The Sun.
London, England, 1870-06-04 00:00:00

£lOO

BANKERS.
The Natimid Provincial Bank of England, 112, Bishopsgate
Street Within, London, E.C., and its Branches.
SECRETARY.
R. Di. Muggeridge, Esq.
Offices : 13, Little Queen Street, Westminster, London, and

Taunton, Somerset.
The DEVON AND SOMERSET RAILWAY. 42 miles in
Aength (shown on the accompanying map, coloured red), com-
mences at Norton, near Taunton, Somerset, forming a junction
with the Bristol and Exeter Railway there, and terminates at
Barastaple, Devon, crossing by a direct route from east to west,
Milverton, Wiveliscombe, Hampton, Dulverton, North and South
Molton, Swinbridge and Landkey, saving nearly 40 miles on the
existing route from the West of England to Bristol and the
North, and bringing the entire district traversed within much
easier reach of the Metropolis.
The Devon and Somerset Railway possesses peculiar advan-
tages as regards traffic, as from the great saving of distance it
will not only command a remunerative passenger and goods
traffic, but, in addition, an important mineral traffic from the
surrounding districts, which this railway will open up, there
being to the northward of this line, and between it and the
Bristol Channel, upwards of 400 miles of rich mineral and agri-
cultural country, unprovided with railway accommodation, aui
to the soutward, upwards pf 200 miles, more than half of which
is similarly unprovided.
The present route from the north, north-east, and east to
Barnstaple and the west of England is (as a glance at the map
will show) round via Taunton, by Exeter, and thence by the
North Devon Railway—a very circuitous route.
When the Devon and Somerset Railway is open, nearly the
whole of this traffic must pass over it, at a saving of nearly 40
miles in distance, and consequently economy of time and ex-
pense will be effected by all traffic between the metropolis and
places north of it and the large district which will be served by
the Devon and Somerset Railway, such traffic then proceeding
by the Great Western and Bristol and Exeter Railways, to
Taunton, and thence by the Devon and Somerset Railway direct,
passengers and goods being booked through by those Companies.
By special agreement, confirmed by Act of Parliament, the
Bristol and Exeter Railway Company are to work the Devon and
Somerset Railway in perpetuity, paying over to this Company
half-yearly 50 per cent. of the gross receipts.
Arrangements have also been made by which the Midland
Railway Company is under agreement to allow the Devon and
Somerset Railway 10 per cent. rebate on the traffic passing over
their line ; and the Bristol and Exeter Company have agreed to
allow a similar rebate of £5 per cent. on their line, whichis to be
increased to 10 per cent., when negotiations with the Great
Western Railway Company for rebate on their line have been
successfully carried out.
With _reference to the estimate of traffic of the Devon and
Somerset Railway, there is no doubt it' must be large, having
regard to the important towns it unites, and to the rich agri-
cultural and mineral district it will accommodate, as well as the
saving of distance from the Metropolis and North.
There will also, it may be confidently expected, be found a
special element of great future advantage, in the facility it will
oiler for summer and excursion traffic to the beautiful and
favourite scenery of North Devon and Cornwall. The attractions
of this district bring numbers, which are rapidly increasing
every year, to the West of England ; and the Devon and Somerset
Railway will offer to the whole of the manufacturing districts of
England the readiest and far the shortest route to all parts of
the West, and will carry travellers through some of the most
picturesque parts of North Devon.
The directors forbear to offer any precise calculations as to the
amount of probable traffic ; but it may be observed that the
North Devon Line running to Barnstaple from Exeter has a
traffic of £22 a mile a week, and the directors have received a
• reliable estimate that the traffic of this line will reach £24 a
mile a week, and will ultimately be considerably more.
The amount required annually to pay the interest on the
whole of the A Debenture Stock is £16,200, so that on the above
estimate the anticipated net revenue would exceed by upwards
of £lO,OOO a year the sum necessary for such interest, to which
must be added the additional revenue from rebates of traffic
before mentioned, thus affording an investment of perfect
security.
Of the 42 miles of Railway, of which the Devon and Somerset
Railway consists, about 26 miles are nearly ready for ballasting
(the Rails and other materials for which are on the ground),
thus leaving 16 miles to complete the whole length of the
Railway.
By arrangements with the Contractor—for whose due per-
formance, of his engagements security has been given to the
satisfaction of the Board of Directors—the following periods
have been fixed for opening the line for traffic :- -
Ist Section from Taunton to Wiveliscombe,
10 miles
2nd Section from Barnstaple to South
Molton, 12 miles .. .............. on 15th Feb., 1870.
3rd and last Section .......* . ......... on 30th June, 1571.
So that within 15 months the entire line will be at work and open
for traffic.
To insure the punctual payment of the interest during the
last-mentioned period upon the Stock applied for an amount
amply sufficient for that purpose will be invested in Government
Securities, which will be lodged with the National Provincial
Bank of England, in the names of—
The Right lion. The Lord Poltimore (Chairman),
The Right Hon. The Earl Fortescue, Castle Hill, South
Melton, Devon.
who have consented to act as trustees, and will apply the amount
in the payment of such interest as it falls due.
As a safe investment English Railway Debenture Stock is well
known, and possesses at once the advantage of a' fixed income
and the certainty of rapid increase in value, and consequent
augmentation of the capital invested.
These features apply specially to the present Issue of Stock
for subscription, as will be seen by the accompanying table of
the relative values of existing Railway Debenture Stock at 6 per
cent. interest, compared with the 6 per Cent. Debenture Stock of
the Devon and Somerset Railway, now offered at £lOO.

Issued at
Rate of
Interest.

on 15tb Oct., 1870.

NAME OF STOCK,

Present
Price.

Equivalent
price in a 6 per
Cent. Stock,
as now offered.