The Sun.
London, England, 1865-12-05 00:00:00

holder's. option.

BOARD OF CONTROL IN LONDON.
Sir S. Morton Peto, Bart., M.P., Chairman.
S. Goodson, Esq., M.P., Chairman Great Eastern Railway,
London.
W. Fenton, Esq., Deputy Chairman Great Western
Railway, London.
C. J. Kennard, Esq.., Director of Consolidated Bank,
Limited, London.
Lewin B. Mozley, Esq., Barned's Banking Company,
Limited, Liverpool.
Joseph Robinson, Esq., Deputy Chairman Ebbw Vale
Company, Limited, London.

BANICIRS.
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. Freshfields and Newman, Bank-buildings,
London, E.C.
BROKERS.
Messrs. Joshua Hutchinson and Son, Angel-court,
London, E.G.
Messrs. E. F. Satterthwaite and Co., 38, Throgmorton-
Street, London, E.C.
Messrs. Laurence, Son, and Pearce, 7, Angol-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 corn-
prism_

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 P 65 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.
Binoe 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 £1,149,528 per annum. The subjoined
monthly traffic return shows the steady increase of
tragic.

- Total.
Miles Passengers
1865. open. Mails, ac. Freight. 1864. 1865.
Dollars. Dollars. Dollars. Dollars.
a'anuary.„, 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 I „ 117,691 288,989 197,267 406,680
fay ....... „ 135,434 324,988 214,679 460,442
?rune
uly
...
August ~ 213,469 525,059 I 406.076 j 738,528
11'eptember. „ 210,914 466,711 1446,044 677,625
October 17 207,861 512,050 1396,847 719,911

This table includes the traffic of 33 miles of the Oil
`-'reek Railway, which was constructed by and has
hitherto boen worked by the Atlantic and Groat Western
ituilway Company, but does not form part of the consoli-
dation.
The actual result, therefore, is a gross receipt at the
Ira of upwards of £1,000,000 a year at the present ex-
tuango, with 100 miles still to open, and a large increase
of
Lraffic only waiting for a further supply of rolling
Ro4ck.

