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

WORK and 50 other PAINTINGS, by FORD
p;, IAIADOX
ssi BROWN, NOW EXIIIBITISG at 1?1,
fryY. Admion, Is. Anotated Catalogue, 6d. Daily
S/ till dusk.

The CREDIT PONCIEIt MOBILIER of ENGLAND
(Limited) are instructedand to RECEIVE SUBSCRIP-
TIONS for £1,212,000 A STOCK of
T"E METROPOLITAN EXTENSION
Do, RAILWAYS of the LONDON CMATIIAM, and
ER RAILWAY COMPANY, in, 30,300 Proyisional
Scrip Certificates to Bearer of £4O each, with interest
ton Paranteed by Sir S. Mortonreto, Bart, Betts and Cramp-
,at per cent. per annum on price of Issue, payable on
Ajnount Paid-up, as from Ist January, 1865, and payment
t.t. such interest will be continued to Ist July, 1867, by
,ali-Yearly payments, on let July and Ist January in each
Jear• The first Six Months' th-' Interest will be paid on Ist
ix on.
1865.
Posit £1 per Certificate on Application, and £4 on
Allotment.
Price of Issue £2l for each Certificate, equal to £52 10s.
Per £lOO Stock.
Liability limited to amount of Subscription.
The remaining half of this Stock, £1,213,000, will not be
Issued for twelve months, and then only as Paid-up Stock,
and at not less a price than £lO per £lOO Stock advance on
the present price of issue.

The Ri DIRECTORS.
ght Honourable Lord SONDES, Lees Court,
Faversham Kent, Chairman.
The Lord Harris K• S.I. Grosvenor-square, Deputy-
ChaWirman.
41'. R. W. Carden, Royal Exchange-buildings.
Edward
Cobb, Esq., Bredgar, Sittingbourne.
-`lward W. Edwards, Esq., Victoria-street, London.
William Gladstone, Esq. 37, Old Broad-street, London.
Charles J. Hilton, Esq., Faversham.
SG, P. Holroyd, Esq., 8, Sussex-square, Hyde Park, W.
c,a'nles Lake, Esq., Newlands, Sittingbourne.
.!r C. J. Rich Bart., Nottingham-place, London.
Sir Cusack P. Roney, 15, Langham-place, London.
John Maxwell Tylden, Atilstead, Sittingbourne.
Messrs SOLICITORS.
. Froshfiehls and Newman, 5, Bank-buildings, E.C.

J.r.,osehENGINEERS.
P Cubitt, Esq., C.E., Great George-street.
E. F. Turner, Esq., C.E., Parliament-street.
SECRETARY.
W. E. Johnson, Esq.
GENERAL MANAGER.
J. S. Forbes, Esq.

PROSPECTUS.
The present object is to offer for public Subscription the
111, half of the A Stock of the Metropolitan Extension
ital'ways of the London, Chatham, and Dover Company,
straounting to £1,212,000, which, with the £1,213000 to be
od only as fully paid-up Stock, at not less a price than
£lO per cent. increase on the present price of issue, or ear-
her than twelve months hence, completes the amount of
£2,425,000 the total amount of that Stock.
Pull details of the lines and their presentpositi9n. are
given at length in the statement annexed, which, with the
maps attached, show the routes of these lines and those in
connexion.
In considering this Stock as an investment, the principal
Points for consideration are, first, the amount of Stock to
Pay dividend upon ; secondly, the probable receipts ;
thirdly, the minimum dividend per cent. to yield a fair
return on the price of issue.
The capital of the Metropolitan Extension Railways is
constituted as follows, viz.:—
Debentures
B Stock, entitled to 6 per cent. Preference
C Stock, entitled to 6 percent. Preference after B 1,050,000
A Stock (present Issue) Entitled to remainder
For future Issue as fully of Profits £1,212,000 2,425,000
paid-up Stock

