25 FEBRUARY 1865, Page 3

The Imperial Mercantile Credit Association has been authorized to offer

30,000 shares of the Varna Railway Company, the price of issue being 121., the deposit on application V., on allotment

21 per share. The object of this company is the formation of a railway from Varna on the Black Sea to Rustchouk, on the River Danube, a distance of 138 English miles. When this shall have been completed travellers will be able to accomplish the journey from London to Constantinople in the space of four and a half days. The railway was commenced in June last, and about fifty miles are now ready for laying the rails.