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

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Date May, 1865.

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Date
May, 1865.

PROSPECTUS.
trthe present object is to offer for public Subscription the
half of the A Stock of the Metropolitan Extension
"ways of the London, Chatham, and Dover Company,
amounting to £1,212,000, which, with the £1,213,000 to be
I:sl,sted only as fully paid-up Stock, at not less a price than
;c-u per cent. increase on the present price of issue, or ear-
lier than twelve months hence, completes the amount of
42A25,000, the total amount of that Stock.
Full details of the linos and their present position are
g'ven at length in the statement annexed, which, with the
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 £1,433,300
13 Stock, entitled to 6 per cent. Preference
C Stock, entitled to 6 percent. Preference afterß 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 up to 6p. ct. 17213,000

£5,733,000

The total mileage is about 14 miles.
The traffic on the Metropolitan (Underground) hasßailway amounted since Ist January, 1865, to an averagie_t
6743 per mile per week, which is moreover daily increasno bi
nd at present arises from metropolitan passengers, a trifling
anaeunt only of through traffic, and no goods being as yet
carried on this line.
If . considered _ . .
When it is that the present traffic on_ the
-wletropolitan Extension Railways in London, Chatham,
"cl Dover Company is conducted over only two lines of
.waY, and
still a inadequate amount of rollm-
that it is unfinished, and that the prtion at work has
g stock,
has
only 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.
petTo fix the amount at anything like what is felt by com-
ent judges will be the actual result when the enormous
traffic that the junctions with the Metropolitan (Undert
Vr:,lll4.ttl), the Great Northern, the Midland, the Grea
's'ern, the West London Extension, the South Western,
Fine the North Western, will bring on the lines, might be
7:4__)nsidered an exaggeration by those inexperienced in h wonderful elasticity of metropolitan and suburban traffic.
i It is therefore thought better not to estimate the probable
irqaffine higher than the average of the mileage receipts of the
viz.,etropolitan (Underground) Railway, as above mentioned,
turn
li :
taGier el3,4Peor mile per Extension This multiplied by the mile-
-Re of the metropolitanm Lines of the
.vLeonadornel
and Dover Railway Company would give
tje °, X 489,941 per annum. From this sum. must. be
Per cent, for working charges, which is a liberal
estimate. The net results from passengers only may be
estimate therefore at £293,966 per annum. .
f„1.11 large
alike
goods traffic, which these lines will enjoy from the admirable position and number of the stations as_
'eteta_the arrangements made for working the traffic, will
at,"4llllY augment the receipts by at least XlO,OOO ne per nate . .v., .
beat m, inch, in that case, after paying intere.st. on de-
-6 etures on the 13 and C Stocks, would yield a dividend. of
~.4.32, cent. on the whole of the .£2,425,000 A Stock (in-
off itg the present issue), which, at the price it is now
(in-
offer at
The 2 would be equal to 10 per cent. per annum.
eonZerl, rice at which the A Stock is now offer.ed mu
one
1,„„
ou_ rell most advantageous to the investor if only
-`retc",,, t this result isattained; when however the increased
_
nm'eltPteselYonld permit a dividend of 5 per cent., the Stock
Profit
°f upwards
rise to par, which would praicall7,.boue a
It ,?_i of 47 per cent. above the
.price of is...hoy. 0
figures
prisidered that results approaching the above
Steady be reached in less than two years, and that a
41.11.43' increase may be further looked for from that time.
to„'.,„ngernents have therefore been made with Sir S. Mor-
re;t "uet.i Bart., Betts, and Crampton, to guarantee inttee-
,,ate as, trem Ist January, 1865, until Ist July, 1867, at the
which ti per cent. per annum on the amount paid up, V
merits
latter date ire s confidently believed the intrinsic
The the the whole system will have developedthemselves..
of til9 belief entertained as to the augmentation in value
ket 18
Stock, when it is considered that the lines possess
tral,olitan termini as well as metropolitan and suburban
8,_.!.e -,, is borne out by tho relative prices of the shares and
ti'l) ic of the Great Northern and of the Metropolitan (Un-
tteirund) Railway Company, before they had finished
eir lines and afterwards, :any, before
Great Northern A Stock was in October, 1853,
€lltoted in the Stock Exchange List at £54 per £lOO
t0c.,.,1- it is now worth £145, or 91 per cent. increase
in 'value.
Th
1861 -e Aletropolitan (Underground) Railway was in April,
, only four
years ago, quoted in the Stock Ex-
charntghe£Lli3sst,at equal to £54 per £lOO Stock ; itn°wsies or £Bl per cent. increase in value ; the
facts aPeak for themselves as to the prospects of the
Ilsltock now offered far subscription.
of
.ve Price of subscription is fixed at £2l per certificate
p, 't), equal to £52 10s. per £lOO stock, and the periods of
lYttient are as under
.£l4 per Certificate- on Application.
Allotment.
Ist September, 1865.
Ist December, 1865.
Ist March, 1866.
Ist June, 1866.

