428 COLONIAL AND TRANSATLANTIC

has not been altogether loss, and a portion of it may be fairly considered as having given value in return.

“ By the amended act of Parliament, the capital of the company is limited to 12,000 shares of L.50 each; each of the old shares being reckoned for two.

“ But the company are allowed to proceed, as soon as

a payment has been made into the hands of the bankers to the extent of - - L.20,000

~ “ And as in this sum, credit is given for the whole

payment that has been made on the old, shares, of

which 750 still continue, having paid L.10 each, 7,500 “ The sum actually wanted to permit the company to resume operation, is - - - 12,500

“ The stock and funds of the company, at present, including the expense of obtaining their acts of Par- liament, as certified by the auditor’s statement, 4,715 “ By which it would appear that the value of each of the new shares is about L3, 35.

“ It is proposed to raise a subscription for 4500 shares, and to call for a deposit of L.3, 35., which will more than complete the preliminary fund before mentioned.

“ The stock of the company Will then be held in 6000 shares, being only one half of the number to which the extent of the capital is limited.

“ The objects of the company have been explained at large, in a former prospectus; but to strangers it may be proper briefly to state, that the intention is to establish a line of packets, propelled by steam,

from the south-west of Ileland to the north—east of

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Nova Scotia, and thus to connect Europe and Ame-

rica, at the near est pOints of approximation.