The Express.
London, England, 1861-08-01 00:00:00

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WESTMINSTER PALACE MOTEL COMPANY.

The report of the directors to the eighth half-
yearly general meeting, on the sth of August, states that
the hotel has now been carried on for five months, and they
congratulate the shareholders upon the result. The bun-
Leas of the first two mouths was of course conducted under
unfavourable circumstances, the hotel being only partially
occupied, and the establishment being necessarily on a full
scale ; nevertheless, there has been a very satisfactory
profit. The profit and loss account embraces the period be-
tweea the 13th of August and the 30th of June Let, so far
as it relates to that portion of the hotel leased to the India
Board, and between the let of February and the 30th of
June, so far as it relates to the general buelsun of the hotel.
The rends shows that after paying interest to the 30th of
Juno on the sum of 25,0001., temporarily borrowed from the
bankers of the company, on the security of the company's
debentures for that amount, there is a net profit of 4,4W1.
2s. 4d., which, in the opinion of the directors, is very
gratifying. The board have determined, under the powers
conferred upon them by the 74th clause of the article; of
association, after providing for the payment of interest at
the rate of 5 per cent. ou monies paid In anticipation of
calls, to set aside out of the profits the sum of 1,2211.
16s. Ad. as a reserve fund, and out of the balance then re-
training, 3,247/. Is. Bd., to declare &dividend, with the sanc-
tion of the shareholders, at thereto of 6 per cent. per annum
for the half-year ending the 30th of June last, which will be
payable on the original shares from the lot of January Int,
sad on the new shares oa and from the dates upon which
the deposit sad first call were respectively paid, clear of
income tax. The claims upon the company, which were
under discussion at the time of the last meeting, includi
that of Mr. Myers for building, have all been
end the prospects of the company for the future are highly
encouraging. The hotel appears to give satisfaction to the
public, and for a considerable portion of the latter period
of the last three months has been quite full. The working
expenses of the first half-year have been larger in propor-
tion to the receipts than they may be expected to be in
future half-years, and the directors see no reason to doubt
that the earnings will yield a very good return upon the
capital. The directors further hops to be able by arrange-
manta at the back portion of the premises, to economise on
the cart of washing and otherwise. Immediately after the
last general meeting, the board, acting on the powers then
conferred upon them, proceeded to eller to the shareholders
the option of subscribing for the 3.000 new shares thereby
treated. Three remain at the disposal of the company 603
of the new shame, fur which the bard are prepared to re-
ceive applications on or before the 31st of August next,
when a rateable division will be made amongst the appli-
cants. The total expenditure on capital account to the 30th
of June has been 151,6471. 16s. 93., and the board are of
minion that the total cost, exclusive of what may be re-
quired hereafter for furnishing that portion of the hotel let
to the India Board, will be within the amount which the
board have powers to raise.