The Express.
London, England, 1855-01-25 00:00:00

esikaMe fialitod by Mr aompu allM••••••
which 1,0191. per week may be tibia m a salleieat ma to
indohnit the pekrazti, sad waterworks to a state of
Indeddret . The any important item set
may, the expense of the band, which
MO beta ia
eiwildierid 1t ihe light den esperiment, and may
be reamed er dissiotlased ea bad advisable. From the
above figures it will be emu that the actual result of the fint
seam meat& working has been to give a net profit of
74,7861. 17s. 6d., attar charging revenue with all szpsasse
ieenned (including the 10,0001. of extraordinary expeadl-
tare incidental to the opening eeremony). This result
appears to the directors to be ea with ',kith the proprie-
tllas to be satisfied. Could they at the outset
ate a hive foramen the adverse circumstances
Ilia* have shlemosi in the outbreak of an European war,
=rte. of easirtree chhilharilkean;3l( mosey
e:Win:
of *epees@ is en fesseepiste state, and particularly with-
est tle.waterworke, whisk have always hem looked apes
as the greatest Maracas, they would never have
veatared to anticipate results ea favourable u have
been actually realised. Folly aware that the commercial
success of the undertaking is as yet a great experiment, the
dation cap. see no reason why, when these adverse eir-
casstaaess have paseedaway, when the attractions of the
waterworks have come into play, and whim the railway is
course of construction to the Wittman is completed, the
shareholders should not realise perranistly a fair return on
the capital invested in carrying oat tins great undertaking.
Is the meantime, the object of vital importance is to com-
plete the weeks now in yregema, so as to epea the grand
display of waterworks Mails the semis, isomer. The
amount of share capital WWI wide of 197,165 shares,
representing 986,7751., the ealerawl Waft of 2,845 shares,
14,2261., to complete the 1,000,0001, arising principally
from unappropriated freassel portions of the A and
thaws. The sass of 61,11161. has bees received on account
of del:matures and arraagemeols me mode which will pm*
bably ensure ihe placing el aIieutINIAISOL awe.
The exam of expeadarre ever reseiple la capital MP
meat has bees Wilms* sat by • tosigeeery Mssr and lit
appropriating the set gossips Ws mamas Is aid es
capital. TM time he sow seme...lowesee.. when it is
• essential to make mum further limeasisi, poeshissa la order
to ensure the peremewaat oldest of einfileties tie water-
works es* la the ensuing summer. At the date of the
last meet*, se lleabt was eatertained of raising the requi-
site amoaat by tbg imams of debentures at 6 per cent., in
terms of the reeisilea pasted by the proprietors, affording
as they did a issurfty ea a property on which upwards of a
nsillioa W lad =peened, and comprisieg lend and mate-
rials worth sesstliwe the whole sum proposed to be bor-
rowed_ The bag fall of the shares, however, and the
state of polities an the money market, have disappointed
these expeetaikas. and it is evident that the whole
mean of 811,0001. cannot be raised on debon-
aim tads the time required. Under these cliental-
etraaydie amain find it unwary to, ask the proprietors
tic prowess % agate a preform* stock in order to ensure
the nines of the requisite funds. They propose to issue
110,0001. of • 7 per cent. preference stock, with participation
la may divideade beyond that amount, in shares dbl. each
MM Mad pro rad among the existing proprietors. The
Odd awns of sepal will thus remain the same as already
via,aggharY 6, 1,300,0001, the 150,0001. of preference
NOM being substituted for the 14,2261. of unissued share
saillnd at 136,7761 of debenture capital. The whole
MOM of debenture capitol will thus be reduced trim
300,411101., to 164,Z261. of which about 120,0001. is already
provided for. The ;Nett of completing the waterworks
early next summer is of such paramount importance, that
the directors cannot hesitate to recommend the proprietors
le make the requisite financial arrangement', which will
any involve the creation of a preference stock to an extent
lee email to affect seriously the general results of
the undertaking. In the
meats Wag carried out, the sum borrowed by capital from
novenae will be replaced, ad will be available for dividend.
The net earnings up to the llet December have been as
above stated, 74,7881. . • and although it will be advisable,
until the manual meeting is August next, when the per-
meating malts of the undertaking will be better ascer-
