The Express.
London, England, 1865-07-12 00:00:00

7.43 I 10.10
Sib 1

~nNITfRRI.-

a. W. Hamann Z.q., C.R., ia-15. P. Bateman, lan,. CA,
do.
CONSULTURG CHIDOBT—Pio ano y J. T. Way,
Member Cot the lint al Comm salon . Ilse a, and of the late
Royal Commission on ailing*.
11•11/1.M.
Mew% Glyn, MIR:, Cumin and Co.

c7;,furnell, and Co. (Essex),
Ths Cal m Bank of sootland and Branches,l
The Vision Bank of Manchester,
The Bank of Lir. rpool, ( will also receive
The Birmingham Bank's( Co , 'Subscriptions.
J. Barber Iteun-sly and Co. (Dublin),
The Northern Banking Co. (biggest),
BOI.ICITOIIII.
Mews. Baxter, Book Norte's, and Co.
Masan West and King.
BILOMULS.
Messrs. P. lluesove and Co.
Messrs. Boman. and Co.
SlCansier (raoTaM).—Walter A. Michael, Esq.
oMces-40. ThreadosesUe.strast.

The International Mandel Society are authorised to melee
subscriptions for the share capital of this Company, which has
been Incorporated by Special Act of Parliament, for the purpose
of utilising the sewage of the northern area of the mctropolls.
the concession of which bee been granted to Messrs. Napier
mid Hope.
The concession from the Metropolitan Board of Works to
Messrs Napier end Hope m now confirmed by Act of Parliament
le echeduled to the Act, and both may be inspected at the oMces
of the Company.

The enoceui~,a his been meted In the Company on condition
of the paymt nt to Helen Napier and Hop., under the prod.
oboes of the act, of £lO,OOO in fully paid up shares of the Com-
pany. and a small contingent per tentage of the net pronta.
The concesrion recites that, in the opinion of the Board, the
works proposed by Messrs. Napier and Hope are calculated to
'Beet the three following objects, namely :
3. To divert the sewage from the Thames.
2. To raider it innocuous. by its ripplicatico to growing crops.
3. To realise the greatest money value of the roan:ire con-
tained in It. _ _

Tl;;lrrsitarticie meters upon Messrs. Napier and Elope "the
absolute and oath's's° light to and property In the sewage,"
for a period of b 4 years from the passing of the act, but makes
the following provision in reference to the application of the
net profits resulting from the scheme after the expiration of
four) ears from the passing of the act. Previous to the expira-
tion of that period all the profit results to the Company.
After deduction of the annual charge for money borrowed,"
and of the " working and establishment expenses," the net
progt than be applied—
lat. In payment of interest at eve per cent. per annum on the
share capital.
tot le payment In equal moieties to the shareholders and the
Metropolitan Board of the further profits rep to IS per cent.
Erd. In divinou of profits exceeding 16 per cent. and up to
per cent. between the shareholders sod the Metropolitan Board,
In the proportion of one-fourth to the termer, and three-fourths
to the latter.

Aft—Si:ll6 per cent. the division again to become equel.
The objectof these ttipulatione la, that while the Metropolitan
Board are virtualty to receive half the prone, yet that, In order
to give a pester menrity, and therefore greater value to the
ehai es, the shareholden ace to have a preference to the extent
off per cent., which la made good to the Metropolitan Board
between the points of lb and 24 per sect, at valeta letter point
each patty receives 114 per mai, sad the division to then con-
tinued equally. Thus, the Share Capital of the Company derives
the advantage of the entire capital approaching three millions
sterling, expended by the Board on tbe North Ale of the Thames,
for the collection of the sewage at the point of its delivery to the
Company. . .

At tbe expiration of 34 years the Beard have the right, on
Orin two years' notice, to regain a revision by arbitration of
the above apportionment of profits.
The concession stipulates for the construction of a circular
brick culvert, 9 feet if inches in diameter, shown by the red line
es the map secompanying the prospectus and running from the
heethern Outten newer to the Kant Coast of lases. and further,
for the reclamation of the trace of foreshore and sand coloured
pink on the map ;about 7,000 serer). The intention being to
Irrigate the lands in the district through which the culvert
panes, and tontilir the aurpl?s upon the reclaimed
_

A iOnlract hag been entered William W. biter
(who ha. constructed more than one-third of the Male Dealnee•
it aka of the metros oils, Including the ereameesOuttally, t r the
cobstructioe, of the works mentioned above, together with the
necessary pumping stations. for the sum el A 1,86.1,448 To lb •
must be added the amount to be pal l to blears. Napler and
Hope In shares, as before mentioned: the cost of land, engineer-
ing, parliamentary and
.legal expenses, suprinteudeoce, and

miZurge-ment, together with intereii at e'per 'cent. p r anat.= on
the catact during the constiu, You at the culvert, estimated at a
total of Abe6lft2 . In all, £2 400,000. The Act a,thorscs the
Dbecton to raise the amount of t 700,000 in debenticrre, bat
of this, aa above shown, only £300,000 will In all probability be
re.9l2lred• .

Company have the right of taking. without any Payment,
during the Oust four years, so much of the sewage as they can
utiliee. Plot, this source an Immediate Taunt may be obtained,
so that the return upon capital daring construction 'Wahl be
mach fa tams of the interest pr0v1,144
On peyotet.t on tie 2nd October next of the 410 per certificate
then doe, the certificates of 4100 will be exchanged for regis-
tered shares of 410 each..
.

Aocording to the calculation' made the eventual revenue of
the Company ts estimated at about C 720.000, and the working
expeure and management at CAO.oOO.
Applications In the annexed form should be lett with the
bankers, who will not, however, receive any applications unless
accompanied by a deposit of AP per certiticate on the number of
certificate* applied for. In cues where no allotment is made
the deposit will be returned in full, and should a mailer number
than is applied for be allotted the balance returnable to the
applicant will be applied towards payment of the amount due
on allotment. In cues where an allotment is made, the deposit
paid on application will be liable to forfeiture if the balance due
on allotment be not paid within the term toed by the letter of
allotment, and the allotment will be liable to cancellation.

sl7itribiniT;T:l7l;3 paymentcrt eiCeitopirscripn;rl:
node, payable on toil October, leek will, in like nrmner, render
the scrip certificates subject to cancellation, and the amount
theretofore paid thereon to forfeiture.
Prospectuses and forms of applicaUon may be obtained from
the hankers and brokers, and at the offices of the Company, No.
60, Threadneedle street, KC., London.