The Sun.
London, England, 1865-05-25 00:00:00

Liability limited to amount of Subscription.
The remaining half of this Stock, £1,213,000, will not be
%sued for twelve months, and then only as Paid-up Stock,
and at not less a price than £lO per £lOO Stock advance on
the present price of issue.
DIRECTORS.
The Right Honourable Lord SONDES, Lees Court,
The Lord
Kent, Chairman.
'le Lord Harris, K. 5.1., South-street, Grosvenor-square,
.3DePuty-Chairman.
"11' R. W Carden, Royal Exchange-buildings.
Edward
Cobb; Esq., Bredgar, Sittingbourne.
Vurard W. Edwards, Esq., Victoria-street, London.
Charles Gladstone, Esq., 37, Old Broad-street, London.
Guarlee 3. Hilton, Esq., The Pines, Bickley, Kent.
•P. Holroyd, sq., 8, Sussex-square, Hyde Park, W.
James Lake, Esq., Newlands, Sittingbourne.
O. H. J. Rich, Bart., Nottingham-place, London.
2!r Cusack P. Roney, 15,'Langham-place, London.
°la' John Maxwell Tylden, Milstead, Sittingbourne.

SOLICITORS.
—`eBSTS. Preshfields and Newman, 5, Bank-buildings, E.C.

ENGE.R
Joseph Cubitt, Esq., C.EINE
~ Great
George-street.
P. T. Turner, Esq., C.E., Parliament-street.
SECRETARY.
W. E. Johnson, Esq.
GENERAL MANAGER.
J. S. Forbes, Esq.
PROSPETUS.
Tho present object is to offerCfor public Subscription the
first half of the A Stock of the Metropolitan Extension
Railways of the London, Chatham, and Dover Company,
iced
to £1.2 000 which with the £1,213,000 to be
4811 ed only as f pa -u Stocat not less a price than
t-t0 Per cent. increase on the present price of issue, or ear-
er than twelve months hence, completes the amount of
42,425,000, the total amount of that Stock.
Fnll details of the Buds and their present position are
given at length in the statement annexed, which, with the
Inalie attached, show the routes of these lines and those in
connexion.
In
.considering this Stock as an investment, the principal
Points for consideration are, first, the amount of Stock to
thirdly, the
pay dividend upon ; secondly, the probable receipts ;
minimum dividend per cent. to yield a fair
return on the price of issue.
The capital of the Metropolitan Extension Railways is
constituted as follows, viz.:—
Debentures £1,433,300
16 Stock, entitled to 6 per cent. Preference
C Stock, entitled to 6 percent. Preference afterß 1,050000
A. Stock (present Issue) Entitled to remainder
For future Issue as fully of Profits £1,212,000 2,425,000
paid-up Stock up to 6p. ct. 1,213,000

