The Sun.
London, England, 1870-05-28 00:00:00

chises, and property of the Company, for the amount of prin-
cipal and interest due to them.
3. The holders of Certificates of Debenture of 1864 will receive
in exchange, therefore-
1. Twenty-five per cent. on the nominal amount of the De-
bentures in the First Mortgage Bonds of the new
Company.
2. Twenty-five per cent. in the Second Mortgage Bonds of the
new Company,
These two amounts being the amount of Divisional
Bonds and overdue Coupons now held in the Deben-
ture Trust as collateral security.
3. Twenty-five per cent. in the Third Mortgage Bonds of
the new Company.
4. Twenty-five per cent. in the Ordinary Shares of the New
Company.

•
They will also be entitled to receive a further payment in
cash, in the course of the current year, of about 31- per cent.,
in addition to 11 per cent. already paid on account of other
securities deposited in trust for them.
4. The Consolidated Bondholders will receive :-
1. Third Mortgage Bonds of the New Company for the
amount of principal.
2. Five per Cent. Preference Shares for the over-due
Coupons.
5. The holders of Certificates of Debenture of 1868 will
receive-
1. Twenty-five per cent. in Third Mortgage Bonds of the new
Company.
2. Twenty-five per cent. in Five per Cent. Preference Shares
of the new Company.

3. Fifty per cent. in ordinary Shares.
Note.—All Coupons from 17th January, 1867, to Ist July, 1870,
'to be capitalised, and the interest accruing between the latter
date and the issue of the new securities to he paid in cash out of
the earnings after the reorganisatisn of the Line, according to the
provisions contained in this scheme.
FUTURE MANAGEMENT OF THE COMPANY.

The future management of the Comeau in the United States
to be vested in not more than Nine Directors, of whom General
George B. 31'Clellan is to be President, and to retain office for
three years certain.
One-third of the Board to retire annually, but to be eligible
for re-election. . . .

Three Trustees, with proper remuneration, to be appointed by
the Shareholders, who shall exercise the voting power in respect
of the Shares, under the instruction of the Third Mortgage
Bondholders given personally, or by proxy, at a public meeting,
to be convened annually in November, until a dividend of not
less than 5 per cent. has been paid on the Shares for two years
in succession, when the trust will be dissolved, and the voting
power revert unconditionally to the Shareholders.
These Trustees are also to form a Committee to aid in and
supervise the proposed conversion of securities, and to give
general protection to the interests of all classes of Creditors.

PRESENT INDEBTEDNESS.
First Divisional Bonds ...... $5,700,500
Overdue Coupons, say .... 1,197,105 $6,897,605
Second Divisional Bonds .... 1,469,300
Overdue Coupons, say .... 308,553 1,777,853
Consolidated Mortgage Bonds 17,593,600*
Overdue Coupons, say .... 3,694,656 21,288,256
Coupons due prior to January
17, 1867 1,409,196

Total Bonds and Overdue Coupons
Certificates of Debenture of 1864 ......
Certificates of Debenture of 1868, say ..

$31,372,910
14,000,000
13,000,000

Total Indebtedness

$58,372,910

• This amount may be increased by 878,400 dollars, in which
case it is believed the Divisional Bonds will be decreased by the
same amount.
PROPOSED CAPITAL OF NEW COMPANY.
BONDS.

First General Mortgage Bonds ....
Second „ Bonds .... „

.. $10,500,000
.. 7,000,000

Total of First and Second General Mortgage 17,500,000
Bonds, with Coupons for 7 per cent. interest
per annum. Requiring a nett revenue of
$1,225,000.
Third General Mortgage Bonds ......... ...... 24,343,600
With interest' at 7 per cent. in gold, payable if
earned within the year, or aa`much as may be
earned within the year.
SHARES.
Five per Cent. Preference Shares .................. $6,944,656
With Interest at 5 per cent. if earned within
the year ; but should a fourth Mortgage be
hereafter created, the Preference Shares are
to be included therein.
Ordinary Shares .................................. 16,211,744

Total proposed Capital

$65,000,000

Office of the London Agency,
5, Westminster Chambers, Victoria-street,
London, S.W., ➢lay 27, 1870.