The Sun.
London, England, 1847-02-15 00:00:00

Tltrs'rzEs.
Richard Barker, Esq., 14, Fitsroy-sqnare.
R. Hartley Kennedy, Esq., Rezington Lodge, Notting-hill.

BOARD OF DIRECTGRS.
Hartley Kennedy, E s , Chairman of thelndia and Life
Assurance Company. and Deputy Chairmanln of the Oriental London Bank,
Resington Lodge, Notting-hill,—Chairman.
Captain Tyndale, Director of the Soutk Eastern Railway, 2), Alfred-
place, Bronapton,—Deputy Chairman.
Lieutenant General Wright, Royal Engineers, Army and Navy Club
W. B. Glacier, Esq..,
Si. James's-squara
J. E. n. Curtis, tq sq., 84, Milton-street, Dorset-square.
• ''s Liueolit's-inn, ant 29, Wellington-road, S
John's-wood. .'
*ebert Fauldex White, Esq.,
24, Sussex-gardens, Hyde-park.
ViVith power to increase the number to ten.)
MANAGING DIRECTOR,
Henry Von Cater, -Esq.
ifsoA!.. BANKERS.
Sapte, Muspratt, Banbury, and Co., 77, Lombard-street.
P. ti 1- AUDITORS. was.r. Towel!, Esq., 60, Moorgate-street, and Devonshire Cot.
tage, Alpha-road, Regent's-park.
(A wood Auditor to be appointed by the Committee.)
SOLICITORS.
Messrs. Wire and Child, St. Swithin's lane, City.
SECRETARY.
Mr. Lionel Curtis.
Temporary Offices, Na. 32, Charing-cross.
The Patent Mile-Index Carriage Company is promoted with the
Mowing objects, viz.:-
1. The application to cabs of the Mile-Index, a recently pat nted
tiTentton, by which the exact distance travelled is readily ascer-
Patilecl, and the passenger thus protected from overcharge by the

I. The adoption of a system of mile-tickets to be issued in books
af tickets at a reduced fare.
4. The improvement of cab conveyance, by the introduction ef
"'Mazes of superior et) le and accommodation, with a well-selected
"tad and better class of drivers.
4. The substitution, so far as the establishment of th Company is
10erned, of the control and guarantee of a body riflemen, as
anagers, for the unsatisfactory means of redress of ievances at
di
present afforded by the Police Courts.
~.. The invention of the Mlle-Index is protected by Royal Letters
patent, granted in June, ia46. The ilettent Mile-Index has been
.tted to a Brougham carriage. The carriage se fitted has travelled
%Vera' hundred miles over the worst pavements in the metropolis,
at diTerent speeds, and in all weathers, and with the most complete
success.
(For a public testimony to the value of the invention, see
t rOtice in the' Times" ef Monday, the 25th of January, page 6,
eOlUrart 6.)
The Provisional Directors have concluded an agreement with the
Patentee for a general licence to use the invention in hackney-
Carriages in the metropolis., or within a circuit of twenty miles from '
the General Post-other, for the whole term of the patent. The
reasuneration to the Patentee is therein made entirely dependent on
Ithe saccessftil progress of the Company. A copy of the agreement
Alta at the offices for inspection.
The mile-ticket plan is adopted as the most convenient and remu-
Iterative mode of giving to the public the accommodation of a re-
duced fare. It is calculated that the reduction of fare will (coupled
With the patent Mile-Index) considerably Increase custom, and pro-
dace a large profit ; and it is considered that the arrangement by
Which such reduction in faro Is made, through the medium of mile-
Uckets will not only prove a great convenience to the public, by the
accommodation which it will afford. but also very remunerative to
shareholders, by the certainty of custom and advanced payments
Produced by the arrangements.
It is in contemplation, when the Company has been formed and
the capital paid up, to apply to Parliament for an Act of Incor-
poration.
It Fill be seen that, as an objectAL investment, this undertaking
presents a most satisfactory prospe a liberal return en the capital
Inveeted. This Company, by the general superiority ef its vehicles,
horses, and drivers, by the guarantee afforded by the control of gen-
tlemen as managers, by the mile-ticket system and the reduced fare,
and particularly by the perfect check on overcharge win, h the Mile-
Index trill place in the power of the passenger himself, will un-
doubtedly command a great share of the cab traffic of the metropolis.
The estimates show, that taking revenue at the lowest and expen-
diture at the highest, a dividend of upwards of ten per cent. will

