The Sun.
London, England, 1865-06-19 00:00:00

ABRIDGED PROSPECTUS.

The East London Railway, recommended by the joins
committee of both Houses of Parliament in the session of

1864, and sanctioned by the act ofthis session, will ac-
commodate in its course the most densely-populated parts
of the metropolis.
The cost of the property required for the line will be less
per mile than that of any other metropolitan railway, and
is sufficiently provided for by the estimates. The length of
the line, including junction branches, is between seven and
eight miles, of which the land for the terminal station at
Liverpool-street,, and for nearly
.one mile of its course
through the most expensive district, is purchased jointly
with the Great Eastern Railway, the one running at a high
level and the other at a low level over the same property,
by which arrangement fully a quarter of a million will be
saved. On the southern side of the river, from the Thames
Tunnel to the junctions of the Southern Railways, the cost
per mile will be very moderate, whilst the tunnel itself has
been obtained without risk of construction at a little more
than one-third of its original cost. •
The large population which this line will accommodate,
and the high through rates which it will receive for the
traffic derived from the great lines with which it will be
connected, leave no doubt that its receipts per mile from
passengers alone will exceed those of the Metropolitan
Railway. But assuming the East London receipts to be,
per mile, not• more than those on the Metropolitan in its
present incomplete and undeveloped state, and calculating
the receipts on six miles only of the East London Railway,
so far substantially to confine the calculation to the main
line, the income from passengers will be £230,880 per
annum, to which must be added for merchandise and coal,
at a low estimate, £100,000; making a total gross income
of £330,880 ; which, after deduction of 41 per cent. for
working expenses, will leave a net income of £195,220, or
about 14 per cent. on the cost of the line.
To investors, the rapidity with which this line can be
opened fox traffic, and its security from competition, are
facts of great importance. The completion of the central
station at Liverpool-street, and nearly a mile of the line,
will be greatly expedited by the arrangement (confirmed
by Parliament) with the Great Eastern Company, which is
now in possession of part of the property, and is proceed-
ing with the works; the tunnel is also ready for immediate
application to railway uses ; so that the line will certainly
be yielding revenue in an unusually short space of time.
The contract will provide for payment of interest half-
yearly during construction at the rate of five per cent. per
annum on calls, and six per cent. on shares fully paid up.
In allotting the shares preference will be given to appli-
cations for fully paid-up shares.
The holders of paid-up stock have the privilege of pay-
ing up the balance of £BO per certificate at once, under dis-
count of six per cent. per annum, which will raise the first
year's interest to upwards of seven per cent.
On registration of the scrip, of which due notice will be
given, the certificates for £lOO will be divided into five
shares of £2O each.

In the event of no allotment being made the deposits will
be returned in full. Should a less number of shares be
allotted than are applied for, the deposits will be made
available towards the payment on allotment, and the
balance (if any) returned to the applicant.
Applications must bo made on the form annexed, accom-
panied by payment of £2 per scrip certificate, to any of the
undermentioned Banks :
The Union Bank London.
(Manchester, and its
Branches.
The National Provincial Bank Manchester,
The National Bank of Liverpool}
(Limited)
The National Provincial Bank
The Leeds and County Bank Leeds.

The Provincial Bank of Ireland Dublin and its Branches
in Ireland.
dinburgh and Glas-
gow, and its Branches
in Scotland.