The Sun.
London, England, 1864-11-24 00:00:00

BROKERS,

Messrs Joshua Hutchinson and Son, 15, Angel-court,
Throgmorton-street, E.C., London.
E F. Satterthwaite, Esq., 38, Throgmorton-street, E.C.,

London.
Messrs. T. Tinley and Sons, 44,;8r wn's-buildings, Liver-

pool.
Messrs, Shore and Kirk, 14, Ann's-square, Man-
chester,

The Imperial Mercantile Credit Association (Limited),
are prepared to receive Subscriptions for the above amount
of Certificates of Debentures, of which £1,200,000 have
been already applied for.
The Atl.ntic and Great Western Railway consists of the
following Divisions and Branches :-
1 Main Line in New York ..
„ „ in Pennsylvania
„ ~ in Ohio

50 Mlles,

245 ~
-- 385

Extension in New York (Bunlo)
„ to Oil Creek in PennsylyLnia
„ to Co -1 Regions in Ohio (New
Lisbon) ..
„ to C,evilland

20 „
67 „

-167
Total 552 Mlles.
Also the Erie alai Nlagara Railway, belonging to same
system, 30 miles in length, is wholly iu Canada, and secures
an enormous coal traffic over 200 miles of the Atlantic and
Great Western, by whom it has been constructed, and ie
now chi( fly owned.
The route of this Great Railway, connecting New York
with St. Louis, a distance et 1,200 miles (with,,ut
change of carriages or break of guage) passes through
Free States, far removed from the ecene of war. The
line is now completed, end in posses: ion of a traffic
which may fairly be called extraordinary. For September
last the gross earnings on 312 miles open were, at ordinary
exchange, at the rare of £1,100,000 per annum (Exclusive
of the bDnus of 10 per cent . paid by the Erie Railway on all
through traffic, which will probably reach £1(0,000 per
annutn additional), the earnings having increased since the
commencement of the year by 100 per cent. This, even at
the present exchange, would leave a large surplus, after
payment et the interest in gold on the bonded debt. The
power to increase the fares will of course be exercised, if the
present exceptional rates of exchange should continue.

The total bonded debt over the whole system of the At-
lantic and Great Western Railway is £3,600,110, and with
the exception of proceeds of bonds X. 1,765,070, held by the
public, the line has been constructed with funds advanced
by capitalists, whose anticipations of rrofitable results have
been far more than realised ; the railway, although only
partially developed, exhibiting returns of traffic and re-
venuo which may without exaggeration may be designated
unexampled.
When this undertaking was projected, it was found neces-
sary to obtain powers for its construc'ion from each State
through which it would pass. This compelled independent
organisations and separate financial arrangements • the in.
convenience attending which has become so manifest, that
it is determined to consolidate the whole line under one ad-
ministration. Pending the completion of iegislative enact-
ments, it has been resolved to issue Sterling Certificates of
Debenture, payable in three years, bearing interest at 8
par cent. per annum, which interest is guaranteed by the
Consolidated Bank ; and the Principal secured by a deposit
with the Trustees of Bonds and Shares amounting at usual
exchange to £4,230,493.
'I he Bonds and Shares so deposited will be kept at the
Bank of England, in the names of the Trustees, and the
Form of Declaration of Trust to be executed by them may
be inspected at the office of Messrs. FreeLfi_lds and New-
man.

