The Express.
London, England, 1865-05-20 00:00:00

THE CREDIT FONCIER AND MOBILIER OF ENGLAND
Lindtech ARE INSTRUCTED TO 111LCI1Y£ SUBSCItIP- I
TIONS rug X 1,512,000. A STOCK Or
THE METROPOLITAN EXTENSION
RAILWAYS of the LONDON, CHATHAM, and DOVER
RAILWAY COMPANY.
In 30,300 Prtwislonal Scrip Certificates to bearer of 1.40 each.
With interest guaranteed by Sir S. Morton Pete, Hart.. Bette. and
Crampton at 6 per cent. per annum on price of Issue, payable
on amount paid up. an from let January, 1866, and payment
of such interest will be continued to Mt July, leo7, by half-
miy payments on Ist July and let January In each year.
diat six month: Interest will ba paid on Ist July. 1066.
Deposit, XI per exrUlicate on application, and X 4 on allotment.
Price of Leann £2l for each CertiScat , equal to £62 10s. per
LlOO Stock.
Liability limited to amount of subscription.
The remaining half of this stock, 21,213,000, will not be issued
for twelve months, and then only as paid-up Stock, and at not
less a price than 410 per £lOO Stock advance on the present
price of issue.

DIRECTORS.

The Ittscht Eon. Lord 801:Fliiii; retie Court, Faversham, Kent,

Marmon.
The Lord HARRIS, K.S.L. Orossenor.muare, Deputy Chairman.
Sir R. W. Carden, Royal Exchange Buildings.
George Cobb, Kay., Bredenir, Bittumbourne.
Edward W. Edwards, Esq., Victorlaatreet, London.
William Gladitoue, You., ST, Old Hroadatreet, London.
Charles J. Diana Iw4, 'aversion'.
0. Y. klolruyd. Faq., a, linasex.aquare, Hyde-park, W.
James Lake, big., liewlands, Sittingbourne.
Sir C. H. J. Bleb, But, Nottinghamplaos, Loudon.
Sir Cusack P. Sauey. 15, Lassaimm.plaim, Londou.
Ste John Maxwell iy4lao, 51.14..tead,iitttingbourne.

soucrroits.
Freshenlda and Newman, 6. Bank-Wading', LC.

re 71.1 Great NOVEO-161194:
SZatigrAn-W. (88880111.11.111 r.
SS •
OzaAL Xasion—J. 8. Portia, .

rsasncras.

The ptwnt object h t; of ir for subscripMon the hest
halt the A Stock of the Metropoliten Extension Railways of
the kedge, Chatham, sad Dover Compacy, amounting to
Esaloyo, which, with the £1,1111,000 to be Issued only se fully
(Lop stock, et not las a price than £lO per cent. increa.o ou
: resent peke of Mem, or settler than twelve monthseoe,
=Mee the Meant of 14421,0E4 the tolal aramat of that
Foil details of the lines and their present position are given at
length in the statement annexed to the prospectus, which, with
the sues, Mow the routes of these liaseaad them in connection
la massidetteg this stook as ea Lavestmeat, the cincleel points
for consideration ale, hest, the mottos of stock pm dividend
upoe : secondly, theE:euripte : thirdly, the minimum
divitisatrier mat to a talc Mani on the pries of issue
The c add the Extension &lbws is consti•
toted as Wows, viz :
Debentures •C.1,4v3,000
B Stock, entitled toe per cent, preference 025.000
C Meek, entitled ton per cent. preference otter B
A Stock (present be teataled to ill- 1,21E0001
For future Yam as raaladerot profits ~ 2,04,000
holy paid-tp dock up to 6 per oath 1,213,000

8.5,7113,000

The total mileage Is about It miles.
The traffic on the Metronan (thrergroundi Railway has '
amounted since Ist January, 1546, to an average of lan per mile I
per w eek . which Is moreover daily inereubsg, and at present
rims from metropolitan presagers, a trilling amount only of
through ware and no moils being em pet carted on this line.
When It is considered that the present tragic ou the Metropo-
litan Extension Railways of the London, Chatham, and Dover
Company. Is conducted over only two tree of way, and with
an inadequate amount of rolling stack, also that It Is still
unfinished, and that the portion at work has only recently been
opened, Itwill be observed that the present receipts afford no
reliable data upon which to form an estimate of the probable
tattle.
To be the anionnt at anything like what la felt by competent
judges will be the actual result when the enormous Irak that
the junctions with the Metropritan (UndermounrP. the Great
Northern, the Midland. the Great Western, the West London
&tension. the South Western. and the North Western—will ring
on the lines, might be considered au exaggeration by thews
inexperienced in the wonderful eirlietty of metropolitan and
aurora traffic.
it Is therefore thought better not to animate the probable
tragic higher than the area age of the mileage receipts of the
Metropolitan (Underpound! Railway, u above mentioned—
viz., LOD per mile peqrr week. This multiplied by the mileage of
the Metropolitan IxMaMon Lines of the London, Chatham, and
Dever Railway Company, would give a return of £ri4,944 per
annum. Isere thla son must be deducted 40 per cent. for
working chums, which Is a liberal estimate. The net results
from pomengers only may be estimated therefore at £293.966 per
arum.
The large goods traffic which these lines will enjoy, alike from
the admir..ble position sod umber of the stations as from the
arrangements made for working the traffic, will certainly aug-
ment the recelpr4egt leant •141,000 net per annum . which in
Mr are, after Interest on debentures and on the It and
C stocks, would ld a dividend of 5 per cent. ou the whole of
the £5,111111,0011 A stock (Including the present issue`„ which at
the price It is now offered at would bo must to 10 per cent, per