£5,733,000

Thd tota mile is about 14 miles.
The traffic on thel Metropolageitan (Underground) Railway
has amounted since Ist January, 1865, to an average of
£673 per mile per week, which is moreover daily increasing,
and at present arises from metropolitan passengers, a trifling
amount only of through, traffic, and no goods being as yet
carried on this line.
Wlien it is considered that the present traffic on the
Metropolitan Extension Railways in London, Ch_athami
and Dover Company is conducted over only two lines o
4..„_lvaT,
ial?.d with an inadequate amount of rolling Stock, also
...at t is still unfinished, and that the portion at work has
only recently been opened, it will be observed that the
Present receipts afford no reliable data upon which to form
sal,estimate of the probable traffic.
fix the amount at anything like what is felt by coin-
nent judges will be the actual result when the enormous
'raffic that the junctions with the Metropolitan (Under-
gr°llll(l), the Great Northern, the Midland, the Great
1/irem.
eern, the West London Extension, the South Western,
nd the North Western, will bring on the lines, might be
sidered an exaggeration by those inexperienced in the
Won
Itderful elasticity of metropolitan and suburban traffic.
ffi;
tra-B,therefore thought better not to estimate the probable
Metr e nigher than the average of the mileage receipts of the
owuenedk.) R.,Plhfweamyul, alisalibeevebmentioned,
di..
e of the Metropolitan Extension Lines ofd they London,
turn and Dover Railway Company would give a re-
deduct '24 and Dover
- per annum. From this sum must be
e6lced 40 per cent. for working charges, which is a liberal
estimate The The net results from passengers only may be
The therefore at £293,966 per annum.
tefreiifet,:warge goods traffic, which these lines will enjoy alike
fro the
admirable position and number of the stations as
arrangements made for working the traffic, will
annum 5- augment the receipts by at least £40,000 net per
be cll, Which, in that case, after paying interest on de-
-61),11,es on the B and C Stocks, would yield a dividend of
elil-‘1;'• eent• on the whole of the £2,425,000 A Stock (in-
.offe77 the present issue), which, at the price it is now
'fie)." at, would be equal to 10 per cent. per annum.
e.oa,"e Price at which the A Stock is now offered must be
half -Prod most advantageous to the investor if only one
reee.e, this result is attained; when, however, the increased
iroutiPts would permit a dividend of 5 per cent., the Stock
profit certainly rise to par, which would practically be a
Itof upwards of 47 per cent. above the price of issue.
fin,els considered that results approaching the above
stead s will be reached in less than two years, and
tthatizt,a.
'Arras increase may be further looked for fi.-oe.
totti!gements have therefore been made with Sir S. b.].
te-
rest 6te' }lad, Betts, and Crampton, to guarantee in
ate sie front Ist January, 1865, until Ist July, 1867, at the
Nvfli°' 6 Per cent. per annum on the amount paid up, by
lae,vlB(3l.?atttethredalvteo
whole
tis confidentlywi, believed the intrinsic
h system "llhave developedthemselves.
of thi uolief entertained as to the augmentation in value
ketr 8 stock, when it is considered that the lines possess
trafeeP9litan termini as well as metroyolitan and suburban
stock borne out by the relative prices of the shares and
derme' the e Great Northern and of the Metropolitan (Un-
their f• 1111") Railway Company, before they had finished
mes and afterwards, viz.—
no Great Northern A Stock was in October, 1853,
quoted in the Stock Exchange List at £54 per £lOO
stock, it is now worth re £l4s, or 91 per cent. incase,
tu val
The ur
18„--etropolitan (Underground) Railway was in April,
1, only four years ago, quoted in the Stock Ex-
,--'nge List at equal to £54 per £lOO Stock ; itnow is
sf2,rth £135, or £Bl per cent. increase in value
.; these
tets speak for themselves as to the prospects of the
Theoek now offered far subscription.
of £4O prie° of subscription is fixed at £2l per certificate
Paymein are equal to rideros. per £lOO stock, and the periods of
as :—
£ Per Certificate on Application.
4
4 77 Allotment.
4 77 Ist September, 1865.
4 11 Ist December, 1865.
4 77 Ist March, 1866.
1, Ist June, 1866.
,
All calls
41
2
'able te f not duly paid will render previous payments
certiß
f.orfeiture When the whole amount of £2l per
trallsfee4l.l7„,lif3 £4O Stock for each certificate will be
gtih he -"Into the name of the then holder thereof.
:Ption wil• I be given to all subscribers to pay up in
sahollizit allotment (entitling them to interest on the whole
count ato4f,Price of issue from Ist January, 1865) ; and dis-
„r!Pym,,""ie rate of 6 per cent per annum willbe allowed on
ke:titliilheher:7B;tint heinst,talments. These two allowances would
th(-3-I,lleo the price of issue by about £2 16s. per cent.
those applications the whole balance on.
t ,„-ntended by applicants to be paid in one instal-
..App°fi auotraent will be first considered.
17°0 ilip-ateaiteirbs must be made on the Forms annexed, and
tits 'Pplfeati payment of £1 per share (without which
°ll can be considered) to any of the undermen-
T,_
_ankers :
kue':-London and County Bank.
71171&s. (313'11, Mills, Currie, and Co.
lkjessrag. rsa' and Masterman's Bank (Limited).
• he Payne, and Smiths.
lekt.duonal Bank London, Dublin, and its Branches
1111113 •
thr;at a:notitort:na
the 1,1 selo.tiaßnaliik of Scotland, Edinburgh, and its
Paid . event •
Aes. will be of no allotment being made, the Deposit
turned forthwith without deduction ; pdf if
11.114',1111•1 Will bcie than.the number of certificates appliedfor
-61'4 en theaPphed towards the amount payable o
14idrospeetus number so allotted.
berraellti ea, with Maps, Plans, &c., may be had of the
-aste Leued Stockbrokers :-
11,128r5. • ,1.411,re,,nce, Son, and Pearce, 9, Angel-court, E.C.
11[1,11 A. Scrimgeour, 10, Old Broad-street.
-‘4.0 • „-,ti Dale, and Co., 1, Royal Exchange-build-
Oe oi the Credit Foncier and Mobilier of Eng-
ees, 17 (Alfred Lowe, Esq., Secretary), at their
e L and 1(B
Alfred
et Cornhill, London ; and at the Offices of
FOR n, uathani, and Dover Railway Company (W.
`1404 Op Sq", Secretary),Victoria Station, Pimlico, S.W.
o p APPPICATION FOR SHARES TO BE
the I)4_ 411 D UP BY INSTALMENTS.
t 1,2 1 eetors of the Credit Foncier and Mobilier of
2,000 A England (Limited).
Ye of ,SLock of
ethahetMhaemtrloanpodlintaonveErxßtll. nsiwoany
CRora. ail-
-112,01:1;:p
f:ttriecist:;lni.tdi:oer:
Gentle
me;
P • nien'
ee,_ I hereb Bank, the sum of
Ctertificate on Scrip Certificates,
n ormity with the Prospectus ?°ll, eatillt"kl in co °f
me.
the'rgileTher that cripertifictites of the
issued by
Y agree to accept such Certificates, or any
the .anip:f
nt
wmhaeynbaeuaellotted to me, and to pay the fur-
instahne--' Per Certificate due on allotment thereof, and
sin' Gentlemen, your obedient Servant,
Name in full
Usual signature
Address in full