-Tl;is 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
world, viz., that between the Western States of America
and the Atlantic. From its shorter distance, and advan-
:,ge of forming part of an unbroken line of 1,200 miles on
'uniform six-feet gauge, it must always be the best line
communication by which the enormous goods and pas-
ger traffic entri in the Western cities of Cincinnati,
,!ev Veland, Chcicago,n and St. Louis, can arrive at New
ork and the sea-board.
2- The local traffic is equally enormous, owing to its
Zaversing the newly-discovered oil districts of Pennsyl-
f "la, and the great coal-fields of Northern Ohio. Some
idea of the local traffic thus waiting for development may
formed from the single fact that this oil district now
Yields at the rate of 3,000,000 barrels per annum, for the
t°llveyance of which as much as 3d. to 4d. per ton per
e is willingly paid.
and Consolidation of the several Divisions of the Atlantic
Great Western Railway under one executive has been
;Vie, and a mortgage for 80 million dollars, or 6 millions
b,7,r,tiug of bonds has been created, and also a capital of 30
Nv-1,"",on dollars of shares of 50 dollars each, based on the
I.°le property of the Company. The new shares will
11Persede those previously issued, with the exception of
0193,000 dollars of Preference Shares pledged as part of
14.6 seenrity for the Certificates of Debenture issued in
until mber, 1864, which will, therefore, remain Preferential
those Certificates are paid off, when the whoe
ordinary
-
ordinary share capital. Provision is made in the
ettgage deed (under which the Consolidated Mortgage
Mortgage
are issued) for securing the rights of the existing
°rtgage Bonds, and also for their exchange at maturity,
!,2,'l' earlier, by consent of the holder, if authorised by the
170,rd of Control ; this being completed, the present Con-
,°,lldated Mortgage will become the first mortgage over the
Lvnele railway, with its branches, extension; and
,equip-
The.g Consolidated Capital will therefore consist of
r,_0,000,000, half in Shares and half in Mortgage Bonds,
'vnich provides for the completion of the entire line.
, g, To meet the interest on these Bonds at 7 per cent. in
tierlin after paying all working expenses, it is calculated
uy 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-
kate of the annual receipt when the additional 100 miles
ltre opened so that the security for the Bonds is ample,
and there is every prospect that, in addition, a high rate
k)„f dividend will be paid on the $30,000,000 of Share
Capital.
coThe Consolidated Bonds have 25 years to run, with
eiitlifts for interest at 7 per cent. per annum, payable
.arterly, free of income, tax, at the Company's Offices, in
4,,11e10n or New York, in gold. Interest is payable on 15th
3,e`garY, 15th April, 15th July, and 15th October of each
Of 14,. ig
12 proposed to appropriate the total authorised issue
1rt000,000,000, or £6,000,000 sterling Consolidated Mo-
"ds rt
, as follows :
to Tim-. reserve of $16,142,000 will be placed with trustees
ex;„;:ct, either by conversion or payment when due, the
thait rig divisional Mortgage Bonds, being the total amount
ted 10'48 been issued, or authorised to be issued, as certi-
-146 Yilessrs. Coleman, Turquand, Young; and Co., after
ecittaUrnination of the Company's books and registrars, or
Dwoi, to £3,228,400. This includes all Bonds issued to the
the p`c, and also the Bonds deposited with Trustees for
the Certificates of Debentures issued in November, 1864,
ktra,Bu6curity of which remains unaffected by the present
zeraents.
131113„ '4e balance, viz.:—£2,771,600 is offered for public
lhe-peription, at the price of £BO per £lOO Bond, including
ieuPon due January 15,1.866, payable as follows :
.10 Per £lOO Bond on application ;
25 1,7, on allotment;
„ on 15th January, 1866, less coupon
20 £1 15s. due on that date ;
'2O on 15th February, 1866 ;
'ieve 2, on 15th March, 1866 ;
tie() `bilg tor the January Coupon, the nett price of each
14y„,'otid will be £7B 55., or allowing for discount on pre-1
Cli:nte under £7B.
tligeo scribers will have the option of paying in full, under
la.villoflt:, at the rate of 7 per cent. per annum ; but, in de-
:ion,
~us payment of the respective instalments, all pre-
~rebclinTnients will be liable to forfeiture. The defini-
'or seriuds being now ready will be delivered, in exchange
c,„;13, as soon as it is fully paid up.
se
ra''clof the law authorisin the consolidation of the
teriisigivisions and branches gof the Company, and deeds
erk or mortgage, of the form of consolidated mortgage
hoped of other documents relating to the present issue
01l • , are deposited for inspection at the offices' of the
eltOrs
t) 1. •
4tt.tliel'oliteations must be addressed either to the Secretary,
letorie. cos- of the Company, 5, Westminster Chambers,
,O rap Westminster, S.W., to the Bankers of the
orti 9,', or to the Brokers, from whom Prospectuses and
LocicZ"n ADPPlication can be obtained.
, ec. 2, 1865.
ATLANTIC
AND GREAT WESTERN RAILWAY.
T FORM OF APPLICATION.
o the ((FORM
be retained by the Bankers.)
zioard of Control, Atlantic and Great Western
if
...... Railway Company.
n paid
)44
est t at the sum of I hereby
gage You will
the allot
Atlantic and Great Western dated
me Consolidated
3' • onds of i 1,14,
,14, and h
t4o ki•ge age Bondserehy agree to accept such Consolidated
' 11.cc0r 'or any le number that ay be allotted
-ag to the termss s of the Prospemctus.
I ;am, your obedient servant,
Signature
Address in full
Date

SAILORS' ORPHAN GIRLS' SCHOOL and
IMRE, Hampstead. Offices. 77, COMMIL
PATRON—The QUEEN.
TRUSTEES.
Capt. the Hon. Francis Maude, The Rev. Canon champneys
I
IL N Thomas Baring, Esq., M.p.
TREASURERS.
R. C. L. Bevan, Esq. Robert Hanbury, Esq.
This Institution is dosigned to supply a great national
want, viz., an asylum for the orphan daughters of sailors in
the Royal Navy and Merchants Service and of Marines.
It clothes, maintains, and educates them for domestic
service, and provides a home free of exeense for former
inmates while out of situations, thus shielding them from the
temptations they might otherwise be exposed to.
The Committee earnestly APPEAL for CONTRIBU-
TIONS to meet the increasing applications through the
recent storms and loss of life at sea, and o enable them
eventually to obtain premises more commensurate with the
necessities of this great maritime country, which loses 2,000
sailors annually by casualties alone, without !minding those
who may perish by war.
Subscriptions thankfully received by the bankers, Messrs
Barclay, Bevan, and Co., Lombard-street, and by the Secre-
tary, at the Offices, No. 77, Comilla
R. SWEEPING, Hon. Sec.
CHILRLES NASH, Seq.