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

divided into Shares of £lO each.

Deposit on application £2. per Certificate, with further pay

meet of £g 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 £lO, 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.

The Right Hon. the LordDIRECTORS
Do 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 Drummond, Esq.
Arbuthnot G. Guthrie, Esq.
Charles J. Lambert, Esq.
Joseph S. Lescher, Esq.
The Hon. Henry W. Petre.
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 or
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,

Will also
receive
Subscriptions,

The Birmingham Banking Company,
J. Barber Kennedy and Co. (Dublin),
The Northern Banking Company (Belfast),
SOLICITORS.
Messrs. Baster, Rose, Norton, and Co.
Mears. West and King.
BROKERS.
Messrs. P. Cazenpve and Co.
Messrs. Seymour and Co.
SECRETARY.(prO tem.)—Walter A. Michael, Esq.
Offices-60, Throadneedle-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 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 aro 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 establishraent 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 3fetropolitan
Board, in the proportion of one-fourth to the former, and
three-fourths to the latter.

4. After '25 per cent. tho division again to become equal.
The object 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
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 reclaimed 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), for the construction of the work mentioned above,
together with thenecessaiy 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.

iforipayment on tho 2d October next of the £lO per Cer-
tificate then due the Certificates of £lOO will be exchanged
for,Registerecl 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 duo on allotment. In cases where
an allotment is male 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 allotmpt 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. 00, Threadneedle-street, E.C., London.
METROPOLIS SEWAGE AND ESSEX RECLAMA-
TION COMPANY.
Foilm 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 bo 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 ...........

METROPOLIS SEWAGE AND ESSEX
10.3CLA3IATION 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 Ordei%
WALTER A. MICHAEL, Secretary (pro tem).
60, Threadswedleltroot,l9o9n, July 18, 1865.