The Express.
London, England, 1865-12-05 00:00:00

BOARD OP CONTROL IN LONDON.

Rit 9. MORTON PITO, Bart., M.P., Chairman.
• Goodson, Y.P.,Chairman Groat leataro Railway, Londe's.
W. Fenton, hog., Dopoty.Chalrmaa Gnat Western Railway,
Landon.
C J. Kennard, Eao , Dimetor of Coosolidated Bank (Limited),
landau.
ldwha & Mosley, Esq., Barned'a Banking Company (Lbnited),
Liverpool.
IV:v*lbinson, Esq., Deputy-Chairman Ebbw Val. Company
;, London. _

BASUMI.
The Consolidated Bank (Limited), London, Manchester, and
Norwich.
The National Bank, London, and Branches in Woad.
Marra A. Heywood, Sons, and Co., Liverpool.
The Bank of Scotland. Fdanburgio. and Broach"
BOUtirou—llesars. treshrieldsn, B.C.and Newman, Bank-buildings,
Loodo
tchinso MORES&
Miura Joshua Hun and Son, ngeurt, London, E.C.
Mann. E. F. datterthwaite and Co.,A l-co
Ss, Throgmortonstreet,
London.
Norm Laurence, Son, and Pearce, 7, Angel-court, loader, EC.
The report et J. S. Forbes, well known to the British
Many public u rice.prwadent of the Dutch-B.oer* Railway.
Nal general manager of the London, Chatham. and Dover
Banway, contains full information derived Rempersonal Inver,
Western Railway,
MOB Ci the position and prospects of the Atlantic and Great
which it appears—
The Ationtic and Great Weatern Railway system comprises-
-507 miles now in work, Including 17 miles mealy
opened,
100 miles in course of nonatruction,

T0te1..007
Of which 528 miles belong to the Company. and 81 miles are
leased for 99 years, at • low rent 5973,07 f a pear,. Though not
*fully completed, the train already equals that of many of
ihe ben American lines.
paring the Mat thy months of IEBS the receipts upon the MI
miles then open were 52,579,731, equal fat the present rate of
aschanse of seven dollars to the £) to £365,553. Mace July
0. saes have been open. and the receipts bare been $3,011,670,
equal to £''87,789 for three monthsor at the rate of £1,149,52,
pr annum. The subjoined monthly trains return shows the
Needy Masao of Manic :

TOTLL.
12416. Mks Passugereght. I ____
opsa. Mails, s, it
ctc. —965 I 1666.
.--
Dollars. Dollars. Dollar% : Dollara
Damao.. Tzs 111.751 249,379 1 207,298 ! 361,130
haring „ 109,716 277,140 taikott i 367.046
lamb .. •,, 113,412 336,403 226,713 1 449,814
Zil •...,' 117,6 .1 239,9a0 197,29/ • 406,480
.... ..
135434 324,968 314,679 ' 400,4.2
163,763 330,289 314,921 1 914,032
Jaly .... 490 162,956 432,1248 312.096 1 205,523
ligast .. „ 213,4911 625,069 4011.0711 718.613
espumbr. „ 214,914 466,711 4411.066 ! 677,925
October.. „ 207,861 612,050 399,647 . 719,911
_ _ _

