The Express.
London, England, 1865-09-26 00:00:00

PROSPICTUS.,

This Company Is estalTli,hed I.ol:iiiitat. the Investment of
English eatatal in Australia, and to motet generally in developing
It. resPurc.&

iiataiaioras win tonalst chiefly in making advances to .he
pastoral tens/its of the crown Lends end others, cad by taking
security on their stations, stuck, freehold land, and wool, to cc.
corium with the mortgage end lien acts of the colonial Wale-
kers ; in acting as agauta fur the eels of wool and o.her produce
in Australia, or for Its shipment to Englaild ; in effecting the
Mk of stations and Mock ; end in conducting a financial and
poem' agency business.
The Company, therefore, will advance capital only when fully
secured, end so not intend to enter into any transactions in-
volving a risk on their own account.
Operations will be commenced by taking over the intakes' of
Mesas. J. 11. Clough and co., of Melbourne, which has he st
establish,l upwards of ten years, and which shows an average
profit per &sworn for the last six years as follows:
From J MM. 'bad, to June, 166‘, me years
Commissions Trade Kipatuies Avenge profit
earned. pa.d. Profit. per SOllll/11.
tiM6:4 ifi 6 .. fieee.,a4S 18 8 4194,790 14 10 or Siiitilati le 1
These profits have been realised principally by COMISLieI/0111011
advances sad tales of wool stock and itatioos.

the eatelive7,nvrSlOn;rith the producers thus acqnired
will form the basis In the Companys operations ; the returns of
the business show, as shove, an average profit during the teat all
yarn of upwards of A.:lo,talo peranneun, and the fscilities f o• the
extension of the bts-iness, to be afforded by the introduction of
augmented ca j nal and credit, will enable the Company to rea-
lise proportionately li.creased profits
The purchase of the goodwill of the business has been effected
revery advantageous to me, the amount to he paid being less
than two years' profits, the whole of which will be received by
the vendors in shares, subject to proportionate reduetioa should
It net profit of .00,00 u per .03111.11.11 on a three years' average not
he resed, as stated lu the terms of purchase, copy of which,
and also of the articles of association, can be seen at the offices
of the solicitors.

~oo►balf ofthe amount of the above purchase-money will be
geld to the vendors by six thousand shares (with ZS per share
Crupi out of the present issue, end the remaining hall in
eatures of the Company, to be converted into shares of the
nett issue, such debentures or converted shares to be hold by
the Board for the purpove of guaranteeing a dividend of 10 per
seal per annum fur three yeah: and the vendors have also
opted to place their services at the disposal in the Company
for the rime period to co-operate with the manager, who will
le appointed by and act under the direction of the hoard in
loadan.

The premises In which the business Is at present carried on
have been purchased by the Company, subject to a valuation;
they are situated in the principal street ID the city of Met-
beams, in immediate proximity to the terminus of the Govern-
ment Victim tan Railways, and fir proportions, style, and conve-
nience. surpass any buildings for similar purposes In the Aut.. ra-
ken colotita. They w..re eroded at a cost -f about £BO,OOO by
the present proprietors, sad wow especially designed for the
wool trade, w with stowage room for from 16,000 to 20,000 bales,
.0108 hydraulic presses, lifts, and all other necessary sp-
*Moss.
The business thus secured, and connection obtained, will
enable the Company at once to a-sums a position, and obtain
results which wou;d otherwise take years to elf sat
It la proposed to take powers to borrow money on bonds or
debentures; the difference between the Englah rage of borrow-
ing and the high colonial rates fur lending on mortgage will
form an additional source of revenue to the Company: and
Dowers are also proposed to be taken to increase, if required,
She capital of the Company.
The prospects of the Company are identified with the progress
of the Australian ct•luLies to bier, , without doubt, pi emu t the most
valuable Ovid for the Investment of Dritioh capital now known.
The progressive Disease in the quantity of wool exported from
Victoria RIMs is seen In the following statement viz.
1001-2 It amounted to lbs. 16,474,690
10623
1141-4 „ 211,4:3,061
Mid that large seenrilles exist on which the capital of the Cem-
pany be profitably employed Is shown by the fact that
__although the value of the live dock property of the squatters of
victoria alone, estimated from government returns in DIOR wan
comxkoou sterling, yet the registered amount advanced to them
en such securities U. the same year was under £2,000,000.
Ceder the Articles of Association, the quallfitation for each
bbecter Is fixed at £1,020 at the lead, to be held by him In Ma
awn right in the shares of this Company.
The success of the vendors, their confidence In the prospects
Si the Company - es:deuced by their willingnem to accept the
Pirasse looney of rim goosi-will of their business in shares, and
or
riving the muter' .1 ignarantee above-named—and the wide
scope for profitable employment of capital, Justify the Directors
in recommending this undertaking as an investment of the most
satisfactory kind. especially as the liability, risk, delay, rod
Competition which the estatilltidnent of anew business lovolves
be &welded, salt to the operations will he increased by a
• PenY, the capital and credit of which will form a guarantee
for di additional business entrusted to It.
la
illals the formation of this Company, no promotion fees will be

