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1 MONEY MARKET-FRIDAY.

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1 MONEY MARKET-FRIDAY. Atlantic and Great Western Third Mortgage Bonds are I better, and Homo llailway Stocks are tirw, with a rise of I in Sheffield stock, of jj in London and Brighten and North Eastern, and of in Caledonian, Great Eastern, Loudon and North Western, Metro- politan, Midland, and North British. In the Foreign Market, Bolivian Bonds are 1 lower, and Paraguay of 1871 i, but Peruvian Six per Cents, of 1870 and Ditto Five per Cents. of 1872 have improved 1. In the Builiou Market silver is firm at 59$d., and the remainder of the gold by the Australian packet is reported a going into the Bank of to-day or to morrow. Nothing doing in dollars. It is announoed that the subscription list for the issue of L2,000,000, of shares in 200,000 of £ 10 each, in the Rio Tinto Company (Limited), will close on Monday next for London, and on Tuesday for country applications. The prospectus of the issue appears in our advertising columns. Our latest advices show that the capital is being very largely applied for. Our advertising columns to-day contain the Prospectus of an issue of 12,000 shares of Y,10 each, of the Wel- lington Iron and Coal Company, Limited. This under- taking consists of the Old Park Iron Works, near Wel- lington, Shropshire, and of the Wenvoe Hematite Works, near Cardiff. The capital is £ 120,000, in 12,000 shares of £10 each, and the price of issue will be par, or 910 per share. The Company has been formed for the purpose of purchasing, and further developing the valuable and extensive iron works and collieries known as the Old Park Iron Works," Wellington, Shropshire, now in active operation. The property is situate in immediate contiguity to the famous Coalbrookdale and Lilleshall Iron Works and with the view of ensuring a direct supply of Hematite Ore, the Company will combine with the Old Park Iron Works, the Wenvoe Hematite Iron Ore property, near this town. The Mineral and Surface Rights of the Old Park property, embrace an area of about 1,280 acres. The minerals comprise Coal: 13 seams of coal, varying from li feet to 6 feet in thickness Ironstone four beds of rich Clayland Ironstone Fireclay of excellent quality, exis- ting in large deposits and also quarries of good Build- iug Stone. Mr. Marcus Scott, the emineut mining engineer, states that the total quantity of coal remain- ing in the seams, to be 10,270,000 statute tons, exclusive of the coal in the other seams, which it is considered may be workable hereafter quantity of workable iron- stone to March last to be 1,700,000 tons, and of coal, to the same date, 9,732.936 tons. The Mineral Rights of the Wenvoe Hematite property extend under about 70 acres, and are held for a term of which 31 years are un- expired at a moderate royalty. Exploring rights over about 150 acres of additional land adjoining have re- cently been secured. From the Wenvoe property there has bn hitherto worked about 30,000 tons of ore of excellent quality, and when the addi- tional appliances now in progress for raising ore frem these works are completed, it is computed by Mr. Brooke Ridway Smith, Mining Engineer, that 100 tons of Hematite can be raised daily. Of railway aooommodation the property is particularly well provided. The Company acquires the Old Park Property and Works, Mineral and Surface Rights, Rail- roads, Boiling Stock, Plant and Machinery, together with the Brand and Goodwill, and the valuable Iron and Coal contracts now running, and also the Wenvoe Hematite Iron Ore property, and the Plant and Machinery, and takes over the business as from the 12th July, 1873, at the price of E124,000, in which is in- eluded the entire expense of the formation and estab- lishment of the Company to the date of the first allot- ment of shares. The Vendor is willing that £ 40,000 of the purchase money should remain as a deferred pay- ment for five years, bearing interest at 6 per cent. per annum; the balance, £ 84,000, being payable in cash. This leaves out of the £120,000 now offered for sub- scription the sum of X36,000 for working capital, and for the purchase of the Iron, Coal, Ores, Limestone, Horses, Stores in Stock, which are to be pa.id for at a valuation. A careful estimate shows that after deduct- ing cost of management, interest, &c., the net estimated profits which would be available far dividend on the Share Capital would be about 17 per cent. per annum, and this estimate is based upon prices much below those at present ruling. Looking at the position in which the Ola Park Works are placed, in regard to Railway Com- munication, the extensive area of Mine under work, the deservedly high repute in which the Pig Iron is held in the Trade, and the moderate amount of capital upon which dividends have to be paid, the Directors feel assured that in placing this undertaking before the public for subscription, they are offering one that will prove most satisfactory and highly remunerative to the Shareholders. Considering the success which has at- tended the formation of several recent companies of a similar character, we anticipate that the present issue will be fully subscribed for, especially as the prospect of large dividends are most favourable.

LONDON" STOCK EXCHANGE.—FRIDAY.

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