.E2l
All calls not dul
liable to forfeiture.y paid will render previous
payments
When the whole amount of £2l per
transferred in to th paid, £lO Stock for each certificate will be
certificate is e
name of the then holder thereof.
full,The option will be given to all subscribers to pay up in
on allotment (entitling them to interest on the whole
Inaeunt of price of issue from Ist January, 1865); and dis-
count at th.e rate of per cent nnum willbe allowed on
Pl.ePaYment of instalments These two allowances would
further reduce the price of issue by about £2 16s. per cent.
_ Ili?). the allotment, those applications the whole balance on
Iv ieb it is intended by applicants to be paid in one instal-
Aleut
on allotment will be first considered.
~ Applications must be made on the Forms annexed, andlich
"IleceMpanied by payment of £1 per share (without w
+.° application can be considered) to any of the undermen-
qoteA Bankers ...._,E,
;--
,11 London and County Bank.
,gasra. Glyn, Mills, Currie, and Co.
'MessyutAgra and Masterman's, Bank. (Limited).
s. Smith, Payne and Smiths.
• 'ne National Bank, London, Dublin, and its Branches
in Ireland.
ell!' National Bank of Scotland, Edinburgh, and its
Lute in Scotland.
p 'd ~e, event of no allotment being made, the Deposit
1:1 "'J., be returned forthwith without deduction; !Ind if
the are
allotted than the number of certificates applied for
all suill Will be applied towards the amount payable on
ijatrellinsZtetUlisets,lie:iuthrambearpss,o allotted.
~. rraentioned Stockbroker Plans,
E.C.
&c., may be had of the
aiessrs Laurence Son, and Pearce, 9, Angel-court, E.O
kessr 1
ke 8 " • and A. Scrimgeour, 10, Old Broad-street.
_ _-
lit sisrs• Zaight, Dale, and Co., 1, Royal Exchange- Einlgel_ 'auk •';• and of the Credit Fonder and Mobil of
their
om Limited (Alfred Lowe, Esq. Secretary), at _ the LO, do and 18, Cornhill, London'; and at the Offices of
E.,1 h,Th°lld°ll, Chatham, and Doter Railway uoimimpianco,Ys‘lwr.
° —'00) Esq., Secretary), Victoria Station, P

Foßu
OP APPPICATION FOR. SHARES TO BE
To the PAID I.TP BY INSTALMENTS.
Directors of the Credit Foncier and Mobilier of
1,212 England (Limited).
pala3;-'°°° A Stock of the Metropolitan Extension Rail-
8. of the London, Chatham, and Dover Railway Com-

ti_ Gentlemen,
bein"ag Paid to the*
ren8.441, Per Scrip Certificate on Bank,
Scrip Certificates,
abo,r 8b yoll to allot me the sum of .
Scrip Certificates of the
ley e Stock, in conformity with the Prospectus issued by
th:aad I hereby agree to accept such Certificates, or any
raamber that may be allotted to me, and to pay the fur-
the •611111 of Z 1 s
w pern Certificate due on allotment thereof, and
instalmenthe due.
I am, Gentlemen, your obedient Servant,
Name in full
Usual signature
Address in full

:61..i;1-118 FORM OP APPLICATION to bo USED by
in 01),T,L,ICAN. TS desirous of PAYING the BALANCE
To +I -" INSTALMENT on ALLOTMENT.
the Directors of the Credit Foncier and Mobilier of
1,212,000 England (Limited).
A Stock of the Metropolitan Extension Railways of the London, Chatham, and Dover Railway Company.
II Gentlemen,
witaving paid to the* Bank the sum of £
catJ fl Per Scrip Certificate on Scrip Certifi-
f Yequest you to allot me Scrip Certificates
bythe
an 3Tabove stock in conformity with the prospectus) issued
11' and I hereby agree to accept such Certificates, or
'eSB number that may be allotted to me, and to pay th
further sn,lll ef £2O per Certificate due on allotment thereof
Gentlemen, your obedient servant,
Name in full
Usual Signature
Address

* Insert Bankers' Name.