The Sun.
London, England, 1847-02-11 00:00:00

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R....chard Bark( r, Esq., 14, Fitzroy-square.
• R. Hartley Kennedy, Esq., Resington Lodge, Notting-hill.
BOARD OF DIRECTGRE.
• Bartley Kennedy, Eim, Chairman of the India and London Life
Issurance Company, and Deputy Chairman of the Oriental Bank,
cf!sington Lodge, Notting-hill, —Chairman.
`eta 1k Tyndale, Director of the South Eastern Railway, 23, Alfred-
Place,, Brornpton,—Deputy Chairman.
unitenant General Wright, Royal Engineers, Army and Navy Club,
ibst • James's-square.
B. Gluier, Esq.. Eq., 84, Milton-street, Dorset-square.
•L. B. Curtis, Esq., Linesen's-inn, awl 29, Wellington-road, Et.
,Inhn's-wood.
"'tort Faulder White, Esq., 24, Sussex-gardens, Hyde-park.
(With power to increase the number to ten.)
• MANAGING DIRECTOR,
Henry Von Uster, Esq.
BANNERS.
k•alry. !septa, Muspratt, Banbury, and Co., 77, Lombard-atreet.
v•-• AUDITORS.
.4/khIUE Fowell, Esq., 60, Moorgate-street, and Devonshire Cot-
tage, Alpha-road, Regent's-park.
(A second Auditor to be appointed by the Committee.)
SOLICITORS.
Messrs. Wire and Child, St. Swithin's- lime, City.
SECRETARY.
Mr. Lionel Curtis.
Temporary Offices, No. 32, Charing-cross.
tsbne Patent Mile-Index Carriage Company is promoted with the
"";swillg objects, viz. :
~.1; The application to cabs of the Mile-Index, a recently patented
by which the exact distance travelled is readily ascer-
and the passenger thus protected from overcharte by the
'aver.
2. The adoption of a system of mile-tickets to be issued in books
[tickets at a reduced rare.
The improvement of cab conveyance, by the introduction of
'''''wages of superior style and accommodation, with a well-seleeted
Itud and better class of drivers.
4. The substitution, so far as the establishment of the Company is
e°ls;erned, of the control and guarantee of a body of gentlemen, as
.tanagers, for the unsatisfactory means of redress of grievances at
Present afforded by the Police Courts.
,e‘ The Invention of the Mile-Index is protected by Royal Letters
stein, granted in- June, 1846. The Patent Mile.lndex has been
fittedto a Brougham carriage. The carriage se fitted has travelled
"'era' hundred miles over the worst pavements iu the metropolis,
et different speeds, and in all weathers, and with the most complete
Luccess. (For a public testimony to the value of the invention, see
.a notice in the " Times " of Monday, the 25th of January, page 6,
"•sumn 6.)
The Provisional Directors have concluded an agreement with the
patentee for a general licence to use the invention in heekney-
ejriages in the metropolia, or within a circuit of twenty miles from
the General Post-office, for the whole term of the patent. The
remuneration to the Patentee is therein made entirely dependent on
e succeasftel progress if the Company. A copy of the agreement
iles at the offices for inspection.
The Mlle-ticket plan is adopted as the most convenient and rums-
•bsrative mode of giving to the public the accommedetlen et am-
ewed fare. It is calculated that the reduc ion Of Atte win (00aPied
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, throngb 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 h the Mile-
Index will piece 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 capi-
tal, clear of income-tax in both cases ; and taking into consideration
"i tr to eat saving be effected in large purchases, and by being enabled
Wiete money in hand to watch the market, and considering also the
Ereat traffic which the conveyances of this Company will certainly
command, 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
stidertaking, 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-
ulf determine to form the Company on a scale commensurate with
the amount actually subscribed. The registered Promoter bears all
Preliminary expenses, and reserver, in consideration of the informs-
Usu, labour, expense, and risk, given and incurred in the promotion,
! per centage remuneration of 10 per cent. on the annual profits of
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 set firth in
an appendix, to the end that the public may judge for themselves of
Which they are invited to enter,
The details of the undertaking are as follows, viz. :-
1111e-Index.—l he Index Is placed In the is dy of the cab, being con-
nected with the wheels by a simple but ingenious apparatus. It is
is 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
ours, half-boars, and minutes, and a hand performs the circuit of
°l4 dial. marking the progress of the vehicle. At night the index
'no be lighted by a lamp.
A Passenger will, on entry, note the position of the hand on the
enter dial, and read the distance as travelled by the dial within.
Mile-Tickets.—lt is proposed to issue tickets for miles and half-
WI.. es. in books fur 40 miles each, at the price of 1/. Is. per book, or
ust- per mile. Should this arrangement prove acceptable to the
due provision will be made to provide a sufficient number of
Carriages to meet the demand.
Carriages, &c.—lt is proposed to start with 200 carriages ;no
Paine will be spared to give the public a carriage combining every
requisite of design. accommodation, strength, safety, and lightness of
draught, with most convenient and handsome fittings.
