The Express.
London, England, 1865-05-23 00:00:00

ARNIM =non uk.
114 pwint object is to oiler for public subscription the Bret
lialf of the • Stock of the Metropolitan Itztension Railways of
the London, Chatham, and Dover Company, amounting to
al tttttt, wtdek, wtth a1,1118,0c0 to be Issued only as faUy
pakten steak, at Dot km • price than £lO per mut. ineress. on
the.. norm paps of lane, or earlier than twelve months hence
=lll
6911 the amount of £2,423,000, the total amount of that
Full details of the lines and their present position are given at
length in the statement annered to the prospectus, which, with
the reaps, show the routes of these Howland those In conneetion.
In teresideang this stock ran inv.sament, the prineirel points
for consideration are, first, the amount of stock to pay divideod
upon . secondly, the probable receipts. thirdly, the mioimum
dividend ant, to yield a fair return on the prloe of issue.
The c tal of the Metropolitan Brandon Railways is consti-
tuted as ()Down via :
Debenturee L 1,4131,000
B Stock, entitled to Spar cent. prefereoce 826,000
C Stock, entitled tog par mot. preferenoe after B
• Stock present Israel {entitled to re- 1,212,000)
For future lerue u minder of prodta 2,425,000
fully paid-up Mock op to O per mat 1,213400)

16,111,000

Tub PAM mileage is about 14 miles.
The Ira k on the Meeropelitan rUnderairead) Railway has
amounted which January, 16136, to an avenge and473 per mile
per week,s moreover daily increasing, at present
mime from metropolitan passengers, a trifling amount only of
through traMe and no goods being as yet carded on this line.
When it is conaideved Mat the t Irate ca the Yahoo°.
Mon ffastaosion Railways of the Landau. Chatham, and Dover
Company. Is conducted over only two lines of way, and Irak
Y inadequate amount of rolling stock, also that it is RIG
undoldied, sad that the portion at work has only recently been
opened, it wM be observed that the present receipts afford no
yetiabie dais upon which to form an massage of the probable
To !lithe amount at anything like what is felt by competent
ledges will be tie actual result when the e•onnou. MSc that
-inactions with the Metropolitan (Underground), the Great
Northern, the Midland, the Great Western, the West London
Extendon, the South Wasters. and the North Western—will bring
on the lines, might be considered an exaggeration by those
inexperienced in Me wonderful elasticity of metropolitaa and
seberben Irak.
It is therefore thought better not to estimate the probable
traffic higher than tics average of the mileage receipts of the
Metropolitan (Underground Railway, as above mentloced—
via, £613 pm mile per week. This multiplied by the mileage of
the Metropolitan lfattenelon Line, 4t 4n9 I_,Ondenkrlir.V.Xint,bpd
Dover NAllway Company, Would give a return of -4499,9tt Der
annum, From tide KM meet be deducted 40 per cent for
werking charges, which is • liberal 011tinillt44 The net results
front pamengers rely may be estimated therefore at 4293,908 p
annul&
rho largo goods trate which them lines will frijol. alike from
the adsoluble position apd number of the stations as from the
arrammarnta made for working the traffic, will certainly
meat the reoelph by at least AM,OOO ale per annum;
that saes, after psythg interest on debeatores and on the 11 and
C Mocks, would yield a dividend of 6 per cent ou the whole of
the £1.46.000 A stock (Including the peewit true!, which et
the puke lb is now offered at would be equal t• 10 per cent. per
%Pries at which Me A stook is now offered must be consi-
dered most iidnuicarow 49 the investor If only one half of this
Maltl6 bAtained ; when, however, the increased receipts would
permit a dividend of 6 per c rat., the stock must certainly rise
to per, which would prectieally be • mord of upwards of 47 per
mut above the price of Lama
It is considered that multi approaching toe above firemen'
be reached in lees then two years : and that a steady increase
may be further looked for from that time. Arrangensente have
therefore been made with Mr 8. M Pot*, Bart., Betta and
Cranipton, to guarantee interest as orton
from et January, 188.5, until
Ist Judy. 1867, at the rate ot e per DNt per mem a the
amount paid up, by which latter date it is confidently believed
the intrinsic merits of the whole system will have developed
themseirse.
Ibe belief estertained as to the augmentation in value ot this
dock, when it is considered that the lines possess metropolitan
term isd as well as metropolitan and stiburban traffte, is borne out
by the relative prim of the dame and stock of the Great
Northern and of the Metropolitan (Undereround) Railway
Company before they bed tinished their lines and after-
, :
The Great Northern A stock was in Gdoher, 18611, quoted in
the S ock itchange list at £54 per £lOO stock : it now is worth
11148. or 91 per cent increase in value
The Metropolitan (Underground) Railway was in April, 1881,
ooly four years age, quoted in the Stock nohow list al equal
to 464 per 4100 stock : ft new to worth 4136, or AM per cent
increase in mina These facts speak for themselves as to the
prospects of the stock now offered for subscription.
The Wee of subscription is fixed at £ll per Certiticate
equal to 46$ 10s. per 4.100 stock, and the periods of payment are
under—
Al per Clertilicate on Application.
4 Allotment.
Ist September, 1886.
PO let December. 1806.
Ist March. 1888.
Ist June, 1808.

