The Sun.
London, England, 1865-11-20 00:00:00

r 36
ng,
3 to
453

Ifiaeral traffic on 1,000,000 tons coal
ii
" 1,000,000 " ironstone

Messrs. KNIGHT, DALE, and CO., 1, Royal Exchange
Buildings, are instructed to RECEIVE SUBSCRIP-
TIONS for £300,000 in £15,000 Shares of £2O each, in
15,000 PROVISIONAL SCRIP CERTIFICATES to
bearer in the
EAST and WEST JUNCTION RAILWAY
COMPANY.
With the exception of 1,000 fully paid-up Shares, which
have been reserved.
Incorporated by 27 and 28 Vic., cap. 76.
£1 on application, £4 on allotment, remainder in Calls of
£5 each, at intervals of not less than three months.
Interest at £6 per cent. per annum on the above capital
guaranteed by the Contractor until the opening of the
single line.
The Capital at present authorised for a single line is
£300,000 in Shares, and £lOO,OOO in Debentures.
Powers for increasing this Capital by the issue of Pre-
ference Shares (not exceeding £300,000) and £lOO,OOO
in Debentures, for completion of a double line, making
a total capital of £BOO,OOO, will be applied for next
Session of Parliament.
It is proposed that this further share capital of £300,000
shall rank for dividend before the original Share Capi-
tal -and receive a fixed dividend of 6 per cent., and be
offered at par to the holders for the tune being of the
original Capital, pro rata.
The estimated revenue is based on the proposed total
Capital of £BOO,OOO, viz, £600,000 in shares and £200,000
in Debentures.

BOD OF DIRECTORS.
Stevenson Forbes, EAR
sq., 24, Phillimore-gardens, Kensing-
ton s.w.
*William Forbes, Esq., 11, Church-road, Haverstock-hill,
Finlay Isaac, Esq., Hyde Park-gate, South Kensington.
41143" Knight, Esq., 4, Lansdown-place, Blackheath.
Matthew- Malcolm, Esq., The Manor House, Kineton,
t, War
Mwic k.
ordaunt, Bart., M.P., Walton House, Warwick.
Tr C. P. Roney, 15, Langham-place. W.
G• E. Surtees W.
Charrington, Sells, and Co.), 40, Devon-
s
*hire-place, W.
These gentlemen have consented to join the Board
subject to their being duly appointed by the Shareholders
at the next General Meeting.
ENGINEER.
James B. Burke, Esq., C.E., 4, Queen-square, Westminster.
BANKERS.
Messrs, Smith, Payne, and Smiths, 1, Lombard-street,
London.
SOLICITORS.
Messrs. Dale, Stretton, and Co., 3, Gray's Inn-square, and
31, Parliament-street.
BROKERS.
Messrs. Knight, Dale, and Co., 1, Royal Exchange-buildings.
SECRETARY.
C. Bank; Esq.
OFFICES.
No. 3, Westminster-chambers, Victoria-street, West-
. minter, S.W.

