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

THE PATENT MILE-INDEX CARRIAGE
COMPANY.
(Registered Provliionally under 7 and 8 Viet., cap. 110.)
Capital, 65,0001., in Shares of 101. each.
Deposit, ls. 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-
pairs.

TRUSTEES.
Thehard Bark. r, Esq., 14, Fitzroy-square.
R. Hartley Kennedy, Esq., Resington Lodge, :.rotting-hill,
BOARD OF DIRECTGIIII.

R. Hartley Kennedy, India and London Life
Assurance Company. and Deputy Chairman of the Oriental Bank,
Resington Lodge, Notting.lol, —Chairman.
Captein Tyndale, Director of the South Eastern Railway, 21, Alfred.
place, Brompton,—Deputy Chairman.
Lieutenant General Wright, Royal Engineers, Army and Davy Club
SI. darnes's-square.
W. B. Gluier, Esq., Esq., 84, Milton-street, Dorset-square.
J. E. B. Curtis, Esq., Linee:n's-lan, and 29, Wellington-road, 8 t
John's-wood.
Robert Faulder White, Esq., 24, Sussex-gardens, Hyde-park.
(With power to increase the number to ten.)
MANAGING DIRECTOR,
Henry Von 'Cuter, Esq.
NAM UR&

Messrs, Sapte, linspratt, Banbury, and Co., 77, Lombard-stree
♦uDITOES.

F. Kirkham. Fowell, Esq., 60, Moorgate-street, and Devonshire Col
tage, Alpha-road, ite4ent's-park.
(A. second Auditor to Do appointed by the Committee.)
SOLICITORS.
Messrs. Wire and Child, St. Swithin's lane, City.
BIICII ETA EX.
Mr. Lionel Curtis.
Temporary Offices No. 82, Charing-cross.

The Patent Mile-Index Carriage Company is promoted with the
following objects, viz.:-
1. The application to cabs of the Mile-Index, a recently pat+ nted
invention, by which the exact distance travelled is readily ascer-
tained, and the passenger thus protected from overchariso by the
driver.

2. The adoption of a system of mile-tickets to be issued in books
of tickets at a reduced tare.
3. The improvement of cab conveyance, by the introduction of
carriages of superior stvle and accommodation, with a well-selected
Mud and better class of drivers.
4. The substitution, so far as the establishment of the Company Is
Concerned, of the control and guarantee of a body of gentlemen, as
Managers, for the unsatisfactory means of redress of grievances at
present afforded by the Police Courts.
The invention of the Mile•lndex is protected by Royal Letters
Patent, granted in June, 1846. The Patent Mile-Index has been
fitted to a Brougham carriage. The carriage so fitted has traveled
several hundred miles over the worst pavements in the metropolis,
at different speeds, and in all weathers, and with the most complete
success. (For a public testimony to the value of the invention, see
the notice in the " Times" of Monday, the 25th of January, page 6,
Column 6.)
The Provisional Directors have concluded an agreement with the
Patentee for a general licence to use the invention in hackney-
carriages in the metropollei or within a circuit of twenty miles from
the General Post-offlee, for the whole term of the patent. The
remuneration to the Patentee is therein made entirely dependent on
the successfhl progress of the Company. A copy of the agreement
lies at the omces for inspection.
The mile-ticket plan is adopted as the most convenient and roman.-
Iterative mode of giving to the public the accommodation of a re-
duced fare. It le calculated that the reduction of fare will (coupled
With the patent Rile-Index) eonsiderably increase custom. and pro-
duce a large profit ; and it is considered that the arrangement by
which such 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 paymesets
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 win bo seen that, as an object of 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, end drivers, by the guarantee afforded by the control of gen-
tlemen as managers. by the mile-ticket system and the reduced fare,
and p irticularly 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 lowest and expen-
diture at the highest, a dividend of upwards of ten per cent. will
accrue to shareholders, in addition to fire per cent. interest on 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
With money in hand to watch the market, and considering also the
Peat 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
Indeitaking 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 fore the Company on a scale commensurate with
the amount actually eubscribed. 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,
a per centage remuneration of 10 per cent, on the annual pronto! of
the undertaking, that is to say, after paying 5 per cent interest on
capital. The estimates en which the calculations are based, and as
abstract of the provisions of the Deed of Settlement, are set fl,rth in
an appsludix, 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.:—
Mile-Index.—The index 13 placed in the body of the cab, being con-
nected with the wheels by a simple but ingenious apparatus. It is
In 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
hours, half-hour 3, and minutes, and a hand performs the circuit of
the dial, marking the progress of the vehicle. At night the index
Will be lighted by a lamp.
A passenger will, on entry, note the position of the hand on the
falter dial, and read the distance as travelled by the dial within.
Mile-Tickets.—lt is proposed to issue tickets for miles and half-
tones, in books for 40 miles each, at the price of 11. Is. per book, or
6d- per mile. Should this arrangement prove acceptable to the
public, due provision will be made to provide a sufficient number of
es:Mtges to meet the demand.

-----
Carriages, &e.—lt is proposed to start with 200 carriages ; no
Pains 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, witk the
necessary offices. storehouses, workshops, &c., on a comprehensive
plan In any plan that may be selected, care will be taken to re-
Servo space and make arrangements to meet an increase of the esta-
blishment at a fixture period.