Great care will be taken in the selection of the horses; and har-
ness, in keeping with the carriages, will be chosen.
Stabling, &c.—lt is proposed to purchase or rent a piece of ground
in some convenient spot, and to erect a range of stabling, with the
necessary offices, storehouses, workshops, &c., on a comprehensive
plan. In any plan that may be selected, care will be taken to re-
serve space 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,
Bach man will be required to enter into a written engagement with
the Company, and to find two householders as sureties for his ob-
servance 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;
end 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 strict regulations, and be subject
to a rigid surveillance. A Committee of the Board 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, &c.—The management will be vested in a Board of
_Directors, not exceeding ten 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 tentage on profits will be applied to the remuneration of
directors for their services. and to the encouragement of officers. In
lien 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 I. 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 pro'ably 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 caa be made, any suggestion will receive their most
careful consideration.
The detailed estimates (see Appendix A) have been complied
With the greatest care. The several items are vouched by written
statements by competent persons. They have been laid before
gentlemen of great experience in these matters, who have careffillie
examined and approve them.
The Deed of Settlement (see abstract in Appendix B) contains
two important provisions protective of the interests of shareholders.
I. Any new shares to be issued for the purpose of increasing the
capital, should it be desirable to extend the Company's establish-
Ment, 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
**Mirage 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 :—l. There is nothing expe-
tinental in it ; it proposes to supply a want which all feel, by means
the value of which any one can appreciate. 2. The items of the
estimate are of an every-day character, and the actual cost in each
ease is given ; the calculations are open to investigation, and can be
easily tested. 3. The money of shareholders alit not be sunk in
,sPeriments, or wasted in preliminary expenses ; it will be laid out
in 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
concern is insured by the 'per centage system of remunerating di-
rectors and encouraging officers. 5. The distraction between inte-
rest on capital and profits, and the provision made for payment o
interest as an item of expenditure, without reference to division cE
Profits, gives to a subscription in this undertaking the double ch.,
ratter 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. Shares will he allotted on application in the form annexed, ac-
conmanied 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,
a. 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 whole capital of 65,000/. be not subscribed, un-
ites otherwise directed by resolutions of a general meeting of sub-
Scribers.
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
Subscriber for his information), scrip certificates will be issued.
3. When the Company has been completely registered (which will
be done 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 11. 19s. per share, and to
exchange scrip certincates for shares.
7, Further calls will not exceed 21. per share,
candcalthl ere will be an
interval of not less than two months between eti
1. It will be in the discretion of the directors to forfeit and re -allot
shares hi cases of non-eompllance with terms of allotment
9. The directors reserve power to fix by public advertisement, in
the London Gazette and daily paper, any limit °llium not herein be-
fore given.
Application for shares to be made in the form annexed, to the Se-
cretary, the Temporary Offices, No, 32, os:lring-cross.
FORM OF APPLICATION FOR sriAREs.
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 allotment of shares in
the capital stock 01 the Company on the terms of the prospectus. I
subjoin the particulars required 'Fours,
Dated day of 1846. (Usual signature.) ....... .
Name In full • • • • .. • • • . • • • . • •
Place of business ••••••• • • • • • • • • •
Place of residence ...• • • • • • • . • • • .• • •
Profession or occupation • • •4 • • • • • • • •
Reference in full ......... • • • • . • • • •
Appendix A (Estimates) may be obtained at the temporary
32, Charin •-cross.
Appendix B (Abstract of Provisions of Deed of Settlement) will be
Published in a few days.
Extract from a notice in the "Tines" of Monday, 25th Jaguar)",
1847, page 6, column 6.
The Patent Mile.lndex.—A simple and Ingenious contrivance for
Measuring and indicating the distance travelled by wheel car-
riages • • • • ....There is nothing unsightly In the apparatus, which, in-
deed, can scarcely be seen at all hen Cite carriage is In motion.
The passenger is thus supplied with a perfect check against over-
charge, while the proprietor has the means of knowing the an omit
of mileage actually performed. The convenience and simplicity of
adopting, as the index of distance, a method of calcu'ation so familiar
its the face of a clock supplies, neol hardly be pointed out.
The latent Mile-Index has been fitted to a Brougham, which has,
We are told, travelled between 200 and 300 miles over paving stones
and rough roads, and tinder circumstances calculated to test severely
the working of the apparatus, and always with the same satisfac-
tory result.
We had ass opportunity on Saturday of proving the accuracy of
the index by travelling several miles In the carriage hi question ;
and on comparing the revolutions of the hour and minute hand at
each measured mile, we were, we confess, surprised by the nicety of
the result.
The possibility of tampering with the apparatus has been effectually
Prevented.
A reform in our cab system has become one of the recognised
Wants of city life, and the first great step in this direction must be in
the Passenger himself possessing an effectual check upon overcharge.
Perhaps the parties most strongly interested in such a reform are
the Proprietors and drivers of public vehicles since it must often have
occurred to our reader that a much greater aggregate amount (pro-
bably nearly double the present sum) would be received in fares
every year by cabmen, if they would be =tent With their legal fare,
Nast would receive it with civility.