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London, England, 1865-07-11 00:00:00

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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,
The Union Bank of Manchester,
The Bank of Liverpool,
The Birmingham Banking Company,
J. Barber Kennedy and Co. (Dublin),
The Northern Banking Company (Belfast),

Will also
receive
Subscriptions.

SOLICITORS. -.
-
Messrs. Baster, 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 tho 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.

8: 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 cont. 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 olject 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 12i 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-
tended 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,
oh qiving two year' notice to requir a revi
tration. of the above apportionment ofe profits.sion by arbi-
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. Mud, coloured pink on the map (about 7,000 acres),the in-
tenhi tion being to irrigate the lands in the district through
which the culvert passes, and to utilise the surplus upon
the reclaimed land.
A contract has been entered into with Mr. Wm. Webster
(who has constructed more than one-third of the main
arahlage work of the metropolis, including the Crossness
yutfall), for the construction of the work mentioned above,
t og,ether £lB with the necessary pumping stations, for the sum
to M
c.f
se ,53,448. To this must be added the amount to be paid
essrs. Napier and Hope in shares, as before mentioned,
the cost of land, engineering, Parliamentary, and legal ex-
Pcns, 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 ;
!, all £2,400,000. The Act authorises the Directors to raise
-Ts amount of £700,000 in debentures, but of this, as above
6°‘;)rn, only £300,000 will in all probability be required.
Ihe Company have the right of taking, without any pay-
2.nent, during the first four years, as much of the sewage as
'Ploy can utilise. From this source an immediate return
may be obtained, so that the return upon capital during
consd truction should be much in excess of the interest pro-
vide.
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.
B Applications in the annexed form shouldbe left with the
aners, 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, Thread-needle-street, E.C., London.
METROPOLIS SEIVAGE AND ESSEX RECLAMA-
TION COMPANY.
,OF APPLICATION FOR SHARES,
To be left with the Banks.

, No. ----
T
o the Directors of the Metropolis Sewage and Essex
Reclamation Uompany.
Gentlemen,—Having paid to the sum of £ ,
being a deposit of £2 per certificate on certificate; I
Tequest you to allot to me certificates of -£lOO each,
In the Metropolis Sewage and Essex Reclamation Com-
any, 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
the sum due on allotment thereof, at such time as may be
fixed 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
.......... ..........................

MEMORANDUM ON
----
TYiE METROPOLIS SEWAGE
AND ESSEX itECLAMATION SCHEME.
This scheme he:l for so long been a subject of public in-
terest, and has, been so fully discussed by the press, that it
is unneces.kty now to add more in justification of the pro-
cti.l4 than give a very brief summary of the parliainen-
tarY proceedings in relation to it, and an estimate of the
Profit likely to baccrue to the Shareholders.
It was for the necessary powers to construct the works
'named in the concession that application was made t?Par-
ent ; powers also being obtained for the reclamation of
e Dengie Flats, and for the construction of the culvert
atlhown ° by the blue line on the map should it hereafter be
°°3B(l expedient to develope the operations of the Cora-
Pany.
After the second readin of the bill in the House of Corn-
-11/e
41cmtC 'which was supported by the Right Hon. Wm. Cow-
onVier Majesty's First Commissioner of Works, it was,
firste Petition of the Corporation of the City of London,
of %esent, before the referees that the engineering features
,L
as f01105,...1..ere might be thoroughly sifted. They reported
. TL •,. ---
In an ue I:teferees are of opinion that there are no objections
614fiet:Pe
ring point of view, and that the estimate is
1121Giltehaoferees were M. D. Hassard, Esq., M.P., Sir Wil-
The Prob„4-°raig, Bart., and Colonel Stuart, M.P.
elect eet,l-,,,,d undertaking was then inquired into by a
stmetion tr-4,te f the House, who received a special in-
Sewage profitable° theuietit-I,sense to" iquire into the most useful
age en the /1.0,41,s for disposing of the Metropolitan
After a to he
a ,i'' Side he
inquiry,'hamee
up their repoA 4" Patient the Committee summed
profitable
" T.lnon the as follows
:
andthe scheme PtiveihdTce, your Committee are of opinion that
"as been submitted to them is a useful
ro2iotilaotf
ath/ede ot applying the sewage of the northern
metropolis, and they have no reason to be
y more useful or profitable scheme could be
ThT-h-re 90nfluittee consisted of--
tire.`A'.ll3ZlA. dvocate General. Mr. Taverner John Miller.
Dr. Brad„.
Mr. Paget.
Atli. cht74.
Mr. get.
14r' fin Mr.
1 Colonel Smyth.
I Mr. Turner.
In the di
the Report t which ensued on the presentation of
both e/rrt t° the House, Sir George Grey and Mr. Henley
Ttnitlebe3 !fez s sod their approval of the scheme.
line was again inquired into very fully by a Corn-
ell the different House of Lords, where the bill passed through
assent,
is stages, and having received the Royal
On the 8 l'aw an Act of Parliament, and has become law.
readin division in the House of Lords upon the third
agaillshit9 peers voted in favour of the bill, and only 4
one f the his ReYal Highness tho Prince of Wales being
o 49' and giving to this bill' the countenance and