Towcester
railway extends from to Stratford-on-
.l-AvoThisu, a distance of 33 miles. Its object is to shorten by
" Miles the present narrow gauge route, via Blieworth,
between London and the great coal fields of South Wales;
ta" to afford greater facilities for the coal traffic between
south Wales and London, and the return ironstone trade
tween Northamptonshire and South Wales. The Com-
IVIY have secured running powers from Towcester to
,illisworth, as well as most favourable arrangements with
e Great Western Company.
The line passes throue-h a rich and populous country,
Mid will afford the best' route to London for all traffic
!riving. at Worcester from whatever source, as well as
that from Redditeh, Alcester, Stratford, Kineton, and
ether important towns.
lo 1864 Sough Wales produced 11,000,000 tons of coal,
"(1 London consumed 5,600,000 tons ; of which quantity
2000,000 tons were steam, and 1.000,000 tons gas coal ;
but notwithstanding. that South Wales is practically the
vendtrict in Great Britain where smokeless steam coal is
e, less than 200,000 tons of coal of all descriptions
ere sent by railway from South Wales to London.
This virtual exclusion of the Welsh coal from the Lon-
-°4 market arises from the fact that the South Wales coal
Proprietors cannot successfully compete with the Northern
tsl'oprietors, in consequence of the rates being lower on the
itillern lines than those hitherto charged by the Groat
astern Railway.
If these rates were equalised and the independent narrow
Vge route shortened, as it will be by the proposed rail-
aYL, there can be no doubt that a traffic in coal will be
%eloped over it far exceeding the present quantity.
„.• 'la annual demand exists in Wales for 2,000,000 tons of
ii9nstone of the quality found in Northamptonshire, which
Istria at present supplies only about 200,000 tons, in con-
renee of the long routes and high rates. This quantity
hill be largely increased, as the reduced rates and the
shortened distance of 30 miles will enable the ironstone to
delivered in Wales at a reduction of 3s. per ton, making
a Price less than it could be raised in Wales or imported,
11d-will secure to this railway, above all other routes, the
great desideratum of back mineral carriage.
s„4lTangements have been made by which the traffic of
me of the principal ironstone estates in Northampton-
Bt including a considerable portion of Lady Palmer-
otes est:e.e, is secured to this Company.
tolls a proof of the remunerative nature of mineral traffic
a railway company, it may be mentioned that the exist-
'lig railways in Great Britain, whose receipts are principally
rived from mineral traffic, are the best paying and most
.v.aluable railway properties in the kingdom; for instance,
t,he Taff Vale Railway, 58 mile 3 in length, of which 38 are
nouble, and 20 single line, constructed at a cost of about
£27,000 per mile, carries over 3,000,000 tons of minerals
one way, and earns £9B per mile per week, which realises
a dividend of 10 per cent. per annum ; and the ordinary
£lOO stock of that Company is now worth £l6O in the
market. The East and West Junctionßailway, for a double
line, will cost £24,000 per mile, and will, as estimated, earn
£9O per mile per week.
The advantages of this line may be thus summed up:—
Access to the best depots for coal in London.
Back carriage over two-thirds of the whole distance be-
tween London andSouthWales, in which two-thirds is in-
cluded the entire length of this railway.
Unlimited supplies of coal in South Wales, with an al-
most unlimited demand for coal in London.
Great and increasing requirement in South Wales for
ironstone found in Northamptonshire, which ironstone
Must of necessity go over this railway.
The existing routes for the conveyance of coals from
°,llth Wales to London are as follows
distance 'l3 sea, which is nearly four times longer than the
Alen by railway, and cannot compete with the railway
e the rates are reduced even to three-eighths of a
111 Y Per ton per mile.
Oxf 1 the Great Western Railway, via Worcester and
of
i?l\-1, to Paddington. This route is the same, in point
ref"urn trstance, as that by this railway, but it has no mineral
affic.
lei ' 13Y tha London and North-Western Railway, via and 13irmingham, which . route is 30 miles longer than
Dud-
by this .
Pr railway.
of atTea_Te foregoing data it must be assumed that a traffic
stone 1,000,000 tons of coal and a likequantity of iron-
from v," he attained. The passenger and goods traffic
be. take important districts through which it passes cannot
it i„ 1.2" at less than £3O per mile weekly, especially when
hecw""rne in mind that an immense traffic already exists
most"ti Worcester and London in which this Company
rah, Partleip:te. Takine, of a penny per mile for mine-
i taking k floral the working expenses at 40 per cent. for
trafa_ a% and 50 per cent. for passenger and ordinary goods
passes will give the following results :
£3oiger aid ordinary goods traffic, at
Deduct
prking
expenses at 50 per cent. 25,740

2,000,000 at of a penny
mile ... 103,124
Do
s.uct working empenses, pc'4o perr cent... 41,249

£25,740

,kredolis profit
61 875
87,615
ue
~ net interest on £200,000 Debentures 12,000
Jieduct dividend on Proposed Preference
Share Capital of £300,000, at 6 per cent. 18,080
30,000
Available for dividend at present issue of 0rdi-
£57,615
1.1:41'3' Share Capital of £300,000
no. a
di t t the rate of nearly 20 per cent. per a.nnurt,. or,._ if_
lilesari but ed equally
Th over the entire Share Capital, giving a
h. thvidend of nearl 13 cent.
y per 186 e works, the first sod of which was turned in August,
ft ,by Lord and Lady Palmerston, are now far advanced,
jld will be completed for a single Hie within eigteen
month be and ..arrangements have been made with Mr.
ttzpton, the contractor, to complete the double line,
the in the total capital above-mentioned. The addition of
%cowl line of rails, the land for which has been pro-
p
eriod .
vided, wiThe 11, it is expected, be completed about the samo
contractor has agreed to pay interest on the
caPital now offered for subscription, at the rate of £6 per
cent per annum until the completion of the single line.
frohe passing of the Act during the past Session, for a line
11. Strafford to Worcester, will give a second and a
7,uorter route between those points, and this must materially
vlcrease the traffic to and from the line of the East and
~ Rest Junction. The passing of the Act authorising the
hoe from Stratford to -Worcester and the great prospects of