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

BANTURS.

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., 88, Throgmorton-
street, London, E.Q.
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 com-
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
aro 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 X 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.

Total.
1865. Miles Passengers Freielt.
open. Mails, &c..° 1864. I 1865.
Dollars. Dollars. Dollars. Dollars.
January.- 322 111,751 249,379 1207,298 361,130
February " 109,718 277,930 229,041 387,648
March
April „ 117,691 288,989 197,267 406,680
May
Juno
July 490 162,655 432,868 332,098 595,523
August „ 213,469 525,059 406,076 738,528
September. „ 210,914 466,711 446,044 677,625
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
_ _

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
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 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 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
kaversing the newly-discovered oil districts of Pennsyl-
vania' and the great coal-fields of Northern Ohio. Some
idea 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
Conveyance of which as much as 3d. to 4d. per ton per
Mile is willingly paid.
A. Consolidation of the several Divisions of the Atlantic
and Great Western Railway under one executive has been
Made, 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
1,919,000 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
Mortgage deed (under which the Consolidated Mortgage
Bonds are 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-
reents.
The Consolidated Capital will therefore consist of
$60,000,000, hhlf 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
London or New York, in gold. Interest is payable on 15th
January, 15th April, 15th July, and 15th October of each
Year.
It is proposed to appropriate the total authorised issue
of $30,000,000, or £6,000,000. sterling Consolidated Mort-
tage Bonds, as follows :-
1. A reserve of $16,142,000 will be placed with trustees
to meet, either by conversion or payment when due, the
existing divisional Mortgage Bonds, being the total amount
that has been issued, or authorised to be issued, as certi-
Red byMessrs. Coleman, Turquand, Youngs, and Co., after
title examination of the Company's books and registrars, or
equal to £3,228,400. This includes all Bonds issued to the
Public, and also the Bonds deposited with Trustees for
the Certificates of Debentures issued in November, 1864,
the security of which remains unaffected by the present
arrangements.

2. The balance, viz.:—£2,771,600 is offered for public
subscription, at the price of £BO per £lOO Bond, including
the Coupon due January 15, 1866 payable as follows :
£5 per £lOO Bond on application ;
10 17 77 on allotment ;
25 „ 7, on 15th January, 1866, less coupon
£1 15s. due on that date ;
20 77 17 on 15th February, 1866 ;
20 on 15th March, 1866 ;
allowing for the January Coupon, the nett price of each
£lOO Bond will be £7B 55., or allowing for discount on pre-
Payments under .£7B.
Subscribers will have the option of paying in full, under
uls,. count, at the rate of 7 per cent. per annum ; but, in de-
la:tilt of due payment of the respective instalments, all pre-
.lous payments will be liable to forfeiture. The defini-
117e bonds being now ready will be delivered, in exchange
or scrip,— as soon as it is fully paid up.
Copies of the law authorising the consolidation of the
several divisions and branches of the Company, and deeds
of trust or mortgage, of the form of consolidated mortgage
bond,
and of other documents relating to the present issue
of bonds, are deposited for inspection at the offices of the
Applications must be addressed either to the Secretary,
11
-‘..,0,13 offices of the Company' 5, Westminster Chambers,
t, Westminster; S.W., to the Bankers of the
Company, or to the Brokers, from whom Prospectuses and
onus of Application can be obtained.
London, Dec. 2, 1865.
ATLANTIC AND GREAT WESTERN RAILWAY.

BANK OF ENGLAND,
7th December, 1865.
MITE COURT of DIRECTORS of the GOVERNOR
1. and COMPANY of the BANK of ENGLAND
given notice—
That a GENERAL COURT will be hold at THE
BANK on WEDNESDAY next, the 13th instant, from
Eleven o'clock in the Forenoon till Four in the Afternoon,
for the ELECTION of a DIRECTOR for the remainder
of the year, in the room of the RIGHT HON. GEORGE
JOACHIM GOSCHEN, who has retired.

The Election of the said Director will be declared that
evening.
HAMMOND CHUBB, Secretary.
N.B.—By-an Act passed in the Seventh year of the
Reign of George 111. no person will be entitled to vote at
the said Election who shall not have been Six Calendar
Months possessed in his own right of the Stock for which
he shall then give his Vote, unless the said Stock shall
have been acquired, or shall have come by bequest or by
marriage, or by succession to an intestate estate, or by the
custom of the City of London, or by any deed of settle-
ment after the death of any person who shall have been
entitled for life to the Dividends of such Stock.

CHARLES LAFFITTE and COMPANY
(Limited).
Established under the Companies Act, 1862, by which
the liability of the Shareholders is limited to the amount
of the Shares for which they subscribe, and in accordance
with the International Treaty entered into between Eng-
land and France in May, 1862, in relation to Public Com-
panies established in both countries.
Capital, £3,000,000, divided into 150,000 Shares of £2O
each.

£l. to be paid en application, and £4 on Allotment, and
six months to elapse after date of Allotment before any
call is made payable.
First issue, 75,000 Shares, of which 25,000 have been
privately subscribed.
-------

DIRECTORS.
Mr. CHARLES LAFFITTE, Chairman.
John Ennis, Esq., Director of the Bank of Ireland.
Mr. F. P. Bayvet, Merchant, Censeur of the Bank of

France.
Harvey Lewis, Esq., M.P., Director of the National Bank.
Mr. H. Bourlon, Deputd au Corps L6gislatif, Director of

the Paris and Orleans Railway:
F. B. Henahaw, Esq., Director of the National Bank.
Mr. L. a_primoult, Merchant, ex-President of the Tribu-

nal of Commerce of Paris.
George Bate, Esq., Great George-street,. Westminster.
Mr. A. Gautray, 17, Rue du Cirque, Paris.
Sir John Gray, M.P., Charleville House, Dublin.
George Payne Kitson, Esq. (late of Sir John Guest and
Co.).

SOLICITORS.
Messrs. Valiance and Valiance, Essex-street, Strand, and
George-yard, Lombard-street.
BANKERS.
The National Bank, London, and its Branches.
The London Joint-Stock Bank, London.
The London and County Banking Company, London.
The National Bank of Liverpool (Limited), Liverpool.
Messrs. Charles Laffitte and Co., Paris.

BROKERS.
Messrs. J. and A. Scrimgeour, 18, Old Broad-street.
Messrs. De Zoete and Gorton, 41, Warnford-court.
Edward Fox, Esq., 51, Dame-street, Dublin.
Mr. Charles Gide, Agent de Change, 18, Rue Drouot, Paris.
SECRETARIESRO TEM.).
In London.—Mr. William H. Read.
In Paris.—Mr. Paul Zucchi.
AUDITORS.
Messrs. Johnstone, Cooper, Wintle, and Evans.
E. H. Galsworthy, Esq.
TEMPORARY OFFICES.
No. 18, Old Broad-street, London.
No. 48bis, Rue Basso du Rempart, Paris.