DatesOt May, 1865.
-41701-010.1 OP APPLICATION to be
BALANCE
....iti (i),'VANTS de ' ous of PAYING the BALA.Nu
-1:0 tlie-q-c4t,;_114.0 STAIMENT on ALLOTMENT. . •
ci,212 4"1-1 ctors of the Credit Fonder and Mobil= of
England (Limited).
3f theoo 4 Stock of the Metropolitan Extension Railways
14°14(1), Chatham, and Dover Railway Company.
luv. Gentlemen,
leg paid to the* Bank the sum of .£ .
--'IIR .£l.
eatea 1 Per f3erip Certificate on Scrip Certifi-
of ti,',., request you to allot me
te Or
bY '"
46‘13 Stock in conformity with the pSreoHsppeCcteuertiflas.lsegeeds
f44Y37ITI'S, 4,1111 I her eby agree to accept such Certif s,
?leen%Certificateen
-urth -a,..-0111Ther that may be allotted to me, and o pay the
4111.1a1101f, 42Geallotmentservant thereof
Name in full
, yo u r o obedient eonnt
Data Usual Signature
- May, 1865. Address
* Insert Bankers' Name.
ISSIP,-,°f X 1,212 900 A STOCK of the METRO-
-v(4i ''-ii.LT All EXT'le N SION RAILWAYS of the 11N-
tli "';',`,,,ATIIAIIT, and fIOVER RAILWAY COMPANY.
(Litutt
,"..t)IT PONCIER and MOBILIER of ENG-1,11,,N'
Ln,ll) hereby give notice, that the SUBSCRIt T y_
Isitlxi,' tor the above Stock will CLOSE on SATURDA,I
eatiouc, the 27th n_stapt, at Three o'clock, for London Apply
Cottutr' 8114 eql MONDAY NEXT, the 29th instant, for
Y Al)Plications.
L°11(1"' May 23 BY order of the Court,
ALFRED LOWE, Secretary.
1865, 17 and 18, Ccirnhill.