MONTE CARLO.

Star (Christchurch), Issue 6132, 19 March 1898, Page 2

MONTE CARLO.

THE PRINCE'S NEW TERMS, (St James's Gazette.) A special meeting of the shareholders of the Monte Carlo Casino Company has been held to consider the conditions proposed by the Prince of Monaco for the renewal of tho lease. The present lease expires in 1913. These terms, which were ratified by tho meeting, provide for the payment to theprince of an additional sum of .£1,280,000 up to the end of 1937, when the new concession expires. To the general body of shareholders, who have no voice in the management of the concern (says Dalziel's correspondent), tho terms of the new contract will not be very ploasant reading. They are aa follows :— The .£50,000 for the concession, plus .£20,000 allowed for the expenses of government of the principality, are to be continued, together with the allowances for public works, lighting, maintenance of tho institutions, &c— amounting in all to another .£50,000 or per annum. In addition the Casino Company undertakes to pay over immediately to the Prince in hard cash the sum of 10,000,000 f., or .£400,000; and further, to spend 5,00l),000f., or .£200,000, upon publio works, in the shape of. opening new avenues and streets in parts of the principality indicated by the Prince $ to spend 2,000,000 f., or £80,000, in the construction of a new theatre and opera-house; to be completed in time for the exhibition of 1900; to hand over to the manager of the theatre at Monte Carlo .£IOOO for each performance, to be spent exclusively in the payment of special artists, the company also to bear all the cost of the chorus, orchestra and scenery. Finally, the company undertakes to pay to the Prince in' cash the sum of 15,000i000f., or .£000,060, in the yoar 1913, which was the date of the expiration of the old contract granted by the late Prince Charles 11. The Casino Company is therefore called upon to find an additional sum of .£1,280,000 (without counting the grant to the manager of the theatre) as the price of the new concession. The proposal to make a new port at Monaco has been dropped, the town of Nice having protested to the French Government against it, on the ground that It would damage the port of Nice. The Priuce also insists upon being consulted in the appointment of botli the manager and the directors of the Casino - Company ; to have the right to nominate the manager of the theatre ; and lie is to have control of tho. " publicity " depart* ment. • -•-•"■'■ ■ To meet the increased charges upon the Casino by this new contract with the Prince, the company proposes to raise, a loan to be covered by obligations issued at 4 per cent, the latter to bo oftered by preference first to the existing shareholders' .The extra 17,000,000 f which the company has to find at once will cost, at 6 per cent, an additional .£34,000 per annum, and after this will be doubled, so that the dividend upon the Casino shares will be at once reduced by something like 20f per share, and later by 35f per share. Further than this the shares originally issued^in 1883 at 600 f, and to-day quoted at 3000 f, are to be divided into fifths, so as to facilitate their negotiation upon the Pans Bourse, and place them within the reach of people of moderate means.

A remarkable case, of the recovery of speech and hearing is reported from the Canton cf Tioino, in Switzerland. An Italian, aged forty-one years, who five years acrolbecame adeaf-mutelin consequence of a serious disease, was startled by the sudden appearance of a runaway horse. As he jumped aside to avmd the animal l he uttered a loud scream, and after it had gone by iowii that he was able to talkand hear.