The Express.
London, England, 1855-02-09 00:00:00

FHB CRYSTAL 'PALACE COMPANY.

tinile4q &Ramon u eziraordisaY rend
M the eisaabaldwa af this eirpeay was Mid at
isa_gdar aorusive a report
from the * ssawder eha -peepeeetp at raga( a
portion of * idsesnly andwrised to be borrowed at
debentures *
There was of a floated &stout of prole,-
saes shares or otherwiptomi to el* a.diractor is the aloes
M P., tho
of Mr. Chachairman of thrles Cheek *e sass& Mr. Sanest, Lento.
essagiay, *eldest .
• Imes amber of sharaboldere present.
The report aad statement of mounts, ea abstract of
which hea already appeared ia this journal, were takes as
xvw.

The CIIXTRXXW, in moving the adoption of the report,
' said he wished to make a few remake on the present posi-
tion and prospects of their enterfthe. He would obserfte
that there was an entire difference Delwin it arid shaft
undertakings which had preceded it, sash u the Great
Exhibition of 1861 end the Exhibitions of New York and
Dublin, which were intended only to last for a few months,
and the snores, or failure of which depended on the profits
they realised in that short space of time ; whilst this un-
dertaking, on the erietrary, aimed at being. a permanent
structure, the swum of which depended, as ft the case of
• railway for instance, on the amount of its annual
It was obvious, however, to every one that it had been
inaugurated In unfavourable times. If they could have
foreseen the war in which we weft tow engaged, the high
pries of previsions, the present state of the money market,
end themeserel depreftion, it was not at all likely that they
would have entered upon an enterprise of this nature at
the time they did ; but, having done so, it was well to
know how those adverse circumstances bed effected them.
It must have been clear to every one that the interest of
the public mind in the undertaking had been completely
over-ridden by the war. For the last twelve months the
public mind had dwelt upon nothing else than the circum-
stances attending the contest in the East. Tradesmen had
consequently been disinclined to avail themselves of the
advertising facilities which the palace afforded. Added to
that was the stringent state of the money market ; and,
again, the large deductions they had had to
make from the rentals in many cases of persons
who occupied departments and stalls within the building ?
The contracts the company had entered into with those
parties originally amounted to upwards of 30,0001. per
annum; but in many of those cases, owing to the delay
in the opening of the palace, the whole of the rental
stipulated to be paid could not In fairness be exacted.
(Hear, hear.) The agricultural implement department
was a fair example of a case of that kind. In other cases,
ea going into details, it was found the rentals asked were
tee high—(hear, hear)—and it was thought good policy
that those rents should be revised with a view to abate-
meat. Although, however, the amount derived from
rentals was much less than was anticipated, the experience
they had had fully convinced them that there was • po-
sitive basis of commercial value in the palace for the pur-
poses of advertisement and sale. He admitted that the
refreshment department had failed to a considerable ex-
tant. (Loud cries of " Hear, hear," and laughter.) He
must, however, say, he himself from the Bret had formed
so very saneuine anticipations in respect to it, for he
knew it was • dope/tense* which • board of di-
rectors were not likely to manage advantageously. Acting
ea the policy of earning a good name for the palace,
ha thought in the refreshment department the directors had
even too much for the money. (On, oh!) Experience had
folly confirmed hint in the soundness of that view. lie
thought at the same time that policy was a right one. (A
laugh.) That, however, was undoubtedly a matter of
opinion. Having at length ascertained the large amount of
money that was to be made by that department, the
directors had recently let it to the Messrs. Staple.,
sad he felt every confidence that those gentlemen
would give satisfaction to the public—(hear, hear)—while
the consideration they paid for it would give the company a
substantial addition to their ue. lie might ahead&
that the cemoany had been disappointed in the amount of
traffic by carriages and omnibuses to the palace, which they
had expected to have been much larger than it had turned
out to be. If, however, they looked to the fact that not-
withstanding the adverse circumstances of the war, cholera,
dear provisions, a rriopent money market, and general
gloom and depression, they had ft the first eight months,
with the park, gardens, and waterworks in en incomplete
state, realised a net profit of something like 7 per cent. on
the capital expended, he must say that was • more
(Cheers.) lie should certainly not like to see their enter-
priseeaeouraging result than he could ever have anticipated.
degraded into a temple of Barnum—(a laugh)—bet
they might fairly expect, from what they had seen as the
result of the visit of the band of the Guides, whenthe water-
works were brought into play and the park and gardens
finished, that they would prove • great source of interest
and attraction. Certain changes had been suggested in the
constitution of the company, snob as the conversion of shafts
into life tickets ; but be could not see his way yet as to this
being the proper time for attempting an operation of Chet
sort on • large sale. (Cheers.) He thought it wiser to
sorry out the whole scheme in its integrity, which they
hoped to do by the month of June next. The hon. gentle-
man concluded by moving the adoption of the report, and
• resolution authorising the issue of 150,0001. of a 7 per
cent. preference stock, with participation in any dividends
beyond that amount, in shares of 61. each, to be offered proredo among the existing proprietors.
The motion having been seconded by one of the director',
Mr. ld•wrix suggested that the general meetings of the
company should be held in future half-yearly ; that the
number of directors be increased to 9 ; end that of the three
directors who retired from time to time by rotation, two
only should be eligible for re-election. (Loud cries of
" Hear, hear.")

