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

TIIE PATENT MILE-INDEX CARRIAGE
COMPANY.
(teilitered Provisionally under 7 and 8 Viet., cap. 110.)
Capital, 65,0001., in Shares of 101. each.
Deposit, Is. per Share, (being the amount limited by Statute.)
; Deposits will be returned without deduction, if the capital be not
subscribed, the registered Promoter bearing all preliminary ex-
penses,

TRUSTEES.
• Richard Barker, Esq., 14, Fitzroy-square.
• R. Hartley Keetnedy, Esq., Resington Lodge, Notting-hill.
• „ BOARD OP DIRECTORS.
R• Hartley Kennedy, Esq., Chairman of the India and London Life
Assurance Company. and Deputy Chairman of the Oriental Bank,
Resiugtou ledge, Notting-hill, —Chairman.
• Captain Tyndrile, Director of the South Eastern Railway, 21, Alfred-
Lieutenant om pton,—Deputy Chairman.
Cm meral Wright, Royal Engineers, Army and Navy Club
St.
V.
James's -square.
ta. B. Giasier; Esq., Esq., 84, Miltre-street, Dorset-square.
E. B. Cur tis, easq., Lineeln's-inn, and 29, Wellington-road, S
John's-we( el.
Robert Faulaper White, Esq., 24, Sussex-gardens, Hyde-park.
(aWlth power to increase the number to ten.)
•
MANAGING DIRECTOR,
• Henry Von Uster, Esq.
BANKERS.
1/eBSrs. Snpte, Maspratt, Banbury, and Co., 77, Lombard-street.
AUDITORS.
Kirkhalot Fowell, Esq., 60, Moorgate-street, and Devonshire Cot-
, tage, Alpha-road, Regent's-park.
(A second Auditor to be appointed by the Committee.)
SOLICITORS.
Ales erg. Wire and Child, St. Swithin's-lane, City.
SECRETARY.
•
Mr. Lionel Curtis.
•
'Temporary Offices, No. 32, Charing-cross.
The Patent; Mile-Index Carriage Company is promoted with the
following ora sets, viz. :-
1. The am dication to cabs of the Mile-Index, a recently patented
lavention, by which the exact distance travelled is readily ascer-
tained, and the passenger thus protected from overcharge by the
• driver.
• 2. The I daption of a system of mile-tickets to be issued in books
of tickets at a reduced tare.
3. The imisrovement of cab conveyance, by the introduction of
carriages of Superior style and accommodation, with a well-selected
stud and better class of drivers.
Tye sale ititutien, so far as the establishment of the Company is
oannoerned, of the control and guarantee of a body of gentlemen, as
atanagers, to r the unsatisfactory means of redress of grievances at
Present affon led by the Police Courts.
The invention of the Mile-Index is protected by Royal Letters
Patent, granted in June, 1846. The Patent Mile-Index has been
fitted to a Brougham carriage. The carriage se fitted has traveled
• 'novena hundred miles over the worst pavements in the metropolis,
8t different speeds, and in all weathers, and with the most complete
enecess. (For a public testimony to the value ef the invention, see
the notice in the " Times" of Monday, the 25th of January, page 6,
Mamie 6.)
The Provisional Directors have concluded an agreement with the
• Patentee for a general licence to use the invention in hackney-
carriages in the metropolig, or within a circuit of twenty miles from
The General Post-ofllee, for the whole term of the patent. The
ilantMeritiotitito theersitantee Is theivin made entirely depetelent on
• !es ntaxeseftil progress of the Company. A copy of the agreement
• Awl at the offices for inspection.
The mile-ticket plen is adopted as the most convenient and rerun-
nerative mode of giving to the public the accommodation of a re-
duced fare. It to calculated that tee reduction of fare will (coupled
with the patent Mile-Index) eonsiderably increase custom, and pro-
duce a large profit r, and it is considered that the arrangement by
• Which suck reduction in fare is made, through 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 ef investment, this undertaking
presents a most satisfactory prospectof 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-
ladex 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 lowest 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 on cepa
ials clear of income-tax in both cases , and taking into consideration
Tlit'a great saving to be effected in large purchases, and by being enabled
with money in hand to watch the market, and considering also the
great traffic which the conveyances of this Company will certainly
carnm•uid, a very much larger return may be safely anticipated.
