The Express.
London, England, 1853-07-05 00:00:00

THE EXPRESS, TUESDAY EVENING, JULY 5, 1853

CRYSTAL PALACE COMPANY.

Yesterday an extraordinary general meeting of
the shareholders in this company was ►eld in the London
Tavern, Bishopegate-street, for the purpose of authorising
the exercise of the borrowing ;meets of the company ; or,
if thought fit, in lieu thereof, to raise a sum not exceeuing
250,000/., by the issue of further shares. Mr. LAINO in
the chair.

Mr. GROVE, the secretary, read the following report :
"At the last general meeting it was stated that the
capital authorised by the dee d of settlement and charter
Was 600,0001. of share capital, and 166,6661. 61. 81. of loan
capital, making, together with 51,0001. profit on land, a
total of 717,6601. Gs. Bd., and that, as far vs was then seen
(the principal contracts being let), this amount of capital
would be sufficient. The works being now further advanced,
the directors are able to repeat with more confidence their
belief that no material extras in this estimate will be in-
curred, although the postponement of the opening until
next year will of course entail some expenses, which had
not been anticipated. The question therefore before
the meeting will not be as to providing extra capital to
meet unforeseen expenditure, but as to the manner of
raising that capital, which had been foreseen and included
in previous estimates. The deed of settlement and duvet,
as already stated, give a power of raising money, by mot-
gage or loan, to the extent of 166,6661. 6e.
and also of creating new share capital to any ex-
tent not exceeding 600,0001. ; such power being ex-
ercised by reaolutious of a general meeting of the proprie.
tors, and with the approval of the Board of Trade, whose
assent has been already signified. While the original shares
were at a discount, the exercise of the borrowing power
appeared preferable to the creation of new shares, which
could only have been issued with some guarantee or pre-
ference ; hut now that the favourable state of public
opinion with regard to the undertaking has raised the ori-
ginal seares to a considerable nremium, the question has
assumed a different aspect. On the one hand it is an
doubteslly a safer basis for an undertaking of this descrip-
tion to have all its capital on an equal footing, without any
debt, preference charge, or other liebEity ; while,
on the other hand, the creation of new shares,
instead of being a burden en the original proprieLys,beconeas
a benefit to which they arc fairly entitled. Accerdingly,
the directors recommend that the additional capital slioWd
be raised by the issue of new shares instead of by the exer-
cise of the borrowing powers ; and, for this purpose they
propose that 60,00(1 new shares of 51. each should be
created, to be offered among the present holders, in the
proportion of one new share for every two original shares.
They propose that the first payment on these shares shall he
U. 10e., to be made on allotment, aid that a further payment
sell. per share shall be made in October near. Any calla ,
beyond 21. 10s. per share will be regulated by the ultimate
ezwmtlitare, and in the event of the whole amount net
being required the new shares will take equal dividend an
the amount called up. As regards the ultimate prosperity
of the undertaking, the directors have only to add their
conviction that everything is tending to• favourable result;
and that as the structure rises, and the magnificent plans
of Sir Joseph Paxtou and his able associates become deve-
loped, public interest in this great national enterprise is
being awakened to an extent which cannot fail to insure
complete success."
The CHAIRMAN said that the question they were met to
eonsider was whether the additional capital required should
be raised by loan upon mortgage or by the creation of new
shares. So long as their shares were at a discount or barely
at par, there could be no question that it they wanted to
raise money it ought to be done upon mortgage, as new
stock could not be issued excepting at a disecunt, or by
giving a guarantee upon it. Within the last few months,
however, circumstances had turned so strongly in favour of
the undertaking that the shares now bore a large premium,
and there could be no difficulty in issuing new sharer. By
raising additional capital in this manner the shareholders
would all be in the same boat, and they would all sink or
swim together, there being no liabilities resting on one
party which were not common to all. (Hear, hear.) This
view of the case had been submitted to the Board of Trade,
In accordance with the company's charter, and they had
approved of the plan proposed. It was therefore agreed
that the directors should advise the shareholders to consent
to their creating 60,000 new shares at U. each, which would
give one share to the holder of every two original shares,
and increase their capital by 250,0001., an amount which he
(the chairman) believed would be more than sufficient to
complete the undertaking, though it was one of
