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

EDITI- N.

Barnstaple and the west of England is (as a glance at the map
will sow) 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 distriet which will be served by
Ake Devon and Somerset Railway,- such traffic then proceeding
fby the Great Western and Bristol and Exeter Railways, to
,Thunton, 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, which is 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.
The directors forbear to offer any precise calculations as to the
amount of probable traffic ; but it may be observed that the
forth 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
ttefore mentioned, thus affording an investment of perfect
security.
I Of the 42 miles of Railway, of which the Devon and Somerset
tuailway consists, about 26 miles are nearly ready for ballasting
( he Rails and other materials for which are on the ground),
s leaving 16 miles to complete the whole length of the
ilway.

T By arrangements with the Contractor—for whose due per-
fbrmance 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
12nd Section from Barnstaple to South
Molton, 12 miles... .... on 15th Feb., 1870.
.13rd and last Section
So that within 15 months the entire line will be at work and open

on 15tb Oct., 1870.

/Co insure the punctual payment of the interest during the
last-mentioned period upon the stock applied for an amount
apaply sufficient for that purpose will be invested in Government
Securities, which will be lodged with the National Provincial
Banktof England, in the names of—
The Right Hon. The Lord Poltimore (Chairman),
The Right Hon. The Earl Fortescue, Castle Hill, South
Molton, 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.
1 TABLE OF COMPARATIVE VALUES OF RAILWAY
DEBENTURE STOCK.
_ .

These features apply specially to the present Issue of Stock
for subscription, as will be seen by the accompanying table of
h 1 t relative values of existing Railway Debenture Stock at 6 per
e t. interest, compared with the 6 per Cent. Debenture Stock of
tDevon and Somerset Railway, now offered at £lOO.

----- Equivalent
Issued at
NAME OF STOCK. Rate price in a 6 p
of Present Cent
Stocker
Interest. Price. ,
as now offered.
?
Per Cent. £ £
Great Easternßailway De-
benture Stock .. .. 5 110 132
Great Northern .. .. 4 100 150
Great Western .. . 5 112 134
Lancashire and Yorkshire 4 100 150
London and Brighton .. 4} 101 134
London & North Western 4 100 150
Midland .. .. .. 4 100 150
Ditto 4} 106 l4l
.. .. ..
North-Eastern .. .. 4 100 150
North London .. .. 4i 106 141
South-Eastern .. .. 5 113 135
Metropolitan District
Railway (in course of
construction) Debenture
Stock issued in July 1869,
is now 16 premium .. 6 116 116
The Debenture Stock now offered for subscription being an
absolute first mortgage charge on 42 miles of an English Rail-

The Debenture Stock now offered for subscri
absolute first mortgage charge on 42 miles of al
way, passing through a rich mineral and agricu
and which, when completed, will represent a tc
£708,700, offers an excellent investment for capital
By order of the Board of Directors,
R. M. MUGGER

otion being an
English Rail-
ltural district,
)tal capital of
[hits.

DGE,
Secretary.

13, Little Queen-street, Westminster, 2nd June, 1870.

Applications, accompanied bp the payment of £lO per cent.,
will be received on the enclosed form, which must be filled up,
and forwarded either to the National Provincial Bank of Eng-
land, 112, Bishopsgate-street Within, London, or its branches ; or
to the Secretary at the Company's offices, 10 Little Queen-street,
Westminster, London.
The above is abridged from the detailed Prospectus, which,
with Forms of Application, may be had of the Secretary at the
Offices of the Company.