The Sun.
London, England, 1865-07-11 00:00:00

METROPOLIS SEWAGE and ESSEX
RECLAMATION COMPANY.
Incorporated by Special Act of Parliament.
Capital .£2,100,000,
In 21,000 Scrip Certificates of £lOO each, to be hereafter
divided into Shares of £lO each.
Deposit on application £2 per Certificate, with further pay-
ment of .£8 on allotment, and £lO on 2d October next.
The Subscribers will, in exchange for their Letter of
Allotment and Bankers'' in
receive Scrip Oct
which, on payment of the sum of £lO, payable on 2d Ot.,
as above, will be exchanged, under the provisions of the
Act of Parliament, for Registered Shares of £lO, and the
Shareholders will be credited in the books of the Company
4'2 in respect of each Registered Share.
DIRECTORS. •
The Right lion. the Lord De Tabley.
G. Sclater-Booth. Esq., M.P., Member of Sewage Commit-
tees, 1864 and i 865.
The Lord Richard H. Browne.
James Pattison Cuirie, Esq.
Maurice Drummond, Esq.
Arbuthnot G. Guthrie, Esq.
Charles J. Lambert, Esq.
Joseph S. Lescher, Esq.
The Hon. Henry Petro.
Col. Sir William Russell, Bart., .C. 8., M.P., Member of the
Sewage Committee, 1864.
Major the Hon. S. P. Vereker.
J. W. Perry Watlington, Esq., M.P.
ENGINEERS.
G. W. Hemans, Esq., C.E., &c.
J. F. Bateman, Esq., C.E., F.R.S., &c.
CONSULTING CHEMIST.
Professor J. T. Way, Member of the Royal Commission on
Rivers, and of the late Royal Commission on Sewage.
BANKERS.
Messrs. Glyn, Mills, Currie, and Co.
Messrs. Drummond.
Messrs. Sparrow, Tufnell, and Co. (Essex).
The Union Bank of Scotland and Branches, 1
The Union Bank of Manchester,
The Bank of Liverpool,
The Birmingham Banking Company,
J. Barber Kennedy and Co. (Dublin),
The Northern Banking Company (Belfast),
SOLICITORS.
Messrs. Baxter, Rose, Norton, and Co.
Messrs. West and King.
BROKERS.
Messrs. P. Cazenove and Co.
Messrs. Seymour and Co.
SECRETARY (pro tem.).—Walter A. Michael, Esq.
Offices-60, Threadneedle-street.
The International Financial Society are authorised to
receive Subscriptions for the Share Capital of this Com-
Pany, which has been incorporated by Special Act of Par-
liament for the purpose of Utilising the Sewage of the
Northern Area of the Metropolis, the Concession of which
has been granted to Messrs. Napier and Hope.
The Concession from the Metropolitan Board of Werke
to Messrs. Napier and Hope, as now confirmed by Act of
Parliament, is scheduled to the Act, and both may be in-
spected at the Offices of the Company.
The Concession has been vested in the Company on con-
dition of the payment to Messrs. Napier and Hope, under
the provisions of the Act, of £50,000 in fully paid-up
shares of the Company and a small contingent per-centage
of the net profits.
The Concession recites that in the opinion of the Board
the works proposed by Messrs. Napier and Hope are cal-
culated to effect the three following objects, namely :-
1. To divert the Sewage from the Thames.
2. To render it innocuous by its application to growing
crops,
3. To realise the great money value of the manure con-
tained in it.
The first article confers upon Messrs. Napier and Hope
"the absolute and exclusive right to and property in the
Sewage" for a period of 54 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 years from the passing of the
Act. Previous to the expiration of that period all the
profit results to the Company.
After deduction of the annual charge for "money bor-
rowed," and of the " working and establishment expenses,"
the net profit shall be applied-
1. In payment of interest at 5 per cent. per annum on the
share capital.
2. In payment in equal moieties to the shareholders and
the Metropolitan Board of the further profits up to 15 per
cent.
3. In division of profits exceeding 15 per cent. and up to
25 per cent. between the shareholders and the Metropolitan
Board, in the proportion of one-fourth to the former, and
three-fourths to the latter.
4. After 25 per cent. the division again to become equal.
The olcject of these stipulations is, that while the Metro-
politan Board are virtually to receive half the profits, yet, that, in order to give a greater security, and therefore greater value to the shares, the shareholders are to have a
preference to the extent of 5 per cent., which is made good
to the Metropolitan Board between the points of 15 and 25
per cent., at which latter point each party receives 121 per
nt, and the he
dion is then continued equally. Thus, e share capital of the Company derives the advantage of
e entire capital, approaching three millions sterling, ex-
pended by the Board on the north side of the Thames, for
the collection of the Sewage at the point of its delivery to
the Company.
At the expiration of 34 years the Board have the right,
)4 giving two years' notice, to require a revision by arbi-
tration of the above apportionment of profits.
, The Concession stipulates for the construction of a circu-
lar brick culvert, 9 feet 6 inches in diameter, shown by the
rod line on the accompanying map, and running from the
°Ahern Outfall Sewer to the East Coast of Essex, and
nrther, for the reclamation of the tract of foreshore and.
t 'and., coloured pink on the map (about 7,000 acres),the in-
°ll being to irrigate the lands in the district through
„ ich the culvert passes, and to utilise the surplus upon
Lae reclaimed land.
41 contract has been entered into with Mr. Wm. Webster
o„41.0 has constructed more than one-third of the main
to`n-,l!ge work of the metropolis, including the Crossness
n), for the construction of the work mentioned above,
ofg.ilo!3r with the necessato ry pumping stations, for the sum
ra1e,88*.448. To this must be added the amount to be paid
the Napier and Ho ein shares, as before mentioned,
cost of land, engineeriPng, Parliamentary, and legal ex-
Niue; superintendence, and management, together with
Ibterest at 5 per cent. per annum on the capital during the
4constructioni of the culvert, estimated at atotal of £546,552;
thea I £2,400,000. The Act authorises the Directors to raise
showneunt of £700,000 in debentures, but of this, as above
ke':only £300,000 will in all probability be required.
the'°_,Corupany have the right of taking, without any pay-
'luring the first four years, as much of the sewage as
may crobutatiliinseed,. Prom this source an immediate return
so that the return upon capital during
struction should be much in excess of the interest pro-
vided.
Oe
tifi Payment on the 2d October next of the £lO per Cer-
f Cabe then. due the Certificates of £lOO will be exchanged
or.a.
Registered Shares of £lO each.
of -ceerding to the calculations made the eventual revenue
the Company is estimated at about £720,000, and the
norkin-
Applications in the annexed form should be left with the
ne
f_akers, who will not, however, receive any applications
ss accompanied by a deposit of £2 per certificate on
he number of certificates applied for. In cases where no
allotment is made the deposit will be returned in full, and
balance returnable to the applicant will be applied towards
Payment of the amount due on allotment. In cases where
an allotment is mate the deposit paid on application will be
liable to forfeiture if the balance due on allotment be not
paid within the term fixed by the letter of allotment, and
the allotment will be liable to cancellation. Default by sub-
scribers in due payment of the £lO per scrip certiftcate, pay-
able on 2d October, 1865, will, in like manner, render the
scrip certificates subject to cancellation, and the amount
theretofore paid thereon to forfeiture.
Prospectus and Forms of Applications may be obtained
from the Bankers and Brokers, and at the Offices of the
Company, No. 60, Threadneedle-street, E.C., London.
METROPOLIS SEWAGE AND ESSEX RECLAMA-
TION COMPANY.
FORM OF APPLICATION FOR SHARES,
To be left with the Banks.

