The Sun.
London, England, 1865-05-27 00:00:00

•
The CREDIT FONCIER and MOBILIER of ENGLAND
cfrivaited) are instructed to RECEIVE SUBSCRIP-
Tru„ JONS for £1,212,000 A STOCK of
HE METROPOLITAN EXTENSION
1-.)01,-ItAlLwAYs of the LONDON, ciwynAm, and
8 ,2" T-4R RAILWAY COMPANY, in 30,300 Provisional
c."P Certificates to Bearer of £4O each, with interest
Pna ran teed by Sir S. Morton Peto, Bart, Betts and Cramp-
, at 6 per cent. per annum on price of Issue, payable on
klitaa,. ounrntP aid-up, as from Ist January, 1865, and payment
°tlach interest will be continued to Ist July, 1867, by
yearlyear—
Payments, on Ist July and Ist January in each
WY, 1865
*lile first Six Months' Interest will be paid on Ist
. k ,ePosit £1 per Certificate on Application, and £4 on
..notnient.
isPe,i.p.iiieeelorooenifSaito:cukuel.:2l for each Certificate, equal to £52 10s.
rm. Liabil4y limited to amount of Subscription.
half of this Stock, £1,213,000, will not be
:led for twelve months, and then only as Paid-up Stock,
tle`i at not less a price than £lO per £lOO Stock advance on
11" sent Price of issue.
Tl% i., DIRECTORS.
i,a,:igil_lt Honourable Lord SONDES, Lees Court,
The L:B_,aatn, Kent, Chairman.
b ru Harris, K. 5.1., South-street, Grosvenor-square,
iiii. t1311,,,ty-Chairman.
tie il• w• Carden, Royal Exchange-buildings.
cle'lN.rge Cobb, Esq., Bredgar, Sittingbourne.
WiOrd W. Edwards, Esq. Victoria-street, London.
eh `l4, ra Gladstone, Esq„ 37, Old Broad-street, London.
G. res J. Hilton, Esq., The Pines, Bickley, Kent.
j,.._, Holroyd, Esq., 8, Sussex-square, Hyde Park, W.
eirt• s ake, Esq., Newlands, Sittingbourne.
ir 0„11' 'T. Rich, Bart., Nottingham-place, London.
Bir j„tck P. Roney, 15, Langham-place, London.
""u Maxwell Tylden, Milgtead, Sittingbourne.
II SOLICITORS
"fira. Freshfields and Newman ~
5, Bank-buildings, E.C.
ENGDOERS.
,°l3eph Cubitt, Esq., C.E., Great George-street.
F. • T. Turner, Esq., C.E., Parliament-street.
SECRETARY.
W. E. Johnson, Esq.
GENERAL MANAGER.
J. S. Forbes, Esq.
The PROSPECTUS.
Ant , Present object is to offer for public Subscription the
Ito half of the A Stock of the Metropolitan Extension
14liwaYs of the London, Chatham, and Dover Company,
110unting to £1,212,000, which, with the £1,213,000 to be
Zed °llly as fully paid-up Stock, at not less
.a price than
16 Per cent. increase on the present price of MEMO, or ear-
ir t,11...,an twelve months hence, completes the amount of
o'o,ooo, the total amount of that Stock.
give Full_detailse nCached,tho of thet
h e linesstthen
e and t their presentd,wh
i positioni3:.irith are
show routes of these lines and those in
In tun.
points
considering this Stock as, an investment, the principal
pa ts.f or consideration are, first, the amount of Stock to
th„.7,,(llvidend upon ; secondly, the probable receipts. ;
tei'„tY, the minimum dividend per cent. to yield a fair
The price the price of issue.
eto capital of the Metropolitan Extension Railways is
1;), uted as follows, viz.:—trtures£l,433,3oo
e ste'cik, entitled to 6 per cent. Preference
A. ecit,eatitled to 6 percent. Preference afterß 1,050,000
For
-°"- kPresent Issue) Entitled to remainder
~,,,f,lgure Issue as fully of Profits £1,212,000 2,425,000
r'''''llP Stock up to 6p. ct. 1,213,000
/