so novel a description that it was impossible to
arrive at an exact estimate of the expenditure.
He did not wish to anticipate the proceedings at their re-
gular meeting in August, but it might be as well for him
to state what would be the general results of their accounts.
At that time their expenditure woula have amounted to
about 490,0001., of which sum 58,000/. had been already
received from the sale of their surplus lands, reducing their
actual expenditure to something like 435,0001., so that there
would be about 300,001/. left for the completion of the
works. As regarded the progress of the operations
be would read the following report of Sir Joseph Paxton.
" Sydenhani, July 2, 1853.
Sir,—l herewith forward you a short statement, show-
ing the progress of the contract works belonging to the com-
pany. In reference to the building, the whole of the west
end will be finished by the end of this month, and the
contractors assure me that the iron work for the east end,
including the small transept roof, will be completed by
the same time. The giving way of the staging for the
central transept roof has caused, a delay in that portion
of the works, but which will not, however, exceed
two or three weeks, and the damage done to the
building was so trifling as rearcely to require notice.
This accident was caused by the wind acting upon the
staging whilst in an unfinished state, but in its re-con-
struction it is being so strengthened and stayed as to rea-
der a similar occurrence next to impossible. The tunnel is
nearly finished, and the building of the fine art courts is
rapidly advancing. The foundations of the west wing are
being proceeded with, and a large portion of the materials
foe bath wings is on the ground. The towers are in active
progress; the iron work will be ready to receive the tank
next mouth. The apparatus for warming the building is
PrIVITIM rapidly.
ATER Womes.—The pumping engines are all
constructed and in course of delivery. The pipes for the
water works are being constantly delivered and laid to the
various fountains. Those fur the upper ranges are drawing
towards completion. The well for supplying water to the
reservoir has been sunk and lined to the depth of 247 feet
front the surface, and the Artesian boring thence to the
chalk is being proceeded with as rapidly as possible. The
three large reservoirs are in a forward state, the chief part
of their formation being now completed.
" Txudeeie GAIWINS, etc.—The difficulty of obtaining
the large quantity of stone required for these works has re-
forded their progress, but I am assured by the contractors
that they will be completed early in August. Extensive
preparations have been made for the cascades and grand
basins in the lower portion of the grounds, together with
the geological illustrations which are now in active progress.
—I am, sir, yours very obediently, JOSZPII PAZ:to:Cr
The CHATAXAM proceeded to observe that the loss occa-
sioned by the late accident to the scaffolding would not
exceed 5001., and would fall on the contractors. He believed
that all the works would be completed in such time that
the building would be opened on May 1, 1854. When he last
addressed the shareholders, he told them that the applications
for space from intending exhibitors were rapidly increasing,
and he had new the authority of Mr. Be haw for saying
that the applications had since that time been so numerous
that he could much more easily let the whole space at his
command at IL a foot than he could a few months since at
10s., and that he now clearly saw his way to as income of
100,0001. for the first year from that source alone. He had
no doubt that the number of applications would still further
increase, and that the space which now fetched 20e. a foot
would soon be worth 30s. He hoped that by this time neat
year they might be in the receipt of that reward which he
thought the shareholders honestly deserved for the manner
In which they came forward and risked their money for the
promotion of this great sad noble enterprise. (Cheers.)
Ice answer to questions from various proprietors, the
Cumaterre stated that the railway could be opened, if ne-
emery, before the completion of the Palace. The guarantee
it 4 per tent. to the Brighton Company had been in-
eeeneed from 75,0001. to 150,0001., owing to the palace
Wog placed at the summit instead of at the bottom of the
bill as originally intended, the expenditure of that company
being increased in consequence. The guarantee, however,
ally went to this extent—that the railway company took
the first 6,0001. out of the joint funds, and the palace com-
pany next received 60001., whilst any surplus there might
be was afterwards divided, so that the guarantee amounted
to nothing a:opting in the very improbable contingency of
their not receiving 12,0001. in the year both for the palace
and the railway.
After some further discussion a resolution was passed
adopting the report, and authorising the directors to
increase their capital in the manner specified.
The business then terminated.

