The Sun.
London, England, 1865-12-09 00:00:00

ONDON must have a SUPPER and MUSIC
ILA ROOM for Gentlemen. Remember, we wait for you at
EVANS' after the Covent-garden Opera and the Theatres.

IIUTUAL LOAN FUND ASSOCIATION
(Incorporated by Act of Parliament, 1810),
14, RUSSELL-STREET, COVENT-GARDEN, LONDON
ADVANCES MONEY on Personal Secarity, Bills of Sal",
Freehold or beneficial Leasehold Property, without inquiry
I.(P, or any deduction whatever, for periods of one, two, or
three years, repayable weekly, monthly, or quarterly. Bills
discounted. The greatest secrecy observed. Advances also
made towards the Purchase of a House, repayable in 5, 10, or
'5 Years —Forms free on application, or receipt of a stamped
et,velope.
EDWARD HARPER, Secretary.

THE ATLANTIC AND GREAT WESTERN
RAILWAY.
Capital Authorised.
Shares, $30,000,000, in Shares of $5O each.
Mortgage Bonds, Six Millions Sterling, or Thirty Million
Dollars.
Issue of Consolidated Sterling Mortgage Bonds for
£2,771,600,
-laving 25 years to run, bearing Interest at Seven per
Cent. per Annum.
Secured on the whole Line of the Atlantic and Great
Western Railway, with Branches, Extensions, and
Equipments.
X 3,228,400 being reserved for Redemption of Mortgage
~, Bonds already issued on the several divisions.
Bonds are of £lOO, or 500 dollars, each, with interest,
Payable Quarterly, free of Income Tax, in London,
in sterling, or in New York, in Gold, at the
Company's Offices.
They are payable to bearer, but can be registered at
holder's option.
BOARD OF CONTROL IN LONDON.
Sir S. Morton Peto, Bart., M.P., Chairman.
James Goodson, Esq., M.P., Chairman Great Eastern
Railway, London.
W. Fenton, Esq., Director of the Great Western
Railway, London.
C. J. Kennard, Esq., Director of Consolidated Bank,
-Limited, London.
Lewin B. Mozley, Esq., Director of Barned's Banking
Company, Limited, Liverpool.
Joseph Robinson, Esq., Deputy Chairman Ebbw Vale
Company, Limited, London.
BANKERS.
The Consolidated Bank (Limited), London, Manchester,
said Norwich.
The National Bank, London, and Branches in Ireland.
Messrs. A. Heywood, Sons, and Co., Liverpool.
The Bank of Scotland, Edinburgh, and Branches.
SOLICITORS.
Messrs. Freshfields and Newman, Bank-buildings,
London, E.C.
BROKERS.
Messrs. Joshua Hutchinson and Son, Angel-court,
London, E.C.
Messrs. E. F. Satterthwaite and Co., 38, Throgmorton-
street, London, E.C.
Messrs. Laurence, Son, and Pearce, 7, Angel-court,
London, E.C.

The Report of J. S. Forbes, Esq., well known to the
British Railway public as Vice-President of the Dutch-
Rhenish Railway, and General Manager of the London,
Chatham, and Dover Railway, contains full information
derived from personal inspection of the position and pros-
Deets of the Atlantic and Great Western Railway, from
Which it appears—
The Atlantic and Great Western Railway system corn-
prises-
-507 miles now in work, including 17 miles recently
opened.
100 miles in course of construction.

Total, 607
of which 526 miles belong to the Company; and 81 miles
are leased for 99 years, at a low rent ($273,072 a year).
Though not yet fully completed, the traffic already equals
that of many of the best American lines.
During the first six months of 1865 the receipts upon
the 322 miles then open were $2,579,737, equal at the
Present rate of exchange to $7 in the £, to £368,533.
since July 490 miles have been opened, and the receipts
have been $2,011,676, equal to £287,882, for three months,
or at the rate of £1,149,528 per annum. The subjoined
flouthly traffic return shows the steady increase of
traffic.

I Total.
1865. iles Passengers Frei ht..
open. Mails, Ste. g 1864. I 1865.
----
Dollars. Dollars. I Dollars. Dollars.
luary 322 111,751 249,379 207,298 361,130
breary „ 109,718 277,930 229,041 387,648
.rch I „ 113,412 336,403 226,733 449,815
ail 117,691 288,989 197,267 406,680
Ly
„
~ 135,434 324,988 214,679 460,442
Ile
ly 4'9o 162,655 432,868 332,098 595,523
gust ..- „ 213,469 525,059 406,076 738,528
ptember. „ 210,914 466,711 446,044 677,625
tober

