actually required for the lines now proposed to be constructed. But even supposing the working expenses to reach the extreme limit of 70 per cent., the net revenue would still be 12 per cent.

The following contracts have been entered into:-

Contrract between Hett Maylor and Company (Limited), and the Company, dated 14th January, 1887.

Contract between George Higgin and the Company, dated 14th January, 1887.

These contracts, copies of this Memorandum, and Articles of Association, legalised copy of the concession, also copy of the Plans and Specification, can be seen at the office of the Solicitors, 34, Queen Victoria-street, E.C.

Applications, accompanied by a deposit of 10s. per share, may be made and forwarded to the Bankers. If no allotment is made, the deposits will be returned in full; should fewer shares than are applied for be allotted, the surplus paid will be appropriated towards the amount due on allotment.

Subscribers will have the option to pay in full on allotment, or at the time of payment of any call; the full interest at the rate of 7 per cent. per annum, payable on the 30th June and 31st December respectively, will accrue upon the amounts from time to time paid.

Prorspectuses and forms of application for shares may be obtained from the Bankers, Solicitors, or of the secretary, at the offices of the Company.

15th January, 1887.

Thanks to Don Gaunt's excellent website.





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