The Express.
London, England, 1865-12-08 00:00:00

. .
This table bscludes the Wilk el SI Wise of the on Creek
Railway, which was othstracted by and has hitherto been
worked by the Atlantic and Great Western Railway Company,
but does not fonn part Of the Consolidation.
The actual result. therefore, is a gross receipt at the rate of
upwards of £1,000,400 a year at the present exchange, with 100
miles still to open, and • large Worms of a
nnex only waiting for
a further supply of rolling stock.
This large trate is owing to two causes
1. The Atlantic and Great Western hoe forms the central link
of the greste.t line of through traffic in the world, viz., that be-
tween the Western States of America and the Atlantic. VTOOI
its shorter distance, and advaatage of forming part of an un-
broken UM of 1,200 miles on • uniform six-feet gauge, it must
always be the beat line of communicatico by which the enormous
coeds and
.passenger traffic centering in the Western cites of
tinetonstl Cleveland. Mileage. and St. Louis, can strive at New
York and the sea-bod.
2. The local traffic Is equally enormous, owing to its traversing
the newly.dlecovered oil districts of Pennsylvania, and the great
coal fields ofNorthern Ohio. Some idea of the local trunk
us waltiog evelopment, may be formed from the single
th
that this oil district now yields at the rate of 3.000,000
Let.
barrels per annum, for the conveyance of which as much as 3d.
to ed. per too per mlie Is willingly paid.
A consolidation of the several divisions of the Atlantic sad
Great Western Railway wider we executive has been made, and
a mortgage for 30 millions dollars, or t miltiona sterling of bonds
has been createdond alma capital of 90 millions doinue of shares
of 50 dollars each, based on ibe whole property of the Company.
The new shares will supersede those previously issued. with the
exception of 1,919,000 dollars of preference shares pledged as
part of the security for the certificates of debenture boned 1n
N. ovember, 1864, which will therefore remain preferential until
thcee certificeles are paid off, when the whole will become ordi-
nary share capital Provision fa made in the mortgage deed
(ander which the consolidated mortgage bonds are issued) for
securing the righta of the existiag mortgage bonds, and also for
their exchange at maturity, or earlier, by consent of the holder,
U authorised by the Board ef Control this being completed, the
present consolidated mortgage will become the first mor gage
over the whole railway, with its branches, extensions and equip-
ments
ital therefore e consolidated cap will consist of $00,000,040,
The
half in shams and half in mortgage bonds, which provides for the
completion of the entire line.
To meet the latelest ou these bonds at 7 per cent. In sterling
after paying all working expenses, It is calculated by Mr.
Forbes that a gross annual receipt of $8,442,000 would be suet.
Moot, which Is considerably lees than the actualo receiptnual
, and
3,573,000 dollars lees than Mr. Forbes's estimate the an
receipt when the additional 100 miles are opened, so that the
security for the bonds is ample, and there is every prospect that,
la addition, t high rate of dividend will be paidon the 30,000,000
dollars of share capital.
The consolidated bonds hale 2.5 years to run. with coupons
for intereet at seven ,per cent. per anialn,
fayable quarterly,
free of income tax, at the Company's offices I.ondoe or New
York, in gold. Interest is payable on 15th January, 15th April,
15th July, and Mk October of each year.
It Is proposed to appropriate the total authorised issue of
$30,000,000 or L 6,000,000 sterling consolidated mortgage bonds
ea follows :
1. A reserve of $10,142,000 willyment be placed with trustees to
meet. either by conversion or pa when due, the
divisional mortgage bonds, being the total amount that has existin
beeng
issued, or authorised to be issued, as certified by Messrs. Cole-
men. Tenet:id, Youngs, and Co., after due examination et the
Company's books and registers, or equal to 43,thi.400. This in-
cludes all bonds Issued to the public, end also the bonds de-
wetted with trustees for the certillcates ot debentures issued in
November, 1964, the security of which remains unaffected by
the present arrangement.
2. me balsam, viz., £2,771,000 is offered for public subscrip-
tion at the price of 1.80 per £lOO bond, including the coupon due
January 15, 1884, payable as follows :
.C 5 per £lOO bond on application ;
10 „ „ on allotment ;
25 „ „ on 15th January, 18E4, lees coupon £1 15x
due on that date :
8) „ „ on 15th February. 1835;
20 „ on lath March, 1066:
allowing for the January coupon, the net price of each ,ClOO
bond will be L7B 5a., or allowing foe discount on pre-payments
wider £7B.
Subscribers will have the option of paying in full, under dis-
count. at the rate of 7 per cent. per annum but, In default of
due payment of the respective lustaiments, all previous pay-
sowtw be liable to forfeiture. The delinitive ',rinds being
ready wilt be delivered, In exchange for scrip, as soon as it
T fully paid up.
Copies of the laws authorising the consolidation of the several
divisions and branches of the Company, of the deed of trust or
mortgage, of the form et coosolidaied mortgage bond, and of
other documents relating to the present lathe of bonds, are de-
posited for inspection at the Mikes of the solicitors.
Applications must be addressed either to the Secretary. at
the °Moss of the Company, 5, Westritinster-thanthen, Vic
street, Westminster. Westminster. &W., to the bankers of the Company, or to
the brokers, from whom prospectuees and forum of application
can be obtained.
Loudon, December 2, 1845.
ATLANTIC AND ORKAT WESTERN RAILWAY.
FOLIC OF APPLICATION.
N 0..... (To be retained by the Ballkere.l
To the Board of Control, Atlantic and Great Western Railway
Company.
Having paid to the sum of I hereby
request that you will allot me Consolidated Mortgage
Bonds of the Atlantic and Great Western Railway : and I hereby
agree to accept such Consolidated Mortgage Bonds. Or any 10
number that may be allotted to me, according to the terms of
the prospectus.
I ass, your obedient servant.
Aril% ftdi
Date