The Express.
London, England, 1865-05-24 00:00:00

PROBPNCTUS:

The present object Is to oder for public subscription the first
ball of the A Stock of the Metropolitan Extension Railways of
the London, Chatham, and Dover Company, anscienting to
£1,212.000, which, with the CI,DAOOO to be tuned only as fully
paid-up stock, at not lees a price than £lO per cent, increase on
titer resent price of issue, or earlier than twelve months hence,
completes the amount of £2,425,000, the total amount of that
stock
Full details otthe lines and their present position are given at
length in the statement annexed to the prospectus, which, with
the mats, show the routes of them lines and those in connection.
In considering this stock as sn inv. stment, the princlod points
for consideration are, Ent, the amount of stock to pay dividend
upon . secondly, the probable receipts thirdly, the minimum
dividend par cent. to yield a fair return on the price of Issue.
The capital of the Metropolitan Extension Railways is consti-
tuted as follows, elk :
Debentures ,C 1.482.00
B Stock, entitled to per cent preference 165.000
C Stock, entitled to 6 per cent. preference after it . 1,050.000
A Stuck (present Issue; {entitled to re- 1,212,000}
For future loan as malodor of pronto 2,425,000
talky paid-up stock up to 6 per cent. 1,213,000

5z,733,000

The total mileage is about 14 Tulles.
The traffic on the Metropolitan (Underground) Railway has
amounted since let January. 1666, to an average of CUTS per mile
per week. which is moreover daily Increasing, and at present
arises from metropolitan pawner% a trilling amount only of
through traffic and no goods being as yet carried on this line.
When it le considered that the present traMc on the Metropo-
litan Extension Railways of the London, Chatham, and Dover
Company. Is Conducted over only two lines of way. and wills
an inadequate amount of rolling stock, also that it is still
nattni•hed. and that the portion at work has only recently boon
opened, it will be observed that the present receipts afford no
reliable data upon which to form an estimate of the probable
traflic.
To fit the amount at anything like what is felt by competrt
judges will be the actual result when the enormous traffic that
the junctions with the Metropolitan !Underground', the Great
Northern, the Midland, the Great Western, the West London
Extension, the South Western. and the North Western—will bring
on the lines, might be considered an exaggeration by those
inexperienced in the wonderful elasticity of metropolitan and
suburban traffic.
It is therefore thought better not to estimate the probable
traffic higher than the 'vases of the mileage receipts of the
Metropolitan (Underground) Railway, sit above mentioned—
viz., £613 per mile per week. This multiplied by the mileage of
the Metropolitan Extension Lines of the London. Chatham, and
Dover Railway Company, would rye a return of £45k1,044 per
annum. From this sum must be deducted 40 per cent, for
working charges, which is • liberal estimate. The net results
from passengers only may be estimated therefore at LPYS,IIO6 per
annum.
The large gpods traffic which these lines will enjoy, alike from
the admirable position and number of the stations as from the
arrangements made tor working the trine, certaiely aug-
ment the t eceipts by at least L 40,000 net per annum . which in
that case, after paying interest on debentures and on the B and
C stocks, world yield a dividend of 5 per cent. on the whole of
the £4,4`M,000 A stock (including the present issue), which at
the pries It is now oilseed at would be equal to 10 per oast per

ansim.
The price at which the A stock is now offered mast be emit-
dersd least sdrantageous to the investor. if only one half of this
result is attained: when, however, the increased receipts would
pmmit a dividend of 6 per cent., the stock must certainly rise
to par, which would practically be a profit of upwards of 47 per
cent. above the price of issue.
It Is considered that results approaching toe above fiffertu will
be reached in lea than two years . and that a steady increase
may be further looked for from that time. Arrangements have
therefore been made with Sir S. Morton Pete, Part., Betts and
Crampton, to guarantee Interest as from Ist January, 1865, until
ist July, 1867. at the rate of 0 per cent. per annum oothe
amount pall up, by which latter data it Is confidently believed
the Intrinsic merits of the whoie system will have developed
themselves.
the belief entertained as to the augmentation to value of this
stock, when it Is considered that the lines posse's metropolitan
termini es wall ea metropolitan and suburban traffic. Is borne out
by the relative prices of the shares and stock of the Great
Northern sad of the Metropolitan (Underground) Railway
Company. before they bad tinlahed their lines and after-
war :
The Great Northern A stock was In 0 lobar, 133, quoted In
Use 8 ock itschaege list at E 54 per 2100 stock ; it now is worth
L 146, or ill per cent. Increase in value
The Metropolitan (Underground) Railway was In April, 1861.
only four years age, quoted in the Stock Rialiango list at equal
to £.44 per 2100 stock , it now is worth Lira or LBl per cent.
Increase In value. These facts speak for themselves as to the
prospects of the stock now offered for sabscription.
The price of subscription la fired at 261 per Certiticate of L4O,
equal to /.61 10s. per £lOO stock, and the periods of payment are
as under—
L 1 per Certificate on Application.
4 „ , Allotment.
4 let September, 1865.
4 hat December. 1866.
4 lot March. 1866.
4 IA June, 1806.