EXTRAMURAL INTERMENT.—Yesterday, the Com-
mittee of the House of Lords, Lord Kinnaird in the
chair, threw out the Great Extramural Cemetery Inter-
ment Company's Bill, previously passed by the House of
Commons, and the object of which was to establish a
general cemetery at Willesden, for metropolitan interment
by railer..
TAE MURDER AND' SUICIDE AT BANKSIDE.—
Yesterday Mr. Wm. Carter held an inquiry at the Cathe-
rine-wheel Tavern, Union-street, Borough, respecting the
deaths of Emma Jane Papeon, a single person, aged 22, and
her male child, who were found in the river Thames on
Thursday last. The following letter, in the handwriting
of the young woman and addressed to the father of her
child, tells the whole story of her untimely end : "15, New-
street, Cloth-fair, Smithfield. J. Metcalf,—B7 the time
you receive this, I hope to be no more. It is you who
brought me this, you bad wicked man. I know that I was
greatly in fault in giving way to you, and bitterly have I
reason to repent it—which I do from the bottom of my
heart. But had you never promised things which you did,
it would never have happened ; and as soon as you saw how
things turned, because I would not leave my dear baby at
some workhouse door, to the mercy of the world, you
thought proper to leavens to starve and die! Oh, you bad,
bad men. Hanging is too good for you. Repent—repent
before it is too late. I will say no more; for to-night, I
hope, please the Lord, to be in h and my baby as
well. Oh, may our blood rest on your head ; (or it was
that was the cause of it. But, my kind love, far as I
do I - Farewell—oh, fare-

THE WAGES MOYEMENT.

STRIKES AT MANCHESTER. —We have already
stated that the police bad struck at Manchester, and they
were out yesterday to the number of 250 men, leaving a
very inadequate force to protect the property of the borough
during the day, and more especially so during the night.
Another strike commenced yesterday morning also, by the
whole of the dyers, dressers, and finishers of fustiansleaving
their work (some thousands in number), and walking in
procession through the streets with bands of music
and banners. The dyers demand an advance of
3s. per week. The following is a list of cotton-
mills at which the hands are out in Manchester,
and at which compromises have been effected :
Mr. Chas. Pooley, Bradford-road, 120 of whose hands left
on Wednesday eight (their notice being then up), because
au advance of 2d. per thousand, or something like ten per
cent., was not given them ; Messrs. George Clark and Co.,
of Pollard-street, 79 of whose hands left on Wednesday
night, on account or an unsatisfied demand for more wages
and a reduction of time. Messrs. Clark state that they are '
only working their mill 10 hours per day, and that they
are giving 2d. and 3d. per thousand advance ; the men who
have just left them, however, while admitting that an in-
crease has been offered to them, aver that it is in the nature
of a bonus, sal is so arranged, that instead of being to their
benefit, they would have to work longer hours than at pre-
sent to secure the advantage, and probably would be loans
of some shillings per week in the end. Their claim, there
fore, is for a uniform advance and shorter hours. The,Ha-
never Mill Company, Berry-street, Buxton-street, Landaus
road, lost 90 of their hands on Thursday night, the demand
being fur increased wages. Messrs. R. Guest and Co., of
Thompson's Mill, Oldfield-road, Salford the hands in this
establishment left work on Thursday week, on account of
wages, and have not yet returned. Thirteen of the hands
employed by Messrs. Bullock and Gray, of York-street,
Chorlton-upon-Medlock, ceased work on the same day and
for the same reason. Seven of the bands of Messrs.
William Jones and Son, of Storeatreet, London-road, lett
work on Thursday night for the ten per cent. The hands
II of Mr. Hugh Beaver, of Jersey-street, Ancoats, 30 in num-
ber, ceased on Thursday eight week. It is necessary to
explain that the numb•rs given have only reference to the
description of hands named ; some of the firms may em-
',joy 'Dinners and weavers, but the strike has not yet
extended to them. Notices have been given by the
hands in the same deportment of labour in the mills of
Mr. Daniel Clarke and Mr. John Clarke and Messrs. James
Kennedy and Co., of Ancoats-street, to expire early next
week, if the demand for more wages and shorter hours be
sot acceded to, adding nearly 200 more to the list given
abaft. Nest, if not all, the employersnamed have had con-
Ibremen with deputations from the men, sad are deter-
mined to resist the demand. Among those whom we have
been informed have agreed with those they employ, are Mr.
I Plant, of Beswick ; Messrs. Holden and Scott, the New
'lslington Mills (advance and decreased boon); Hilton,
Spencer, and Co., Holt Town Mills; Horsfall and Co.,
Bridgwater•street (advance and deereuell hours);wWilli.m
and Walter Stirling, Lower Mosley-street; Richird Birley
and Co , ChorltonMills; Thrclfall, Regent-road (advance
and reduction of hours) ; Shaw's New Mill, Butler-street;
Kelly and Gilmeur, Brunswick Mill, Bradford-road (ad-
vance and decreased hours) ; Bowler's, Pollard-street (ad.
vance and decreased hours). Among the weavers, the hands
of Messrs. Penny and Wood, domestic manufacturers,
Gaythorn.

