The Sun.
London, England, 1865-12-11 00:00:00

BAICKSItS.

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.C.
Messrs. E. F. Satterthwaite and Co., 38, Throgmorton-
street, London, E.C.
Messrs. Laurence, Son, and Pearce, 7, Angel-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 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 ($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 X, to X 368,533.
Since July 490 miles have been opened, and the receipts
have been $2,011,676, equal to X 287,382, for three months,
or at the rate of X 1,149,528 per annum. The subjoined
monthly traffic return shows the steady increase of
traffic.

Total.
1865. Miles Passengers Freight
open. Mails, - 1864. 1865.
Dollars. Dollars. Dollars. Dollars.
January 822 111,751 249,379 207,298 861,130
February „ 109,718 277,930 229,041 887,648
March 11 ~ 113,412 336,403 226,733 449,815
April ... „ 117,691 288,989 197,267 406,680
May „ 135,434 324,988 214,679 460,442
June
July 4'9o 162,655 432,868 332,098 595,523
August „ 213,469 525,059 406,076 738,528
September. ~ 210,914 466,711 446,044 677,625
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
Railway Company, but does not form part of the consoli-
dation.

The actual result, therefore, is a gross receipt at the
rate of upwards of £1,000,000 a year at the present ex-
change, with 100 miles still to open, and a large increase
of traffic only waiting for a further supply of rolling
stock.

This large traffic is owing to two causes :-
1. The Atlantic and Groat 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. Prom 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-
-Beoger traffic centring in the Western cities of Cincinnati,
uloveland, Chicago, and St. Louis, can arrive at New
York and the sea-board. _

2. The local traffic is equally enormous, owing to its
traversing the newly-discovered oil districts of Pennsyl-
vania, and the great coal-fields of Northern Ohio. Some
idea of the local traffic thus waiting for development may
be 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
and 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 new shares will
supersede those previously issued, with the exception of
1,919,000 dollars of Preference Shares pledged as part of
the security for the Certificates of Debenture issued in
November, 1864, which will, therefore, remain Preferential
until those Certificates are paid off, when the whole be-
come ordinary share capital. Provision is made in the
luortgage deed (under which the Consolidated Mortgage
tonds are issued) for securing the rights of the existing
Ifortgage Bonds, and also for their exchange at, maturity,
or earlier, by consent of the holder, if authorised by the
Board of Control ; this being completed, the present Con-
solidated Mortgage will become the first mortgage over the
Whole railway, with its branches, extensions, and equip-
ments.
The Consolidated Capital will therefore consist of
860,000,000, 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
I,3terling, afterpaying all working expenses, it is
s6calculated
by Mr. Forbes that a gross annual receipt of ,442,000
Would be sufficient, which is considerably less than the
annual receipt, and $3,573,000 less than Mr. Forbes's esti-
tuate of the annual receipt when the additional 100 miles
are opened, so that the security for the Bonds is ample,
and there is every prospect that, in addition, a high rate
of dividend will be paid on the $30,000,000 of Share
The Consolidated Bonds have 25 years to run, with
coupons for interest at 7 per cent. per annum, payable
quarterly, free of income tax, at the Company's Offices, in
London or New York, in gold. Interest is payable on 15th
January, 15th April, 15th July, and 15th October of each
Year.

„It is proposed to appropriate the total authorised issue
of
$30,000,000, or £6,000,000 sterling Consolidated Mort-
6-age Bonds, as follows :-
1. A reserve of $16,142,000 will be placed with trustees
' meet, either by conversion or payment when due, the
existing divisional Mortgage Bonds, being the total amount
that has been issued, or authorised to be issued, as certi-
fied byMessrs. Coleman, Turquand, Youngs, and Co., after
due examination of the Company's books and registrars, or
equal to £3,228,400. This includes all Bonds issued to the
Public, and also the Bonds deposited with Trustees for
the Certificates of Debentures issued in November, 1864,
the security of which remains unaffected by the present
arrangements.

2. The balance, viz. :—£2,771,600 is offered for public
subscription, at the price of £BO per £lOO Bond, including
the Coupon due January 15, 1866, payable as follows:
£5 per £lOO Bond on application ;
10 „ „ on allotment;
25 „ „ on 15th January, 1866, less coupon
£1 15s. due on that date ;
20 „ „ on 15th February, 1866 ;
20 „ on 15th March, 1866 ;
4110 wing for the January Coupon, the nett price of each
£lOO Bond will be £7B 55., or allowing for discount on pre-
paYlnents under £7B.
Subscribers will have the' option of paying in full, under
418 count, at tho rate of 7 per cent. per annum ; but, in de-
fault of due payment of the respective instalments, all pre-
t?,,. I°llB,_ Payments will be liable to forfeiture. The defini-
f uotids being now ready will be delivered, in exchange
or scrip, as soon as it is fully paid up.
Copies of the law authorising the consolidation of the
13reral divisions and branches of the Company, and deeds
totrust or mortgage, of the form of consolidated mortgage
f 4,1, and of other documents relating to the present issue
"uads, are deposited for inspection at the offices of the
vApplications must be addressed either to the Secretary,
.Lue offices of the Company' 5, Westminster Chambers,
flie„,kria-street, Westminster, S.W., to the Bankers of the
P-0-7Pany, or to the Brokers, from whom Prospectuses and
Ills of Application can be obtained.
London, Dec. 2, 1865.
ATLANTIS AND GREAT WESTERN RAILWAY.