annum
The price at midge tile • Meek la new offered must be tonsi-
l:lt
in=tririztobleme Investor if one half of this
permit a dividend of 6 per cent., the stock most certainly rise
to par, which would practically be a profit of upwards of 41 per
cent. above the price of issue.
It is considered that results approaching tne above deems will
be reached in leas than two years ; and that a steady luoreate
may be fin tiler looked for from that time. Arrangements have
therefore been made with Mr S. Morton Pato, Bart., Bette and
Crampton, to guarantee interest so from Ist January, 1806, Until
Ist July, 1867, at the rate of 4 per cent. per ansnm on the
amount paid up, by which latter date It is confidently belleve.l
the intrinsic merits of the whole system will have developed
themselves.
flis belief entertained as to the augmentation to value of this
stock, when it Is considered that the lines possess metropolitan
termini as well as metropolitan and suburban traltic, is borne out
by the relative prices of the shares and stock of the Great
Northern and of the Metropolitan (Undergro Railway
Company, before they had finished their Raes and alter.
ward viz.:
The Great Northern A stock was In October, 1.551, quoted In
the S ock Exchange list at c 54 per £lOO stock; it now Is worth
£146. or 91 per cent. Increase In value
The Metropolitan (Underground) Railway was In April. 1881.
only four years age, quoted in the Stock &change list at equal
to N. 44 per £lOO stock ; it now is worth £136, or gill per cent.
Increase In value. These facts speak for themselves as to the
prospects of the stock now offered for subscription.
The price of subscription is Aced at £2l per Carat/cats of £4O,
equal to £52 10n per £lOO stock, and the periods of payment are
as lustier—
al per Certificate en Application.
4 Allotment.
4 let September, 1965.
4 Ist December, letS,
4 Ist March. 1814.
4 Ist June, 1888.

121
All calls nut duly paid will render previous payments liable to
forfeiture. When the whore amount of £2l per certificate is paid
£4O stock for each certificate will be transferred into the name of
the then holder thereof.
The option will be given to all enhecribere to pay up in full nn
allotment ;entitling them to interest on the whole amount of the
prim of issue from ist January, 186.5, ; and discount at the rote
of 6 per rent. per annum will be allowed on pr.-payment of in-
stalments. These two allowances would further reduce the price
of issue by about £2 160. per cent,
In the allotment, those apple diens the whole balance on
which it is Intended by applicants to be paid in one instalment
on allotment will be first considered.
Applicskon must be made on the forms sneezed, and acoom-
ponied by payment of £1 par share (without which no applica-
tion can be considered), to any of the undermentioned bankers :
The London and County Bank ; Messrs. Glyn, Mills, Currie, and
Co. ; the Agra and Masterman's Bank (Limited) ; Messrs. Smith,
Payne. and Smiths ; the National Bank, London, Dublin. and Its
branches in Ireland; the National Bank of Scotland, Edinburgh.
and its branches In Scotland. In the event of oo allotment being
made, the deposit paid will be returned forthwith without deduc-
tion; and it less are allotted 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, plans, may be had of the under-
mentioned stockbrokers :—Mesare, Laurence, Son, and Pearce,
9, Angel court, LC.; Messrs. J. and A. Seriregeour, 10, 011
Broad street; Messrs. Knight, Dale, and Co., 1, Royal Exchange-
buildings, KC. ; and of the Credit Fonder and Mobllier of
England (Limited:, :Allred Lowe, Esq., secretary), at their offices,
17 and 16, Cernhill, London; and at the opines of the London,
alltillll3l, and Dover Railway Company (W. E. Johnson, Esq.,
secretary), Victoria-station, Pimlico, S.W.

FORK OF APPLICATION TO BR PAID VP BY lIISTALKIRITS.
To be left with Bankers.
To the Directors of the Credit Fancier and MobtHer of England
iLimited;. Ai,21t.000 A Stock of the Metropolitan Attention
Railways of the London, Chatham, and Dover Railway Com-
n.
paGentylemen,—llaring paid to the • Bank, the sum of E
being Al per scrip certi,- Lc on scrip certificates, I request
you to allot me scrip certificates of the above stocic, iu
conformity with the prospectus leaned by you, and I hereby
agree to accept such certificates, many less number that may be
allotted to me, and to pay the further rum of At per certificate
due on allotment thereof, and the instaimeists whoa due.
I am, gentlemen, your obedient servant,
Name In full
Usual signature
Address in fall
Date May, INS.
'lnsert Bankers name.

Or this form of Application to be need by applicants desirous of
paling the balance In one Matelot. at on allotment.
To be left with Bankers.
To the Directors of the Credit Fonder and Moblller of England
(Limited?.
L 1,212,000 A stock of the Metropolitan Ettension Railways of the
London, Chath an, and Dora Railway Company.
Oentlemao,—Having p.fid to the• Bank the sum
of E , being Li per writ, certificate on pup
certificate., I request you to allot me scrip certificates
of the above stock In conformity with the pmapectus issued by
you, and I hereby agree to accept such certificates, or any less
number that may be allotted to me, and to pay the further sum
of £lO per certificate due on allotment thereof.
I am, geetlemen, your obedient servant,
Name in full
Usual signature
Address in full
Date May, IBM
• Insert Bsaksa name.

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sad Ma. lemolturviestiset, it, Leics.