The Sun.
London, England, 1865-07-15 00:00:00

MUTUAL LOAN FUND ASSOCIATION
(InoJrporated by Act of Parliament, 1850),

14, RUSSELL-STREET, COVENT-GiiRDEN,

LENDS MONEY on Personal and other-Security, id sums
of £2O to 2500, to be repaid by instalments extending over
one, two, or three years. The large Capital of this Associa-
tion enables it to complete Its transactions without delay.
No Inquiry or office fees, and strict secrecy observed. Bills
Discounted at short notice. Norm sent free on receipt of a
directed stamped envelope.
The Association also lends Money for the purchase of a
house by a tenant, or for the liquidation of mortgages, on
terms most advantageous to the borrower.
EDWARD HARPER, Secretary.
METROPOLIS SEWAGE and ESSEX
RECL AM AT CON COMPANY,
-Morporated with Limited Liability, 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 On allotment, and £lO on 2d October next.
The Subscribers will, in exchange for their Letter of
Allotment and Bankers' Receipt; receive Scrip Certificates,
which, on payment of the sum of £l.O, payable on 2d Oct.,
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
£2 in respect of each Registered Share. .
DIRECTORS.

The Right Hon. the Lord De Tabley.
G. Sclater-BoOth. Esq., M.P., Member of Sewage Commit.
tees, 1864 and 1865.
The Lord Richard H. Browne.
James Pattison Cuirie, Esq.
Maurice Druminond, Esq.
Arbuthnot G. Guthrie, Esq.
Charles J. Lambert, Esq.
Joseph S: Lescher, Esq.
The Hon. Henry W. 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 crfEmjsr.
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, I
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.

Will also
receive
Subscriptions.

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 Works
. .

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 o. the Act, of £50,000 in fully paid-up
shares of the Company and a small contingent per-centago
of the net profits.
The Concession recites that in the opinion of the Board

the works proposed by Messrs. NapiOr 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.
Tho first article confers upon Messrs. Napior 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 not profits resulting from the schenle
after the expiration of four years fromthe passing of the
Act. Preirious 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 a£s per cent. per annum on the
share capital. • • . • ...
2. In pit'imerit'in equalmoieties to the shareholders and
the Metropolitan loaxdof 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 cell. the division again to become equal.
The olfect of these stipulations is, that while the Metro-
politan Bdard are virtually to receive half the profits, yet,
that, in order •Co give a greater security, and therefore
greater value to the shares, tho shareholders aro 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
cent., and the division is then continued equally. Thus,
the share capital of the Company derives the advantage of
the 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,
on 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
red line on the accompanying map, and running from the
Northern Outfall Sewer to the East Coast of Essex, and
further, for the reclamation of the tract of foreshore and
sand, coloured pink on the map (about 7,000 acres),the in-
tention being to irrigate the lands in the district through
which the'culvert passes, and to utilise the surplus upon
the reclaithed land.
A contract has been entered into with Mr. Wm. Webster
(who has constructed more than one-third of the main
drainage work Of the metropolis, including.the Crossness
Outfall), far the Construction of the work mentioned above,
together with thenecessary pumping stations, for the sum
of £1,853,448. To this must be added thoaniount to be paid
to Messrs. Napier and Hope in shares,, as before mentioned,
the cost of land, engineering, parliamentary, and legal ex-
penses, superintendence, and management, together with
interest at 5 per cent. per annum on the capital during the
construction of the culvert, estimated at a total of £546,552;
in all £2,400,000. The Act authorises the Directors to raise
the amount of £700,000 in debentures, but of this, as above
shown, only X 300,000 will in all probability be required.
The Company have the right of taking, without any pay-
ment, during the first four years, as much of, the sewage as
they can utilise. From this source an immediate return
may be obtained, so that the return upon capital during
construction should be much in excess of the interest pro-
vided.

On payment on the 2d October next of the £lO per Cer-
tificate then due the Certificates of £lOO will be exchanged
for Registered Shares of £lO each.
According to the calculations made the eventual revenue
of the Company is estimated at about £720,000, and the
working expenses and management at £50,000.
Applications in the annexed form should be left with the
Bankers, who will not, however, receive any applications
unless accompanied by a deposit of £2 per certificate on
the number of certificates applied for. In cases where no
allotment is made the deposit will be returned in full, and
should a smaller number than is applied for be alloted the
balance returnable to the applicant will be applied towards
payment of the amount due on allotment. In cases 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 fixed by the letter of allotment, and
the allotment will by liable to cancellation. Default by sub-
scribers in due payment of the £lO per scrip certificate, 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.

No.
To the Directors of the Metropolis Sewage and Essex
Reclamation Company.
Gentlemen,—Having paid to the sum of ,
being a deposit of £2 per certificate on certificates, I
request you to allot to me certificates of £lOO each,
in the Metropolis Sewage and Essex Reclamation Com-
pany, in conformity with the Prospectus issued by the
International Financial Society (Limited) ; and I
hereby agree to accept (subject in all respects to
the terms of the said Prospectus), such certificates,
or any less number that may be allotted to me, and to pay
fixedsnl fb yxltoh e
per L et tceretri offic a
eAol lno t2md
the sum due on allotment thereof, at such time as may be
u
eontaoabendr,tolBp6asy. the further
I am, Gentlemen, your obedient servant,
Signature
Name in full
Address in full
Residence
Date ........

METROPOLIS SEWAGE AND ESSEX
RECLAMATION COMPANY.
NOTICE IS HEREBY GIVEN, That NO further
APPLICATIONS for SHARES in this Company will
be RECEIVED -after TUESDAY NEXT, the 18th inst.,
for London, and' WEDNESDAY, the 19th, for the Country
By Order.
WALTER A. MICHAEL, Secretary (pro tern).
60, Threadneedle-street, London, July 13, 180.