The Sun.
London, England, 1865-07-13 00:00:00

SOLICITORS.
Messrs. Baxter, Rose, Norton, and Co.
Messrs. West and King.
BROKERS.
Messrs. P. Cazenove and Co.
Messrs. Seymour and Co.
SECRETARY (pro te.—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 the b 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 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.
h 3. In division of profits exceeding 15 per cent. and up to
per cent. between the shareholders and the Metropolitan
oar d, 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 of of these stipulations is, that while the Metro-
politan Board are virtually to receive half the profits, yet,
tliat, 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
percent., at which latter point each party receives 124- per
r,and the division is then continued equally. Thus,
e share capital of the Company derives the advantage of
Ina 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 tratio giving two years' notice to reuire a revision by arbi-
n 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
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
rimed d.
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), for the construction of the work mentioned above,
together with the necessary pumping stations, for the sum
of £1,853,448. To this must be added the amount 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 £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 be 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 SIIARES,
To be left with the BaDks.

No.
To the Directors of the Metropolis Sewage and Essex
Reclamation Company.
Gentlemen,—Having paid to the sum of £ ,
Doing a deposit of £2 per certificate on certificates, I
Tequest you to allot to me certificates of £lOO each,
in the Metropolis Sewage and Essex Reclamation Com-
I/any, in conformity with the Prospectus issued by the
,nter national Financial Society (Limited) ; and I
.tgrebY agree to accept (subject in all respects to
e terms of the said Prospectus), such certificates,
IT the any less number that may be allotted to me, and to pay
suxem nto due on allotment thereof, at such time as may be
bY the Letter of Allotment, and to pay the further
por certificate on 2d October, 1865.
I am, Gentlemen, your obedient servant,
Signature
Name in full
Address in full
Residence
Date

ItOYAL FREE HOSPITAL, Gray's-inn-road,
in the immediate vicinity of the Great Northern Rail-
Way Terminus, King's-cross.
Patron—Her Most Gracious Maio: ty the QUEEN.
Vice-Patron—His Royal Highness the Princeot WA LE K.G
President--U is Grace the Duke of BUCCLEIJCII,
The Committee earnestly solicit the ASSISTANCE of the
onevotent, as the premises of this Hospital are capable of
Co tainitog several hundred more beds, had the Committeethe requisite 1 unds to maintain them.
lilbis hospital, ioundei in the year 1828, the first to estab-
sh the princ;p'e of free admission to the sick poor, without
he delay and difficulty of Governors' orders, is wholly de-
Pendent for support on voluntary contributions and legacies.
u It affords relief to a large number of in-patients, and, in
ldition to this, the average number of attendance of the
d estitute sick has for a con iderable period averaged between
3,000 and 4,000 weekly.
Contributions are reoeived by the Treasurer. Edward Mae-
tvan
rm, Esq., Nicholas-lane; also by Messrs. Coutts and Co.;
Drummond and Co.- Glyn and Co. ; Herries and Co. ; Ransom
and Co. ; Prescott, Grote, and Co.; Smith, Payne, and Co. ;
Barclay and Co. ; W 'llama, Deacon, and Co.; Overend, Gur-
lacy, and Co. ; Nisbet and Co. , Berners-street ; L Barned and
Livprpooi 1 and at the Hospital. from 10 till 5.
STANFORD SMITH, Secretary.