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

E PATENT MiLE-INDEX CARRIAGE
COMPANY.
(Registered Provisionally ander 7 and 8 Viet., cap. 110.)
Capital, 65,0001., In Shares of 101. each.
Deposit, Is. per Share, (being the amount limited by Statute.)
"Waits will be returned without deduction, if the capital be not
subscribed, the registered Promoter bearing all preliminary ea-
Pease&

TRUSTEES.
Richard Barker, Esq., 14, Fitzroy-square.
IL Hartley Kennedy, Esq., Resington Lodge, Notting-hill.
II BOARD Of DIRECTORS.
,7"."0Y Kennedy, Esq., Chairman of the India and Loudon Life
""suranee Company. and Deputy Chairman of the Oriental Bank,
Resington Lodge, Notting-hill,---Chairman.
Captain Tyndale, Director of the South Eastern Railway, 2D, Alfred-
Place, Brompton,—Deputy Chairman.
Lieutenant General Wright, Royal Engineers, Army and Navy Club
Jamers-square.
7 (limier, Esq., Esq., 84, Milton-street, Dorset-square.
Lineoln's-inn, and 29, Welliagton-road, S
Robert Faulder White Esq 24, Sussex-gardens, Hyde-park.

(With pover increase the number to ten.)
MANAGING DIRJECTON,
Henry Yon-Eater, Esq.

BANKERS.
UrR, Sapte, Iduspratt, Banbury, and Co., 77, Lombard-street.
r r AVDITORS.
• —irkhant Towel, Esq., GO, Moorgate-street, and Devonshire Cot-

tage, Regent's-park.
(A second Auditor to be appointed by the Committee.)
SOLICITORS.
Messrs. Wire and Child, St. Swithin's• lane, City.

Mr. Lionel Curtis.