accrue to shareholders, in addition to *firs per cent. interest on cap

tel, clear of income-tax in both cases ; and taking into consideration
the great saving to be effected in large purchases, and by being enabled
With stoney in hand to watch the market, and considering also the
great traffic which the conveyances of this Company will certainly
cow mand, a very much larger return may be safely anticipated.
In submitting this proposal to the public, the promoters of the
Lamle' taking give unreservedly all particulars of the proposed joint
Itnnertaking, and state explleit:y the terms of association. The de-
Donits will be returned without deducting, in the event of the whole
xta:sital not being subscribed, unless the subscribers at a general meet-
!Ur determine to fore the Company on a scale commensurate with
' la: amount actually Subscribed. The registered Promoter bears all
I frtliminary expenses, and reserves, in consideration of the informs-
'tio a, labour, expense, and risk, given and incurred in the promotion,
'Per centage remuneration of 10 per cent. on the annual profits of
Ulf undertaking, that is to say, after paying 5 per cent interest on
"aliital. The estimates on which the calculations are based, and an
sasstract of the provisions of the Deed of Settlement, are set firth in
aPPendix, to the end that the public may judge for themsels es of
e Probability of succe,,s, k,tow the nature of the contract into
Which they are invited :o mittens.
The details of the undertaking are ai follows, viz.:—
Mile-index.—The index is placed in the lady of the cab, Leing con-
inected with the wheels by a simple bu: ingenious app iratus. It is
an duplicate for both inside and uut,ide, and is in the form of a double-
'ited clock; miles, half-miles, and tractions of a mile, correspond to
boars, half-hours, and minutes, and a hand performs the circuit of
the dial, marking the progress of the vehicle. At night the index
1,111 be lighted by a lamp.
Passenger will, on entry, note the position of the hand on the
mater dial, and read the distance as travelled by the dial within.
_„3411e-Tickets.—lt is proposed to issue tickets for miles and half-
tulea, in books fur 40 miles each, at the price of 11. Is. per book, or
',I• per mile. Should this arrangement prove acceptable to the
Public, due provision will be made to provide a sufficient number of
'KTriages to meet the demand.
„CaTriaTos, &c.—lt is proposed to start with 200 carriages; no
-.".111 Will be spared to give the public a carriage combining every
requisite of design. accommodation, strength, safety, and lightness of
'Taught, with most convenient and handsome fittings.
Great care will be taken in the selection of the horses ; and har-
leas. In keeping with the carriages, will be chosen.
Stabling, &c.—lt is proposed to purchase or rent a piece of ground
=l, sonic convenient spot, and to erect a range of stabling, with the
necessary offices, storehouses, workshops, &c., on a comprehensive
in any plan that may be selected, care will be taken to re-
intent saace and make arrangements to meet an increase of the este-
at a future period.
t. 1)„, Tivers.—Great care will be taken in the selection of the drivers,
th-` man will be requited to enter into a written engagement with
--", ,"
etnpany, and to find two householders as sureties for his ob-
servance of it.