In submitting this peoposal to the public, the promoters of the
Undertaking give unreservedly all particulars of the proposed joint
'undertaking, and state explicitly the terms of association. The de-
Posits will be returned without deducting, in the event of the whole
capital not being subscribed, unless the subscribers at a general meet-
ing determine to forma the Company on a scale commensurate with
the amount actually subscribed. The registered Promoter bears all
Preliminary expenses, and reserves, in consideration of the informa-
tion, labour, expense, and risk, given and incurred in the promotion,
t Per centage remuneration of 10 per cent. on the annual profits ef
the undertaking, that is to say, after paying 5 per cent interest on
capital. The estimates on which the calculations are based, and an
abstract of the provisions of the Deed of Settlement, are sat firth in
an appendix, to the end that the public may judge for themselves of
5 ovhi ch Probability of success, and know the nature of the contract into
they are invited to enter,
The details of the undo taking are as follows, viz.:—
lille-Index.—The index is placed in the bedy of the cab, being con-
nected with the wheels, by a simple but ingenious apparatus. It is
tllacdeudpeilloccakte; rnfornebos. both inside and outside, and is in the form of a double-
half-miles, and fractions of a mile, correspond to
rm. half-hours, :end minutes, and a hand performs the circuit of
dial, marking the progress of the vehicle. At night the index
W be lighted by a lamp.
a„A_ passenger will, on entry, note the position of the hand on the
ar dial, and read the distance as travelled by the dial within.
Mille-Tickets.—It is proposed to issue tickets for miles and half-
ites, lit books for 40 miles each, at the price of 1/. Is. per book, or
nnper mile. Should this arrangement prove acceptable to the
ee_eruaL.lc, due provision will be 'made to provide a sufficient number of
Carriages,
to meet the demar.d.
Pins will
&c.—lt is proposed to start with 200 carriages; no
Will be spared to give the public a carriage combining every
,aat_aisite of design. aueommodation, strength, safety, and lightness of
ght. with most convenient and handsome fittings.
uteat care will les taken in the selection of the horses; and bar-
4"sa. he keeping 'with the carriages, will be chosen.
se eettbling, &c.—lt is proposed to purchase or rent a piece of ground
necaame convenient spot, and to erect a range of stabling, with the
ee
ou
tarY offices, storeleses, workshops, &c., on a comprehensive
tMari sin any plan that may be selected, care will be taken to re-
ris saace and melees arrangements to meet an increase of the este-
uaahMent at a future period.
Drivers.—Great care will be taken in the selection of the drivers,
ae
h man ,e.„, •
"." "derequiled to enter into a written engagement with
the Company and to find two householders as sureties for his ob-
servance of 'di
neatA
"and uniform livery *ill be provided by the Company.
e f •••,"" `A view of inducing a better class of men to enter the service
I.lompany, arrangements will be made fur the general comfort
of the, men, the care of them under accident, in sickness. or old age;
and for the protection of the widows and orphans of those who may
um- In the service.
• tine and a third per cent. on profits (profits as defined above) will
he set aside to form a fund far the purposes above stated.
The drivers will be placed under strict regulations and be subject
to a rigid surveillance. A Committee of the Board of Directors will
alt daily to investigate complaints and afford redress. In all cases
.0 which application to a magistrate or a prosecution may be neces-
sary, the proceedlngs 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 mue;ri as possible the perstmal attendance of the com-
plainant. While the Company will visit with the utmost severity
any delinqu ancy on the part of their drivers, they will, at the same
time, flrmay protest their servants in case of injustice.
alauasaement, &c.—The management will be vested in a Board of
Directoee, not exceeding ten in number, including Chairman and
DeraitneCbairman.
W ith a view of insuring the best attention to the interests of the
ueermany, both on the part of managers and officers, the principle
of per tentage on profits will be applied to the remuneration of
att:ectors for their services, and to the encouragement of officers. In
u of the usual fixed allowance, directors will receive a per centage
aftwenty per cent, on profits (profits as defined above), and the
l[auaging Director and Secretary will receive, in addition to fixed
"Aeries, a like per tentage of one per cent. each. As the remunera-
tor rof directors is postponed till shareholders have realised fair
tr_ite est 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 officersbe
Wed by the interest which they also will have willetimu-
the undertaking.in the prosperity ef
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, Ventral features of the undertaking. In
Its organisation many modificationse will probably suggest them-
selves, but its main caaaracter will remain the same. As the Dl-
rectors are most o.esirous of making the establishment as useful to
the public as it ".;101 be made, any suggestion will receive their most
careful consieeeetson,
The detanled estimates (see Appendix A) have been compiled
with the greatest care. The several items are vouched by written
statements be competent persons. They have been laid before
gentlemen of great experience in these matters, who have carefully
examines, and approve them.
The ',flood of Settlement (see abstract In Appendix B) contains
two Mee-orient provisions protective of the interests of shareholders.
