The Sun.
London, England, 1864-09-06 00:00:00

THE SUN, LONDON, TUESDAY EVENING, SEPTEMBEh 6, 1864.

forthwith without deduction. Should a less number be
allotted than is applied for, the sum paid on account of
such application will, so far as it will extend, he applied in
payment of the sum due on allotment.

Copies of the Report of the Credit Foncier (Limited) and
Credit Mobilier (Limited), above referred to, with prospec-
tuses of this Company, may be had on application to the
bankers, solicitors, stockbrokers, or the secretary.
London, Sept. 1, 1864.

FORM A.
FORM OP APPLICATION FOR SHARES.
(To be retained by the Bankers.)
To the Directors of the Credit Fonder and Mobilier of
England (Limited).
Gentlemen,—Having paid to your bankers* the
sum of £ . being a deposit of £1 per share on
Shares in the above Company, I hereby request that you
will allot me that number; and I agree to accept such
shares, or any less number you may allot to me on the
terms of the prospectus, at £2 13s. 4d. premium per share;
and I agree to pay the deposit on allotment, and to sign the
articles of association of the Company when required ; and
I authorise you to insert my name on the register of mem-
bers for the number of shares allotted to me.
Usual signature
Name in full
Residence
Professbn
Date September, 1864.
*lnsert bankers' names.

REPORT of the CREDIT FONCIER (Limited)
and the CREDIT MOBILIER (Limited),presented to
the Shareholders at their GENERAL MEETING, held
MONDAY, sth September, 1864.
London, August 27, 1864.
Temporary Offices, 80, Lombard-street.
To the SHAREHOLDERS of the CREDIT FONCIER

(Limited).
Gentlemen,—ln presenting the accompanying balance
sheet, it is a source of great satisfaction to your Directors
to be able to draw your attention to the figures therein stated,
by which you will see that the total net profits from the 4th
of March last (the date the Company was established) to
this date, a period of ot months, amount, after paying off
the whole of the preliminary expenses, amounting to £lO,OOO,
and also all expenses of management, salaries, stationary,
advertising, &c., to the sum of 142,219 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
follows :

To forming a reserved fund .. £20,000 0 0
To paying a dividend and bonus of £2 per
share, free of income tax (equal together to
84 per cent per annum), which will absorb 20,000 0 0
To paying income tax on dividend 5OO 0 0
The balance (to be carried forward)
amounting to

£42,219 5 11

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London, August 27, 1864,
Temporary Offices, 80, Lombard-street.
To the SHAREHOLDERS of the CRE UIT MOBILI ER
(Limited).
Gentlemen,—ln presenting the accompanying balance
sheet, it is a source of great satisfacticn to your Directors to
be able to draw your attention to the figures therein stated,
by which you will see that the total net profits from the
29th March last (the date the Company was established) to
this date, a period of five months, after paying cff the whole
of the preliminary expenses, amounting to £lO,OOO, as also
all expenses of management, salaries, stationary, advertis-
ing, &e., amount to the sum of £42,614 lOs 2d, equal to 206
per cent per annum on the amount of capital called up.
The Directors propose this amount to be dealt wish as
follows

To forming a reserve fund
To paying a dividend and bonus of £2 per
share, free of income tax (equal together to
96 per cent per annum), which will absorb 20,000 0 0
To paying income tax on dividend 5OO 0 0
The balance, amounting to ..... 2,114 10 2
to be carried forward.

