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

The CREDIT I'ONCIER and MOBILIER of- NGLAND
qlinlited) are instructed to RECEIVE SUBSCRIP-
TIONS for £1,212,000 A STOCK of
HE METROPOLITAN EXTENSION
1), RAILWAY.; of The LONDON, CI.TATHAM, and
6„,'VER RAILWAY COMPANY, in 30,300. Provisional
'"P Certificates to Bearer of £4O each, with interest
Paranteed by Sir S. MortonPeto, Bart., Betts and Cramp-
Tll7 at 6 per cent. per annum on price of Issue, payable on
-s!flonnt Paid-up, as from Ist January, 1865, and payment
°_t such interest will be continued to Ist July, 1867, by
'jai-yearly payments, on Ist July and Ist January in each
gear. The first Six Months' Interest will be raid on Ist
uulY, 1865.
Deposit £1 per Certificate on Application, and £4 on
Allotment
price of Issue £2l for each Certificate, equal to £52 10s.
Per £lOO Stock.
„, Liability limited to amount of Subscription. _
, The remaining half of this Stock, £1,213,000, will not be
Issued for twelve months, and then only as Paid-up Stock,
Itto,,1_1(1 at not less a price than £lO per £lOO Stock advance on
e present price
of issue.

DIRECTORS.
he "-bight Honourable Lord SONDES, Lees Court,
mFaversham, Kent, Chairman.
$
irD,eputy-Chmrma
The Lord Harris,South-street, Grosvenor-square,
n.
Ge,'"- W. Carden, Royal Exchange-buildings.
tdurge Cobb, Esq., Bredgar, Sittingbourne.
IN-ward W. Edwards, Esq., Victoria-street, London.
Gladstone, Esq., 37, Old Broad-street, London.
Charles J. Hilton Esq., The Pines, Bickley, Kent.
y. P. Holroyd, Hilton,
8, Sussex-square, Hyde Park, W.
Brea Lake, Esq., Newlands, Sittingbourne.
5- Cud J. Rich, Bart., Nottingham-place, London.
Hit ck P. Roney, 15, Langham-place, London.
it John Tylden, Milstead, Sittingbourne.
SOLICITORS.
Brs. Preshfields and Newman, 5, Bank-buildings, E.G.

ENGINEERS.
j„,,c)se T.
Cubitt, Esq., C.E., Great George-street.
' . Turner, Esq., C.E., Parliament-street.
SECRETARY.
W. E. Johnson, Esq.
GENERAL MANAGER.
J. S. Forbes, Esq.
PROSPECTUS.
52 he Present object is to offer for public Subscription the
mil half of the A Stock of the Metropolitan Extension
anfcsilloewad Sys of the London, Chatham, and Dover Company,
is tinting to .£1,212,000, which, with the £1,213,000 to be
Yas fully paid-up Stock, at not less a price than
lier it3r Cent. increase on the present price of issue, or ear-
x2 " ark twelve months hence, completes the amount of
025,000, the total amount of that Stock.
ull details of the lines and their present position are
liventicoilliexatioil. length in the statement annexed, which, with the
PS attached, show the routes of these lines and those in
purnsidering this Stock as an investment, the principal
ath joy consideration are, first, the amount of Stock to
ty,,uividend upon ; .secondly, the probable receipts.;
reiul, the minimum dividend per cent. to yield a fair
4,11.1 i on the price of issue.
teoeitesutietneatepditl
foofllothvies,Mveiztr.o:_politan Extension Railways is
, ntures £1,433,300
.1
384_
_t°clr, entitled to 6 per cent. Preference
A. ~,weir, entitled to 6 percent. Preference afterß 1,050,000
r .toek (present Issue) Entitled to remainder
°,,.,l'fattu•e Issue as fully of Profits £1,212,000 2,425,000
' 'cl-lIP Stock up to 6p. ct. 1,213,000
{