SU
AR NW rte dab paid Will render previous payments liable to
forfeiture. When the whole amount of VI per certificate Wald
SAO stock for each certificate will be transferred into the name of
the the loader thereof.
The option will be even to di ist'ecribers to pay up In full on
allotment (entitling them to interest on the whole amount of the
pries of Woe from Ist January. 1816) ; sad discount at the rate
of 8 per cent. per annum will be allowed on pre-payment of in-
stalments. Them two allowances would further reduce the price
01 WOO by abed 12 Oh. per cent.
In the sadism* those applications the whole balance on
which it is Intended by applicants to be paid in ooe Instalment
to allotment will be and mouldered.
• mod be made on the forms annexed, and sccom.
panidby payment of 11 per share (without which no applies.
asa be ceoildaredi. to any of the undermentioned tankers :
The Lorton sad County Beak ; Messrs. Olin, Mills, Cowie. and
Co.: the Los end liesterman'e Bank Limited) ; Messrs. Smith,
Payne. and Smiths ; the National Bank. Loodoo, Dublin, and its
brioches ha Ireland ; the National Yank of Sootland, Idlibunib.
and its brancposhes in Scotland. In the event of no allotment being
made, the de paid will be forthwith t dei/f-
-ilen and If krit are Wetted re
t turnedhan the numberwitho of certificates
applied for, the sus paid will be applied towsrds the amount
payable
.ociz.alletment on the number so allotted.
with asps, plans, he, may be had of the under-
mentiosed ateektrokm :—Xeres, Larocca Son, and Frame,
9. ilortel•eourt, LC.: Oman. J. sod A. Scrimgeour. 10, Old
Bradstreet ; Messrs. IMptit, Dale. and 00., 1, Royal Ifichange.
bz=stuti?. ; sad of the Credit Fonder and Mobllier of
184/...2 (Alfred Lowe, lien .tecretary), at their onima,
1/ audlB, CenshilL London; and at the °Meta of the London,
Mahon. and Dover Railway Company (W. I Johnson, /sq.,
saretan), Vidoetritation, Pimlico,.W.

PORN 01 APPLICATION TO NI PAID VP NT nierAnnene.
To be left with Bankers.
To the Medan of the Oredte Fonder and Mobilier of hniflond
Malted). 41,212,000 A Stock of the Metropolitan Isteosion
its Always of the London, Chatham, and Dover Beltway Comb
WO.
tiestlemea.—Havlag paid to Ike • Bank. the sore of £
betloll.loer *Mb certificate on scrip certillestes, I moos;
you taw me sat, corlilleakos al the above stock, In
cooforatty with the pecepectua Issued by you, and I hereby
N oe= accept inch oertificates. or any kw number that may be
to as., and to pay the further vain of At per cettificate
doe a ahotacent thane, and the inetalmesta when due.
I mire.tlomen. year obedient servant.
s la full
Usual shrostare
Address to tall .
Date May, Iffla.
*lased mrit Daiwa.

OS this tau of Apollcattoo to to mod by appllanta destroys of
psalm( the es In ow bietalifo- it on elotment.
To be loft wish Beaters.
To the Direeleee of the Cre,ye Node and Mobtlter of Ingland

(1.1sOled).
/11,112,11011• slat et the lletrepolhaa Itteoeleo Ballirsys of the
amaist. Cloattom„ mad Dover Itathrts Castrol•
Geothesmeorrtogiteld to the• the ems
of t
slat to e per scrip certificate m
rtifi cates
scrip
certificates, I r'ett= you to atkd me verlp ce
at She atom stet with the prospectus issued by
pro, sad I Itoroby woe to mcirot stash oestUkates, or sa7 Ins
somber th.e taay bo allotted to me, and to pay the further mot
at LS per oirtlhaele doe an allotment thereat.
I ma, goatlemetror obedient servap%
Bane to •
ttsosi stiottiot
Adams% MI
Dale Ilan leth
* Last Beams name.