tained, In ferry forward a large Wanes, yet the directors
Imam that the declaration of a moderato dividend will be
sisherally considered desirable. Accerdingly they would
sosenateed that a dividend of 41. per sent. for the half-year
allot the 31st December, 1854, be declared, being 41. per
them, amounting to 39,4311., and [caviar a balance of
86.3671. to orsed of revenue aecouat for the peseentyear.
The dirdeeply regret to have to notify the ammo,
is their number, occasioned by the lamented death of
Charles (leach, Esq., M.P., whose loss has been meet
seriously felt, as well from his great ability and en as
ham the disinterested seal with which he devoted a
pestles of his valuable time I. the interests of what be ow
eidered a national undertaking. The directors propose,
subject to the approval of the proprietors, 'o fill up this
menacy by the election of Robert Gill, Reg , of Apps'
Cart, West Moulsey, Surrey.
8. LAMM, Chairman.
Crystal Pala, January 23, 185.5.
515 .10511111 r.a.xvon's
Rxkbillrs,
Jam. 23,1865.
Gentlemen,—ln compliance with your raped., I beg
herewith to state tbe progress and condition of the works
ado' my charge up to this time. The male building hem
bets entirely completed and delivered over to the CnIN
palsy by the contractors, Messrs. Fox, Rendersoo, and Co.,
sad all accounts in eoenezios therewith have been settled
with them. The wings sad railway colonnade have also
bees completed, with the exception of some work in Noe
anion with the tank towers, which will be finished in a
ass* or six weeks. The heating apparatus may be said
be finished, and is aow working satisfactorily. Some
epleiria of the magnitude of this part of the undertaking
MI meiteived when it isknown that upwards of fifty
sills of piping, of an avenge diameter of four inches,
WM has laid down. The formation mid planting of the
fewer pert of the grounds is in an advanced state, and
will be completed by the summer. The fountains in the
building and on the upper terrace are completed, and will
be ready to play early in May, and the other fountains
and waterworks will be ready very soon afterwards. Some
delay has been occasioned in the completion of the cascades
and water temple", by the bankruptcy of Mr Monti, the
contractor for the decorations. Great progress has been
made in the large water sowers, which the contractors
are bead soder a severe penalty tes compla in May, so
that they will be available early la 'the summer.
With respect to the supply of water necessary for the tome
tains, arraagemeate have been made, which will ensure
their being worked with complete efficiency,
mates delivered to you in July, I put down 45,0wr as tt.e
probable cost of the great water towers. The increased
price of Mtn, and the desire to ensure the completion of
these works by the summer, have eased the eatimadt to
be let at a sass which exceeds this estimate by 659091.
With this emeption, and a small loss *Mind by the failure
of the contractor before alluded to, I see no mama to alter
my formerly 'spread . *idea as to the met of • thir
works. Referring to the estimate which, by your desire, I
formerly furnished of the probable I exptudittir" fir
all purposes,—which ameated is mad ameba so 1,0001.
a week, she experience of the lest Oa mouths Me setialied
me that the amount stated is amply suilleient.—l am, gen.
denten, your obedient servant, Josurn PAXTON...
CAPITAL acooirre.
The capital amount skews reesiptofron, the three dense of
shares of 980,6321. 10s. ; debentures, 81.6601. 115.,.1141. ; ad.
missions to works before opening, 2,701. 12e.. istorgat,
3,987 f. Se. 2d. : total, 1,041,9111 la. 1041.; lies ,3,476. Is. 2d.
deducted from interest paid. Interest paid leas Wrenn re
orived, 4.8471. 18s. 3d.: total pepsentel,l32,33Bl 8d ';lt
mews of expraditur• over receipts, 87,4141. 16s. ; tots" re-
eeiDW 1,044,9211. 13s. M.
On the "ids of payments is shoo, pa espeoglitoz• of
1,127,4901 12a. Sd., for preliminary eltrwi«, land ptirChie's
and charges. law charges ; salaries, 'Mee !eau vacp ,
Moment*, do.t aiming of ',sadist Mid sew mete coo-
netted with teereedoa ; bydraalie arts, sickle/ all,
mains sad memo ; parek. and @Maud works ; Munn,
wings, tassel to building, and heat* stparste,ei en.
ginseng 'ad staff, fleeing, roads and sundry works ;
floe
art, oculptine, and demesnes' ; natdltt
&portant, industrial ants and Bttieps ; u>deee slid fit-

)1T) .

• la idditfoa to the above sari of 1,112:338t sem
se 17.821 L lea 71 Me lieea upended ak load 'prfebalie
I lag feel weenie* el Dalai* Wood, aid& esiativemas
1114•110