Mr. SLACK, in a humorous speech, which elicited much
laughter, criticised the refreshment department of the
palace and its results, the musical arrangements, the
endless mountains of stairs which impeded the access to
the baildisg, and the " Paaton Squirt," the term by
which he designated the waterworks now in course of eree-
tion. He added, that the directors had reckoned with-
out their host" in thinning that the public would at once
appreciate the provision made for their amusement, recre-
ation' and instruction at the palace. The truth was, that
they had yet to educate the public up to the capacity to
' appreciate the exhibition. (Hear, hear.)
Mr. SAUNDERS said be should like to see Mr. Slack a
manner of the direction, for hie observations were of so
practical a mature as to deserve, if possible, being carried
out in all their integrity. He bad felt some disappoint-
ment in reading the report, but he thought the directors
bad acted very honourably, and with the moat straight-
forward desire to bring the enterprise to a successful issue.
For his own part, he was very sanguine of complete suc-
cess eventually. At present, however, he could not con-
ceal from himself the belief that in the refreshment de-
partment the company bad been grossly swindled in some
way or other. (Hear, bear.)
Mr. WY. JEPPRRY Eronis suggested that Saturday
should be a shilling day at the palace. He added that he
was in favour of opening the palace on Sundays, and that
opinion was chiefly founded on the gratifying results which
had attended the opening of his own private park for a
few hours on each Sunday afternoon—a privilege of which
as many as from 2,000 to 3,000 people had frequently
availed themselves at a time, and bad shown by their be-
haviour how much they had appreciated it.
Captain YOUNG approved of Saturday being made a she-
ling day, because it would enable those of the working
ciassee:who had a half holiday on Saturday to visit the pa-
late on that day, and take away much of the 'acme for
opening the building on Sundays. (Hear.)
• The Czatsucax said, in reply to questions put by a num-
ber of proprietors, the contract entered into with the Meuse.
Staples was for five years, subject to its termination after
twelve months' notice. The company bad advertised for
tenders for undertaking the refreshment department, and
out of several that had made offers they bad decided that
the Meters. Staples were the most eligible. Those gentle*
men bad taken the whole of the plant of the refreshment
department at a valuation ; and it the company took it back
from them, they would also do so at a value
ties. As regarded the West-end Ktilwey, he was not
aware that that railway was not is progress. The
ermstruction of it would be of great importance to this
emapany, as affording a second line of railway cemmunicen
thin from the metropolis to the palace. Mr. Brunel was the
engineer of the waterworks, which were being erected irons
designs made by Sir Joseph Paxton. With regard to the
10,0001. which the opening eeremonial had eost, he thought
the company was to a great extent recompensed by the
vast number of season tickets which had been sold in con-
sequence of the desire so generally manifested to be pre-
sent at the spectacle. With reference to the band, the
directors bad it now under consideration to put their mu-
sical arrangements on a much more satisfactory footing.
As respected the exhibitors, it was not correct to state that
a large cumber of them had threatened to leave. Some of
them had done comparatively little business, while others
bad done very well, especially those who sold little elegant
articles, many of whom had realised enormous sums. A
fourth or a fifth of the exhibiters had given notice to leave,
but that was not done he believed ro much from any inten-
tion to leave as from a wish that it might lead to a 'idea-
tion of rent.
The CHAIRIIAN was about to pat the resolution for
adopting the report and authorising the issue of 150,0001.
in preference shares, when
Mr. Alderman WiLsow, after reiterating the conviction
he had expressed on former occasions, tbat the directors
wed' lime again and stain for fresh grants of money, so
km as the shareholders were simple enough to entertain
seek prepositions, moved a resolution to the effect teat •
emassittee of ten atarishoidera be formed for the purpose of
rensidering the best mode of reducing the capital, curtail-
tag the present expenditure, and increasing the fanre in-
come of the company, and that such committee report to •
plan
Hs fai.turea
hocewstu;noderwk
of proprietors to be summoned for that pur-
company
tore e-
men,
degree
The

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Mr.
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me. He undertook to brine before such a committee a
laa how all that could be dope. lie contended that the
onipany was a mercantile speculation, and thetAte;
,rs ought to hare the assistance and advice_ of
len, it the shareholders 'spitted Its boilers ales •
recce successful. (Hear, hese.) Tilde; jii...et •
The Camelinsiohthasainaetiation.tsoitifdighre.
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Mermen Wilson into a vote of censtrthet- OM
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doing of 160,0001., was tillitild• L-likler3.o
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