RUPTURES.-TL. PATENT SELF-
AD:WM OXMAN TIM, MUM eftelleall7 wing*
••• •••111•••••••li weemoseitel the feeedir for tie
ere ed 'We et Ueda Iliewissary ••••••"•••
teampeeted=stliZeiret2Wavithasteilect fe ilimase=ll:ll6
.ter.`
_sraawtti WM" ism who, et WNW&
ami i,

This Mammy la formed for the conetrudion and working of
two lines of railway In Pern—one to connect the seaport of Pasco
with the town of Tea ; the other to oonnect the city of Arequipa
with the portal
For the construction of these railways the Gomm:mat
of Peru have granted special conmadons, and a guarantee of
income, which would appear exorbitant, U it were not that the
statistics of the adding tragic have whaled the Peruvian Go-
vernment that the railways, when at work, will yield returns
which will not only relieve the government of the charge for
their guarantee, but far mimed the sum required for that par'
pose
The Peruvian Government guarantees for the period of twenty-
five years—or until the railways Dave produced, over and shoes
the coat and provision for repair, renovation. and maintenance
for the space of two consecutive years, dividends at the rata of T
per am& per annunt—an income of £253,800 per annum, charged
upon the public revenues of the State. and further racaradrl
hypothecation of the guano shipped to lturopean Nate&
concessions for the railways contain the usual provision for re-
imbursing to the government (out of any swig= profit exceeds
ing 0 per cent. per annum dlvidead to the shareWders) Inch
sums,l if any, se may ha ve been paid by them to cover their
guarantee.
The conceesione of these lines of railway from the Goverment
of Peru is for a eriod of entity nine years from the ake al
the railway& • sulkiest stun well be set apart to form- a sfi
tag hind for the redemption of the whole capital, at a prate
of £lOO per cent., to be operative rearly after the first=
years of the working of the railways. The shares so
to be altogether cancelled, and the dividends which would other-
wise be payable on each shares to accrue to and form pert=
sinking Mad. After the diet fifty years the pr neat which
shall be redeemed and csneelled shall be regulated at such higher
or other mite than £lOO per cent, premium as the state of the
sinking fund shall warrant.
When it is borne in mind that the Peruvian Government Leen,
bearing 41 per cent, per annum interest. previously borrowed ors
the same security, is rapidly in the course of extinction, it will
be quite evident that, Irrespective of tile in:Nowt er ma;
higher rate totdi'l4Ml mm the working of the
rearm , the inky. of the security should obtain a ready market
for the shares of the Company.
The prospects of revenue from the working of the railways are,
however, so peat as to render the government guarantee
other respects so important; a feature of but secondary
ration.
Tbe Republic of Pero has a seaboard oil:wady 1,000 mike, end
an area of about 50,000 square miles. There iv, perhaps, no
country in the world In which the eiennats of commercal pros-
perity are more complete. The mineral product., of ill lauds
with whir& its interior provinees abased, combined with ha long
stretch of coast, give it se almost unrivalled facility for the de.
velopinent of commerce on the most extensive scale. To this
development one obstacle—and one alone—exits: the want of
proper means of ornantaalcatlon between the ports sad the inte-
rior constry.
In spite of this obstacle, the large existing trade of the Re-
public la proved by its custom returns , end that undertakiop
having tor their object the remedy for this defect are likely to
be remunerative is shown by the working of the r allso and
Lima Railway, which now pays dividends at a rate approaching
£3O per cent. per annum on the original coat of construction.
The ordinary charge for the conveyance of goods per mile in
Peru Is equal to the charge for the carriage of a like quanUty
in Great Britain towhee miles.
The construction of the railways to be undertaken by this
Company win establish communication between Important
centres of commerce In the interior and the proper ports on tbe

sea tout.
The line from Melia to Arequipa is laid out to serve the Ingle
which et present taker the route from the latter city to the port
of Way, a route which forms the main clisnrei of communica-
tion from the coast to the districts of Arequipa, runo, and
Canto, and the northern portion of Bolivia.
TIM connection with the liest4orattoned slate le important. as
the intebasholent of • aritem of railways suitable to its OWII
wants Is now a subject of parlous attention. The railway sow
would form one of the mein outlets of any sack system
proposed
of the ruffle, a circumstance which alone most
secure it • considerable additioaal treble of the meet remunera-
tive description.
The railway from Pisan to Tea is proposed to be constructed
Bader conditions analogous to those of the Callao and Linea line
already referred to,
?row the character of this line, and a large existing
train in tbe to be traversed, it is evident that the
net revenue must greatly exceed the guaranteed amount.
The lengths of the proposed lines areas follows :
Melia to Arequipa
risco to Yea 46

Total.