January 322
Pebruary
March
APril
May
June
July 4'6o
August „
September.
October
`This table includes the traffic of 33 miles of the Oh
Creek Railway, which was constructed by and has
hitherto been worked by the Atlantic and Great Western
Railway Company, but does not form part of the consoli-
dation.
The actual result, therefore, is a gross receipt at the
rate of upwards of £1,000,000 a year at the present ex-
change, with 100 miles still to open, and a large increase
of traffic only waiting for a further supply of rolling
stock.
This large traffic is owing to two causes :-
1. The Atlantic and Great Western line forms the
central link of the greatest line of through traffic in the
Irorld, viz., that between the Western States of America
and the Atlantic. From its shorter distance, and advan-
tage of forming part of an unbroken line of 1,200 miles on
a uniform six-feet gauge, it must always be the best line
of communication by which the enormous goods and pas-
senger traffic centring in the Western cities of Cincinnati,
Cleveland, Chicago, and St. Louis, can arrive at New
York and the sea-board.
2. The local traffic is equally enormous, owing to its
traversing the newly-discovered oil districts of Pennsyl-
Yania, and the great coal-fields of Northern Ohio. Some
;deft- of the local traffic thus waiting for development may
be formed from the single fact that this oil district now
Yields at the rate of 3,000,000 barrels per annum, for the
conveyance of which as much as 3d. to 4d. per ton per
ladle is willingly paid.
A Consolidation of the several Divisions of the Atlantic
and Great Western Railway under one executive has been
kale, and a mortgage for 30 million dollars, or 6 millions
sterlin of bonds has been created, and also a capital of 30
milliog
dollars of shares of 50 dollars each, based on the
Whole property of the Company. The new shares will
kiPersede those previously issued, with the exception of
1,919000 dollars of Preference Shares pledged as part of
November,
security for the Certificates of Debenture issued in
"-lovember, 1864, which will, therefore, remain Preferential
Until those Certificates are paid off, when the whole be-
come ordinary share capital. Provision is made in the
k,ortgage deed (under which the Consolidated Mortgage
Bonds are issued) for securing the rights of the existing
Mortgage Bonds, and also for their exchange at maturity,
or earlier, by consent of the holder, if authorised by the
Board of Control ; this being completed, the present Con-
solidated Mortgage will become the first mortgage over the
Whole railway, with its branches, extensions, and equip-
!news.
a, The Consolidated Capital will therefore consist of
00,000,000, half in Shares and half in Mortgage Bonds,
Which provides for the completion of the entire line.
To meet the interest on these Bonds at 7 per cent. in
rsrling, after paying all working expenses, it is calculated
°Y Mr. Forbes that a gross annual receipt of $6,442,000
Would be sufficient, which is considerably less than the
annual receipt, and $3,573,000 less than Mr. Forbes's esti-
mate of the annual receipt when the additional 100 miles
are opened, so that the security for the Bonds is ample,
arid there is every prospect that, in addition, a high rate
(1,1 dividend will be paid on the $30,000,000 of Share
‘japital.
the Consolidated Bonds have 25 years to run, with
coupons for interest at 7 per cent. per annum, payable
qtlarterly, free of income tax, at the Company's Offices, in
-1?ondon or New York, in gold. Interest is payable on 15th
aunary, 15th April, 15th July, and 15th October of each
Year.
It is proposed to appropriate the total authorised issue
Of 830,000,000, or £6,000,000 sterling Consolidated Mort-
tage Bonds, as follows :
t 1. A reserve of $16,142,000 will be placed with trustees
° meet, either by conversion or payment when due, the
has
divisional Mortgage Bonds, being the total amount
that has been issued, or authorised to be issued, as °era-
jed by Messrs. Coleman, Turquand, Youngs, and Co., after
eliStaeixamination of the Company's books and registrars, or
to £3,228,400. This includes all Bonds issued to the
Public, and also the Bonds deposited with Trustees for
410 Certificates of Debentures issued in November, 1864,
e security of which remains unaffected by the present
arrangements.
2.- The balance, viz. : —02,771,600 is offered for public
Subscription, at the price of £BO per £lOO Bond, including
the Coupon due January 15, 1866. payable as follows :
£5 per £lOO Bond on application ;
10 „ „ on allotment ;
25 on 15th January, 1866, less coupon
£1 15s. due on that date ;
20 on 15th February, 1866 ;
20 11 17
on 15th March, 1866 ;
allowing for the January Coupon, the nett price of each
5100 Bond will be £7B 55., or allowing for discount on pre-
vallnents under.£7B.
trSubscribers will have the option of paying in full, under
I:3count, at the rate of 7 per cent. per an ; but, in de-
viult of due payment of the respective instalments, all pre-
y cils payments will be liable to forfeiture. The defint-
!love bonds being now ready will be delivered, in exchange
rscrip, as soon as it is fully paid up.
,t.eoptes of the law authorising the consolidation of the
tiveral divisions and branches of the Company, and deeds
botrust or mortgage, of the form of consolidated mortgage
of ;11, and of other documents relating to the present issue
bonds, are deposited for inspection at the offices of the
oncitors.
ktl-,PPlications must be addressed either to the Secretary,
vi 'le offices of the Company, 5, Westminster Chambers,
ene,!°lla-street, Westminster, S.W., to the Bankers of the
po'Patiy, or to the Brokers, from whom Prospectuses and
11:Ins of Application can be obtained.
ondon, Dec. 2, 1865.
'-e1.,41•TT10 AND GREA.T WESTERN RAILWAY.