The Erie Railway, of which the Atlantic and Great
Western is practically an extension, upon a mileage of about
the same extent, but constructed at a cost nearly three
times as great, has earned in the present year sufficient not
only to pay interest on all its bonded debt, but also a divi •
dend of 10 per cent. on ordinary stock. The Atlantic and
Great Western Railway, in addition to its thr•aigh traffic
with Erie, has almost a monopoly of the petroleum traffic
in Pennsylvania, with vast coal fields, and other important
sources of local revenue. The cost of its construction
having been so much less, and its mortgage debt conse-
quently so much smaller, with an assured traffic at least
equal, it is estimated that in the three years, during which
the certificates of debenture run, the payment of the prin-
cipal will be provided for out et revenue alone.
The Directors of the Erie Company have manifested the
estimation in which they hold the Atlantic and Great
Western Railway, and tha opinion they entertain of its
future prospects, by contracting to supply for its use, at
their own expense, rolling stock to the extent of one million.
The Atlantic and Great Western Railway has bean con-
structed by Thomas W. Kennard, C.E., as engineer-in-
chief, and under the immediate superintendence of an
experienced agent of Messrs Pete and Betts. A re-
port from Sr S. Morton Peto, Bart., M.P., is an-
nexed, showing that the works have been executed
in the most substantial manner. Appended are some
statistics, derived from cfficial returns, relating to the in-
crease
in the carriage eastwards of produce during the past
fice years from same of the chief cities et the West, with
which traffic the Atlantic and Great Western Railway is
directly connec'ed ; from these figures the causes of its
extraordinary revenue may be deduced.
The Certificates of Debenture are in sums of:£100, £5OO,
and £l,OO each; with Coupons attached for interest at 8
per cent. per annum, payable half-yearly. The interest
for the whole term will be guaranteed by the Consolidated
13 ink, with whom securities will be lodged.
The price of issue is fixed at 90; and the instalments
are payable as follows :-
5 per cent on application.
10 allotment.
10 17th January, 1355.
15 37th Febru try,
15 VI 17th March,

17th Aprli,
15th May „ less coupon £4 per cent.
due on that day.

The Certificates will be paid off at par, on MI Novem-
ber, 1867.
The interest on the investment, incluling the redemption
at par, is upwards of 12 per cent, per annum, exclusive of
interest on deferred instalments.
Subscribers have the option of paying any or all of the
instalments in advance, and will be allo.ved a discount of 8
per cent. per annum on such payments.
After allotu ent, scrip will be issued to " bearer." On
P •u,, nt of the final instalment, the scrip will be exchanged
•
for ccruilcatcs of debenture, with guiranteed interest
c,,E„.,w4 attached, payable 15th May and 15th November in
each year.

9, flreat George-street, Westminster,
November 4, 1864.

SAMUEL GURNEY, Esq., M.P. •
joit.N- P. 21EYr.1IRD. Etiq., and Trustees.
CIIARLFS ,NIOZLEY, Eeq.
. _

---------
Dear Sirs,—You are aware that at the request of the
Clptitalists famishing the funds for the construction of
The Atlantic and Great Western Railway, my Firm under-
took the grave responsibility of the supervision of the Works
of the Line, to be executed nuckr a contract with Mr
Nellenry, and from the pbios and desiT,ns of Mr Thomas
W. Kennaird, the engineer-in-chief of the Railwsy.
Before the works were commenced, my Firm sent one of
its most experienced agent=, who had superintended the
execution of several large works, and who bad been in its
employ upwards of thirty years, and entrusted to his
charge the supervision of the various works to be executed
en the Railway.
It is due both to Mr. Kennard, the Engineer-in-Chief,
and to Mr. McHenry, the Contractor, that I should state
to you that the position we occupied, which might have
been an invidious one, has not in the slightest degree par-

;LONDON, THURSDAY, NOV. 24, 1864.

There are two sides to every question, and it is
never very d'flicult for a public speaker to make the
worse appear the better Ct. 1130, especially when he is
addressing an audience very much his own way of
thinking. Under such favourable circumstances
adverse criticisms are spared, inconvinient questions
arenot asked, and sharp retorts or searching analyses
are avoided. A ready flow of words hides all defi-
ciencies, and convenient generalities come to the
aid of both speaker and audience in getting up a
little eathusiasra. It is no arduous task to pass from
dry detail and strict narrative to the more elastic
region of appeal and declamation. Men always like
to be told that their side represents all the political
virtues, and that in following the passions or neces-
sities of the moment they are actuated by the high.
est and most disinterested motives, and when the
speaker who thus addresses them is no insignificant
orator his success is not doubtful. It is not there-
fore surprising that Mr SEwARn•a address to his