£5,733,000

The total mileage is about 14 miles.
The traffic on the Metropolitan (Underground) )Railway
has amounted since Ist January, 1865, toan averageof
£673 per mile per week, which is moreover da lyincreasingi,
and at present arises frommetropolitan passengers,e a trifling
b amount only of through traffic, and no goods ug as yet
carried on this line.
When it is considered that the present traffic on the
Metropolitan Extension Railways in London, Chatham,
and Dover Company is conducted over only two lines of
Way, and with an inadequate amount of rolling stock, also
that it is still unfinished, and that the portion at work has
°llly recently been opened, it will be observed that the
present receipts afford no reliable data upon which to form
an estimate of the probable traffic.
To fix the amount at anything like what is felt by com-
petent judges will be the actual result when the enormous
traffic that the junctions with the Metropolitan (Under-atVund), the Great Northern, the Midland, the Great
and North est London Extension, the Southestern,
and the Wester; will bring on the lines, might be
considered an exaggeration by those inexperienced in the
Wonderful elasticity of metropolitan and suburban traffic.
Mlt is therefore thought bettor not to estimate the probable
Zetohigher than the average of the mileage receipts of the
politan (Underground) Railway, as above mentioned,
Nage i 4.7 £673 per mile per week. This multiplied by the of the the Metropolitan Extension Lines of the London,
Chatham, and Dover Railway Company would give a re-
tarn of £489,914 por annum. From suns ust be deducted 40 per cent. for working charges,this which ism liberal
estitnate.
_ The large
The net results from passengers only may be
estimated therefore at £293,966 per annum.
goods traffic, which these lines will enjoy alike
from the admirable position and number of the stations as
from the arrangements made for working the traffic, will
annumcertainlY augment the receipts by at least £40,000 not per
; which, in that case, after paying interest on di-f rntures on the B and C Stocks, would yield a dividend o
°ll,el cent. on the whole of the. £2,425000 A Stock (in-
eefifiedring the present issue), which, at the price it is now
Ti°d at, would be equal to 10 per cent. per annum.
be
i;!)halfprice at which the A Stock is now offered must be
..slerecl most advantageous to the investor if only one
tlrieteuietitpftathwigeureirlt is attained; when, however, the increased
proBfii permit a dividend of 5 per cent., the Stock
rise to par, which would practically bo
It 0f upwards of 47 per cant. above the price of issue.
sfig is considered that results approaching the above
teady will be reached in less than two years, and that a
Ariy increase may bo further looked for from that time.
.t,;algements have therefore been made with Sir S. Mor-
, veto, Bart., Betts, and Crampton, to guarantee inte-
'rear''tte a: from lit January, 1865, until Ist July, 1867, at the
Whichf 6 per cent. per annum on the amount paid up, by
merits
latter date it is confidently believed the intrinsic
''''Zts of the whole system willhave developed themselves.
„,-'l9 belief entertained as to the augmentation in value
"ru-Leisis stock,
when it is considered that the lines possess
traffic termini as well as metropolitan and suburban
stock ,ois borne out by the relative prices of the shares and
der f the Great Northern and of the Metropolitan (Un-
theffrnd) Railway Company, before they had finished
rn, Ines and afterwards, viz.—
;Stock,
-1-ne Great Northern A Stock was in October, 1853,
quoted in the Stock Exchange List at £54 per £lOO
value,it is now worth £145, or 91 per cent. increase
The Metropolitan (Underground) Railway was in April,
1861,
only four years ago, quoted in the Stock Ex-
.„—ange List at equal to £54 per £lOO Stock ; itnow is
-°llll. £135, or £Bl per cent. increase in value ; these
Tlfacts speak for themselves as to the prospects of the
13teck now offered far subscription.
of 4460 Price of subscription is fixed at £2l per certificate
, equal to £52 10 £lOO stock, and the periods of
„.s. per
are as under :
.Cl 4 per Certificate on Application.
4 71 Allotment.
4 1, Ist September, 1865.
4 1, Ist December, 1865.
17 Ist March, 1866.
11 Ist June, 1866.