Temporary Offices, No. 32, Charing-cross.
a,„ The Patent Mile-Index Carriage Company is promoted with the
...miring objects, viz. :
, The application to cabs of the afile-Index, a recently patented
entlon, by which the exact distance travelled is readily asoer-
Mederu and the passenger thus protected from overcharge by the
`'‘ 2. Then
at adoptiona
reduce of a
tarsi, em of MN-tickets to be issued in books
icketd
..2. The improvement of cab conveyance, by the introduction of
nages of superior style and accommodation, with a well-selected
Kid and better class of drivers.
The substitution, so far as the establishment of the Company is
neerned, of the control and guarantee of a body of gentlemen, as
4flagete. for the unsatisfactory means of redress of grievances at
• ant afforded by the Police Courts.
The invention of the Mile-Index is protected by Royal Letters
hPatent, granted in June, 1846. The Patent Mile-Index has been
~ed_ to a Brougham carriage. The carriage so fitted has travelled
r.,etal hundred miles over tie worst pavements in the metropolis,
eiffereht speeds, and in all weathers, and with the most complete
hecets• (For a public testimony to the value of the invention, see
nottee in the " Times " of Monday, the 25th of January, page 6,
'mania 6.)
The Provisional Directors have concluded an agreement with the
-Patentee for a general licence to use the invention in hackney-
.arriageil in the metropolis, or within a circuit of twenty miles from
the General Post-office, for the whole term of the patent. The
:numeration to the Patentee is therein made entirely dependent on
, 6 successful progress of the Company. A copy of the agreement
Iles at the offices for inspection.
- The Mile-ticket plan is adopted as the most convenient and retina-
fferative mode of giving to the public the accommodation of a re-
dated fare._ It le caleelete4,that tee reduction of fare will (coupled
with the patent Mile-Index) considerably increase custom. and pro-
duce a large profit ; and it is considered that the arrangement by
which such reduction in fare is made, througb the medium of mile-
tickets 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 will be seen that, as an object of investment, this undertaking
presents a most satisfactory prospector a liberal return on the capital
Invested. This Company, by the general superiority of 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 which the Mile-
Index will 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 leweat and expen-
diture at the highest, a dividend of upwards of ten per cent. will
accrue to shareholders, in addition to five per cent. interest oh capi-
tal, clear of income-tax in both cases ; and taking into consideration
the great saving to be effected in large purchases, and by being enabled
wick money in hand to watch the market, and considering also the
great traffic which the conveyances of this Company will certainly
ceternand, a very much larger return may be safely anticipated.
In submitting this proposal to the public, the promoters of the
undertaking give unreservedly all particulars of the proposed joint
Indertaking, and state explicitly the terms of association. The de-
acons will be returned without deducting, in the event of the whole
capital not being subseiribed, unless the subscribers at a general meet-
ing determine to fora this-Company on a scale commensurate with
The amount actually subscribed. The registered Promoter bears all
Preliminary expinseii,,lsa reserves, in consideration of the infornia-
tienulabour,expedse;and risk, given and incurred in the promotion,
s,,a Per eenteite temitneration of 10 per cent. on the annual profits of
'-ue undertaking, that is to say, after paying per cent interest on
capital. The eiffitcates en which the calculations are based, and an
abstract of the provisions of the Deed of Settlement, are set forth in
an appendix, to the end that the public may judge for themselves of
the Probability of success, and know the nature of the contract into
Which they are invited to enter,
The details of the undertaking are as follows, viz.:—
Mlle-Index.—The index is placed in the body of the cab, being con-
nected with the wheels by a simple but ingenious apparatus. It is
It duplicate for both inside and outside, and is in the form of a double-
faced clock; miles, half-miles, and fractions of a mile, correspond to
h 4
half-hours, and minutes, and a hand performs the circuit of
the
marking the progress of the vehicle. At night the index
, be lighted by a lamp.
• 41. Passenger will, on entry, note the position of the hand on the
Miter dial, and read the distance as travelled by the dial within.
11110-Tickets.—it is proposed to issue tickets for miles and half-
,„in books for 40 miles; each, at the price of 11. ls. per book, or
Ber mile. Should this arrangement prove acceptable to the
Attblic, due provision
the wdemand ill, be made to provide a sufficient number of
lchrt to .
Carriages, &c.—lt is proposed to start with 200 carriages; no
Dahl will be spared to give the public a carriage combining every
requisite of design, accommodation, strength, safety, and lightness of
draught, with moat convenient and handsome fittings.
Great care will be taken in the selection of the horses; and bar-
"igs in keeping with the carriages, will be chosen.
,_ Stabling, &e.—lt is proposed to purchase or rent a piece of ground
'4 home convenient spot, and to erect a range of stabliug, with the
neetuarY offices, storehouses, workshops, &c., on a comprehensive
In any plan that may be selected, care will be taken to re-
serve 'Pace and make arrangements to meet an increase of the esta-
blishment at a future period.
Drivers.—Great care will be taken in the selection of the drivers,
Ethe
man will be requited to enter into a written engagement with
tie Company, and to find two householders as sureties for his ob-
'erYaluce of it.
A neat and uniform livery will be provided by the Company.
With a view of inducing a better class of men to enter the service
of the Company, arrangements will be made for the general comfort
of the men, the care of them under accident, in sickness. or old age;
acid for the protection of the widows and orphans of those who may
die in the service.
One and a third per cent. on profits (profits as defined above) will
be set aside to form a fund far the purposes above stated.
The drivers will be placed under stricfrcgulatione, and be subject
to a rigid surveillance. A Committee of the Board ofDirectors 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, &c.—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 ono 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,
ahareholders have the beat 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.
Finanee.—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. Thu several items are vouched by 'written
statements Icy competent persons. They have been laid before
gentlemen of great experience ix these matters, who have carefull,e
examined and approve them.
The Deed of iettlement (see abstract in Appendix B) contains
two important provisions protective of the interesta of shareholders.
1. Any new shares to be issued fir the purpose of increasing the
capital, should it be desirable to extend the Company's establish-
Meat, 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
average 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 reference to this
undertaking as an object of investment :-1. There is nothing expe-
rineental in it ; it proposes to supply a want which all feel, by means
Le value of which any one can appreciate. 2. The items of the
estimate are if an every-day character, and the actual cost in each
case is given ; the calculations are open to ineestigatien, and can he
e°4lY tested. 3. The money of sherehelders w ill not be sunk in
~_exPertments, or wasted in preliminary expenses ; it will be laid out
1° the purchase of a property which will always find a sale and bear
Price. 4. A zealous and prudent management of the affairs of the
eonceni is insured by the per ventage system of remunerating di-
'beton' and encouraging officers. S. The disticetion between inte-
rest on capital and profits, and the provision made fur payment t'
interest as an item of expenditure, without reference to division of
Profits, gives to a subscription in this undertaking the double cha-
racter of a steady investment and of a commercial 'peculation. G.
Interests of shareholders are protected in any increase of capital,
and they hold in their own hands the power to put an end to the
concern when it ceases to be profitable.
RULES OF SUBSCRIPTION.
1. Shares will be allotted on application in the form annexed, ac-
"raPanled by a reference to one of the directors, a London banker
or two householders of respectability.
2. The directors aeserve power to reject any application, or to
allot a number of shares' less than the number applied for,
Deposits to be paid to tho bankers of the Company to the
or edit of the trustees,
she undertake to return the same without
deduction, if the whole capital of 65,0001. be not subscribed, un-
less otherwise directed by resolutions of a general meeting of sub-
terlbers.
.4. On production of the bankers' receipt, and on execution of the
deed of settlement (a printed copy of which will be landed to the
subscriber for his information), scrip certificates will be issued.
b. When the Company has been completely registered (which will
bdone 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 ono month from the publi-
caonefsue h notice, to pay a first call of lb. 19s. per share, and to
exchange scrip certificates for 'Mares.
7. Further calls will not exceed 21. per share,
interval of not less than two months between call.
1. will be an
1. It will be in the discretion of the directors to and re-allot
allotment
shares in cases of non-compliance with termso
9. The directors reserve power to fix by public advertisement,not ietn
the London Gazette and daily paper, any limit of time
given. h be-
fore Application for shares to be made in the form annexed, to the Se-
cretary-, the Temporary Offices, No, 32, Charing-cross,