136 Wks.

A contract for the construction of the Sues bee been entered
Into with the International Contract Company admited), sc•
cording to the estimates of G. P. Bidder, Esq., C.E.. and
Zu
In accordance with *sterns of each concession the Company
will be converted into a Societe Anonyme with shares to bearer.
or Of neeemarr. Into two Societes Anocymes.
Tbe capital of the Societe Anonym.. or Societes Anonyms.,
will be 9.1060.000, lob,. issued la shares and bonds.
The present Company has been formed as • Limited Liability
Company, the shares in which will be exchangeable for shares
of silks denomination in the Societe A0011,17e.
Copies of the articles of association, of the contract, and of
the act. of COCCONSIOII, with translations. are open, at the Atom
of the Company, for inspection by parties desirous to become
subscribers, so that they may make themselves acquainted with
all the provisions and conditions of such conceadons.
The deposit paid on application for shares will be forfeited and
the allotment cancelled in cases where the further payment oa
allotment In not duly made in accordanoe with the terms of the
allotment larder.
Applicata:lousier shares most be made in the annexed form, ad-
dressed to the Direetua but no application will be considered
salsas accompanied by the receipt of one of the bankers of the
Company for it per share on the mustier of shares applied tor.
This um will be returned in the event of the application not
j being acceded to.

PERUVIAN RAILWAYS COMPANY (Limited).
FON! OF ALPPLICATION POR MUM.
(To be Lett with the Easters.)

No
the Directors of the Peruvian Railways Company (Lhaited).
Otettenee,—Haring paid to the Dank
the sum of L being di per share on shares.
I request you to allot me shares of 125 each in the Pero-
rtes Railways Company (limited), In conformity with the pro.
ribtrManed by subject and I hereby agree to become a member
Oossproy, to it. articles of samelation sad rent.
Liken and to swept such alarm or any lan number that may
be allotted to me, and to pay the farther sum duo on ointment
thereof. and I request that m mar nu be &aid ea the re-
grater of members in respect et'ea shone ansliM a&
I as, O•stleam.
Tsar simidlist sense.
Num le tall
Aden's la fel

Reference
Date
Tomas of application foe skarn and reemnakinat may be had
at—The National Bank, Landon; the -National Bank of Liver-
pool ; the Bank of Ireland, and He several branebea
the branches of the National Beak, Ireland ; at tha dam of
the Brokers of the Company ; and at the aloes tbs Intern&
Ikea Colltzul ColltranY. la, Mammon's& Wog, Leedom, B.C.

WHITE sad BOUNDTBETH ars indispensable
to missal Attraction. and to Wealth and longerity by
tye r nmstlcation of food. ROWLANDS' ororro, or
DENTIIIIICE, compounded of Oriental Ingratiate,
of inestimabng le omits ingams, preserving and bean Ufyi= the tooth,
etraggtbeni t and In giving a pleasing baritone to
the breath. Itho wallabies tartar from the teeth, removes spots
of incipient decay, and polishesy, and preserves the enamel, to
which it imparts a pearl-Ulm midterm,. Its Omaha=
perties have obtained the patroaage of royalty and the
envy of Europe, and It Is metrically In high repute. Trim
In ed. per bon. Said at 20. Hawaiian:lm and by Manua
end POrsuson. Ask for Rowlands Odoeto."
_

warn 2
BILIOUS and LIVER Igs
DIR•: never lathes reesedl Illrearrd maT
brpednee. tree th• realm at Dr. losik will be 1~4
wbe ender tram bWmls and Dm earaphdate,
MA spar. (Wines. dbulnew et Ow eye., dn.
en a body swiss. 'Dedham. and snip!~ al
tbe Weed. tbey are troy aziwieat :wD4 w
plb=llllolool
*WM to the 'Mar* they weals weal*
deinellees lbe tabe sevens eyetwa.../eld Want
and by meet
rointzklirwrisikir.L4rie le ant Ise Dr.
lbw sad PM Thigusetre ire twirling' Pen
Maim ieel worravad es the AIDIP.

.Torwrs 00PAHINE 1111411, litmalta2
0/1 nook wisperaist sanibed W tit Mit
Laudon Colki"..l=azes tie tiglat Vow%
WisresVau airespe al di illyaittlierrp:sset or Wilr.
rethrestarabPl,9ll2....4o. laoprotk

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