'• Ara' new shares to be issued for the purpose of increasing the
ZPlttal, should it be desirable to extend the Company's, c,tablish-
-"La will be offered in the first instance to shareholders, in pro-
Poition to the number of old shares held by them. 2. If ever the
a.strage 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
Italdertaking as an object of investment :-1. There is nothing expe-
attne
„..ntal in it; it proposes to supply a want which all feel, by means
estimate
eine of which any one can appreciate. 2. The items of the
"ttrnate are ef ate every-day character, and the actual cost in eack
ease it es
ez- seven ; '.he calculations are open to investigation, and can I,e
FLY. tested.. 3. Tho Money of shareholders will not be sunk in
In trintentse or wasted in preliminary expenses ; it will be laid out
e ala:
Phue of a property which will always find a sale and bear
ii the
4. A zealous and prudent management of the affairs of the
eavaicern is Insured by the per oentage system of remunerating di-
?Cctors mad encouraging officers. 2. The distinction between inte-
r capital and profits, and the provision made for payment o'
iereat. as an item of expenditure, without reference to division ofiT9lltec, gives to a subscription in this undertaking the double cha-
aater of a steady investment and of a commercial speculation. 6.
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. Shaves will be allotted on application in the form annexed, ac-
eataPanaed by a refertnees to one of the directors, a London banker
or two householders at xespeciability.
2. The directors swerve power to reject any application, or to
allot a nastier of shares less than the number applied for,
3. Deposits to be paid to the bankers of the Company to the
credit of the trustees, who undertake to return the same without
deduction, if the whale capital of 6.1,e001. be not subscribed, un-
less otherwise directed by resolations of a general meeting of sub-
scribers.
4. On prOdnetion of the bankers' receipt, and on execution of the
deed of settlement (a printed copy of which will be handed to the
sabieriber for his information), scrip certificates will be issued.
S. When the Company has been coniple,e/y registered (which will
bedtime when the deed of settlement has been executed by one-
fourth of the subscribers), due notice will be given iu the London
Gazette and daily papers.
6.i Subscribers will be required, within one month from the publi-
cation ef such notice, to pay a first call of 11. 19s. per share, and to
exchange scrip certificates for shares.
7. Further calls will not exceed 21. per share, and there will bo 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 in cases of non-compliance with terms of allotment
9. The directors reserve power to fix by public advertisement, in
the London Gazette and daily paper, any limit of time not herein be-
fore given.
Application for shares to be made in the form annexed, to the Se.
eretexy, a•., the Temporary Offices, No, 32, Charing-cross.
FORM 010 APPLICATION FOR SHARES.
•
To the Secretary of the Patent Mile-Index Carriage Company,
Sir —I apply to be admitted a subscriber to the Patent Mlle-Index
Carriageshares in
the s ofof the prospectus. I
capitalCosmt stock yo
thean d reCompanyqt o anu
rho allotmente
rm
anhjein the particulars required Tours,
betel day of 1846. (Usual signature.)........
Name in full ......... • • • •
Place of bus:ncss • ••
Place of residence . • • • • • •• • • • • •• • • ••
Profe,ssi
in full
••••
patioa .
Reference
32 ADDendix A (Estimates)
as-'haritig•cross may be obtained at the temporary offices,
ptirpeadix B (Abstract of Provisions of Deed of Settlement) will be
a• tithed in a few days.
-r-eXtract
-.Dm a notice in the "Times" of Monday, 25th January,
Th 1847, page 6, column 6.
xien.e Patent Mile-Index.—A simple and ingenious contrivance for
—uring and indicating the distance travelled by wheel car-
Ti ages
d _ • • • • • •There it; nothing unsightly in the apparatus, which, in-
Thean scarcely be seen at all .then the carriage is In motion.
Passenger is tints supplied with a perfect check against over-
of While the proprietor has the means of knowing the amount
840-"„eage actually performed. The convenience and simplicity of
.te.ng, as the index of distance, a method of calculation so familiar
-"°,,•,,eface of a clock 'supplies, nee .t hardly be pointed out.
l'aLeRL Mile-Index has been fitted to a Brougham, which has,
a:dare told, travelled between 200 mid 300 mile% over paving stones
the ,rndengli roads, and under circumstances calculated to test severely
ee„"urking of the apparatus, and always with tint same satisfac-
raselt.
We
eh had an opportunit on Saturday of proving the accuracy of
e index
and „Leo by travelling several miles in the carriage in question ;
each marking the revolutions of the hour and minute hand at
the
resuiTzteast ured mile, we were, we confess, surprised by the nicety of
The posi t
pre,,en ted. Witty of tampering with the apparatus has been effectually
A
etabbnerrni in oar cab system has become one of the recognised
the p cit Yilfe, and the first great step in this direction must be in
Perhaps ,her himself possessing an effectual check upon overcharge.
the peaoa, !ate Parties most strongly interested in such a reform are
eftctirre'elt
rirs and drivers of public vehicles since it must often have
oar reader that a much greater aggregate amount (pro-
double the present sum) would be received in fares
av be ..•
asati--ii,a7aa by cabmen, if they would be content with their legal fare,
v.gt /Wein it With