The Sun.
London, England, 1857-07-06 00:00:00

CONNECTIONS.

The line, and its proposed branches, will not only unite the
great Western Lakes—whose tonnage, traffic, and commerce
is larger in amount that the foreign commerce of New York
—with the seaboard, by a direct and advantageous route, but
will also bring the city of Montreal, and the Grand Trunk
Railway in Canada, into easy communication with New York,
thus materially shortening the distance over the line at pre-
sent in use.

LARDS POSSESSED BY THE COMPANY.
The Company possess upwards of 500.000 acres of land,
lying adjacent to their line, and granted to the Company by
the State of New York, and the individual owners of land
along the line. These lands are exclusively forest, and are
filled with timber suited to shipping and mercantile purposes,
and wood of a description universally used for locomotive
fuel in the United States. For all of the varied products of
this forest an extensive and unsupplied demand exists at each
terminus of the line. The whole of this tract will be brought
*within eight hours of the city of New York by the completion
of this railway.

EXTENT AND VALUE OF THE LANDED ESTATE.
The extent and value of the lands possessed by this Com-
pany, may be jadged from the following extracts from a late
report of A. F. Edwards, Esq., the chief engineer, corrobo-
rated in all respects by John B. Mills, Esq., the consulting
engineer and land agent of the Company.
Speaking of these lands, they say:—" They are known to
be covered with an extraordinary growth of timber, and on
this account are worth much more than lands fit only for arr-
ricultural purposes. Let us go where we will in the State,
We find the lands which remain covered with wood and tim-
ber altogether the most valuable, rd bringing high and in-
creasing prices."
There are, of-
1. Good pine timber lands 50,000 acres.
2. Lands containing cherry, cedar, curled
maple, tamarack, oak, elm, birch and
ash, all valuable for manufacturing and
special uses, and some of which are mine-
ral lands.

3. Good spruce timber lands
4. Good hemlock timber lands, valuable for
plank boards and bark lOO,OOO ~
5. Lands valuable, because connected with
water-power, and for town lots lO,OOO ~
6. Lands valuable for cord wood, and for ag-
ricultural purposes 225,000 ~

Total 500,000 acres.
the item classed as cord wood, represents wood for fuel, each
cord being 128 cubic feet, 2 feet long, 4 ft. wide, 4 ft. high.
The pine timber is of the best quality. There having been
" access to it by canals or railroads, it has not been culled
or destroyed. It is, on the average of distance, 210 miles
nearer to tide water than the pine timber on the Erie▪ Rail-
road, at the heads 'of the Genesee and Alleghany Rivers,
where the best kind of timber is worth 'l. sterling per thou-
sand feet, board measure, standing in the tree.
It is aec nowledged by many who have examined thi▪ s coun-
try, that the entire forest will average from sixty to one hun-
dred cords per acre, or will produce twenty thousand feet,
boa- d measure, of sawed stuff, of the various kinds, with 60
cords of merchantable wood, and 3 cords of hemlock bark
used for tanning leather.
The Company have, in addition to the 500000 acres granted
to them, the option of purchasing upwards of 250,000 acres, and
which it is evidently the interest of the Company to possess ;
thisincludes 4-sths of the justly celebrated Adirondack Iron
Estate of 100,000 acres, of which the Company now own 1-sth.
Professor Emmons, the geologist of the state of New York,
in his report to the state, states that more than six millions
of tons of magnetic rock ore of 80 per cent. richness, lies with-
in two feet of the surface, and m .st of which may be removed
without blasting, while there exists in immediate proximity
abundance of water power, and unlimited facilities for the
economical manufacture of charcoal iron.
By an act of the Legislature of the State of New York, at
their last session, the who'e estate of this Company is
exempt from taxation until 1879.