FORM OF APPLICATION FOR Srikfti;.•
To the Secretary of the Patent Mlle-Index Carriage Company.
It it,-1 apply to be admitted a subscriber to the Patent
Mile-Index
Carriage Company, and I ropiest an allotment of shares in
the capital stock of the Company on the terms of the prospectus. I
subjoin the particulars required Tours,
Dated day of 1546
am. e
in fu( ll Usual• signature.). .
s• • • ••.• • • • • • • „
Place of business
Place of residence .. • • .• .• • • • .......
Profession or occupation • . • . • . . . • • • .
Reference in full• • • • • • • • • • .... ..

Appendix A (Estimates) may be obtained at the temporary offices,
32
Charint. crow
APoentux it (Abstract of Erovisions of Deed of Settlement) will be
rablislied in a few days.
kztract from a notice in the "Times" of Monday, 2bth January,
1147, page 6, column 6.
"le Patent Mile-Index.—A simple and ingenious contrivance for
measuring and indicating the distance travelled by wheel car-
r4
There is nothing unsightly in the apparatus, which, in-
can scarcely be seen at all %then the carriage is in motion.
ei,:rim Passenger is thus supplied with a perfect check against ON er
go, While the proprietor has the means of knowing the amount
Qr_ Mileage actually performed. The convenience and simplicity of
44°Pting, as the index of distance, a method of calculation so familiar
as the face of a clock supplies, need hardly be pointed out.
and Tho latest Mile-Index has been fitted to a Brougham, which has,
re told, travelled between 200 and 300 miles over paving stones
t;_ rough roads, and under circumstances calculated to test severely
e working of the apparatus, and always with the same satisfac-
tory result.
h
the , dc, an opportunity on Saturday of proving the accuracy of
en,, index by travelling several miles in the carriage in question ;
~,.`ton comparing the revolutions of the hour and minute hand at
ta measured mile, we were, we confess, surprised by the nicety of
hesesult.
"onossibility of tampering with the apparatus has been effectually
oevented.
A reform .
in oar cab system has become one of the recognised
wants
°' city life, and the flat great stop in this direction must be in
ePte Ll'sseoffer himself possessing an effectual check upon. overcharge.
the Ps the Parties most strongly interested in such a reform are
"elfirolfrietors and drivers of public vehicles since it must often have
rPd to our reader that a much greater aggregate amount (pro-
nearly double the present sum) would be received in fares
14,,, Tear 11(414 rIG by
OITC It Wital cabmen, if they woul4 be outwit with their legta fan,