V', IMAGE EVALUATION TEST TARGET (MT-3) /. ^ -^ ^ 'a .% '■^^^'i'' .^ ^'^ Sn y Photographic Sciences Corporation 23 WEST MAIN STREET WEBSTER, N.Y. 14580 (716) 872-4503 iV '^^ ^^ ^ ■ \ <> ;\ vj- 4^^' ^ m:.M 7 29, London. ■' Aj'.atin Friars, London. Debentures bearing Interest at Six per Cent, per Annum, with the option of conversion into Paid-up Stock. Messrs. MASTERMAN and Co., LONDON. The Capital of this Company is ^.1,200,000 sterling, of which one half has beon subscribed in Shares in Canada and the United States. Of this hidf, 30 per cent, has been called up, and the remainder is being called up at the rate of 5 per cent, per month. The snni already expended on the works, amounts to about €.250,00(1, and, before the end of l^t-'jO, it will have exceeded 32.800,000. The works are so far advanced, that a part of the line will l>o opened next summer, and the- whole line from Iv^iagara to Windsor, in 18r»:i. The Canadiai. legislature, in consideration of the importaucc of this Pmilvvay to the Province, has authorised tlie Goveniment to advance the otlier hidf of the capital, on loan at per cent, for twenty years : but, as the Government requires a sinking fund of 3 per cent, to be set tipart annually for the repayment of the loan, the Company have determined to avail themselves of this credit, to the extent of only £.400,000 ; and to offer to the public, the remaining £.200,000 in bonds, repay- able on the 1st of October, 1857, bearing interest at the rate of (i per cent, per annum, from the day of subscription, and conveitible (at the option of the holder) into paid up stock of the Company, any time on or before the 1st of May, 1855. Contractors of the highest respectability have already oftered to work the line as completed, and to pay a rent of s per cent, on the capital expended ; but the Directors htive declined this offer, from a conviction that a much higher return will be obtained ; as is the case witJi tlie adjoining Railways. The power of converting these bonds into stock may therefore become a very valuable privilege. This will hi} t)bvious from the following cousidewtious ; — The Great W(;8ti-ni Kailwiiy of Canada extends from t,h« Niugiu-a liiver, toAVindsor, opposite JJetroit, in the State of Michigan. Including a branch of 49 miles to Port Sarnia on Lake Huron,— its whole length i^^ -^T.') miles. It forms a direct Trunk I-ine for the traffic of the principal towns and districts of Canadii, with one another, and with the Seat of Goveniment ; nnd it will he the main channel, for the stream of passengers and emigration, which flows from this country to the Western Sections of the Provinci> hy way of the St. Lawrcmce. The principal feature, however, of the Great Western Railway of Canada,— as a /ti///tli/ reinu- ncffitive commercial (f/krjiritic',—coniiisiii in its uniting this character of a main artery for the local and provincial traffic of ( 'anada with that of a comphiling link, in the great system of thron(/h rommiiiiicalioiK between the North Western States of America, and the Upper Valley of the Mississippi, on the one hand,— and thp cities of New York and Boston, and the sea board of the .\tlttntic, on the othei'. The vicinity of the Niagara llivcr, at the terminus f)f the Eastern branch of the Great \Vestern Railway of Canada, is the focus of the various communications by Avhich the traffic of the interior is conveyed to the Atlantic; and Detroit, opposite Port Windsor, the Western terminus of the main lines, is, in like manner, the focus of the extensive Railway and I^and communications of the North Western States, including Michigan, Illinois, Indiana, Iowa, Wisconsin, and the upper part of Ohio. The traffic between Detroit and the State of New York is at present carri(>d on entirely by the circuitous and dangerous navigation of Lake Erie, which is closed during half the year. The importance of this traffic nniy be judged of from the fact, that upwards of eighty large steamers, averaging 150 tons burthen, and whose estimated cost is :£. 1,500,000,— a sum exceeding the estimated cost of the Great Western Railway, — are employed on Lake Erie, in addition to upwards of 100 other vessels of different classes. It may further be stated that the Michigan Central Railway, which is a continuation westwiu'd of the Grea. Western Railway, is now paying Dividends of from 8 to 10 per cent , and that the Lines of Railway which converge on its Eastern Terminus, pay also Dividends of from 8 to 10 per cent., with occasional large bonuses. The Lino is easy of construction, and, from the contracts that L'-e been entered into, the Directors are confident of its being completed for less than the Capital the C liipany is authorised to raise. The Bonds, if the option of converting them into Stock be exercised, will be exchanged at the rate of Five Shares of ^'.^5 each, currency, or Je.20 II. v. sterling for each f.lOO. About one-third of the £.200,000 has already been secured by parties in this Country, interested in the success of the undertaking. Applications for the remainder (i!. 140,000) may be made to Messrs. Eosteu and Biuithwaite, Stock Brokers, 08, Old Broad Street, on or before the Tenth Day of January next. N.B. — The Bonds will be payable in London. They will be made out in suujs of not less than £.100 each ; and as the Stamp laws do not apply to Colonial securities, they will be to " Bearer," ana will be transferable without expense. They will have coupons attached to tlieni, payable likewise in London, on the 1 st April nnd October. Printed by T. BnETTBLr,, Rupert Street, Hoymarket, London.