The Sun.
London, England, 1865-11-20 00:00:00

OYAL NAVAL, MILITARY, and
bli GENERAL LIFE ASSURANCE SOCIETY (Esta-
shed A.D. 1837. under Royal Patronage), 17, Waterloo-
Place, London, S.W.
ARTHUR R. HAMILTON, Secretary.
Agents wanted in towns not yet represented.

THE FREEHOLD LAND AND BRICK-
MAKING COMPANY (Limited).
Incorporated under the Companies Act, 1862, whereby the
liability of each Shareholder is strictly limited to the
amount of his Subscription.
Capital £25,000, divided into 5,000 Shares of £5 each.
Deposit £1 per Share upon Application, and Al per Share on
Allotment. Calls not to exceed Al per Shere, and at inter-
vals el cot less than Three Months. It is not proposed to
,Call up more than £2 per Share.
.0 Guaranteed Dividend of not less than 15 per cent. for the
Brat Five years, and all profits above 20 per cent. will be
carried to the Freehold Land "Purchase Account."

DIRECTORS.
Colonel Richard Ouse ley, Junior United Service Club, and
... Gloucester-place, Hyde-park-gardens.
.4 Panter, Esq.,w Lee Park, Bi.ckheath.
J• Broderick Hartell, Esq., 1, Brunswick-place, Regent's-
„Park (Director of the Lonon and earls Hotel Company).
Oseph IL Tilston, Eeq., Chepstow-place, Bayswater, W.
_(birector of the City Assurance Company).
Edward Charles Lea, Esq. (Mos, Lea, and Co., Merchants, 16,
Water-lane, E.C).

RANKERS.
London—Metropolitan and Provincial Bank (Limited), 75,
Atundel—Messra. }lent), and Co.

SOLICITOR.
Frederick W. Snell, Esq., 1, George-street, E.C.
►SECRETARY—CharIes Snewin, Esq.
OFFICES.
160, Gresham House, Old Broad-street, London, E.C.

T_,lllB Company will commence operations forthwith. The
18 ea of dividends of 15 per cent. will be paid the Ist April,
the Ist July, the Ist October, the Ist January, 1867, and
sit rwards in. quarterly succession each year, on the same day
of the month.
Particulars, with Prospectuses and Forms of Application,
',milk
tOoT, be obt
and a!ned at the Company's Offices, also from the
ers Solicitor.

THE FREEHOLD LAND AND BRICK-
MAKING COMPANY (Limited).
NOTICE IS HEREBY GIVEN, that the SHARE LIST
Will be CLOSED on THURSDAY NEXT, the 23d inst., for
.
tuition subscribers, and on SATURDAY, the 25th inst., for
`'"ntrY subscribers. _ _

By order,
CHARLES SNEWIN, Sec.
160, Gresham House, November 18, 1885.

Messrs. KNIGHT, DALE, and CO., 1, Royal Exchange
Buildings, are instructed to RECEIVE SUBSCRIP-
TIONS for £300,000 in £15,000 Shares of £2O each, in
15,000 PROVISIONAL SCRIP CERTIFICATES to
bearer in the
EAST and WEST JUNCTION RAILWAY
With the exception of I,OOOOOMPANY fully paid-up Sfiares,-
have been reserved.
Incorporated by 27 and 28 Vic., cap. 76.
£1 on application, £4 on allotment, remainder in Calls of
£5 each, at intervals of not less than three months.
Interest at £6 per cent. per annum on the above capital
guaranteed by the Contractor until the opening of the
single line.
The Capital at present authorised for a single line is
£OO 000 in Shares, and £lOO,OOO in Debentures.
Powers for increasing this Capital by the issue of Pre-
ference Shares (not exceeding £300,000) and £lOO,OOO
in Debentures, for completion of a double line, making
a total capital of £BOO,OOO, will be applied for next
Session of Parliament.
It is proposed that this further share capital of £300,000
shall rank for dividend before the original Share Capi-
tal and receive a ,fixed dividend of 6 per cont., and be
offered at par to the holders for the time being of the
„ginQl Capital, pro rata.
The estimated revenue is based on the proposed total
Capital of £BOO,OOO, viz., £600,000 in shares and £200,000
in Debentures.