—Frospectuses and forms of application for shares may be bad
41 the hankers, brokers, solicitors, or at the offices of the
(bilthar.
ApplitatiOlit for shares must be sozompanled by a deposit of
per el are • in the event of no allotment the money will be re-
mreed in full; If a leu comber is allotted than Is applied for,
Ihe surplus amount paid ou application will be applied towards
taunt of the al due on allotment, and the balance, Mug,

APPLICATION POZ SNARL..
To
—melonLlug Lo, don sad Auatrallao Ageing, Company

(Limited). -
.oeatlernen,—Having paid to your bankers the sum of t
~,ahut • depodt of £1 per share on shares in the above
__`•9.llel2l. I request that you will allot me that member, and I
tinni to eocept such abuts, or any lean number you may allot te
we. sal I further agree to pay the sum of Cl per share on allot.
ant. and also to sign the Articles of Association when required.
.I=ll hereby author' e you to insert my ems on the register of
=embolden for the number of shares so allotted.
Usual signature
Kama is tall
• Residessee
Profiled=
Date

LAW.—An efficient CONVEYANCING CLERK
opni ban ENCIAGEIIIVT Salaq About =O.—
"nal 1.• 29, St. MakiteoleGliad.

ISSUE of £BOO,OOO STERLING BONDS of the
UM RAILWAY COMPANY.
Bearbsg Interest at a per cent. per annum, In bonds to bearer of
illoo staring each, at the price of 1:75.
Interest ate per cent. par amount
Bonds repayable at 1.100 at the end of ten years.
The Binds mown s Mtpulation that they shall be convertible
at sag time within that period, at the option of the holder, Into
ordinary stock of the Company, at the rate of fire shares of 100
dots. each for every 1100 Bond.
Principal and interest payable In Medina Mowry In London.
Free from all Federal or State tax.
_ _

Years. I. A. ilorga -;:n11-6—.;;; authorised to offer for
public the above booth ol the Erie Railway COM-
pity at the of QS tier stlllo bonds, payable by instalments
aa under.-
10 per RIO bond wn &Witham.
th " „ es allotment.
.„ .

Ll 6 : 071 ii; with October, 1866.
LIS „ ~ on the teth November, 11160.
AM ~ „ ea the nth December, IMi.
CIO ~ „ oa the Ugh January, ISO&

Taking inns acnnant. t addition to the annual interest, which
OnIUMISIIOIII to ran from the lei September Instant, the payment
off of the principal of the bonds at par In 1076, and the deferred
parted' toe tof the lastaimeet, of the subscription, the
return to Ike enbecetben will be equivalent to about 10 pa
cent. per ahnom upon the issue price—t 76.
fhtbserilere may pay the toll amount In advance neon any of
the above.sosationed days, and upon web yemeats discount at

the rate of A& per cent. pal. mean will be Wowed. In case de-
limit be made in payment on alloto,ent, or of any of the instal
amastana the days named, the ellotasest will be liable te be
cancelled, and the ameunie then already paid forfeited. Upon
payment of the allotment money, scrip certificates to bearer
will be Weed to the mbeeribers, which .m be exchanged for
the denalthe bads art aeon arr pomade am payment at the
whole amount of the sabeaription. Where w allotment
made as vat be rearmed be fell without deduction.
The estrawas from the &sweetmeat between the
contractors and the Erie gamey Company will show the terms
sod °madams on which the boa& see to be honed by the Com-
"ITO; boas to he bead la permunsoe of this agreemeat shall
be for £lOO sterling, each numbered consecutively In regular
order from 1 awards, and shall he la the form hereunto &n-
-amed. The principal mad interest shall be meek) at the aim
of Mama J. 8. Morgan and Cu. Loudon. Each bond shall he
duly made end perfected, and sealed with the common ea of
the Calpsay, and otherwise emoted es required by the law of
the grate of New York, to render It binding on the Company,
and shall have impressed upon it sw.h stamp as are required
by Nreghelt law, sad shall have a sufficient number of coupons
ettached for payment of in.errest ha -yearly, warding to the
torn thereof. All the statements. agreements, browlsioue,
matters and al gs contained Id the said form shall at all
Umeehereafter be duly and punctual made good, coma,'
with, executed. end performed by the said Company to awl to
wards the holder for the time Whit of each bend that shall
he land by as Company to the a:nitrate/a
• The holder for the time being of each bond shall, at any
time before the principal money thereby secured shall h come
due, have the option. upon delivering to the Company such
hood, together with its capons, not then due, at their ace, In
New York, to be cancelled, to require the Company to issue to
Mm, free of expense, five billy paid up shares of one hundred
dollars each la be ordinary Mock of the Company.

