The Sun.
London, England, 1865-12-07 00:00:00

BANKERS.

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-building;
London, E.C.
BROKERS.

Messrs. Joshua Hutchinson and Son, Angel-court,
London, E.G.
Messrs. E. F. Satterthwa.ite and Co., 38, Throgmorton-
street, London, E.C.
Messrs. Laurence, Son, and Pearce, 7, Angel-court,
London, E.G.

The Report of J. S. Forbes, Esq., well known to the
Itritish 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 Groat 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 ($.173,072 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 1565 the receits 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 £1,149,528 per annum. The subjoined
monthly traffic return shows the steady increase of
traffic.

Total.
1865. Miles Passengers! Freight.;
open. Mails, &c. ' 1864. 1865.
Dollars. Dollars. Dollars. Dollars.
January-.;, 322 111,751 249,379 207,298 361,130
Pebruary... ~ 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
tay „ 135,434 324,988 214,679 1 460,442
June
July 490 162,655 432,868 332,098 I 595,523
August
Beptomber „ 210,914 466,711 1416,044 I 677,625
October ; 207,861 512,050 , 396,847 ; 719 911
,

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
d`tlwon ay Company, but does not form part of the consoli-
dati

Th-e actual result, therefore, is a gross receipt at the
rate of upwards of £1,000,000 a year at the present ex-
thange, with 100 miles still to open, and a large increase
('I truffle only waiting for a further supply of rolling
btoek.

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
Ivorhl, 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
raversing the newly-discovered oil districts of Pennsyl-
- and the great coal-fields of Northern Ohio. Some
idea of the local traffic thus waiting for development may
'5 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.
-A- Consolidation of the several Divisions of the Atlantic
'11(1 Great Western Railway under one executive has been
blade, 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 now shares will
bapersede those previously issued, with the exception of
4,91-9,000 dollars of Preference Shares pledged as part of
'5 security for the Certificates of Debenture issued in
°vernber, 1864, which will, therefore, remain Preferential
antil those Certificates are paid off, when the whole be-
Zblle ordinary share capital. Provision is made in the
°rtgage deed (under which the Consolidated Mortgage
I,°lllds are issued) for securing the rights of the existing
T7,°rtgage Bonds, and also for their exchange at maturity,
earlier, by consent of the holder, if authorised by the
Wc;ard of Control ; this being completed, the present Con-
Lidated Mortgage will become the first mortgage over the
lb°lB railway, with its branches, extensions, and equip-
'rf,l'e Consolidated Capital will therefore consist of
11-0000,000, half in Shares and half in Mortgage Bonds,
provides for the completion of the entire line.
et,:,°, Meet the interest on these Bonds at 7 per cent. in
-bg, after paying all working expenses, it is calculated
\‘,Y Itr. Forbes that a gross annual receipt of $6,442,000
ab°lll4 be sufficient, which is considerably less than the
4.„ti,11al receipt, and $3,573,000 less than Mr. Forbes's esti-
It,'" of tho annual receipt when the additional 100 miles
41°Vened, so that the security for the Bonds is. ample,
ea dividend
is every prospect that, in addition, a high rate
will be paid on the $3O 000 000 of Share
"
fl',lao Consolidated Bonds have 25 years to run, with
n',"_Pons for interest at 7 per cent. per annum, payable
Coerly, free of income tax, at the Company's Offices, in
a..!lcion or New York, in gold. Interest is payable on 15th
dear. Y,
April, 15th July, and 15th October of each
efltt is proposed to appropriate the total authorised issue
'age 0,000,000, or £6,000,000 sterling Consolidated Mort-
onds, as follows :
tol. A reserve of $16,142,000 will be placed with trustees
t_te?et, either by conversion or payment when due, the
fi,‘lsting divisional Mortgage Bonds, being the total amount
bas been issued, or authorised to be issued, as certi-
teao bYMessrs. Coleman, Turquand, Youngs, and Co., after
tqa ;'xamination of the Company's books and registrars, or
1114 to £3,228,400. This includes all Bonds issued to the
tll5 le, and also the Bonds deposited with Trustees for
the Certificates of Debentures issued in November, 1864,
ttri.a,sbeenrity of which remains unaffected by the present
2.'l„ngenients.
411138 balance, viz.:—£2,771,600 is offered for public
the l'iption, at the price of £BO per £lOO Bond, including
10 "Pon duo January 15, 1866. payable as follows :
Per £lOO Bond on application ;
25 „ on allotment ;
77 on 15th January, 1866, loss coupon
20 £1 15s. due on that date ;
20 on 15th February, 1866 ;
o
'11?; „ on 15th March, 1866 ;
17401341 g for the January Coupon, the nett price of each
vahi„,°,bd will be £7B 55., or allowing for discount on pre-
, 11'.4 linder.£7B.
paeoferibers will have the option of paying in full, under
t talat the rate of 7 per cent. per annum but, in de-
t; Dale Payment of the respective instalments, all pro-
f 'le bo Yinents will be liable to forfeiture. The
beingready will
.be delivered, in exchange
;,,uopitt; as soon as it is fully paid up.
ofv,erei Of the law authorising the consolidation of the
Lxre,t divisions and branches of the Company, and deeds
4acl, a r mortgage, of the form of consolidated mortgage
0113,). eciuB,o"f other documents relating to the present issue
iQitora are deposited for inspection at the offices of the
Itt At LPI
'salons must be addressed either to the Secretary,
N*, lees of the Company. 5, Westminster Chambers,
iNparr street, Westminster', S.W., to the Bankers of the
°,rtee op or to the Brokers, from whom Prospectuses and
-1-,04,1011-Atplication can be obtained.
lice. 2, 1865.
ATI, A
Tin
- AND GREAT WESTERN RAILWAY.
To FORM OF APPLICATION.
the to (To be retained by the Bankers
bra of Control, Atlantic and G eat
Western
Railway Company.

No .
4 ttviagi)": .
isitost that..ald the sum of I hereby
tv,t,ttgage 37011 Will allot me Consolidated
4t,'„; bonds of tho Atlantic and Great Western Rail-
to `4; age liereby agree to accept such Consolidated
416, ti0,,,'".(18, or any less number that may be allotted
vrcling to the terms of the Prospectus.
I am, your obedient servant,
:Signature.
Address in full
Date

THE COLONIAL COMPANY (Limited).
Incorporated under the Companies Act, 1862.
(Capital, £2,000,000, in 40,000 Shares of £5O each.)
Deposit on Application £1 per Share, and £4 on Allotment.
Further Calls will not exceed £5 per Share each, and it is
estimated that not more than £2O per Share will be called
up during the first two years, and not more than £25
per Share in all.