Will also
receive
Subscriptions.

No. ---
To the Directors of the Metropolis Sewage and Essex
Gentlemen Reclamation Company.
bein ,—Having paid to the sum of £g a deposit of £2 per certificate on certificates, I
Tequest you to allot to me certificates of £lOO each,
ni the Metropolis Sewage and Essex Reclamation Com-
tally, in conformity with the Prospectus issued by the
;1-nternational Financial Society (Limited) ; and I
hereby agree to accept (subject • m all respects to
13rthe terms of the said Prospectus), such certificates,
sany less number that may be allotted to me, and to pay
eaum due on allotment thereof, at such time as may be
by the Letter of Allotment, and to pay the further
sum of £lO per certificate on 2d October, 1865.
I am, Gentlemen, your obedient servant,
Signature
Name in full
Address in full
Residence
Date ....................

MEMORANDIat ON THE METROPOLIS SEWAGE
AND ESSEX RECLAMATION SCHEME.
This scheme has for so long been a subject of
public
in-
terest, and has been so fully discussed by the press,
that it
is unnecessary now to add more in justification of the pro-
L
sPectus than give a very brief summary of the parliamen-
'4l7 proceedings in relation to it, and an estimate of the
profit likely to accrue to the Shareholders.
It was for the necessary powers to. construct the works
named in the concession that application was madetoPaer-f
'lament ; powers also being obtained for the reclamationculvert
we Dangle Flats, and for the construction
.otfhtehr
Bllow by the blue line on the map should i
ueemed ex_ theeeafelliter bre
Pliny. pedieut to develops the operations of the Com-
After the second reading of the bill in the House of Com-
blc'lB, which Was supported by the Right .
it was,
Per, her Majesty's First Commissioner o Works, i
9-er the Petition of the Corporation of the City of London,
as follows Die
liersttizeisiethbee fore the
. referees that the engineering features
might be thoroughly
sifted. They reported
in ati
is
• " The
11431°1.6es are of opinion that there are no obctions
suffieleendllieering point of view, and that the estimate
liaTl'lltiliebsofe_r_ess were M. D. Hassard, Esq., M.P...,..,,5.ir Wil-
The brog aig, Bart., and Colonel Stuart,
into by y a
Select a,ed undertaking was then inquired into b .
StrUction° fr
0. .1.
ai t
the
0f
and PrOntable into the most useful
the House,-
who. received a special in;
:Rouse to " inquire
Sewage on the North for disposing of the Metropolitan
After to n i'rtli Side of tho Thames."
up their re,oFtallsi Patient nquiry, the Committee summed
" tiPtt the evident°ll"'s :---
the
scheme whiehbe'
and profitabl your Committee are of opinion that
ham, your
submitted to them is a useful
Portion of the 11,711,?fd: I aPPlying the sewage of the northern
Pose thate °Polis, and the have no reason to su-
devised, anY rnore useful profitable scheme could be
or The co . The j , tauttee consisted of-
-Ift Auyartgee Astivocate General. Mr. Taverner John Miller.
Dr. Brady°. Mr. Paget.
Mr. el - '
Mr. Sclater-Booth.
1,. ay*
...r. xtlight.
Colonel Smyth.
ill the
Mr. Turner.
I,_the,
House
eih ensued on the presentation of
ileeNrrtsocustheeil
Sir George Grey and Mr. Henley
"°;phespressed their approval of the scheme.
mitts scheme was again inquired into very fully by a Corn-
all ee f tile House of L ds, here the bill passed through
the
assettt
different stages,erandwhaving received the Royal Ou ti; le n°l4' azi Act of Parliament, and has become la.
w.
read. e division in the House of Lords upon the third
.111 g, 49 peers voted in f your of the bill, and only 4
of the 49, and givingbill to this the countenance and