The Express.
London, England, 1868-12-12 00:00:00

TIM NZTROPOLILIN SAIL WA E

The following is a summary of the expected
dirvetors' " circular" to the Aarcholders of the
Metropolitan Railway Company. It commences
by remarking that--

All nutterial fact and figures coneernirag the under-
taking having from time to time been communicated to
the shareholders, and no unforeseen feature having
arisen which should occasion them the slightest un-
easiness, all that the board can do is to repeat in a con-
cise form such facts and estiniatesi as will enable every
shareholder to arrive at a °erred opinion of the position
and pro pets of the undertaking, and of the probable
value of his investment in the stock of the company.

The circular then goes on to describe the
" undertaking and property of the company," and
next the " capital authorised." In concluding
this portion of their statement the directors say :
The proprietors will observe that the surplus leads,
valued at 1,641,0001., having been charged to the extent
of only 660,00 W. for the redemption of the existing new
redeemable share capital, there will remain an ample
=in to cover the additional capital of 600,00 W. pro-
to be raised by the bill of this session ; and that.
when the assets of the company have been fully realised,
the capital will stand at a sum not ezoeeding 0,300,000?.,
for which the company will possess the complete system
of railways and itation,lbetwecn Brompton and Tower-hill.
The circular concludes as follows :

Having thus described the entire undertaking and pro-
perty of the company ; having shown the total outlay and
the potion then et which will be met and redeemed by
the surplus lamb and other property, and the amount
which will remain eventually ehareeable on the under-
taking; and having moreover distinguished the respective
parts of that ultimate charge which will be due to the
Ilionipton and Iliargate section, and the Tower-hill
Eats mien, it only remains to point out the re-
sources and probable amount of revenue, fur which
it is sunicietit to Tiler to the elaborate and able,
repot of Mr. Rotolo, the general manager, in whoee
juelgrecut the boned plaiv cut ire mesdames,. Taking his
estimate of the tevenue for 1469 there will be, from the
sources ho euunieratcr, a nt t sum of 339.6. W. available
fur interest and dividend, to which will have to be
added 30,000/. from the surplus lands account to meet
the interest on the r 09,1 09f. new redeemable shares, to-
gether with the sums to be <envied to the revenue
account, in aceoidanio with the previsions of the act of
Itailt,which are as tallow :—" For the purposes of the riot-
ing and exptmditui ei of the Extension capital tho extensions
shall be dement to be and to have been one undertaking.
rntil the time of amalgamation the extensions shall he
declined an undertaking separate and distinct from the
original undertaking of the company as new open fur
public traffic, and until the time of amalgamation all ply
On WI (including interest on borrowed money) made in
111-1 A et of the extensions shall be charged upon the ape-
late undertaking and paid out of money raised for the
puttive a thereof, aud this provision shall have a retrain-
veetive operation; all moneys paid to the company or
director,' by the contractors by way of penalty or other-
wire for the uotnei.mektion of the extensions or arising
uLder their contracts or engagements, and Ansi receipts
Into traffic and other sources of iiiismte arising rn
respect of the extensions, and not otherwise specifically
appropriated, shall be carried to the revenue awount of
the extensions, and shall be deemed to be ineome and
profits of the company applicable to nacre t awl divi-
dends on extension capital ; until the time for the amal-
gamation so much money shall be enaTitlil either hoot the
revenue account of the original undertaking applicable
to dividend or from the revenue amount of the exten-
sions applicable to die idol,' (whichever may happen to hi
the higher) to that of the other (whichever may happen
to be the lower), so us to equalise the dividend, provided
that in no one half-year prior to the time of this
amalrianiation shall the dividend on the extension
stalk P‘...141 the rate of 6 per vesture per annum,
whilst the excess (if any) of the said revenue aecounts
beyond Cu,), rate out both descriptions of stock shall be
payable to flee holders of the ordinary stock. time
of the anialgantatiou shall be the lst of January, INTO.
The expression *Extension Capital' means any money
applied and authorised to be applied for the purposes of
the extensions." It is clear, therefore, to the hosed that
the company will be in a position to maintain, if not to
begrime, the dividends which have heretofore been de-
clared.

The report of Mr. Fenton, the general manager,
is likewise framed in a • e tone, and takes a
very enoouraging view of the future tragic of the
undertaking. Mr. Fenton finally doulartvi:—
" 1 believe that, when it is completed throughout
from Bronipton to Trinity-square, the result will
prove most satisfactory to the proprietors."

THE THAMES EMBANKMENT THOROUGHFARE.
At the weekly safratiag et the Board of Works yesterday,
tar Joha Thwaltes, Ike chairman, stated that the sew
street from Blarkfriars-briiie to the Illaniot-lhooss was
clear as tar as Comma-street, sad that the swastairig sow-
tioa to the l'oulby would be cleared by the Eld of the
iserstb.

" Aumw sae, as an eye-witness of the greet
Rend which your excellent Pain Mike bow done tuumtsst
the uslhw of Illadoira, to state, for the rood of °therm,
that it I. now, mud has bete for the but Ave yeartt,
the goat fondly sorditate bare. We have found it
exkll.mt in fever and am" etnegbet_ colda, dy,q9u4s,
ilwumstiens. weep, wenn, pile% heninebe, "ravel, soul
a mire elm, for Maritime mei cholera. he introdnetion
lea, hoe horn a 'rent Monies Itt.tile whets *Amy. •Itev.
litAnto t. J .41vhs.a.a.v tom. Portnewnpo thilaretly 1, 1847.•- -
To P. P. ItNen, 17,14outhoiwi ''.-lAdvs, I