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

SOLICITORS—Messrs. Bischoff and Coxe, 19, Coleraan-street.

ARCHITECT AND SURVEYOR—Mr. William• Barnes, Church Court,
Old Jewry.
SECRETARA—Mr. Peter Jeffery.
TEMPORARY OIFICES-30, Bucklersbury.
This Association is formed for the purpose of constructing an
Avenue or Arcade, commencing in Lothbury at the end of Barth°.
lomew.lane opposite the Northern Entrance of the Royal Exchange,
and terminating at the corner of Moorgate.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 for erecting buildings suit.
able for Offices, Counting-houses, Shops, and Dwelling-house.,
forming an Approach, now become most desirable, to that =gnat.
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.
sary to re-model.

A careful inquiry, founded upon the experience of the great un-
dertakings already so ably carried out,• has convinced the Commit.
tee that the value of a❑ 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 22,0801. 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 from 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 shares 011001. 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-Steck Companies• Act, pre.
viola to complete registration. The remainder to be paid at such
time as the Board of Management may appoint, one month's no.
tice being previously given. On the Act of Parliament being ob.
tamed, each subscriber will he required to nominate a good and
insurable life, not exceeding 20, nor less than 5 years of age. A
subscriber will not be limited to one nomination, provided not more
than aye 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 1001. 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 Ye se-
cured at an aggregate premium not exceeding 255. per cent., or
6,2501., 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.
plration 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.
vided 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, Management,

and all other Contingencies, 20 per cant 5,520
Premium at 255. per cent. for assuring 500,0001 6,250 11,770

First Year's Surplus
Interest on 15,830/., at 3 per cent. 475
Second Year's nett Income

15,830

22,555
Deduct premium on 496,000!., reduced by deaths• 6,200 10,555

Second Year's Surplus
Interest on 32,1851. at 3 per cent. ... 965
Third Year's nett Income

32,185

23,04 i

Deduct premium on 492,0001., further reduced by
deathc•

Third Year's Surplus...
Interest on 49,080/. at 3 per cent.
Third Year's nett 1nc0me....., 22,080

49,080

23,552