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

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Date

Dollars.
Issue of Consolidated Sterling Mortgage Bonds for

£2,771,600,
Raving 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.
£3,228,400 being reserved for Redemption ,of Mortgage
Bonds already issued on the several divisions.
The 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., 3LP., 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.

BANX3RS.
The Consolidated Bank (Limited), London, Manchester,
and 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. Fresbfields 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-
pects of the Atlantic and Great Western Railway, from
Which it appears—
The Atlantic and Great Western Railway system com-
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 £287,382, for three months,
or at the rate of £4149,528 per annum. The subjoined
monthly traffic return shows the steady increase of
traffic.

Total.
1865. Miles Passengers Freight.
open. Mails, &c. s"' 1864. I 1863.
Dollars. Dollars. Dollars. I Dollars.
January 322 111,751 249,379 207,298 361,130
February „ 109,718 277,930 229,041 387,648
March „ 113,412 336,403 226,733 449,815
April. „ 117,691. 288,989 197,267 406,680
May „ 135,434 324,988 214,679 460,442
June
July 490 162,655 432,868 332,098 595,528
August „ 213,469 525,059 406,076 738,528
September. „ 210,914 466,711 446,044 677,625
October „ 207,861 512,050 396,847 719,911

512,050 1396,817 719911
This table includes the traffic of 33 miles of the Oil
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 lino forms the
central link of the greatest line of through traffic in the
World, 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-
vania, and the great coal-fields of Northern Ohio. Some
idea of the local traffic thus waiting for development may
bs 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
Mile is willingly paid.
Consolidation of the several Divisions of the Atlantic
and Great Western Railway under one executive has been
niade, and a mortgage for 30 million dollars, or 6 millions
sterling of bonds has been created, and also a capital of 30
Million dollars of shares of 50 dollars each, based on the
Whole property of the Company. The new shares will
supersede those previously issued, with the exception of
P 19,000 dollars of Preference' Shares pledged as part of
113 security for the Certificates of Debenture issued in
November, 1864, which will, therefore, remain Preferential
Until those Certificates are paid off, when the whole be-
tome ordinary share capital. Provision is made in the
mortgage 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
130ard 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-
Mentz.

The Consolidated Capital will therefore consist of
100,000,000, 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
sterling, after paying all working expenses, it is calculated
by 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,
and there is every prospect that, in addition, a high rate
°„f dividend will be paid on the $30,000,000 of Share
Capital.
~„The Consolidated Bonds have 25 years to run, with
,„"uPons for interest at 7 per cent. per annum, payable
rarterly, free of income tax, at the Company's Offices, in
4,ondon or New York, in gold. Interest is payable on 15th
. dear.tiary, 15th April, 15th July, and 15th October of each

It is proposed to appropriate the total authorised issue
of 830,000,000, or £6,000,000 sterling Consolidated Mort-
gage Bonds, as follows :-
1.2. A reserve of $16,142,000 will be placed with trustees
meet, either by conversion or payment when due, the
1 I,t!isting divisional Mortgage Bonds, being the total amount
that has been issued, or authorised to be issued, as certi-
,ted by Messrs. Coleman, Turquand, Youngs, and Co., after
uua examination of the Company's books and registrars, or
equal to £3,228,400. This includes all Bonds issued to the
1111blic, and also the Bonds deposited with Trustees for
the Certificates of Debentures issued in November, 1864,
the security of which remains unaffected by the present
arrangements.
2. The balance, viz.:—,?71,600 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 " " on 15th March, 1866 ;
allowing For the January Coupon, the nett price of each
"'lOO Bond will be £7B 58., or allowing for discount on pre-
vaYtnents under.£7B. •
tr gubscribers will have the option of paying in full, under
laccqit, at the rate of 7 per cent. per annum ; but, in de-
vtlt of due payment of the respective instalments, all pre-
t4;llB Payments will be liable to forfeiture. The defini-
flo;(s bonds being now ready will be delivered, in exchange
Rellip, as soon as it is fully paid up.
r„ Copies of the law authorising the consolidation of the
se
divisions and branches of the Company, and deeds
botrust or mortgage, of the form of consolidated mortgage
tcol, and of other documents relating to the present issue
lion !Ida, are deposited for inspection at the offices of the
ettors.
IttltipPlications must be addressed either to the Secretary,
r offices of the Company, 5, Westminster Chambers,
e,e,ia-street, Westminster; S.W., to the Bankers of the
P,;("Party, or to the Brokers, from whom Prospectuses and
Long f Application can be obtained.
Artn, Dec. 2, 1865.
'4"l-IiTIO AND GREAT WESTERN RAILWAY.

