The Sun.
London, England, 1865-12-08 00:00:00

UTUAL LOAN FUND ASSOCIATION.
(Incorporated by Act of Parliament, 1850).
14, RUSSELL-STREET, COVENT-GARDEN, LONDON
ADVANCES MONEY on Personal Security. Bills of SalP,
Freehold or beneficial Leasehold Property. without inquiry
fee, or any deduction whatever. for periods of one, two, or
three years, repayable weekly, monthly, or quarterly. Bills
discounted. The greatest secrecy observed. Advances also
made towards the Purchase of a House, repayable in 5, 10, or
15 years —Forms free on application, or receipt of a stamped
envelope.

EDWARD HARPER, Secretary.

THE ATLANTIC AND GREAT WESTERN
RAILWAY.

Capital Authorised.
Shares, $80,000,000, in Shares of $5O each.
Mortgage Bonds, Six Millions Sterling, or Thirty Million

Dollars.
Issue of Consolidated Sterling Mortgage Bonds for

£2,771,600,
saving 25 years to run, bearing Interest at Seven per
Cent. per Annum.
Secured on the whole Line of the Atlantic and Great
Western Railway, with Branches, Extensions, and
Equipments.
£3,228,400 being reserved for Redemption of ,Mortgage
_ Bonds already issued on the several divisions.

The Bonds are of £lOO, or 500' dollars, each, with interest,
Payable Quarterly, free of Income Tax, in London,
in sterling, or in New York, in Gold, at the
Company's Offices.
They are payable to bearer, but can be registered at
holder's option.

BOARD OF CONTROL IN LONDON.
Sir S. Morton Peto, Bart., M.P., Chairman.
James Goodson, Esq., M.P., Chairman Great Eastern
Railway, London.
W. Fenton, Esq., Director of the Great Western
Railway, London.
C. J. Kennard, Esq., Director of Consolidated Bank,
'Limited, London.
Lewin B. Mozley, Esq., Director of Barned's Banking
Company, Limited, Liverpool.
Joseph Robinson, Esq., Deputy Chairman Ebbw Vale
Company, Limited, London.

BANICIRS.
The Consolidated Bank (Limited), London, Manchester,
and Norwieh.
The National Bank, London, and Branches in Ireland.
Messrs. A. Heywood, Sons, and Co., Liverpool.
The Bank of Scotland, Edinburgh, and Branches.

SOLIVITORIL
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 corn-
Prises -

507 miles now in work, including 17 miles recently
opened.
100 miles in course of construction.

ToW, 607
of which 526 miles belong to the Company; and 81 miles
are leased for 99 years, at a low rent N 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 £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. The subjoined
monthly traffic return shows the steady increase of
traffic.

1865. Miles Passengers Total.
Freieht.l
open. Mails, &e. 1864. 1865.
Dollars. Dollars. Dollars. Dollars.
JanuarY • 322 111,751 249,379 `207,298 361,180
/'ebruary.
~ 109,718 277,930 229,041 387,648
March „ 113,412 336,403 226,733 449,815
April ' 117,691 288,989 197167 406,680
May „ 135,434 324,988 214,679 460,442
June
July 490 162,655 432,868 332,098 595,523
August „ 213,469 525,059 406,076 738,528
September. „ 210,914 466,711 446,0441 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
te 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.