X2l.
payments
~ All calls not duly paid will render previous
liable to forfeiture• When the whole amount of £2l per.
certificate is paid, £4O Stock for each certificate will be
transferred into the name of the then holder thereof.
.n
full,
option will be given to all subscribers to a
whole
, on allotment (entitling them to interest on theywhltnount of price of issue from Ist January,
count at tlae rate of 6 per cent per annum will beallowedou
prepayment of instalments. These two allowances wouldcent.
further reduce the price of issue by about £2 16s. per cee
ont
Which
the allotment, those applications the whole balapcst__
it is intended by applicants to be paid in one in al
meat on allotment will be first considered.
Applications must be made on the Forms annexed, and
ao_ comp:inlet' by payment of £1 per share (without which
no application
tioned Bankers be considered) to any of the undermen-
:—
IT4essLrso.nudioynn,viCiso, ucnurtyriße,anankd.
Co.
The Agra and Masterman's Bank (Limited).
Messrs. Smith, Payn,
The National Bank, London, Dublin,
and Smiths
in Ireland.
The National 13ank of Scotland, andand,
Branches in Scotland.
Edinburgh,its
hiet ss
In the event of no allotra n made, the Deposit
less Paid will be returned forthwith t being
iduction ; and if
are allotted than the
certificatesnumbelrvoitfhoute applied for
he sum will be applied toward th amount payable on
allotment on the number so allotted©
may be had of the
Prospectuses, with Maps, Plans, eze ,
undermentioned Stockbrokrs : ' .
Messrs Laurence, Son, and Pearce, 9, Angel-court, E.C.
Messrs. nd A. Scrimgeour, 10, Old Broad-street.
__
. Messrs, Knight, Dale, and Co., 1, Royal Exchange-fhfinid_ ljollam4B' lAym. ;itaendd(oAf
ltfhreedCi•edit
Lowe,F oEnscgie: anseclerytaobryil),io_ra_oteE.etsj jou,.
.otia;:i°oBl:lla7OnanodhlaBt,hCajozahnildl,
DLoovnedronß,a•
iaiwnd.ayatcthome
poailiny
(WI.
'4.
d °1111B°11:Esq., Secretary),Victoria Station, Pimlico, S.W.

Foßlit

OP APPPICATION FOR SHARES TO BE
TO
PAID UP BY INSTALMENTS.
the Directors of the Credit Foncier and Mobilier of
1,212 an Enland (Limitelitd).an Extension Rail-
wa -7-u A Stock of the Metrop o
, Y 8 of tho London, Chatham, d Dover Railway Com-
uan an
y.

Gentlemen,
being dig paid to the* Bank, the sum of
rtjeXl per Scrip Certificate on
quest you to allot me
v"°.*e Stock-, in conformity with the Prospectus issued by
SCcerirtpca Certificates,
eso f t e
TZ; and I hereby agree to accept suScehripCortificates, or any
41111)20)er that e
nstal i may be allotted to me, and to pay the fur-
sum ef £4 per Certificate due on allotment thereof, and
nients when due.
I am, Gentlemen, your obedient Servant,
Name in full
Usual signature
Address in full

Date Itay, 1865.

Or, thi

nig FORM OF APPLICATION to be USED by
APPLICANTS desirous of PAYING} tho BALANCE
in
To
IiGNE INSTALMENT on ALLOTMENT.
- the Directors of the Credit Foncier and Mobilior of
England (Limited).
£1,212,000 A Stock of the M Extension Railw of the London, Chatham, and etropolitan
Dover Railway Company.ay s
~,,t Gentlemen,
bV-, viug paid to the* Bank the sum of £
tig 41 per Scrip Certificate on
c.afttets, 1 request you to allot me Scrip Certifi-
Scrip Certificates
by
uo above stock in conformity with the prospectus issued
You, and I hereby agree to accept such Certificates, or
1.. Y less number that may be allotted to me, and to pay the
arther sum of £2O per Certificate duo on allotment thereof
I am, Gentlemen, your obedient servant,
Name in full

ignaturo
tato Ilay, 1865. Address

* intaort 13aakore Namo.