£42,614 10 2

ample guarantees given to the bondholders of this loan, The
' Credit Foncier, in conjunction with the Credit Mobilier,
had no hesitation in complying with the request of The
City Offices Company, to guarantee to the subscribers the
due observance of its engagements in respect of those
bonds ; the success of placing the whole of this loan at 5
per cent, interest, when its novelty is considered, and the
fact that the Bank rato has been 6 to 8 per cent. during the
whole time of offering the loan, speaks favourably for the
organisation and influence your Companies have obtained.
The Directors, thus far, have spoken of the past ; they
are happy in being able also to allude to the future in terms
of great confidence. having several very
important negotia-
tions and transactions in progress which they have reason
to believe will produce highly profitable results.
s
Your Directors are glad to be able to announce having
suitable offices for the Company, at 17 and 18,
Cornhill, on the ground, lower, and upper floors, the
alterations and improvements in which are now being
made, and will be completed by Michaelmas next, where
our business may be transacted with the convenience and
regularity absolutely indispensable.
The Directors new wish to bring formally before the
Shareholders that which doubtless they have heard alluded
to for some time past, for the Directors, acting under the
evident wish of the Shareholders, have made no secret of
their own desire to amalgamate The Credit Fonder and
The Credit Mobilier into one powerful company • which,
besides removing the anomaly of two distinct bodies of
shareholders being represented by the same directors
and manager, will enable the organisation of the whole
to be more economical ; the Fowler Branch for
financial operations in connection with land, and
the Mobilier Branch for general financial busi-
ness,
will, as departments, however, be still dis-
tinct : and the Directors in anticipation of this fusion, have
undertaken all operations as near as possible jointly, so as
to leave the profits and liabilities as equal as possible. Re-
solutions to carry this amalgamation into effect will be
submitted to you immediately after the ordinary meeting.
Your Directors further, on the supposition that the share-
holders join with them in the desire to make the new amal-
gamated company second to none of the financial companies
now in existence, and with a wish to make it worthy of the
title it is proposed it should have, viz.—THE CREDIT
FONCIER and MOBILIER of ENGLAND' (Limited),
have fixed the capital at £2,000,000 in 100,000 shares of
£2O each, which the Directors propose issuing as follows,
viz.-20,000 shares will be issued at par to the holders of
and in exchange for the existing 10,000 Credit Foncier and
10,000 Credit Mobilier shares-30,000 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 premium, 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 new 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 Fonder shares
viz.—two shares will be issued at £2 13s. 4d. per share
premium, and for every two shares so taken one ad-
ditional hare at par—and the remaining 20,000 shares to
be issued to the general public at £2 13s. 41. per share pre-
mium. This issue will yield in premiums the sum of
£160,000, which, with the £40,000 already put to the re-
serve fund from this half-year's profits, will make that fund
amount to £2,0,000, or £2 per share on the whole 100,000
shares which will then have been issued. The instalments
for paying 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 rata, according to
the amount paid up, the option has been reserved to the
shareholders 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 a:e justified in
anticipating that the influence of the new Company will
be materially augmented.
The leading features during the past half-year have been
the high value of money, and the number of joint-stock
companies that have been introduced to the public. Various
causes have contributed to the former, nor are any signs to
be observed of a probable return to much lower rates ; with
respect to the companies introduced, though undoubtedly
they have been very numerous, it is hoped that the majo-
rity of them are prospering ; and with respect to the capital
absorbed by them, it is believed that it has Seen subscribed
by that increasing class of investors who wish to participate
in the higher rate of dividend trading companies with
limited liability yield, as compared with the old forms of
investments, much the same, as no doubt will be found to
be the case if the limited Private Partnership Bill, intro-
duced in Parliament last session, should become law next
year. Nor is it our opinion that the desire to share in the
capital of new companies is spasmodical or speculative; it
seems rather to give signs of being a permanent change tak-
ing place in their views of investments by the middle class
of capitalists.
Your Directors, while on the subject of the future, can-
not allow this opportunity to pass without reference to the
prospects before us in a monetary view, and whilst sharing
the opinions of those writers who look for an active demand
for money during the coming winter, they are satisfied that
the worst times for monetary institutions like ours are not
those when periods of tightness, distrust, and high rates for
money are prevalent, if they have their funds well in hand,
as on referring to the balance-sheet you will find ours to be ;
the Directors being of opinion that if the capital in the hands
of a finance company be sufficiently large for its undertak-
ing a full return for capital may then fairly be looked for,
and the power of the capitalist (which a well managed com-
pany should ever represent) will be then appreciated alike
to the convenience of those seeking as to the profit of those
lending capital; and though for the moment financial com-
panies may be called new institutions, the day is assuredly
drawing nigh when their vocation and position will be as
clearly defined and recognised as some time after their es•
tablishment were joint-stock banks.
The Directors have the pleasure to announce that five
gentlemen of great inflnence and high position have joined
the board of the amalgamated company, in addition to your
Present Directors.
The accounts have been audited by 1. Maynard, Esq ,
of Bread-street, and W. B. Ford, Esq., auditor of the
Joint-Stock Discount Company, both public accountants
of high repute.
In conclusion, your Directors wish to recall to the minds
of shareholders the words used by them in the original
prospectus of the Credit Mobilier, in alluding to the pro-
sperous results of the then existing financial companies,
including the Credit Mobilier of Paris, which had then just
declared 25 per cent. dividend per annum. Then they
thus expressed themselves :
" The Directors of the Credit Mobilier Limited (your
Company) anticipate with confidence that results equally
satisfactory will attend the progress of
.this Company."
They now trust the shareholders
gill think they had
reason for their confidence.—By order of the Board,
J. STUART WORieLEY9 Chairman.
JAMES LE VICK, Deputy Chairman.
London, August 27, 1864.

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