Tills large traffic is owing to two causes :-
1. The Atlantic and Great 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. 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 hest line
of Communication by which the enormous goods and pas-
„„monger traffic centring in the Western cities of Cincinnati,
..,,ieveland, Chicago, and St. Louis, can arrive at New
'Lark and the sea-board.
2. The local traffic is equally enormous, owing to its
traversing the newly-discovered oil districts of Pennsyl-
vania, and tho great coal-fields of Northern Ohio. Some
‘L`Lea 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
e'oveyance of which as much as 3d. to 4d. per ton per
kilo 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
?;319,000 dollars of Preference Shares pledged as part of
the security for the Certificates of Debenture issued in
overaber, 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
tlortgage deed (under which the Consolidated Mortgage
~,..°onds are issued) for securing the rights of the existing
44ortgage Bonds, and also for their exchange at maturity,
or earlier, by consent of the holder, if authorised by the
'3oard 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-
inents.
tE,The Consolidated Capital will therefore consist of
~.1070,000,000, half in Shares ajid half in Mortgage Bonds,
:iclip,rovides for the completion of the entire line.
slimeet the interest on these Bonds at 7 per cent. in
after paying all working expenses, it is calculated
by lklr. Forbes that a gross annual receipt of $6,442,000
:rout( be sufficient, which is considerably less than the
',Lionel receipt, and $3,573,000 less than Mr. Forbes's esti-
,7.ie of the annual receipt when the additional 100 miles
41." opened, so that the security for the Bonds is ample,
3d there is every prospect that, in addition, a high rate
dividend will be paid on the $36,000,000 of Share
t,„'he Consolidated Bonds have 25 years to run, with
„„_"lions for interest at 7 per cent. per annum, payable
• quarterly, free of income tax, at the Company's Offices, in
4•„°llrion or New York, in gold. Interest is payable on 15th
b-nuary 15th April, 15th July, and 15th October of each
~ettr.
It is
tt proposed to appropriate the total authorised issue
30,000,000, or £6,000,000 sterling Consolidated Mort-
°
D. oltg Bonds, as follows :
to 1• A reserve of $16,142,000 will be placed with trustees
e1,.14,t, either by conversion or payment when due, the
th:B4'l,llg divisional Mortgage Bonds, being the total amount
A -',oas been issued, or authorised to be issued, as certi-
oYNlessrs. Coleman, Turquand, Youngs, and Co., after
DA examination of the Company's books and registrars, or
irm to £3,228,400. This includes all Bonds issued to the
thblic, and also the Bonds deposited with Trustees for
the Certificates of Debentures issued in November, 1864,
s,r security of which remains unaffected by the present
,ogments.
.„• The balance, viz.:—X 2,771,600 is offered for public
inacription, at the price of £BO per £lOO Bond, including
4e Coupon due January 15, 1866, payable as follows :
£5 per £lOO Bond on application ;
10
25 ~ ~ on allotment;
97 71 on 15th January, .1866, less coupon
Ll. 15s. due on that date ;
20
It 7, on 15th February, 1866 ;
14 20 " on 15th March, 1866 ;
lig for the January Coupon, the nett price of each
pa Bond will be £7B 55., or allowing for discount on pre-
4111,ents under.£7B.
tllB,o* upseribers will have the option of paying in full, under
Itaii,urit, at the rate of 7 per cent. per annum ; but, in de-
Vic,„" of o
due payment of the respective instalments, all pre:
tor
tiv payments will be liable to forfeiture. The defim-
'.'°nds being now ready will be delivered, m exchange
Coern, as soon as it is fully paid up.
4vrss, of the law authorising the consolidation of the
trustof
divisions and branches of the Company, and deeds
1,04,,,0r mortgage, of the form of consolidated mortgage
of and of other documents relating to the present issue
''olieitA are deposited for inspection at the offices of the
tfttiiiPePli.,.eations must be addressed either to the Secretary,
„v „fete 9weee of the Company, 5, Westminster Chambers,
~,,e;11,-rin a-street, Westminster, S.W., to the Bankers of the
'C/111133r, or to the Brokers, from whom Prospectuses and
1,401:0°i Application can be obtained.
'°11) Dec. 2, 1865.
TIC AND GREAT WESTERN RAILWAY.
FORM OF APPLICATION.
th (To be retained by the Bankers.)
e Board of Control, Atlantic and Great Western
Ka~Noßailway Company.
......
I,,ligellsiefreatinigiaaPtayidou will allot me sum
of
I hereby
Consolidated
I,,tty;%n Bonds of the Atlantic and Great Western Rail-
f`o°rt.g.,eu I hereby agree to accept such Consolidated
Bonds, or any less number that may be allotted
•according to the terms of the Prospectus.
I am, your obedient servant,
Signature
Address in full
4 Date
ATLANTIC AND GREAT WESTERN
44;r
RAILWAY.
OF CONSOLIDATED STERLING MORT-
IiOT GAGE BONDS FOR £2,771,600.
4111=1, I°B 18
Lo„ HEREBY GIVEN, that the LISTS of
0,-1-4,k.-LNS for these BONDS will be CLOSED in
'"'ipaTE6-",I:uESDAY NEXT, the 12th instant, and on
'JAY, the 13th, for the Country and Continent.
weep
ansitle- Great
WBeysteornrderßa.
Railway,
5,
774ieStroinr5-ctellar, harmers,
Dec.ers,Vi
7,
ctoria-street,
1865.