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

Capital Authorised.
Shares, $30,000,000, in Shares of $5O each.
Mortgage Bonds, Six Millions Sterling, or Thirty Million

Dollars. '1
Issuo of Consolidated Sterling Mortgage Bonds for

£2,771,666, - -
Saving 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
Bands 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 aro payable to bearer, but can be registered at
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,
Loud
_ OD.

W. Fenton, Esq., Deputy Chairman Great Western
Railway, London.
C. J. Kennard, Esq., Director of Consolidated Bank,
Limited, London.
Lewin B. Mozley, Esq., Barned'e Banking Company,
Limited, Liverpool.
Joseph Robinson, Esq., Deputy Chairman Ebbw Vale
Company, Limited, London.

BANRNRS.
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.C.
Messrs. E. F. Satterthwaite and Co., 38, Throgmorton-
street, London, E.C.
Messrs. Laurence, Son, and Pearce, 7, Angel-court,
London,t 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-
Deets of the Atlantic and Great Western Railway, from
Which it appears—
The and Great Western Railway system corn-
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 1R65 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 £1,149,528 per annum. The subjoined
monthly traffic return shows the steady increase of
traffic.

1865. Miles
open.

Passengers
Mails, Sze.

aanuary 322
far Pebruary— 17
April
Ray ...... • •
%Tune
auly
August...
Septeniber.
October

This table includes the traffic of 33 miles of the Oil
i-l'reek Railway, which was constructed by and has
itherto been worked by the Atlantic and Great Western
railway Company, but does not form part of the consoli-
dation.
chin
actual result, therefore, is a gross receipt at the
'4O of upwards of £1,000,000 a year at the present ex-
ofchang with 100 miles still to open, and a large increase
trainc only waiting for a further supply of rolling
stuck.

Tllis 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-
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-
13e„ nger traffic centring in the Western cities of Cincinnati,
l'.,leveland, Chicago, and St. Louis, can arrive at New
xork and the sea-board.
2. The local traffic is equally enormous, owing to its
,raversing the newly-discovered oil districts of Pennsyl-
leala, and the great coal-fields of Northern Ohio. Some
ciea of the local traffic thus waiting for development may
lormed from the single fact that this oil district now
Yields at the rate of 3,000,000 barrels per annum, for the
--LN-eYance of which as much as 3d. to 4d. per ton per
110 is willingly paid.
&
Consolidation of the several Divisions of the Atlantic
and Great. Western Railway under one executive has been
sine, and a mortgage for 30 million dollars, or 6 millions
of bonds has been created, and also a capital of 30
million dollars of shares of 50 dollars each, based on the
:hole property of the Company. The new shares will
paersede those previously issued, with the exception of
te_l3,ooo dollars of Preference Shares pledged as part of
security for the Certificates of Debenture issued in
mbar, 1864, which will, therefore, remain Preferential
entii those Certificates are paid off, when the whole be-
3,,Zrt ordinary share capital. Provision is made in the
p,"l•_,gage deed (under which the Consolidated Mortgage
Muds are issued) for securing the rights of the existing
o,urtgage Bonds, and also for their exchange at maturity,
.n earlier Cont consent of the holder, if authorised by the
fo_ard of rol this being completed, the present Con-
solidated Mortgage will become the first mortgage over the
railway, with its branches, extensions, and equip-
/menu,.
The Consolidated Capital will therefore consist of
00,000,Q00, 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
133' 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
„r" opened, so that the security for the Bonds is ample,
'ad there is every prospect that, in addition, a high rate
`;1 dividend will be paid on the $30,000,000 of Share
vapito.
ebTile Consolidated Bonds have 25 years to run, with
pons for interest at 7 per cent per annum, payable
41.terlY, free of income tax, at the Company's Offices, in
4ndon or New York, in gold. Interest is on 15th
y "al?, 15th April, 15th July, and 15th October of each
ear.
It is
of Proposed to appropriate the total authorised issue
03
g 4 94000,000, o £6,000,000 sterling Consolidated Mort-
A°11(18, as follows :
to 11, reserve of $16,142,000 will be placed with trustees
exi;,?et, either by conversion or payment when due, the
tbat'lLag divisional Mortgage Bonds, being the total amount
Redl,Llas been issued, or authorised to be issued, as certi-
-04„ u3rMessrs. Coleman, Turquand, Youngs, and Co., after
examination of the Company's books and registrars, or
1,14, to £3,228,400. This includes all Bonds issued to the
tiaA and also the Bonds deposited with Trustees for
the Certificates of Debentures issued in November, 1864,
a* security of which remains unaffected by the present
plrhgAraents.
aai he balance, viz.:—£2,771,600 is offered for public
the-',l, %ion, at the price of £BO per £lOO Bond, including
eePon due January 15, 1866, payable as follows:-
10 Per £lOO Bond on application ;
allotment;
25
on
on 15th January, 1866, less coupon
20 £llss. due on that date ;
20 )1 lt on 15th February, 1866 ;
aliou,„ ~ on 15th March, 1866 ;
41001-beg for the January Coupon, the nett price of each
Da..-L'ond will be £7B 55., or allowing for discount on pie-
i!tta und £7B.
tliscoriiuseriberser will have the option of paying in full, under
fasitea,t, at the rate of 7 per cent. per annum ; but, in de-
\''los°'. due payment of the respective instalments, all pre-
!ive h_PaYments will be liable to forfeiture. The defini-
'or riZliCig being now ready will be delivered, in exchange
P, as soon as it is fully paid up.
4eVe 'll3B of the law authorising the consolidation of the
ist_e 4;44 (Ivisions and branches of the Company, and deeds
'um, a ur mortgage, of the form of consolidated mortgage
1;1 bo of other documents relating to the present issue
Nlielt4B, are deposited for inspection at the offices of the
(Irs•
at
aPbcations must be addressed either to the Secretary,
Vietoriefaces of the Company, 5, Westminster Chambers,
orapa't-etreet, Westminster, S.W., to the Bankers of the
, oro,B 1:13', or to the Brokers, from whom Prospectuses and
totidonA,
uppelci.ca2t,iolnB6csa.n be obtained.
Akrr
'lll AND GREAT WESTERN RAILWAY.
FORM OF APPLICATION.
T° the, (To be retained by the Bankers.)
4-10ard of Control, Atlantic and Great Western
Railway Company.

a N 0......
Mart, that
Paid the sum of £ I hereby
atoll: 'Qat you will allot me Consolidated
.'4ge Bonds of the Atlantic and Great Western. Ra..
IterLand I hereby agree to accept such Consolidated
to ,013 ago Bonds, Or any less number that may be allotted
according to the terms of the Prospectus.
_ I:itm, your obedient servant,
Signaturr?
Address in full
Date