The Express.
London, England, 1867-03-14 00:00:00

CRYSTAL PALACE COMPANY.-(THIS DAY)

The half-yearly meeting of the proprietors was
held at one o'clock, at the London Tavern ; Mr. tonnes
presiding in the absence of the chairman of the board.
The report of Mr. Arthur Anderson, which appeared in
the Express, having been taken as read,
The CHAIIMAN moved its adoption. He commenced by
referring to the fire at the Palace, declaring that the dine.
tots had beforehand taken all possible pains to prevent such a
disaster, and were assured cia good authority that there
was no danger. Now that the event haul occurred they
knew, by sad experience, that the time of greatest danger
was Sunday afternoon • ' and that was certainly an
argument in favour of a Sunday attendance of officials.
This event had necessitated • raising of additional capital
The building and its contents were insured for 36,0004
and 314,0001. had been received. Fault might be found
with the amount for which the property was insured,
but at one period there was no insurance at all in conse-
quence of the enormous terms demanded. A fire brigade
having been established, • certain number of companies
were induced to take a moderate amount at •
moderate rate ; but had the amount been doubled
or trebled the terms would have been much
higher. The company actually recovered one-half of
the total insured for, while the portion of the building
destroyed was not more than a fifth or a sixth. The
attention of the directors had been directed to the
question how the amount required to replace what was
burnt should be provided, or whether it should be raised
at all. (Hear.) Many person, thought that there was no
occasion to rebuild, because they supposed that it would
yield no profit ; but he believed that the tropical depart-
ment had excited the admiration of large num-
bers of people. He, for one, was opposed to the
lopsided idea of not restoring the building externally
,
though be admitted the internal arrangements
.reoniredi
separate consideration. He was in favour of repairing the
ruins of the Byzantine and the Alhambra Courts,
but in other respects the new areaogemeats
should, he thought, be less expensive than the old.
As to the concert room, the engineer, Mr.
Clarke, had assured the directors that it might
be enlarged so as to accommodate 5,000 persons.
Adverting to the raising of new capital, be observed that
one means of doing it was the absorption of the dividends
on the ordinary and preference stock for this year. The
money could not be obtained by borrowing because the
borrowing powers were exhausted. There was no die.
beat, in reign the capital in another subject,
the reflection the directors could give to the
they thought not more than 50,000/.would be required, at all
events for present purposes, and that would not involve
the payment of more than 3,5001. a year • and if the in-
come of the society should be as good as laat year's, they
might still be enabled to divide 21 per cent.
Even if the income should not be quite so good,
there would, no doubt, be a dividend of 2 per cent,
He then read a resolution which it was intended to pro-
pose , authorising the directors to apply to parliament for a
bill giving them ppoower to raise 100,000/., at 7 per cent.,
adding that the duestors would hereafter tell the pro-
prietors how much they actually required, and how they
pro
posed that it should be apppriated. (Cheers.)
°17..e1t. A. (loxz moved, in pursuance of notice, a rem-
lotion to the effect that • large concert-room be erected ea
the site of the late fire, and that no add itional capital be raised
until it was ascertained whether the 38,000/. paid by the in-
surance offices was not sufficient. The hon. proprietor
strongly condemned the revival of the courts and
other parts 44 the Palace destroyed by the late fire, on the
ground that they bad not contributed to the profits. He
asked the proprietors to pause before they tied a mill-
stone round their necks. (illeers).