The Sun.
London, England, 1865-12-02 00:00:00

BANKERS.

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 accompanying 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 in-
formation derived from personal inspection of the position
and prospects of the Atlantic and Great Western Railway,
from which it appears—
The and Great Western Railway system cont-
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 1865 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. Tho subjoined
monthly traffic realm shows the steady increase of
traffic.

Total.
1865. Miles Passengers
Frei
open. Mails, Ste. ght.'
1 1864. I 1865.
Dollars. Dollars. r Dollars. Dollars.
January..,,! 322 111,751 249,379 1207,298 361,130
-
Pebruary 17 109,718 277,930 229,041 387,648
-
March I, 113,412 336,403 226,733 449,815
April I 117,691 288,989 197,267 406,680
May ),
135,431 324,988 214,679 460,442
~
June
J-14 490 162,655 432,868 i 332,098 1 595,523
August
Scptentb, c „ 210,914 466,711 446,044 1 677,625
October , 207,861 519 050 ' 396 817 ' -19 911
~ -, - i , ‘ ,
‘

This table includes the traffic of 33 miles of the Oil
Creek Railway, which was constructed by and has
hitherto been worlCed by the Atlantic and Great Western
Railway Company, but does not form part of the consoli-
dat ion.

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 Great Western lino 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-
senger traffic centring in the Western cities of Cincinnati,
Cleveland, 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-
;°ania and the great coal-fields of Northern Ohio. Some
'toes. of the local traffic thus waiting for development may
De formed from the single fact that this oil district now
Yields at the rate of 3,000,000 barrels per annum, for the
mile
of which as much as 3d. to 4d. per ton per
"-e Is willingly paid.
A Consolidation of the several Divisions of the Atlantic
and Great Western Railway under one executive has been
Imule, 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
stiPersede those previously issued, with the exception of
:-,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
to°rtgage deed (under which the Consolidated Mortgage
ndsare issued) for securing the rights of the existing
Mortgage 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-
xnents.

The Consolidated Capital will therefore consist of
$60,000,000, 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
sterling, after paying all working expenses, it is calculated
by 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
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
Capital.
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
yLondon or New York, in gold. Interest is payable on 15th,
aellaruarY, 15th April, 15th July, and 15th October of each

oflt-
la proposed to appropriate the total authorised issue
30,000,000, or £6,000,000 sterling Consolidated Mort-
gage Bonds, as follows :
ain 1. A reserve of $16,142,000 will be placed with trustees
—•nleet, either by conversion or payment when due, the
fiedivisicpal Mortgage Bon. ds, being the total amount
d 4t, has been issued, or authorised to be issued, as certi-
byllessrs. Coleman, Turquand, Youngs, and Co., after
ue
'
examination of the Company's books and registrars, or
gaol to .£3 228 400. This includes all Bonds issued to the
public, and also'
the Bonds de.posited with Trustees for
th, thCertificates of Debentures issued in November, 1864,
aeCulit ofwhich remains unaffected by the present
ar ngAmentrn y
-„-s.
EniT: The balance, viz. ,600 is offered for public
Ver,riptiOn, at the rice of £BO payable
Bond, including
Coupon due January 15, 1866, payable as follows:-
I'o6 per £lOO Bond on application ;
on allotment ;
25 on 15th January, 1866, less coupon
£1 15s. due on that date ;
2200 71 „ on 15th Febriary, 1866 ;
„ on 15th March, 1866
410,1,11 g for the January Coupon, the nett price of each
pa Bond will be £7B 55., or allowing for discount on pre-
t-,ents under £7B.
tii*b
seubseribers will have the option of paying in full, under
fauiPtit, at the rate of 7 per cent. per annum ; but, in de-
\pi° of due payment of the respective instalments, all pre-
ti payments will be liable to forfeiture. Tho defini-
foresbonds being now ready will be delivered, in exchange
es soon as it is fully paid up.
oPies of the law authorising the consolidation of the
,a'al divisions and branches of the Company, and deeds
I,oost or mortgage, of the form of consolidated mortgage
of bu,' and of other documents relating to the present issue
Sol des, are deposited for inspection at the offices of the
APplie •
at the Applications must be addressed either to the Secretary,
Viet() (Aces of the Company, 5, Westminster Chambers,
can na-street, Westminster, S.W., to the Bankers of the
Porrrao37, or to the Brokers, from whom Prospectuses and
Lo, f Application can be obtained.
"u°ll7 Dec. 2, 1865.

. -- - --
AV
-"ANTIC AND GREAT WESTERN RAILWAY.
FORA' OF APPLICATION.
To 41, (To be retained by the Bankers.)
the Board of Control, Atlantic and Great Western
Railway Company.
No .
:,:orteftanthat you will allot
request * iila theme sum of £ I hereby
Consolidated
"4t.wa--
t, se Bonds of the Atlantic and Great Western Rail-
d I hereby agree to accept such Consolidated
to , gage Bonds, or any less number that may be allotted
le, according to the terms of the Prospectus.
I am, your obedient servant,
Signature
Address in full
Date "it

NAPLES PUBLIC WORKS COMPANY
(Limited).
The SUBSCRIPTION LIST will CLOSE for London
and the Country on TUESDAY NEXT, the sth Decem-
ber.

J. F. O'BRIEN, Secretary.