Drivers.—Great care will be taken in the selection of the drivers,
Each man will be requii ed to enter into a written engagement with
the Company, and to And 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;
and 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 for the purposes above stated.
The drivers will be placed under strict regulations, and be subject
to a rigid surveillance. A Committee of the Board ofDirectora 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-
Valliant. While the Company will visit with the utmost severity
any delinquency on the part of their drivers, they will, at the mine
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
Cernpany, 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 prints (profits as defined above), and the
Managing Director and Secretary will receive, in addition to fixed
salaries, a like per cordage 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.
Finanoe.—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 modificationse 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
etatetnenta by competent persons. They have been laid before
gentlemen of great experience in these matters, who have carefully
examined and approve them.
The Deed of Settlement (see abstract in Appendix B) contains
two important provisions protective of the interests of shareholders.
Any new shares to be issued for the purpose of increasing the
capital, should it be desirable to extend the Company's e,tablish-
Mont, will be offered in the first instanee 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-
rimental 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
estirnate are of an every-day character, and the actual cost in each
case is given ; the calculations are open to Investigation, and can •e
easily tested. 3. The money of shareholders will net be sunk in
,euPeriments, or wasted in preliminary expenses ; it will be laid out
Ii 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
401aCern is insured by the per oentage system of remunerating di-
looters and encouraging officers. b. The distinction between inte-
rest on capital and profits, and the provision made for payment o
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 speculation. 6.
Interests of shareholders are protected in any increase of capital,
end 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-
mapied by a reference to one of the directors, a Loudon banker
orw householders of respectability.
2. The directors aese.-ve power to reject any application, or to
allot a number 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
loess-^tion, If the whole capital of 65,0001. be not subscribed, un-
zege otherwise directed by resolutions of is 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.
5. When the Company has been completely registered (which will
be done when the deed of settlement has been executed by one-
fburth of the subscribers), due notice will be given in the London
Gazette and daily papers.
such
will be required,
ea6tionSuebfe within one month from the publi-
cation notice, to pay a first call of 11. 19s. per share, and to
exchange scrip certiricates for shares.
7. Further calls will not exceedonttsl.per share, and there will be an
Interval of not less than two months between
each call.
I. It will be in the discretion of the
withta
directors to forfeit and re-allot
shares in cases of non-compliance
to fix rbnis of allotment
9. The directors reserve power
the London Gazette and daily paper,3' public advertisement, in
. any limit of time not herein be-
fore given.
Application fee shares to be made in tha form annexed
cretary, a'. the Temporary Offices, No, 32, ce„ring_ercm . to the Se-
FORM OF APPLICATION FOlt StiAlltel
To the Secretary of the Patent Mile-fnd-ex Carriage co
! ir,— I apply to be admitted a subscriber to the Patent miPany.
liile-Index
Carriage Company, and I request an allotment of shares in
the capital stock of the Company on the terms of the prospectus. /
subjoin the particulars required Yours,
Dated day of 1846. (Usual signature.).... • • ..
sameln full • • • ... ...... ..........
Place of business • .. ..
Placeof residence . • . • . • • . . • • • • • • • • •
Profession or occupation • • • • • • • • • • • •
Reference in full. • . • .• • • • • • • • • .. • • • •
Appendix A (Estimates) may be obtained at the temporary offices,
52, Charitueeroee.
APPendix It (Abstract of Provisions of Deed of Settlement) will be
P_Sbliched in a few days.
Extract from a notice in the "Times" of Monday, 26th Jaanary,

1547, page 6, column 6.
_ The Patent Mlle-Index.---A simple and ingenious contrivance for
"'es-luring and indicating the distance travelled by wheel car-
ria_a_ges•• • • .. • .There is nothing unsightly in the apparatus, which, in-
can scarcely be seen at all a hen the carriage Is In motion.
The passenger is thus supplied with a perfect check agaMst
"large, /still's the proprietor has the means of knowing the amount
of mileage actually performed. The convenience and simplicity of
"onting, as the index of distance, a method of ealcu!ation so familiar
44 the face of a clock supplies, nee i hardly be pointed out.
The l'atent Mile-Index has been fitted to a Brougham, which has,
We are told, travelled between 200 aid 300 miles over paving stones
2antt rough road% and under circumstances calculated to test severely
ne Working of the apparatus, and always with the same satisfac-
ry result.
„We had an opportunity on Saturday of proving tho accuracy of
index by travelling several miles In the carriage in question ;
On comparing the revolutions of the hear and minute hand at
'4,401 measured mile, we were, we confess, surprLsed by the nicety of
result.
111
e Possibility of tampering with the apparatus has been effectually
artaerited.
reform in oar cab syste become one of the recognised
twha,,nta.of city life, and the first treat step In this direction must he in
p,rjr"--.fer himself ma.. C.Vert.ll:t
tit', parties mu.,t Strkaii.dy interested in such a reform are
• •••!..• , puhtit, ,luc,!l.- must often have
bat:erred •to oar reader that a much greater aggregate amount (pro-
awee;.Y . nearly double the present sum) would be received in fares
Year by cabmen, if they would be content with their legal fare,
Would receive it with civility.