BO OF DIRECTO.
Stevenson Forbes, Esq., ARD
21, PhillimoreRS
-gardens, Kensing-
ton S.W.
*William Forbes, Esq., 11, Church-road, Haverstock-hill,
.rjauel Isaac, Esq., Hyde Park-gate, South Kensington.
trilaY Knight, Esq 4, Lansdown-place, Blackheath.
Matthew Malcolm, Esq., The Manor House, Kineton,
t, Warwick.
Rl3! Mordaunt, Bart., M.P., Walton House, Warwick.
* 0. P. Roney, 15, Langham-place. W.
G. E. Surtees_(of Charrington, Sells, and Co.), 40, Devon-
shire-place, W.
subje ct These gentlemen have consented to join the Board
to their being duly appointed by the Shareholders
at the next General Meeting.
ENGINEER.
James B. Burke, Esq., C.E. 4, Queen-square, Westminster.

KERS.
Messrs. Smith, Payne, an BAN d
Smiths, 1, Lombard-street,
London.
SOLICITORS.
Messrs. Dale, Stratton, and Co., 3, Gray's Inn-square, and
31, Parliament-street.
BROKERS.
Messrs. Knight, Dale, and Co., 1, Royal Exchange-buildings.

SECRETARY.
C. Banks, Esq.
OFFICES.

O. 3, Westminster-chambers, Vietoria-street, West-
minster, S.W.

This railway extends from Towcester to Stratford-on-
Avon, a distance of 33 miles. Its object is to shorten by
30 miles the present narrow gauge route, via Bliswortb,
between London and the great coal fields of South Wales;
also to afford greater facilities fur the coal traffic between
South Wales and London, and the return ironstone trade
between Northamptonshire and South Wales. The Corn-
ta9Y have secured running powers from Towcester to
hsworth, as well as most favourable arrangements with
the Great Western Company.
The lino passes through a rich and populous country,
and 'will afford the best route to London for all traffic
iiving at Worcester from whatever source, as well as
that from
hat from Redditch, Alcester, Stratford, Kineton, and
important towns.
1864 South Wales produced 11,000,000 tons.of coal,
and London consumed 5,600,000 tons ; of which quantity
t,000,000 tons were steam, and 1.000,000 tons gas coal ;
ut notwithstanding that South Wales is practically the
Ply district in Great Britain where smokeless steam coal is
Need, less than 200,000 tons of coal of all descriptions
sent by railway from South Wales to London.
frills virtual exclusion of the Welsh coal from the Lou-
urn market arises from the fact that the South Wales coal
Proprietors cannot successfully compete with the Northern
sfol3rietors in consequence of the rates being lower on the
I,erthern lines than those hitherto charged by the Great
""stern Railway.
If these rates were equalised and the independent narrow
gauge route shortened, as it will be by the proposed rail-
trY, there can be no doubt that a traffic in coal will be
eveloped over it far exceeding the present quantity.
An annual demand exists in Wales for 2,000,000 tons of
"Laustone of the quality found in Northamptonshire, which
district at present supplies only about 200,000 tons, in con-
re„nce of the long routes and high rates. This quantity
,111 be largely increased, as the reduced rates and the
;:311•°rtened distance of 30 miles will enable the ironstone to
e delivered in Wales at a reduction of 3s. per ton, making
a Price less than it could be raised in Wales or imported,
and will secure to this railway, above all other routes, the
great desideratum of back mineral carriage.
Arrangements have been made by which the traffic of
some of the principal ironstone estates in Northampton-
:hire, including a considerable portion of Lady Palmer-
ton's estate, is secured to this Company.
t As a proof of the remunerative nature of mineral traffic
° a railway company, it may be mentioned that the exist-
,,pg.railways in Great Britain, whose receipts are principally
valuable
from mineral traffic, are the. best paying and most
aluable railway properties in the kingdom; for instance,
the Taff Vale Railway, 58 miles in length, of which 38 are
double,_ and 20 single line, constructed at a cost of about
.£27,000 per mile, carries over 3,000,000 tons of minerals
one 'Tay, and earns £9B per mile per week, which realises
a dividend of 10 per cent. per annum ; and the ordinary
.£lOO stock of that Company is now worth £l6O in the
market. The East and West Sunctionßailway, for a double
line, will cost 414,000 per mile, and will, as estimated, earn
.£9O per mile per week.
The advantages of this line maybe thus summed up:—