FORM OF APPLICATION.
To 4, (To be retained by the Bankers.)
Board of Control, Atlantic and Great Western

..... Railway Company.
.
tf4-111 l'ing paid the sum of £ I hereby
k, est that you will allot me Consolidated
wig bilge Bonds of the Atlantic and Great Western Rail-
bore and I hereby agree to accept such Consolidated
to ii,gage Bonds, or any less number that may be allotted
according to the terms of the Prospectus.
I am, your obedient servant,

Signature ,
Address in full ,

TIIX ATLANTIC AND GREAT WESTERN
RAILWAY.
zi OF CONSOLIDATED STERLING MORT-
, licvT,T, GAGE BONDS FOR £771,0.
OpT.',-)E 15 HEREBY GIVEN,2, that 6 the LISTS of
tondo CT for these BONDS will be CLOSED in
ALOltyto IIIS DAY, TUESDAY, the 12th instant, and
6-11 W, WEDNESDAY, the 13th, for the Country

By order.
4t,.lantic and Great Western Railway,
0, Weatniinster-chambers, Victoria-street,
Westminster, S.W., Dec. 12, 1865.

BANK OF ENGLAND,
7th December, 1865.
HE COURT of DIRECTORS of the GOVERNOR
I and COMPANY of the BANK of ENGLAND
given notice—
That a GENERAL COURT will be held at THE
BANK on WEDNESDAY next, the 13th instant, from
Eleven o'clock in the Forenoon till Four in the Afternoon,
for the ELECTION of a DIRECTOR for the remainder
of the year, in the room of the RIGHT HON. GEORGE
JOACHIM GOSCHEN, who has retired.
The Election of the said Director will be declared the
evening

HAMMOND CHUBB, Secretary.
N.B.—By an Act passed in the Seventh year of the
Reign of George 111. no person will bo entitled to vote at
the said Election who shall not have been Six Calendar
Months possessed in his own right of the Stock for which
ho shall then give his Vote, unless the said Stock shall
have been acquired, or shall have come by bequest or by
marriage, or by succession to an intestate estate, or by the
custom of the City of London, or by any deed of settle-
ment after the death of any person who shall have been
entitled for life to the Dividends of such Stock.

CHARLES LAFFITTE and COMPANY
(Limited).
Established under the Companies Act, 1862, by which
the liability of the Shareholders is limited to the amount
of the Shares for which they subscribe, and in accordance
with the International Treaty entered into between Eng-
land and France in May, 1862, in relation to Public Com-
panies established in both countries.

Capital, X 3,000,000, divided into 150,000 Shares of £2O
each.

£1 to be paid on application, and Zi on Allotment, and
six months to elapse after date of Allotment before any
call is made payable.
First issue, 75,000 Shares, of which 25,000 have been
privately subscribed.

DIRECT ORS.
Mr. CHARLES LAFFITTE, Chairman.
John Ennis, Esq., Director of the Bank of Ireland.
Mr. F. P. Bayvet, Merchant, Censeur of the Bank of
France.
Harvey Lewis, Esq., M.P., Director of the National Bank.
Mr. H. Bourlon, Deputd au Corps L4gislatif, Director of
the Paris and Orleans Railway.
F. B. Henshaw, Esq., Director of the National Bank.
Mr. L. C. Grimoult, Merchant, ex-President of the Tribu-
nal of Commerce of Paris.
George Bate, Esq., Great George-street, Westminster.
Mr. A. Gautray, 17, Rue du Cirque, Paris.
Sir John Gray, M.P., Charleville House, Dublin.
George Payne Kitson, Esq. (late of Sir John Guest and
Co.).