X 5,733,000

The , The total mileage is about 14 miles.
has. traffic on the Metropolitan'(Underground) Railway
4673 mounted since Ist January, 1865, to an average of
a,,_,° Per mile aria week, which is moreover daily increasing,
azat presentes frommetropolitan passengers, a trifling
ea !lilt only of through traffic, and no goods being as yet
'Zed on this line.
kenen it is considered that the present traffic on the
anr,Aolitan Extension Railways in London, Chatham,
uover Company is conducted over only two lines of
Mit' and with an inadequate amount of rolling stock, alsos
it is still unfinished, and that the portion at work ha °"'Y recently_
I)resen, been ed, it will be observed that the
n estimate
receipts afford non reliable data upon which to form
miate of the probable traffic. •
" fix the amount at anything like what is felt by com-
Peteot •
tra Judges will be the actual result when the enormous
Mc that the junctions with the Metropolitan (Under-
lA):lll4 the Great Northern, the Midland, the Great
atnairee
iteti:ArwesetsLteornn,don Extension, the South Western,
will bring on the lines, might be
Zosidered an exaggeration by those inexperienced in the
oederful elasticity of metropolitan and suburban traffic.
t, tits therefore thought better not to estimate the probable
itaeitt„,,e higher than the average of the mileage receipts of the
viz, (Underground) Railway, as above mentioned,
2.1 £673 Per mile per week. This multiplied by the mile-
Zghe of the Metropolitan Extension Lines of the London,
turn
°ham, and Dover Railway Company would give a re-
ef £489,944 per annum. From this sum must be
4.ll.eted 40 per cent. for working charges, which is a liberal
es .mate: The net results from passengers only may be
ownated therefore at.£293,966 per annum.
fro he large goods traffic, which these lines will enjoy alike
l the admirable position and number of the stations as
!rein the arrangements made for working the traffic, will
certainly augment the receipts by at least £40,000 net per
annum ; which, in that case, after paying interest on de-
bentures on the B and C Stocks, would yield a dividend of
5 per cent. on the whole of the £2,425,000 A Stock (in-
cluding the present issue), which, at the price it is now
Offered at, would be equal to 10 per cent. per annum.
The price at which the A Stock is now offered must be
,considered moat advantageous to the investor if only one
half of this result isattained; when, however, the increased
12oeipts would permit a dividend of 5 per cent., the Stock
"Ist certainly rise to par, which would practically be a
Profit of upwards of 47 per cent. above the price of issue.
11 is considered that results approaching the above
stead will be reached in less than two years, and that a
Arran increase may be further looked for from that time.
to
11n a.ggements have therefore been made with Sir S. Mor-
• R-t, eto, Bart., Betts, and Crampton, to guarantee inte-
-4-e" " from Ist January, 1865, until Ist July, 1867, at the
Per cent per annum on the amount paid up: by
kelea latter date it is confidently believed the intrinsic
fhb! °, f the. whole system will have developed themselves.
of ti 7 Delia entertained as to the augmentation in value
"18 stock, when it is considered that the lines possess
tratPolitan termini as well as metropolitan and suburban
at, Lei is borne out by the relative prices of the shares and
der
of the Great Northern and of the Metropolitan (Un-
the-P.°„nod) Railway Company, before they had finished
li,r,Lioes and afte ward viz
" Great Nortrhern s'A
Stock was in October, 1853,
'',l,oeted in the Stock Exchange List at £54 per £lOO
iletomvackialist. is now worth £145, or 91 per cent. increase,
18 etropolitan (Underground) Railway was in April,
„i5..61-1 only four years ago, quoted in the Stock Ex-
.,,,,`41ge List at equal to £54 per £lOO Stock ; itnow is
fath £135, or £Bl per cent. increase in value ; these
,a—tocicsPeak for themselves as to the prospects of the
The now offered far subscription.
of x,40 Price of subscription is fixed at £2l per certificate
14e,,eq.ual to £52 10s. per £lOO stock, and the periods of
are as under
£1 per Certificate on Application.
Allotment.
4 17
4 Ist September, 1865.
4 Ist December, 1865. •
4 Ist March, 1866.
77 Ist June, 1866.