Access to the'best depots for coal in London.
Back carriage over two-thirds of the whole distance be•
tween London and South Wales, in which two-thirds is in.
chided the entire length of this railway.
Unlimited supplies of coal in South Wales, with an al.
most unlimited demand for coal in London.

Great and increasing requirement in South Wales for
ironstone found in Northamptonshire, which ironstone
must of necessity go over this railway.
The existing routes for the conveyance of coals from
South Wales to London are as follows :-
1. By sea, which is nearly four times longer than the
distance by railway, and cannot compete with the railway
when the rates are reduced even to three-eighths of a
penny per ton per mile.
2. By the Great Western Railway, via Worcester and
Oxford, to Paddington. This route is the same, in point
of distance, as that by this railway, but it has no mineral
return traffic.
3. By the London and North-Western Railway, via Dud-
ley and Birmingham, which route is 30 miles longer than
by this railway.
From the foregoing data it must bo assumed that a traffic
of at least 1,000,000 tons of coal and a likequantity of iron-
stone will be attained. The passenger and goods traffic
Om the important districts through which it passes cannot
• °:taken at less than £3O per mile weekly, especially when
ie borne in mind that an immense traffic already exists
between Worcester and London in which this Company
Must
Participate. Taking -I of a penny per mile for mine-
-ts, and taking the working expenses at 40 per cent. for
It'l.inerals, and 50 per cent. for passenger and ordinary goods
ilaine, will give the following results :
assenger and ordinary goods traffic, at
be43o per mile per week, over 33 miles... £51,480
duct working expenses at 50 per cent. 25,740

litineral traffic on 1,000,000 tons coal
66
" 1,000,000 " ironstono

£25,741

2,000' 000 at ;of a penny
per mile ... 103,121
Deduct Working expenses, 40 per cent... 41,249

61,875

Gross profit
Deduct interest on £200,000 Debentures 12,000
Deduct dividend on proposed Preference
Share Capital of .000,000, at 6 per cent. 18,000

87,615,

30,000

Available for dividend at present issue of Ordi-
•nlarY Share Capital of X 300,000 £57,615
;\-7,11F at the rate of nearly 20 per cent. por annum, o r, if
sinhuted equally over the entire Share Capital, giving a
mean dividend of nearly 13 per cent. • 1
81
, b e wo
Lors, the first sod of which was turned in Auust
64Y rkd
and Lady Palmerston, are now far advang ced,, and will be completed for a single line within eighteen
months, and arrangements have been made with Mr.
h'ralupton, the contractor, to complete the double line,
e the total capital above-mentioned. The addition of
second line of rails, the land for which has been pro-
'nel€,*l? Will, it is expected, be completed about the same
period. The contractor has agreed to pay interest on the
capital now- offered for subscription, at the rate of £6 per
per annum until the completion of the single line.
The Passing of the Act during the past Session, for a line
ir°lll. Stratford to Worcester, will give a second and a
Bnlicrter route between those points, and this must materially
Lcrease the traffic to and from the line of the East and
yest Junction. The passing of the Act authorising the
line front Stratford to Worcester and the great prospects of