The Express.
London, England, 1865-05-22 00:00:00

PIWSPICTVS,

The preeeat object Is tisolfer fOrT;tChilc subscription the Ant
half of the A Stock of the listropolltan nztension Railways g
the London, Mahan, sad Dover Company, amonn
t 1,1112,000, which, with the &MAW) to be awned onlyttandly
paid.np stock, at not less a Woe than £lO per cent. itlCTeaSe on
the; resont price of issue, or earlier than twelve months hence,
completes the amount of if,426,000, the total amount of that
stock.
. . . . . .

lull details of the lines and Unit present position are given at
length in the statement annexed to the prospectus, which, with
the snaps, show the routes of those lines and those In connection.
In considering Missies* ea as inv.stanent, the principal point.
for consideration are, first, the amount of stook to pay dividend
upon secondly, the probable receipts; thirdite minimum
iss
dividendfair per bent to yield a return on the of ue.
The capital of the Iletropotitan Batandon Railways is condi-
tunsd as follows, Tin
Debentures

41.4,1.000

Few* entitled to 6 per cent prederance wow
C Mock, entitled to 6 pfa cent preference attar B 1.050.000
A Stock ;vomit terse) {entitled to re- %WS}
For future knee me mindere( profits 1,415,000
fully paid-up Moak up to 6 per cent. 14111,000

L 5,733,003

The told mange is about 14 miles.
The traffic on the MstropoUtan (Uonergrotuol) Railway has
=ousted ameba Janary, 1665, to an avenge of Caliper mile
per week, which • wesersoar daily inersssi•s, and at present
arises from astropoilan passengers, a telling mama only of
through traffic ard so goods being as yet carried thethis line.
When it is canniered that the present Ironic as Metoopo•
RtY tateosion Railways of the London, Chatham, and Dover
Company, is conducted over only two late of way, and with
an inadequate amount of rolling stock, also that it Is still
unlashed, and that the portion at work be. oily recently been
opened, it will be observed that the present receipts afford no
reliable data epos which to form an estimate of the probable
ttdgc

To fix the amount at anything like what is felt by competent
fledges will be the anual result when the enormous traffic that
the junetthiss with the Metropolitan (Underground', the Great
Northern, the Midland, the Great We,tern, the West louden
Ilittenslon, the !loath Western. and the North Western—will bring
on the lines, might be considered an exaggeration by those
Inexperienced to the wonderful elasticity of nastropolitan and
suburban traffic.
ft is therefore thought better not to estimate the probable
tragic higher than the average of the mileage receipts of the
Metropolitan (L'inierground) Railway, as above mentioned-
-167l per mile per week. This multiplied by the mileage of
the Metropolitan Extension Lines of the Loudon, Chatham, and
Dover Railway Company, would pre a return of £486,1144 per
annum. From this gum must be deducted 40 per cent. for
working charge'. which is a liberal estimate. The net resultt
from passengers only may be estimated thseefore at £961,966 per
MUM.
The large goods traffic which these lines will enjoy, alike from
the admir-ble position and number of the stations as from the
arrangements made for Ironton the teak, will certainly
aug-
ment the reetstptapicitit least 140.000 net per annum which In
that am, after interest on debentures and op the B and
C stocks, would a divldene of 6 per cent. on the whole of
the 114,416,000 A stock (including the present lesne!, which et
the price It la now offared at would be equal to 10 per cent. per
annum.
The ;Mee at which the A stock is now offered meat be cond.
dared meat advent's, au, to the investor. if only One half of this
result Is attained: when, however, the increased receipts would
permit a dividend of t par c• at., the stock most certainly rise
• to per, which would practically be a profit of npwarde of 41 Mr
cent. Move the oda' of lathe,
It Is considered that remits approaching tne above figures will
be reached In lees than two yeah: and that a steady increase
may be Bother looked for from that lime. Arrangement' have
therefore been made with Mr 8. Morton Pato, Bart., Betts and
Crampton, to guarantee interest as from let January, 1861, until
lot July, 1867, at the rate of 6 par cent. per annum on the
amount paid up, by which latter date It is coondeutly believe I
the 111.li.farao merits of the whole system will have developed
thusasivek
MS belief entertained as to the s ientation In value of this
dock, when It la considered that the lines possess metropolitan
Minimise well se metropolitan end suburban traffic, is borne oat
by the Mattes pekoe of the shares and stock of the Greet
' Northern and of the Mots Man (Undergrouud) Railway
Company, before they had dnlabed their lines and after-
wards, via.:
The Great Northern A stock was In October, 1555, quoted in
the Sock Nutmegs list at £64 per £lOO stock ; 1t now is worth
mu, or 91 per cent Increase In vale
The Metropolitan (Underground) Railway was In April, 1861,
only four years age, quoted in the Stock Exchange list at equal
to Lei per £lO6 Mock ; It now is worth LIE% or 1.61 per cent.
Meow in ~has, These theta speak for themselves as to the
prospects of the stock now offered for subscription.
The price of subscription in fixed at £2l per Certificate of 840,
equal to CM 10s. par GUM stock, and the periods of payment are
as under—
£l per Ontillcate on Application.
4 Allotment.
4 Ist September, 1866.
4 let December, 1886.
4 If Ist March. 1866.
4 Ist June, 1866.