SPORTING.

TATTERSALL'S.-110XDAY.

The attention of the subscribers, who mustered nume-
rously in the course of the afternoon, was chiefly occupied
with the Newcastle accounts—the most prominent feature
in which was the Northumberland Plate—one of the beat
betting races the bookmakers have had for some time past,
and the result of which was hailed by " the ring" with the
most cordial feelings of satisfaction.
The transactions oncoming events were for the most part
relative to the Goodwood Stakes, for which Seztus and
Hobby Horse were backed for • good deal of money at
10 to 1 each. Crusader (c. by Crozier out of Summerhill),
and Placid were also in some demand : 20 to 1 taken to
various small sums about the former, 500 to 25, 1,000 to 60,
and finally 2,000 to 90 about the latter.
Jtttt ?ease.—Ruby's non-appearance at Newmarket
was clearly indicated by the investments made on Astolfo
at 5 to 2, Calliope at 7 to 2 and 3 to 1 (the latter taken to
1001.), and klarsyas at 4 to 1.
'Avner-nos. CEP.—Goorkah was backed for about 2001.
at 4 to 1, and 160 to 20 betted against his winning this
event and West Australian the St. Leger.
Tua DZRBT.-12 to 1 taken to 150/. about Autocrat,
1,000 to 45 and 1,000 to 50 Prince Arthur, 1,000 to 60 and
1,000 to 40 Woodcote (the latter the current price at the
clone), 1,000 to 30 to some money about Reel colt, 2,000 to
50 about Dr. O'Toole, 30 to 1 Andover, and 50 to 1 The
Novice.

iiieinces at the cuticle:4.a of boainem were as follows'
JULY STAKES (NEWMARKET).
2 to I agst Lord Clifden's Astolfo (5 to 2 t)
3 to 1 Mr. Wauchope's.Calliope (t)
4 to 1 Mr. Knowles's Many.. (t)
CHESTERFIELD STAKES.
4 to 1 apt Mr. Osbaldiston's Brother to Moun-
tain Derr (t)
LIVERPOOL CUP.
4 to 1 agst Mr. Blackburn's Goorkah (t)
8 to 1 Mr. Bowes's Daniel O'Rourke (t)
10 to 1 Duke of Richmond's Harbinger
12 to 1 Mr. Isaac Day's Waterfall (c)
GOODWOOD STAKES.
9 to 1 apt Lord H. G. Lennoz's Seztos (10 to 1 t
freely)
9 to 1 Mr. Howard's Little Harry (t)
10 to 1 Lord Derby's Hobby Horse (t)
12 to 1 Mr. J. IL Sianley's Teddington (t)
20 to 1 Mr. R. Rynde's Crusader (t)
20 to 1 Mr. Armstrong's Placid (t)
20 to 1 Sir C. Monck's Vindez (t)
ST. LEGER.
9 to 8 agst Mr. Bowes's West Australian (t to 501.)
8 to 1 Lord John Scott's The Reiver (t)
8 to 1 Duke of Bedford's Sittinebourne (t)
12 to 1 Mr. Powney's Cmeas (15 to 1 also laid)
20 to 1 Mr. Suttees's Honeywoed (t)
DERBY.
12 to 1 apt Mr. R. E. Cooper's Autocrat (t)
20 to 1 General Anson's Prince Arthur (t)
2.5 to 1 Mr. R. E. Cooper's Woodeote (t)
30 to 1 Mr. W. Etwall's Andover (t)
33 to I Duke of Richmond's Reel colt (t)
40 to I Mr. H. Hill's Dr. O'Toole (t)
50 to 1 Mr. R. E. Cooper's The Novice (t)