—•.-
This table includes the traffic of 311 mhos of the Oil Creek
Railway, which was constructed by end has hitherto been
worked by the Atlantic and Great Western iffilway Company,
but does not form part of the Consolidation.
The actual result, therefore, Is a groom receipt at the rate of
upwards of £1,000,000 &year at the present exchange, with 100
mile, still to open, and a large increase of traffic only waiting for
shutter supply of rolling stock.
This large traffic is owing to two causes :
1. The Atlantic and Great Western line forms the central link
el the greatest line of through traffic in the world, vlx., that be-
tween the Western States of America and the Atlantic. From
%shorter distance, and advantage of forming part of an un.
broken Use of 1,200 miles on a uniform six-feet gauge, it must
laws% be the best line of cornmunicat.on by which the enormous
rinitit passenger traffic centering in the Western cities of
I, Cleveland, Chicago, and St. Louis, can arrive at New
Tick and the seaboard.
2. The local traffic is equaly enormous, owing to Its traversing
the newly discovered oil districts of Pennsylvania, and the great
Mil Beals of Northern Ohio. Some idea of the local traffic
thus waiting for development, may be formed from the sing*
bet, that this oil district now yields at the rate of 3.000,000
kerrels per a. num. for the conveyance of which as much as 3d.
le 4d. per Um per mite is willingly paid.
A consolidation of the several divisions of the Atlantic sad
Crest Western Railway under one executive has been made. and
a mortgage for 30 millions dollars, or 6 millions sterling of bonds
lea bean created and shoe capital of %millions dollars of shares
of 50 dollars each, based on ihe whole property of the Cowpony.
The new shares will supersede those previously issued. with the
exception of 1,919,000 dollars of preference shares pledged as
pit of the security for the certificates of debenture issued in
November, 1864, whish will therefore remain preferential until
those certificates ere paid off, when the whole will become ordt-
Wary share capital. Provision Is made in the mortgage deed
fender which the consolidated mortgage bonds are issued, for
securing the rights of the existing mortgage bonds, sod also for
their exchange et maturity, or earlier, by consent of the holder,
If authorised by the Board of Control this being completed, the
present ernsolideted mortgage will become the Brat mor gage
over the wholes rail with its branches, extensions and equip.
enema.
The consolidated capital therefore will consist of $62,000.000,
lAN In shares and halt or mortgage bonds, which provides for the
umpletion of the entire line.
To meet the bitterest ou these bonds at 7 per cent. In sterling
eer paying all working expenses, it in calculated by Mr.
lobes theta gross annual receipt of $6,442,000 would be sun.
Meat, which is con. iderahly lees than the actual receipt, and
1413,000 dollars less than Mr. Porbes's estimate et the annual
receipt when the additional 100 miles are opened, so that the
mearity for the bonds is ample, and there is every prospect that,
Is addition, a high rate of dividend will be pardon the 30,000,000
Offers of Were capital.
The consolidated bonds have n years to run, with coupons
1,, ter int-rest at seven per cent. per amines, payable quarterly,
• tee of income tax, at the Company's %Bees in London or New
Tort, In gold. Interest le payable on 16th January, 15th April,
11th July, and 16th October of each year.
It Is proposed to appropriate the total authorised Issue of
$00.0130,000, or ffi3,000,000 sterling consolidated mortgage bonds
as follows:
I. A reserve of $16,142,000 will be placed with trustees to
meet, either by conversion or payment when due, the existing
divisional mortgage bonds, being the total amount that has been
hued, or authorised to be issued, as certified by lassos. Cole-
CCan,ran, Youngs, and Co., after due exanitnellon of the
uthani's books and registers, or equal to g3.1316:400. This in-
cludes all bonds leaned to the nubile, and also the bonds de-
railed with trustees for the certificates of debentures issued in
November, 1864, the security of which remains unaffected by
the present arrangements.
2. The balance, viz., 42,771,600 is offered toe public sclocrip-
ticsat the price of 4:0 per £lOO bond, Including the coupon due
Jaaaary 15, 1866, payable as follows :
5.5 per 4.100 bond on application
IS „ „ on allotment:
25 „ on 15th January, 1824, leas coupon 41 15s.
„
due on that date
~ on 1611, Irebruary, 1866:
36 ~ on 15th ]larch, 1896:
allowing for the January coupon, the net mice of each £lOO
hood will be £7B 5e., or allowing for discount on pre-payments
ruder £7B.
Subscribers will have the option of paying in fall, under dis-
use_ at. at the rate of 7 per cent. per annum ; but, In default of
am payment of the respective instalments, all previous pay-
ments will be liable to forfeiture. The definitive Londe being
raw ready will be delivered, In exchange for scrip, as soon se It
Yfullypaid up.
Copies of the laws authorising the consolidation of the several
divisions and branches of the Company. of the deed of trust Of
roortpge, of the form of et oisollda. ed rious bond, and of
ether documents relating to the present issue of bonds, are de-
Posited for inspection at the others of the solicitors.
Applications must be addressed either to the Secretary, at
tbe offices of the Company, 5, Westminster-chambers, Victoria.
*wt. Westminster, 8. W., to the bankers of the Company, or to
Me broken, from whom prospectuses sod forms of application
ass be obtained.
London, December 2, 1865.

ATLANTIC AND GREAT WESTERN RAILWAY.
TORN OP APPLICATION.
;To be retained by the Bankers.)
To the Board of Control, Atlantic and Oast Western Railway
Company.
RAVINE Wild to the was of L I hereby
I'ONINSt that you will allot ma Coasolidated Morton*
Boads of the Atlantic and Great Western Railway . and I hereby
Wee to accept inch Consolidated Mortgage Roads. or any leas
somber that may be allotted to me, according to the terms of
the prospectus.
I am, your obedient arrant,
.2=e
in tail
Date