TRA !TIC.
The general traffic which must flow over this line is ex-
tremely large, and leaves no doubt of the remunerative
character of the undertaking. The directors estimate that
their annual earnings from way or local traffic, with the road
Completed, will amount to upwards of 700,0001. sterling, the
outlay for which will not exceed 45 per cent.
A. careful examination as to the immense supply of freight
existing at the summit of the road, the short distance from
market, the extensive and unsupplied demand for every item
of this freight at the eastern termini of the roads at Albany
And Troy, and at Lake Ontario West, for Western demand ;
the facts of the gradients, level or descending, in favour of
the preponderating traffic, the nominal cost of fuel, usually
one-fifth of the expense of maintaining a railway line, will,
When considered, fully justify the estimates of earnings, and
will prove most conclusively the capability of the road to
move at highly profitable rates the teeming products of the
forest. °

DEBENTURE BONDS.
The Company have already allotted 51,000 shares of their
share capital, equal to 1,020,0001., upon which 10 per cent.,
or 21. per share has been paid ; and the directors, by their
charter, being empowered to raise capital by the issue of de-
benture bonds, have created bonds to the amount of 800,000/.
of which they have recently sold entirely among the share-
holders 200,000/. The bonds are for 1,000 dollars, or
2081, Bd. each, in the usual form, falling due in
perlB79,
with coupons attached, bearing interest at 7 per
o
annum, payable half-yearly: Th,, remaining 600,0001. of
the above bonds the directors have agreed to off •r in England
the principal and interest of which will be payable in Lon-
don, at the bankers of the Company, at the rate of 208165. Bd.
each bond.
The interest is payable on the first days of August and
February in each year. These debenture bonds are sold,
payable in single payment, or by instalments, as follows ;
On the Ist day of August proximo... £2B 6 8
October 30 0 0
December „ 30 0 0
1/1 February, 1858... 30 0 0
~ April ... 30 0 0
June „ 31 0 0
August „ .. 30 0 0
Provisional certificates will be issued by the Union Bank of
London. upon the payment of each insta'mc nt, and when all
are paid, the certificates will be exchanged for the bonds ; or
the instalments may be anticipated by the payment of the
bonds in full, at any time, interest to be adjusted at 7 per
tent.. per annum.
OPTION AS TO SHARES.
A right to take shares in the c9pitll stock of the railway is
reserved to each bondholder, the privilege of three shares
being attached to each bond of 1,000 dollars, 01 2081. 6s. Bd.,
the right to be exercised within five year., upon a p
when taken, of 10 per cent , or 2/. per share, which is all that
to probably call d for ; and for this purpose 9,000 shares
have been miihheld from the public.
SECURITY.
The Company have no floating debt, andthteheamcmouunpt.oufy in
of
bonds is secured upon the whole property
lands, railways, railway pant, dm., the entire of which is mort-
gaged to three trustees for the repayment of the amount.
This loan is the first end only non all lho 'egal and ou
equit-
able rights of the Company in all its real est • te, and like mert.
gages in other instances, must stand prior to every other lien
till these bonds are dully cancelled. In it- effect, it is in all
respects like the ordinary bonds and mortgages taken for
loans.

SINKING FUND.
„n
Providedi that a sinking fund of $BO,OOO or 16,000/. per
--C.,,,,uru. is to be set aide out of the pro eedi of the Company's
'3
Pr their products, or any deficiency to be made up f, om
the
grog's receipts of the road for the redemption of the bonds
at their maturity ; and the directors are authorised to pur-
chaSe the bonds at any period during their currency for any
sum not exceeding par, or 2081. 6s. Bd. each.
The general features and characteristics of this Company
are the rame as those of the Illinois Central Railroad Com-
MI, whose securities are deservedly popular in Europe and
America solely on account of the fact of their land basis.
This Company possess in fee simile about the same number
of acres, relatively for each mile of road or railway, as the
Illinois Central Railroad Company, all of which is situated in
the state c f New York, and is now covered with a primitive
forest adjacent to the largest markets for lumber and timber
in the whole country. The quantity now actually existing
Upon the 500,000 acres belonging to the Co, pang, is
45,000,000 of tons gross, of surface products. the value of
which, with the lands, when cleared, calling them 3/. per
acre, would be 6,500,0001., estimating the forest product
Upon the basis of cordwood, which is that of least value.
It will therefore be seen, that upon completion of the road,
and after discharging the debenture debt, the three shares
map he considered as prospectively of at least the value of
each debenture bond, at a cost of 2/. per share.
APPlicatione to be made to the brokers, Huggins and Row-
"l4 Atimseciorsgt, Unto%

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