L2l
All calls not duly paid will render previous payments liable to
forfeiture. When the whole amount of g2l per certilicate brand
LSO stock for each certificate will be transferred into the name of
the then holder thereof,
The option will be given to all sescribers to pay up in full on
allotment (entitling them to interest on the whole *mount of the
price of issue from Ist January, 1886) ; and dbcount at the rate
of 6 per cent. per annum will be allowed on pre-payment of in-
stalments. These two allowances would further reduce the price
of issue by about X. 2 18s. per cent.
In the allotment those applisations the whole balance ea
which It is intended L applicants to be paid In one Instalment
on allotment will be t considered.
mast be made on the items annexed, and &CCM-
pSilAMUlrp:yment of a per share (witheat which no applies-
Conran be considered). to any of the undermentioned bankers
The London and County Bank ; Mame. Olye. Mills, Currie, and
Co.; the Agra and MIIMMRISSIeII Bank (Limited) ; Worm Smith,
Payne. and Smiths; the National Bank, London, Dublin, and its
branches In Ireland; the National lank of Scotland, Folinburgh,
and Its branches In Scotland. In the event of no allotment being
made, the deposit paid will be returned forthwith without deduc-
tion; and If lees are 'Doted than the number of certificates
applied for, the sum paid will be applied towards the amount
payable on allotment on the number so allotted.
Prospectuses, with maps, plane, Ac., may be had of the under-
mentioned stockbrokers:—Merin. Laurence, Bow. and Pearce.
0, Angel wort IC.; Masers J. and A. ficringgeour. 10, Old
Broad street; Mama Knight, Dale. and Co., 1, Royal Yichang,-
buildings. IC. ; and of the Credit Pointer and Mobiller of
Ragland (Limited), (Alfred Lowe, d 4 , secretary), at their cares,
17 and 18, Cornhill, London; and at the offices of the London,
Chatham, and Dover Railway Company (W. Johnson, Keg.,
secretary), Vkdorthetation, S.W.

7012 OP APPLICATION TO PI PAM OP 111 arernsmns.
Tole left with Ranker.
TO the Al
f the Credit fonder sail /debater ot Ragland
(Limited). Al Alt.ooo A Stock of the IfetryoUtan Extension
Itahwaya of the. Lomb" Chatham, and Dower Railway Coat-

trutlemen.—/farbut paid to the • Bank, the sum of L
being L! par scrip certificate on scrip cerdflaMie, I Muni
you scrip certilleates of the above stock. In
coeformity .11k the prospectus lee d by you, and I hereby
agree to accept such certificates, or any less number that mg be
allotted to me, and to pay the further mut of per certificate
due on ailetment thereof. and the Instalments attendee.
I am, gentlemen, your obedient arrests
Mae is rail
Usual eignatare
habeas In full .
Date May. I.
nand Beaked --

Or this fans of A to be wad by eggliceate &drone
paying the In one Instal= at on allotment.
To be left with Hankers.
To the Dlrecion of the Credit Fonder and Ifolglier of Intend
ited).
Amnia ♦• sleek of the lletro gisspelitsa geteaska Railways cd the
Leedom, Chatham, and Dover gamy Compeer.
Oka nee, pad to the° Dank the sent
of L Li per scrip certificate on scrip
certificates, I nowt you to gaol se scrip certificates
of the akme stook Is oreforatty with the prospectus boned by
yes, end I Welty wee le to
each certificates, or ray less
newoher Oat am be alleteed te ma, and to pay the further sea
el MO par wiliest*
due es elletenewl threet.
I rellelana yaw eirediset emu*
risme in ND
Venal denature
Address In NI

-iiisiii'

• Insert Emigre rata

DR. OULVICRWILL as WARRIAGN :
0111101lors, lawlsom Bed Dle=lemllB.
Prim u. Was. OuvilD :sr
Tall PADTIMID TIMM' &M . IL ; MM. 211
Lidiele der Ilissams. At Dr. C.'s professional vidarersoil
Grua /Aktarlesstorrnst. Ir. Alm. Ye almas,
Tali Wks. Is. OL,III, Itanligelpammi„ •••