"do lone as any portic; of the princip mosey secured by
any of the 'bonds which shaU be issued to the contractors under
thisagreement shall be unpaid (bonds which shall have become
due, and for the pa• meat whereof provialue abet bare
been &My made by the Company, but not actually paid
through the neglect or default of the holders thereof, only
rumpled) the Company shall sot directly or Indirectly effect any
tem mortgage, charge or incumbrance on the whole or any pun
tion of their line or woks, linters or until It be effectually and
legally provided that all the principal money sod interest then
owing on all or any of the beads issued to the contractors wider
this agreement shall be included In, and duly and legally secitred
by, any such mortgage. charge, or incumbranee as part of the
mammy' In respect of which the same may be created; and also,
that all such further powers rights, and remedies lor seeuriee or
recovering payment of the principal money and interest then
owing an all ae say of the said bonds issued to the contractors
under Shia agreement shall be given %p and vested in the persons
entitled to such motleys respectively as may be given to or vested
in snob =beeriest mortgagees or other mcum, rancers."
The form of Wad, referred to In the contract, may be Inspected
at the °Mee of Messrs. Bireham, Dalrymple, Drake, and CO, 414
Partlamentetreet, 8. W.
21se principal secured by the bonds is made payable at par on
the lot of September, WS, and the coupons for Interest, at the
rate of leper cent. per annum, commencing on the Ist Septem-
ber, Mat, will be mask payable half.yearly on the Ist March and
Ist eeptember la each year. AU payments are to be made in
London, in sterling money, clear ‘d Federal or State Tax.
The amount ot the loan authorised by the railway company
was 81,000,006, but is is doubtful whether the remaining .1:200.000
will ever to Weed, and It wall not in any event be Liaised before
the 10th September, 1886.
The importance of the option which is reserved to the bond-
holden, of concertos Into ordinary shares, will be appreciated
by an examination of the following figures, taken from t e an•
nnal report to 31st December, 1864.
Dols
1862, gems receipts for trak to Slat Dec. 9,100,334
1863, OP to
dittoitto ..
1111‘0,
411 181
64$
1564,.ditt0*

The trente- for the halfiear ending Utak June, 1864.
tea odkdany yowled)
She traelc for the corresponding halt-year, 1864 0,212,444

Increase for the half-year .... Doh. 1,070.976
This Increase fa mainly duet • the oeyelopment of the resources
of the district, to the numerous Coal. Iron, &1141 011 Companies
recently bronchi. Into operation, and ki the openii.g of t c
Atlantic and Great Western Itallwasy.
The total length of the Erie Railway and Its branches leased
and worked by the Company Is 787 miles. The preference capital
of the Company, so stated in the last annual report, amounted
on the Slat Deeeniber, 1864, to 8,615,700 dolc, upon which a dici.
dead of 7 per cent. was pssid. The ordinary stock amounted at
the same date to 16,400,100 dots., upon which a dividend of b per
cent. was paid. The mortgage debt then amounted to 17.023,400
doki. . . .

There le, as appears by the above annual report, a margin of
more than four Omen the amount of actual net revere e from
existing tariff applicable to secure the present issue of bonds no
they have precedence over the whole of the Pesiras,oo due. of
share capital, both preference aril ordinary, on the latter of
which, as already stated, 8 per cent dtvldeud has been paid.
It will have been seen by the est/acts from the contract that
It contains a sped •1 protective clause precluding the cutnusuy
Irons over-rlulng the present issue of bonds by the creation of
any subsequent secorit•
Applications to be made in the form annexed to the pros
pectus, and lett with the London Joint Stock Bank after pay-
meat of the &posit.
Croepectuses and forms of application may be had at Messrs.
J. & Morgan and Co , Old Bruedatreet, London.
23rd September, 1885.

ISSUE of 2800,000 STERLING BONDS of the
ERIE RAILWAY COMPANY.
NOTICIL—The SUBSCIITP I PIN LIST ...it CLOSC THIS DAV
.
d
ay
. Seth Instant, at 4 o'clock, for London and the country,
and TO-MORROW (Wedas.sder, at a o'clock, for We Continent.
September 26, ISM

BANK of AUSTRALASIA (Incorporated 1835),
No. 4, Threadneedle-street. Lo don, Itth September, 1565.
The Court of Director* HERESY GIVE NOTICE, that a
DIVIDEND. at the rate of six per cent. per ahnoto, and a
BONUS, an additional interest, at the rate of eight per cent. per
annum, both free of liscomotax, being together at the rate of
14 per cent. per annum, or £2 IGs. a sha,e, for the half year, wit
be ?AID to the proprietors at this oilier on the old capital of the
Corporation of £900,000, on and after TUEiDAY, the 17th
Octob. r next, between the hours of 10 and 3 o'clock, and that
a dividend and bonus at We same ratos, being together L 2 Is •
share, will likewise then be paid on £240000, the amount of tlic
Kral, second, and thud in,talments of Ltd each, upon the new
Wares.
The Transfer liooks both for obi and new shares will be Closed
from We 30th September, and continue so until the dividend
and heists become payable.—By order of the C.mrt,
WILLIAM MILLIKEN, Secretary.

NORWICH UNION FIRE OFFICE.
The full benefit of the reduction of duty to la 6d.. per
cent. is given to insurers effectin- pol cies with th s Comp .ny.
By this refection and the BONUS SYSTEM of the NORWicii
UNION, the cost of insurance will be reduced to a minimum
amount.