The Sun.
London, England, 1865-07-10 00:00:00

METROPOLIS SEWAGE and ESSEN
RECL AM NT foN LO stPANY.
Incorporated by Special Act of Parliament.
In 21,000 Scrip Capital £2,100,000,
Certificates of £lOO each, to'bo hereafter
Deposit on
divided into Shares of £lO each.
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' Receipt, receive Scrip Certificates,
which,wic on payment of the sum of £lO, payable on 2d Oct.,
", 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
42 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 Drummond, Esq.
Arbuthnot G. Guthrie, Esq.
Charles J. Lambert, Esq.
Joseph S. Lescher, Esq.
The Hon. Henry W. Petra.
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),

Will also
receive
Subscriptions.

SOLICITORS.
Messrs. Baxter, Rose, Norton, and Co.
Messrs. West and King.
BROKERS.
Messrs. P. Cazenove and Co.
Messrs. Seymour and Co.
SICRETAItY (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-
PanV, 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 not 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 tho 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 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
PPer cent., at which latter point each party receives 121 per
er cent.,
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-
eended by the Board on the north side of the Thames, for
e collection of the Sewage at the point of its delivery to
the .
ACt the expiration of 34 years the Board have the right,
13. 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
tans, coloured pink on the map (about 7,000 acres),the in-
being to irrigate the lands in the district through
ae the surplus upon
reclaimed land.
A contract has been entered into with Mr. Win. Webster
(who has constructed more than one-third of the main
drainage
Outf work of the metropolis, including the Crossness
t all), for the construction of the work mentioned above,
exether with the necessary pumping stations, for the sum
12r f 1,853,448. To this must be added theamount to be paid
,9,3 lessrs. Napier and Hope in shares, as before mentioned,
the cost of land, engineering, Parliamentary, and legal ex-
rnses, superinto d d anwement, together with
intere t " en'e'
an
ni
rusts at per cont. per annum on the capital during the
ruction the culvert, estimated at a total of £546,552;
I'll £2,400,000. The Act authorises the Directors to raise
e amount of £700,000 in debentures, but of this, as above
~ueT6"r, only £300,000 will in all probability be required.
ho Company have ho right of taking, without any pay-
during the first four years, as much of the sewage as
ley can utilise. From this source an immediate return
Illay be obtained, so that the return upon capital during
construction should be much in excess of the interest pro-
Vided.
t.,n PaYment on the 2d October next of the £lO per Cer-
.incate then clue 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.
tApplications in the annexed form should be loft with the
ankers, who will not, however, receive any applications
nless 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 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 X ,
being a deposit of £2 per certificate on certificates, I
request you to allot to me certificates of £lOO each,
rin the Metropolis Sewago and Essex Reclamation Com-
ny, in conformity with the Prospectus issued by the
International Financial Society (Limited) ; and I
hereby agreo 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
suns of £lO per certificate on 2d October, 1865.
I am, Gentlemen, your obedient servant,
Signature
Name in full
Address in full
Residence
Date .

SEWAGE
EMORANDTJM ON
AND ESSEX METROPOLISRETCHLEAMATIaOsNubSjeCetHoEfMpuEb.Iic
in_
This scheme has for so long
terest, and has been so fully discussedb
patroit..
i a unnecessary now to add more in
epectus than give a'very brief sit
•enstbificatbtieonProefsstiateh
d yap. estimate of the
tary proceedings in relation to it, an
mjmuar of the parliamen-
profit likely to accrue to the Shareholders.
made to Par-
It was for the necessary powers to construct the works
named in the concession that Aication was
liatn. t
ti, e,rt ; Powers also being obtained .
the culvert
;I,' -uengie Flats, and for the construction of.
be
for the reclamation of
tree"vn by the blu line on the map should it hereafter
Pang.
rued expedient to develops the operations of the Cora-
-410-After the second reading of the bill in the House of Cow-
per, L',:,,hich was sup)ported by t.he.Right Hon. Wm: C n
London
n,, r Majesty's. First Commissioner of Works, it wa ,
Lsrie petition of the Corporation of the City of
of theent before the referees that the engineering features
aa fenwB. might bethoroughly
(5
schenle
in " The s
stimate is
an etairt Referees are of opinion that there are no objections
sufficient', "ring point of view, and that the e
The Refe
r.,wi ere M. D. Hassard, Esq., M.P., liam Gib fore"
The prepoes dg, lart., and Colonel Stuart, M.P.
Select Colum4te",-,nritaking was received inuir Sir Wil-
• •ed into by a
andaprofitable ecial in-
struction from theli,e,House, who
tothe
alllsops t useful
SeaAfterge on the northirtean`-'st-Ltort, inqnuireoifn
a long the Metropolitan
Side ot o •
( IfsTsiTgharnes."
the
euephoeninthe evidence, LIP (heir report as
d_ patient inquiry, the Committee
summed
l( ,
follOws •
°table mode ot ap
portiPon useful
and rofi your Committee are of opinion. that
e which has been submitted to them is a
1 ing the sewage of the northern
f the metrop li P Y I they have no reason to sup-
Zeistt any inore-i°lsesivalnOr profitable scheme could be
T 1111; Committee consisted of-
14i,•,eA "go Advocate General. Mr. Taverner John Miller.
-ayrton
,_-"r• Brady . Mr. Paget.
~lr'
Clay; . Mr. Sclater-Booth.
Colonel Smyth.
alr. xr,fght.
Mr. Turner.
beet!
the the discussion which ensued on the presentation of
Report to the House, Sir George Grey and Mr. Henley
,I expressed their ap royal of the scheme.
inittee of tbe
Ihe ac•}l° was again') "nit *,•?d into very fully by a Corn-
Rot; so ofTol (1-,ul- where the bill passed through
all the different stages,' Lords
sdhaving received the Royal
",ssent, is now an Act of Parliament, and has become la.w.
un the division in tbe House of Lords upon the third
reading, 49 peers voted in favour of the bill, and only 4
against it, hth Royal Highness the Prince of Wales being
°lle of the 49, and giving to this bill the countenance and