E2l
All calls not duly paid willies:der previous payments liable to
forfeiture. When the whole amount of 121 ter cartidcate timid
£4O stock for each certificate will be transferred into the name of
the then holder thereof,
The option will be given to all subscribers to pay up In hill on
allotment (entitling them to interest on the whole amount of the
price of issue from Ist limitary, ; and diecoant at the rate
of 6 per cent. per annum will be allowed on pre-payment of in-
stalments. Them two allowances would farther reduce the price
of lathe by abort £2 lee. per cent.
In the allotment, those applications the whole balance on
which it Is intended by applicants to be paid in one Instalment
on allotment will be Ant considered.
Application most be made on the forms annexed, end accom-
panied by payment of 1.1 per share (without which no applica-
tion can be considered!. to any of the widernaeatimied beakers :
The Loudon and County Bank ; blears. Olin, Mills, Currie, sad
CO. ; the Agra and Mastertnan's Bank (Limited); Mears. Smith,
Payne. and Smith' ; the National Beak 1-midiM Dublin, and its
branches in Ireland the National Bank of .and, Itlinburghs
and Its branches In Soothed. In the event of no allotment being
made, the deposit paid will be returned forthwith without deduc-
tion and if leas are alloWed than the number of certificates
applied for, the sum paid will be spelled towards the amount
payable on allotment on the number so allotted.
Prospectuses, with maps, pplans, tre., may be had of the under-
mentioned atodthrokers .-11esers. Laurence, ton, and Pearce,
9, Angel court. LC. ; Maws. J. and A. Scrimgeoor, 10, Old
Broad-street ; Messrs, Knight, Dale, and Co., 1, Royal Mschange-
buddinica, &C.; and of the Credit Fonder and Mobiller of
Rngland Umitedl. (Alfred Lowe, Req., secretory), at their °Mode.
17 and 18, Ceruhill, London ; and at the dikes of the London,
Chatham, and Dover Beltway Company (W. E. Johnson, Eno,
secretary), Victoria-elation, PthlMo, B.W.

YORE OP APPLICATION TO DI PAID UP BY =nailing.
To be left with Bankers.
Do To the Directors of the Credit Yonder and Mobtller of England
(Limited). Li .412,000 • Stock of the Mropolitan Fatension
Railways of the London, Chatham, and Dover Railway Com-

pon
Gently.
emen,—Havlnn paid to the • Bank, the gam of
being LI per scrip drttncate on scrip cartlficataa, I Minor,
you to allot me scrip certificates of the above stock. In
conformity erlth the prospectus issued by you, and I hereby
wee to accept such certificates, or any lees number that may be
allotts4 to me, and to pay the further ram of 64 per certificate
due on allotment thereof, and the imtalmeuts when due.
I am, gentlemen, your obedient servant,
Name In full
Usual signature
Address In full
Date May,lBl6.
'lnsert tere name.

Or tats form of Application to be and by applicants desirous of
paying the balance to one instalmeet on allotment.
To be left with Bankers.
To the Directors of the Credit Fonder and Kohltier of England
(Limited).
£1,112,000 A stock of the Metropolitan Extension Railways of the
London. Chatham, and Dover Railway Cotoyenr•
Gentleman,—Having aid to the Bank the sum
E
of , being Et per scrip certificate on scrip
certificates, I reqwe you to aW me scripy eertifketes
of the above stock in conformity with the precise heath by
you, and I hereby agree to accept sack cortilleates, or any I
number that may to allotted to me, sod to pay the further sum
of E2O per certificate das on alitheame theme&
I am, gentlemen, year °bonsai servant,
Name te fall
Usual signature
Adams in full
Date May. lath •
• Insert Bankers' MOW