The Sun.
London, England, 1864-08-31 00:00:00

The Credit Fonder and Credit Mobilier

Companies.

Conjoint reports have been issued to the shareholders of
the Credit Foncier and Credit Mobilier Companies respect-
ing the result of the operations since their establishment,
and also the proposal for their amalgamation. The balance
sheet of the Credit Foncier states that the total net profits
from March last reach the sum of £42,219 5s 11d, equal to
180 per cent. per annum on the amount of capital called up.
The directors propose this amount to be dealt with as fol-
lows :—To forming a reserve fund, £20,000; paying a
dividend and bonus of per share, free of income-tax,
(equal together to 84 per cent. per annum), which will
absorb L 20,000 ; paying income-tax on dividend, £5OO ;
the balance amounting to bo carried forward £1,719
5s lld. The balance sheet of the Credit Mobilier
from about the same period gives the net profits
at £12,014 lOs 2d, equal to 205 per cent. per annum on the
amount of capital called up. The directors propose this
amount to be dealt with as follows :—To fuming a reserve
fund, £:0,C00 ; to paying a dividend end bonus of £2 per
share, free of income tax (equal together to 95 per ceLt. per
annum), which will abs orb £20,C00; to paying income tax
on dividend, £500; the balance, amcunting to £'1,114 lOs
2J, to be carried forward.

%The new company is to be styled the Credit Foncier and
DLebilier of England with a fixed capital of £2,000,000 in
100,000 shares of £2O each, which the directors propose is •
suing as follows, viz.:-20,000 shares will bo issued at par
to the holders of and in exchange for the existing 10,000
Credit Foncier and 10,000 Credit Mobilier shares-31,000
shares to be issued to the holders of the 10,000 Credit
Foncier shares, being three new shares for one share now
held in that company—which will be issued as follows,
viz.:---two of such shares at £2 13s 4d per share prem.,
and for every two shares so taken one additional share at
par-30,000 shares to be issued to the holders of the 10,000
Credit Mobilier shares, being three now shares for one
share now held in that company, which will be issued upon
the same terms as to the holders of the 10,000 Credit Foncier
shares, viz., two shares will be issued at £2 13s 4d per
share premium, and for every two shares so taken one
additional share at par—and the remaining 20,000 shares
to be issued to the general public at £2l3s 4d per share pm.
This issue will yield in premiums the sum of £lOO,OOO,
which, with the £40,000 already put to the reserve fund
from this half-year's profits, will make that fund amount
to £200,000, or £2 per share on the whole 100,000 shares
which will then have been issued. The instalments for pay-
ing up the new shares are arranged to extend over a period
of seven months, so as to make the payments as little
burdensome as possible; but as all the 100,000 shares will
participate in the next dividend pro rail; according to the
amount paid up, the option has been reserved to the share-
holders to pay up the instalments at any time, or at once,
up to the £5 per share. The paid-up capital will then
amount to £500,000, and the reserve fund to £200,000; and
with this result the directors believe they aro justified in
anticipating that the influence of the new company will be
materially augmented.