neat andruniform livery will be provided by the Company.
With a view of inducing a better class of men to enter the service
of th, • Company- arrangements will be made for the general comfort
of the Men, the 'care of them under accident, in sickness. or old age;
. gild for the protection of the widows and orphans of thee* who may
'Le 115 the service.
,One and a third per cent. on profits (profits as defined above) will
'la set aside to form a fund for the purposes above stated.
The drivers will be placed under strict regulations, and be subject
to a rigid surveillance. A Committee of the Beard of Directors will
sit daily to investigate complaints and afford redress. In all cases
.n which application to a magistrate or a prosecution may be neces-
sary, the proceedings will be conducted at the expense and by the
Solicitors of the Company. It will be a special object of the Company
to save as much as possible the personal attendance of the com-
plainant. While the Company will visit with the utmost severity
any delinquency on the part of their drivers, they will, at the same
time, firmly protect their servants in case of injustice.
Management, Ste.—The management will be vested in a Board of
Directors, not exceeding tea in number, including Chairman and
Deputy-Chairman.
With a View of insuring the best attention to the interests of the
Company, both on the part of managers and officers, the principle
of per centage on profits will be applied to the remuneration of
. directors for their services, and to the encouragement of officers. In
lieu of the usual fixed allowance, directors will receive a per centage
of twenty per cent. on profits (profits as defined above), and the
Managing Director and Secretary will receive, in addition to fixed
salaries, a like per centage of one per cent. each. As the remunera-
tion of directors is postponed till shareholders have realised fair
interest on their investment, and is then proportioned to the surplus,
shareholders have the best assurance that directors will use every
effort both to Increase the revenue and economise the expenditure.
In the same way the zeal and vigilance of the officers will be stimu-
lated by the interest which they also will have in the prosperity of
the undertaking.
Finance.—The accounts will be audited quarterly. Interest on
Capital at five per cent. will be paid half-yearly. Profits will be
divided annually.
The foregoing are the general features of the undertaking. In
Its organisation many modifications will probably suggest them-
selves, but its main character will remain the same. As the Di-
rectors are most desirous of making the establishment as useful to
the public as it can be made, any suggestion will receive their most
Careful consideration.

The detailed estimates (see Appendix A) have been compiled
with the greatest care. The several items are vouched by written
statements b) competent persons. They have been laid before
gentlemen of great experience is these matters, who have estrefull,
examined and approve them.

The Deed of Vettlement (see abstract In Appendix B) contains
two important provisions protective of the interests of shareholders.
1. Any new shares to be issued for the purpose of increasing tile
capital, should it be desirable to extend the Company's edablish-
%lent, will be offered in the first instance to shareholders, in pro-
Portion to the number of old shares held by them. 2. If ever the
avlsrage of yearly dividends shall fall below the five per cent. inte-
rest on capital, the shareholders shall be convened, to consider the
Propriety of dissolving the Company.
There are several points deserving attention with rettrence to this
Undertaking as an object of investment :—l. There is nothing expe-
rimental in it ; it proposes to supply a want which all feel, by means
Ilse value of which any one can appreciate. 2. The items of the
.silruate are of an every-day character, and the actual cost in each
Le"ae„ is Liven ; the calculations are open to investigation, and can he
-"6117 tested. Z. The money of shareholders vi ill not be sunk in
LlPlllinients, or wasted in preliminary expenses ; it will be laid out
ilia purchase of a property which will always find a sale and bear
~▪ Prisa. 4. A zealous and prudent management of the stairs of the
.'''seern is insured by the (per oentage system of remunerating di-
'lst'iort and encouraging officers. b. The distieetion between inte-
;nea,inn capital and profits, and the provision made foe payment o'
Fesi as an item of expenditure, without reference to division of
Aeolus, Rives to a subscription in this undertaking the double cha-
racter of
a steady investment and of a commercial speculation. 6.
Zntergots of shareholders are protected in any increase of capital.
they hold in their own hands the power to put an end to the
▪ "cern when it ceases to be profitable.
RULES OF SUBSCRIPTION.
I. Shares will be allotted on application in the form annexed, sc.
"rnPanied by a reference to one of the directors, a London banker
or two householders of respectability.
The directors aeserve power to reject any application, or to
allot The
number of shares less than the number applied for,
eie' tlePosits to be paid to the bankers of the Company to the
th—• Of the trustees, who undertake to return the same without
io,u,lletion. if the whole capital of 65,0001. be not subscribed, un-
Scribers— lerwisa directed by resolatioias of a general meeting of sub-
-4' On production of the bankers' receipt, and on execution of the
deed of settlement (a printed copy of which will be handed to the
isihscriber for Ida information), scrip certificates will be issued.
6- When the Company has been completely registered (which will
bedone when the deed of settlement has been executed by one-
fourth of the subscribers), due notice will be given in the London
Gazette and daily papers.
6. Subscribers will be required, within one month from the publi-
cation of such notice, to pay a first call of 1/. 190. per share, and to
exchange scrip certificates for shares.
I'. Further calls will not exceed 21. per share, and there will be an
Interval of not less than two months between each call.
1. it will be in the discretion of the directors to forfeit and re-allot
shares lu cases of non-compliance with terbnyis of allotment
9. The directors reserve power tofix
public advertisement, in
the
fore London Gazette and daily paper, any limit of time not herein be-
given.