lia4ll 421
ealls not duly paid will render previous payments
eertieflte forfeiture When the whole amount of £‘2l pe
trat -eat° is paid, £4O Stock for each certificate will be
Iliferred into the name of the then holder thereof.
fulle option will be given to all subscribers to pay up in
rQ,'„ell allotment (entitling them to interest on the whdile
e°llnint °f Price of issue from Ist January, 1865); and -
Pre • at tbe rate of 6 per cent per annum willbe allowed on
fur of instalments. These two allowances would
reduce the price of issue by about £2 16s. per cent.
'loch 'whicit'e allotment, those applications the whole balance. metal-
on it is intended by applicants to be paid in one metal
on allotment will be first considered.
tifil.,l37;ttilo:cmanust be made on the Forms
.annexed, and
'llO an,PlNed by payment of £1 per share (without which
be considered) to any of the undermen-
rth_ uttersLondon:—
Mes and County Bank.
Th G. 13%, Mills, Currie, and Co. .
11 6 --gra and Masterman's Bank (Limited).
',Bare
in Tia • Smith, Payne, and Smiths.
treeialiational Bank, London, Dublin, and its Branches
Th 41.
tran ebeNa.tional Bank of Scotland, Edinburgh, and its
blet Bin Scotland:
kid he event of no allotment being made, the Depo.si.t.
IN il' be returned forthwith without deduction ; and it
the su're allotted than the number of certificates applied for
allot era will
thepp towards the amount payable on
p illeht on number so allotted.
Illitit4zl3l3:ets, lees, with Maps, Plans, &c., may be had of the
Meters ntioned Stockbrokers :
Laurence Son, and Pearce, 9, Angel-court, E.C.
ihke and A. Serimgeonr, 10, Old Broad-street.
Dale, and Co., 1, Royal Exchange-build-
4tuadi and of the Credit Foneier and Mobilier of Eng-
dgia(tilfred Lowe, Esq., Secretary), at their
t 1,116 1,80'„1,„7 and 18, Cornhill, London ; and at the Offices of
Z-aolm-r3,,Chatharo, and Dover Railway Comp.any
'"olll4—°,l34,zisq., Secretary), Victoria Station, Pimlico, S.W.
APPPICATION FOR SHARES TO BE
TO th„,h, RAID UP CrBSTALMENTS.
'-'ectors of theit Fonder and Mobilier of
41,212'%° England (Limited).
Vay A Stock of the Metropolitan on il-
Dab, 11 of the Lon don, Chatham, and DoverExtensi Co
Railway Com-

lia . Gentlemen,
belt -111 g paid to the* Bank, the sum of .L. R4lpers . .
tequeSt enp Certificate on Scrip Certificates,
ILoope StopYOU tO allot me Scrip Certificates of the
'll, 11,,,,k, in conformity with the Prospectus issued by
388 ii,--`_i hereby agree to accept such Certificates, or any
lhor B--",,,,,0er that may be allotted to me, and to pay the fur
146 keCal°f 44 Per Certificate due on allotment thereof, and
ments when due.
I am, Gentlemen, your obedient Servant,
Name in full

Usual signature
Date Address in full
Or +l,; May 1865.
A 7:48 ,YORM OF APPLICATION to be USED b
i I)6,„.','CANTS desirous of PAYING the BALANCE
Tollti;'-e, INSTALMNT on ALLOTMENT.
0.
'4l birectors of the Credit Foncier and Mobilier t
e, England (Limited). .
Railways
3f theooo A. Stock of the Metropolitan Extension
tenclas, Chatham, and Dover Railway Company.
$a . Gentlemen,
bei,,:nnig paid to the* Bank the sum of £
being
41 Per Scrip Certificate on
et thl request you to allot me soriSpcooriprt? joartitfies-
by ,' above stock in conformity with the prospectus issued
tulyiell, arid I hereby agree such Certificates,
fil,th 88 /lumber that may beallotted to me, and to pas the
el.
81''110f X2O per Certificate due on allotment thereof
1 are, Gentlemen your obedient servant,
Name in full
Usual Signature
Address

Data May, 1865.
r-
-------_____*lnsert Bankers' Name.
.tit .....
, t,,, ui t 1,212,000 A STOCK of the METRO-
„oN ~....re. iv.
8C :r A ":1: EXTENSION RAILWAYS of the LON_.: „N cfr,,,1,541 AM, and ►)OVEIt RAILWAY COMPANY..
'-irettr,i'" °Ur PONCIER and MO BI LIER of ENGL. A. (
Llyr -N.) hereby give notice, that the SUBSCRIPTION
above Stock will CLOSE THIS DAY
APplicalttN x), the 27th inst., at Three o'clock, for London
tor c., on s and on
one NEXf, the 29th Instant;
'114117 Applications.
By order of the Court,
LOlldon, Map 27, 1865, 17 and 18, ALFRED LOWE, Secretary.,
~,-
Cornh