£5,733,000

The The total mileage is about 14 miles.
has traffic on the Metropolitan (Underground) Railway
67amounted since Ist January, 1865, to an average of
and _Per mile per week, which is moreover daily increasing,
ktZtipresent arises frommetropolitan passengers, a trifling
catriein only of through traffic, and no
virlicl on this line goods being as yet
144:11 •it
is considered that the present traffic on the
4,4 d traian Extension Railways in London, Chatham,
Vray. Over Company is conducted over only two lines
also
tlial.-Icl with an inadequate amount of rolling stock,
0111 it is still unfinished, and that the portion at work has_e
PreY recently been opened, it will be observed that th
r: receipts afford no reliable data upon which to form
fix
of the probable traffic.
petersemiax the amount at anything like what is felt by com-
tram judges will be the actual result when the enormous
R.I. that the junctions with the Metropolitan (Under-
W°,lllld)i the Great Northern, the Midland, the Great
andatehrt, the West London Extension, the South Western,.
to„.,e North Western, will bring on the lines, might be
Veral"rd an exaggeration by those inexperienced in the
i'eriol elasticity of metropolitan and suburban traffic.
t„," is therefore thought better not to estimate the probable
higher than the average of the mileage receipts of the
vi_.‘ropolitan (Underground) Railway, as above mention.ed,
• £673 per mile per week. This multiplied by the mile-
of the Metropolitan Extension Lines of the London,
L., and Dover Railway Company would give a re-
ded ef £489,944 per annum. From this sum must be
e.ucted 40 per cent. for working charges, which is a liberal
!!'lliaate. The net results from
vai passengers only may be
ntated therefore at £293,966 per annum.
fr The large goods traffic, which these lines will enjoy alike
°/11 the admirable position and number of the stations as
from the arrangements made for working the traffic, will
certainly augment the receipts by at least £40,000 net per
11ttum ; which, in that case, after paying' interest on de-
r Wares on the B and. C Stocks, would yield a dividendof
per cent. on the whole of the £2,425,000 A Stock (in-
cluding the present issue), which, at the price it is now
ilffered at, would be equal to 10 per cent. per annum.
The price at which the A Stock is now offered must be
reosidered most advantageous to the investor if only oneh
1, lf of this result is attained; when, however, the increased
,leleolpts would permit a dividend of 5 per cent., the Stock
110 certainly rise to par, which would practically be a
gritl of upwards of 47 per cent. above the price of iseue.
figures considered that results approaching the above
stead will be reached in less than two years, and that a
Aran
ti3increaseoarh
t.,may be further looked for from that time.
tett Peg ave therefore been made with Sir S. Mor-
Betts, and Crampton, to guarantee into-
ttte- Is, horn Ist January, 1865, until Ist July, 1867, at the
which Per cent. per annum on the amount paid up, by
ta ,14.',. latter date it is confidently believed the intrinsic
of the whole system will have developedthetuselves.
t 0 belief entertained as to the augmentation in value
,net is stock. when it is considered that the lines possess
traftePolitan termini as well as metropolitan and suburban
etockc' b°roe out by the relative prices of the shares and
der,,°f the Great Northern and of the Metropolitan ffn-
theri131:1111(1) Railway Company, before they had finished
Thanes and afterwards, viz.-
0 Great Northern A Stock Was in October, 1853,
98'11,°ted in the Stock Exchange List at £54 per £lOO
• 'eek, it is now worth £145, or 91 per cent. increase,
Till Zsalue•
Metropolitan (Underground) Railway was in April,
ci'lai only four years ago, quoted in the Stock E-
N,Te.,4nge List at equal to £54 per £lOO Stock ; itnow is
; —h £135, or £Bl per cent. increase in value ; these
'acts
TVt aPeak for themselves as to the prospects of the
ek now offered far subscription.
ei to Price of subscription is fixed at £2l per certificate
Paykeilecit hal to £52 10s. per £lOO stock, and the periods of
are as under :
£1 Per Certificate on Application.
4
4 11 Allotment.
4 1) 15t September, 1865.
4 17 Ist December, 1865.
4
Ist March, 1866.
11
Ist June, 1866.

