The Sun.
London, England, 1845-01-01 00:00:00

PROVISIONALLY REGISTERED.

GIIESIIANI AVENUE ASSOCIATION.
Capital, 300,000/., in 9,000 Nominee Shares of 1001. cads.

TRUSTER. UNDER TUG ACT 7 AND 8 VW.

AMBROSE MOORE, Esq., 12, Endsleigh.street, Tavisteck.
square
WILLIAM SHADBOLT, Esq., Croorne's.hill, Greenwich.
petovistoNAL COMMITTEE.
THOMAS KELLY, Esq., Alderman
JOHN HUMPHEBY, Esq., Alderman, M.P.

THOMAS FAIINCOIifB, Esq., Alderman
CHARLES BURLS, Esq., Bridge-street, Blackfriars
FREDERICK WILLIAM CALDWELL, Esq, Colden.square
HENRY CHARLES CHILTON, Esq., 7, Chancery.lane
NATHANIEL GOULD, Esq., Barge-yard, Bucklersbury
JOHN HOWELL, Esq., Shcpherd's.bush

JOHN WHEELTON, Eeq., Bath.street, N'ewgste greet
THOMAS WILKINSON, Esq., 82, Cornhill.

BANKERS—The London Joint-Stock Bank.

SOLICITORS—Messrs. Rischotraad Coxe, 19, Colcraan•etreet.

ARCHITECT ♦9D SURVETOR—Mr. William Barnes, Church Court,

Old Jewry.
SECRIZTIRA—Mr. Peter Jeffery.
TEMPORARY OFFICES-30, Bucklersbury.
This Association is formed for the purpose of constructing an
Avenue or Arcade, commencing in Lothbury at the end of Bartho-
lomew-lane opposite the Northern Entrance of the Royal Exchange,
and terminating at the corner of bloorgate-street, with a branch to
Finsbury-circus.

A project of this description has long engaged the attention of
persons taking an active interest in the improvement of the City of
London, and Plans have been suggested far erecting buildings suit..
able for Offices, Counting-houses, Shops, and Dwelling-houses,
forming an Approach, now become most desirable, to that magnlfi.
cent edifice the Royal Exchange.
The alterations effected of late years, with no unsparing hand,
have added greatly to the splendour and attraction of the Metropo.
lis, and essentially contributed to the health and comfort of the
inhabitants. Many of these Improvements have been effected by
the intervention of her Majesty's Commissioners of Woods and
Forests, the Corporation of the City of London, and different local
authorities, whilst some are the result of individual enterprise and
public spirit.
The expediency of carrying out further improvements in addi-
tion to those now in progress cannot be doubted, and more especially
if at the same time that object can be effected by a safe and profit-
able investment for the capital required.
The gradual substitution of improved thoroughfares for the nar-
row, unhealthy, and inconvenient courts and alleys which still
abound in the heart of the City, and nowhere more than In this
immediate neighbourhood, has been checked or suspended from an
exaggerated notion of the value of the property it would be neces.
nary to re-model.

A careful inquiry, founded upon the experience .1 the great un.
dertakings already so ably carried out, has convinced the Commit.
tee that the value of all descriptions of property in the districts
through which it is intended the Gresham Avenue shall be formed,
will be considerably improved.

It has been determined, therefore, to form an Avenue or Arcade,
to be called " The Gresham Avenue," affording a light, well-ven-
tilated, commodious, and handsome covered approach from Lon.
don-wall to the Bank of England, Royal Exchange, Lloyd's, the
Stock Exchange, and generally to the central parts of the City.
The surveys and estimates made at different periods by eminent
surveyors have been recently revised and carefully re-considered,
leaving no doubt that the whole can be completed for a sum not
exceeding 300,0001., and that this outlay will yield a gross rental of
27,6001., or about 9 per cent. ; so that, after deducting 20 per
cent. for repairs, non.occupancy, and contingencies, there will re-
main a nett income of 22,080/. per annum. The reasonable ex.
pectation of this result has been fully attested by gentlemen- well
versed in all that relates to property of this description.
An Act will be applied for in the ensuing session of Parliament,
for which the necessary notices have been given; and tYom the
friendly disposition evinced by the members of the Corporation,
and all parties whom it has hitherto been possible to consult, the
Bill may be expected to pass without material opposition.
For the purpose of raising the capital of 300,000/. it is proposed
to issue 3,000 sharps of 1001. each, upon which a deposit of 10s. per
share is to be immediately paid, being the extent of the sum al-
lowed to be received, under the Joint-Stock Companies' Act, pre-
♦ious to complete registration. The remainder to be paid at such
times as the Board •f Management may appoint, one month's no.
tice being previously given. On the Act of Parliament being ob.
tamed, each subscriber will be required to nominate a good and
insurable life, not exceeding 20, nor less than b years of age. A
subscriber will not be limited to one nomination, provided not more
than five shares are dependent upon any one life; the shares to be
at all times transferable. Upon the death of the nominee, double
the sum, or 2001. for every 100!. will be paid to the subscriber, or
his representatives, to be secured by life assurance.
The Committee is in a position to effect arrangements with cer-
tain Life Assurance Offices, and it has been ascertained that the
whole amount necessary to be assured, being 500,0001., can be se-
cured at an aggregate premium not exceeding 255. per cent., or
6,250!., which will leave a nett annual income of upwards of
16,0001. for division amongst the existing proprietors.
This division will be made by way of bonus, the first at the ex-
piration of seven years from the passing of the Act of Parliament,
and subsequently every five years. As soon as the number of out.
standing shares, by the death of the nominees, shall fall to within
500, the whole property of the Association to be vested in and di.
♦ided amongst the holders of them.

The following statement will serve as an Illustration of the first
five years' bonus after the undertaking is completed :
Gross Income
Deduct for Repairs, Non occupancy, Managera,ent,
• and all other Contingencies, 20 per cent' 5,520
Premium at 255. per cent. for assuring 500,000/ 6,250 11,770

First Year's Surplus
Interest on 15,8301., at S per cent.... 476
Second Year's nett Income ...

15,830

22,555
Deduct premium en 496,0001., reduced by deaths• 6,200 16,355

Second Year's Surplus
Interest on 32,185/. at 3 per cent. ........
Third Year's nett Income

32,185

23,045