_ ____.......,
Application for shares to be made in the form annexed, to the Se-
cretary, at the Temporary Oftlees, No, 32, Charing-cross.
FORM OF APPLICATION FOR srunEs.
To the Secretary of the Patent Mile-Index Carriage Company.
Sir,—l apply to be admitted a subscriber to the Patent Mile-Index
Carriage.. Company, and I request an
theall termsotmen of shares the
prospectus. I shares in
Lila capital stock of the Companyon
nkielft the parAculars required Yours.
bated day of 1846. (Usual signature.)........
Name In full ......................
Place of business ..................
Place of residence ..................
Profession or occupation ... .... .
Reference in full .. . • • • • • • • • • ........
12;
APDendix A (EstimateB) may be obtained at the temporary offices,
Ch • i-o
Appendix 13 (Abstract of Provisions of Deed of Settlement) will be
It
-.me
vinlised in a .xt
hut a.
oni afewnotice in the " Timeeosl''mnonf
6 Monday,. 25th January,
1847, page 6,
....The
N Pat 4. -Index.--
'eftsuis avelled by wheel car
es. ngont and Mlle indicating the aim
distance tr
pie and ingenious contrivance for-
deed_ cans • •• There is nothing unsightly in the apparatus, which, in-
Ti.carcely be seen at all %ellen the carriage Is in m
thar IQ"senger is thus supplied with a perfect chec.k against over-
t milel!, while the proprietor has the means of knowing the acc.toyuroft_
4,1° o‘,age actually performed. The convenience and s n pli i . 1
ps•fi'ung• as the index of distance, a method of calculation so familiar
,Le face of a clock supplies, nee 1 hardly be pointed out.
has,
are I" Patent Mile-Index has been fitted to a Brougham, which
.._'.4re told, travelled between 200 and 300 miles over paving stones
zti_ci rough roads,
and under circumstances calculated to test severely
"''''' workip
tory g Of the apparatus, and always with the same satisfac-
wresult.
the teha'a an opportunity on Saturday of proving tho
inquesty of
acid oneeaxsubr:tirrnia.v.leeillng several miles in the carriage qion
each r"nlParin,. the revolutions of the hour and minute hand at
the resul we wero, we confess, surprised by the nicety of
Them
Preywattrbility of tampering with the apparatus has been effectually
Wants 0f.,. in oar cab system has become one of the recognised
Wants
i,,,t"y life, and the first crest stv In this direction rnu,t be in
Perh,;,:-. 'Fttr lihn.cli pok.eb-ii,4 an ,-..lectuai t.:l.2u.ci: uptna overcharge.
he nro7_L'“', parties must, 1tiv.,.,,g1y interestek., in
itbuch a reform are
0.6eur..,-t,ti; an=d drivers Qfpu:"ll.; vchi,le, sin,,i tna, ,Jf ten hays
427`, to our reader that a much greater aggregate amount (pro-
near] our
double the present sum) would be received in fares
fixe,..Letr by cabmen, if they would be content with their legal fare,
"44 Mein it with civility.