114. caitinot duly paid will render previous payments
e_nt_s
tertießte forfeiture. When the whole amount £2l per
tr4l4Sfete II paid, £4O Stock for each certificate
t
rred into the name of the then holder ereof.
41111, ne °Pti°ll will be given to all subscribers to pay up in
.11,,m41 allotment (entitling them to interest on the whole
°f Price of issue from Ist January, 1865) ;
i)tei)a._t the rate of 6 per cent per annum lbe allowed on
Ilirthelat of instalments. These two allowances would
1,13.1
the price of issue by about £2 16s. per cent.
bleb . ent, those applications the whole. balance.taoln-
ollute.,enni,__uedstbbey applicants to be paid one ins
ktiolpt;litcalltslitiletrrient will be first considered.
keto Pheations
made on the Forms annexed, and
to „III; Panied by navment of £1 per share without(d
en_
tatikers be considered) to any of the un erm
Isteesntondon and County Bank.
Th,:rAe• Glyn, Mills, Currie, and Co.. _
Itteßs'gra and Masterman's Bank (Limited).
Smith,
Th Payne, and Smiths.
-1-lationald Bank, London, Dublin, and its Branches
b.
Branch liational Bank of Scotland, Edinburgh,
In."41:38 in Scotland.. and its
Paid event of no allotment being made the Deposit
lees 'eF3 ill be returned forthwith without deduction;
thes:te allotted than the number of certificates applieda
for
ttlioth-,11111 'will be applied towards the amount payable on
I,l7•ent on the number so allotted.
11114eL6Pectilsee, with Maps, Plans, &c., may be had of the
tteZ(3ll,tioned Stockbrokers :
Ile ..81,aurenee, Son, and Pearce, 9, Angel-court, E.C.
, 8-‘„S' .1.,z and A. Scrimgeour, 10, Old Broad-street.
Pg5,41,,-,s• lknight, D le, and Co., 1, Royal Exchange-build-
• and of thae Credit Foncier and Mobilier of Eng-
siface„,ted (Alfred Lowe, Esq., Secretary), at their
'„" atid 18, Cornhill, London ; and at the Offices_f
i„•Jah,,-"en, Chatham, and Dover Railway Company a
Ohlie°,n, sq., Secr4ary),Victoria Station, Pimlioo,_STg
- °P APPPICATION FOR SHARES TO BE
`° 11,..11A1D UP BY INSTALMENTS. _
6 -mectors of the Credit Fonder and Mobiher of
t 1,21, A‘, England (Limited)..
vray-s'uudiA-, Stock of the Metropolitan Extension Rail-
Dan the London, Chatham, and Dover Railway Com-

I
Ravin Gentlemen,
inig Paid to the* Bank, the sum of
teciiif,-,i per Scrip Certificate on Scrip Certificates,
nbov -R-: 3'ou to allot me Scrip Certificates of the
iell, ea
—°ek, in conformity with the Prospectus issued by
he instainif:4,
*3BB, -Ild I hereby agreeto accept such Certificates, i:st)rl•iiiary
thee that may be allotted to me,
Per_ Certificate due on allotment thereof, ticrierretol, and
1 aiZcienhunemdueen.
, your obedient Servant,
Name in full
Usual signature
Address in full

bate
Or, tl,; May 1865.
APpl „.-r ORM OF APPLICATION to be 17SE_D
_bi
I 61,44,-1-CANTS desirous of PAYING the BALANU
T0t10.741-e, INSTALMENT on ALLOTMENT. _ '43 birectors of the Credit Foncier and ltlobilier of
C,212 n,,,, England (Limited).
of th,',""i. 9 A Stock of the Metropolitan Extension Railways
- -`43ocloim, Chatham, and Dover Railway Company.
i.,._ . Gentlome
111-mtg pail to the* Bank the sum of £
-'llB .E 1
ecties T Per Scrip Certificate on Scrip Certifi-
er w',request you to allot me Scrip Certificates
lal •TelftliTiti(9l Stock in conformity with the prospe?tus.issueod
hereby agree to accept such Certificates,t
the
._ Y. less ollinber that be allotted to me, and to pay h
4111,11er gunimay .
1 of X2O per Certificate due on allotment thereof
Gentlemen, your obedient servant,

Name in full
"Usual Signature
Address

Date
May, 1865. •
Insert Rankers' Name.
of £1,212,000 A STOCK of the METRO-
N•.
OeLIT AN EXTENSION RAILWAYS of the
_VA. The 041. k TRAM, and 00VER RAILWAY COMP
RDIT VONCIER and MOBILIER of ENGLAND
Lts,rp.9 hereby give notice, that the SUBSCRIPTIONT
(SATildor the • above • Stock will CLOSE THIS DAY
fiAraiel•DAY),
.the 27th inst.. at Three o'cloc
the, k for London.
for
"niryApp ail
lidcations. on MONDAY NEXT, 29th instant,
• By order of the Court,
Lola ALFRED
don, May 27, 1865, 17 and 18, Corah" LOWE, Secretary.