The Sun.
London, England, 1870-12-05 00:00:00

AUDITORS,

Henry W. Notman, Esq„ Secretary of the Great Southern of
India Railway.
Samuel Price, Esq., 70, Cheapside, N.C.

BROKERS.
Messrs. J. and A. Seriragoour, 18, Old Broad-street, B.C.
BANKERS. -

Messrs. Robarts, Lubbock, and Co., No. 15, Lombard-street,
London.
The Northamptonshire Union Bank, Northampton.

SECRETARY.
Howard Lancaster, Esg,

Offices. SI, Westminster Chambers, Victoria-street, 8• W.,
London.

The Bedford and Northampton Railway—coloured red on
the accompanying Plan—is incorporated under Acts of Parlia-
ment of 1865-6-7 and 1870.
The Line is twenty miles in length, and is a continuation of
the Midland Railway from Bedford to Northampton, thus com-
pleting a direct route from London to this important district
by the Midland Railway.
The rising importance of Northampton (which contains at
present a population of not less than 50,000 inhabitants), its
admirable position, and numerous manufactories, have ren-
dered it essential that a new, direct, and rapid communication
should exist between that town and the metropolis.
When the Bedford and Northampton Railway is open, the
Midland Railway Company will be enabled to extend their system
direct to Northampton, via Bedford, Turvey, and Olney, instead
of by the present circuitous route through Oakley, Sharnbrook,
Wellingboro', Ashby, and Billing.
The Railway is being constructed as a double line, and, in
accordance with the clause of the Act of Parliament, in all
respects equal to the Leicester and Hitchin Railway, which is
leased by the Midland Railway Company.
The works are in course of execution by Messrs. Edwin Clark,
Punchard, and Co., the eminent contractors, under the inspec-
tion of the engineers of the Midland Railway Company, and
are in a very advanced state, and by the terms of the contract
they are to be completed by the 31st August next, and the
entire construction of the line within the Company's capital is
absolutely guaranteed.
By special agreements, which are appended to and ratified by
the Acts of Parliament of this Company, the Midland Railway
Company undertake, on completion of the Bedford and North-
ampton Railway, to maintain, manage, stock, and work the
line at 50 per cent. of the divisible receipts ; such divisible
receipts being taken in the accounts between the two Com-
panies at the minimum rate of 430 a week for every mile in
length, thereby yielding to the Bedford and Northampton
Railway Company a net minimum revenue of £15,600 per

annum.
It also forms part of the agreements between the two Com-
panies that the Midland Railway Company shall have the
option of amalgamating with or leasing in perpetuity the Bed-
ford and Northampton Railway, provided such option be exer-
cised within five years after the completion and opening of the
line, on condition of the Midland Railway Company paying to
the Bedford and Northampton Railway Company a guaranteed
perpetual net yearly rent equal to £5 per cent. per annum on
their total outlay on capital account.
The traffic on the Bedford and Northampton Railway—
forming, as it will, a link of the great system of the Midland
Railway—must be very large.
The amount necessary to ensure the punctual payment of
the Interest on the Preferred Shares now for subscription is
as follows:

£
5,350

Interest on £130,000 Debentures and £3,000 Rent
Charges
Preferred Shares-20,000 Ralf Shares, £lO each,
—£200,000 at 5 per cent.— .................. 10,000

15,350

The Midland Railway receipts average £BB per mile per week
on the whole of its system of 826 miles ; and there is every
reason for believing this line will be equal to the average of
most of the Midland system ; but, taking the traffic at only
£5O per mile per week, this would give the Company a net
receipt ot £26,000 per annum ; and as, irrespective of the
amount ortraffic, the Midland Company guarantee absolutely
a minimum net income of £15,600 per annum, it follows that
the interest on the Preferred Shares now offered is absolutely
secured.
On the above estimate of traffic, however—after paying the
Interest on the Debentures and Rent Charges, and also Interest
on the Preferred Shares now for Subscription—there would be
a surplus income of £10,650; so that both from the guarantee
of the Midland Railway, as well as from the anticipated traffic,
the Preferred Shares form a most eligible investment.
To shew the advantageous price at which the Preferred
Shares are now offered it is only necessary to furnish the two
following quotations:—
The shares of the Leicester and Hitchin Railway, with a
guarantee by the Midland Railway of 4 per cent., are quoted
at £92 per £lOO, which is equal to £ll5 at 5 per cent.
The shares of the Bedford and Northampton Railway, now
offered for subscription at £92 10s. per £lOO, bear 5 per cent.
interest, and are consequently 22} per cent. less in price, al-
though, in effect, an equal security, as, by agreement with the
Midland Railway Company, the Bedford and Northampton
Railway is to be assimilated in the character and solidity of
its works to the Leicester and Hitchin Railway.
The 5 per cent. Preference Shares of the Midland Railway
Company, from whom the Bedford and Northampton Railway
will receive its guaranteed revenue, are at £llO per cent., so
that the shares now offered are 171 per cent. lower in price
than those.
Immediately the line is complete the subscribers will
undoubtedly possess a security of an increased value of at
least 20 per cent. : the due and punctual payment of the
interest in the interval being secured by the investment in
Consols, of the amount necessary for the same in the names of
W. C. CURTIS, Esq., Lombard-street, London,
(Messrs. Roberts, Lubbock, and Co., Bankers),
and

Colonel W. B. HIGGINS, Picts' Hill, Bedford,
(Chairman of the Bedford and Northampton
Railway Company),
who have consented to act as Trustees for the preference share-
holders.
To trustees and capitalists the security now offered presents
an unusually advantageous investment.
London, 2nd December, 1870.

EUROPEAN ASSURANCE SOCIETY,
Empowered by Special Acts of Parliament.
For Life Assurance, Annuities, and Guarantee of Fidelity in
Situations of Trust.
Chief Office-17, Waterloo-place, Pall-mall, London.
Annual Income, e 300,000.
Capital, subscribed by more than 1,600 Shareholders, nearly
£BOO,OOO.
DIRECTORS.
CHAIRMAN—GeneraI Sir FREDERIC SMITH, K.H., F.R.S.
The Rev. A. Alston, D.D. I R. M. Carter, Esq., M.P.
E. Hamilton Anson, Esq. Edmund Heeley, Esq.
A. R. Bristow, Esq. Reginald Read, Esq., M.D.
This Society are now ISSUING COMPLETE LIFE POLICIES.
The peculiar features of these Policies are as follow
1. The Payments Cease after Ten or Twenty Years.
2. The Policy is not forfeited by the non-payment of renewal
premium during the ten or twenty years.
3. The Assurer is entitled for each yearly payment he has
made to a paid-up Policy for one-tenth or one-twentieth of the
sum Assured

HENRY B. PARMINTER, Manager.

THE SHAEN LIBEL CASE.

The further hearing of this case was resumed on Satur-
day in the Court of Queen's Bench, when Mr. Shaen's
cross-examination was ,commenced. The case has now
occupied seven days, and, from present appearances, it is
doubtful whether it will be concluded before the middle
of the week.

THE ALBERT LIFE ASSURANCE COMPANY.

---
The affairs of this company were before Mr. Bloxam,
the Chief Clerk at the Chancery Chambers, on Saturday,
in reference to a scheme for its reconstruction. It will
be recollected that a scheme for reconstruction was pro-
posed, to prevent the winding up. After hearing the
parties, the Chief Clerk gave directions as to the adver-
tisements in reference to the proposed scheme. Order
accordingly.