Northern Times.
Liverpool, Merseyside, England, 1857-08-25 00:00:00

E X rRAORDINARY DISCLOSURES.

If the statements made at a meeting of the shareholders
of the Surrey Gardens Company on Friday, and at the
Court of Bankruptcy on Saturday, are true, this company
may fairly be placed side by side with the Royal British
Bank, &c. According to the statement of the share-
holder, made at the meeting on Friday, it would seem
that one of the orginal promoters of the company
held a mortgage to a very considerable amount on the
Surrey Gardens, then called the Surrey Zoological
Gardens, and that the lease of the land upon
which the mortgage was held had only fourteen years
to run, so that it would be impossible for him to realise
the amount advanced. It was, therefore, determined to
get up a company, with a capital of £40,000, to erect
a splendid building on the ground, and then, at all
events, the mortgagee would be safe. This was effected ;
prospectutses were issued; the shares were rapidly taken
up, and some £32,000 were paid up. At this point one•
or two of the directors retired. This circumstance might
at any other time have excited suspicion, but the picture
presented to the shareholders was so glowing, that not
much attention was paid to anything else. The building
was completed satisfactorily. The inauguration went off
admirably, and the shareholders were in ecstacies. The
half yearly meeting was held. The most flattering &lan--
cial statements were made—a dividend of £lO per cent
per annum was declared, and the liabilities were declared
to be no more than the mere current expenses. The report
was carried by acclamation, with the exception of a reso-
lution proposed by the directors, embodying a vote of in-
demnity up to that period. This was demurred to at the
time by a few shareholders, but the resolution was promptly
carried, for who could doubt those who had paid 10 per
cent in so short a time, and held out hopes of a lasting
dividend of at least 15 per cent. During the present season,
unpleasant rumours were afloat about persons not being
paid, and about post-dated cheques having been freely
offered, and shareholders began to be uneasy. At length,
one fine morning, the company appeared in the Gazette.
Then, and not till then, did the truth coma out. It
is now stated that, in the first instance, £14,000 was
paid to somebody for the ground, but who that somebody
was has not yet appeared. It is supposed that Mr. Tyler
had received it for his interest in the gardens, but the con-
trary is now alleged to be the case. Moreover, it is stated
that the building is not even now paid for, and that the
builder is a creditor fcr £7,000. The architect, it is averred,
has not had a single sixpence, and the artist is in a similar
position. Mons. Jullien says he is £6,000 out of pocket,
that he h)lds and has paid upon £2,000 worth of shares,
that he has received no salary whatever, and that he has
advanced to his orchestra £2,000 - making up the total
above given. He adds, that a bill for £5OO, at two months,
was given him, which has been dishonoured, and upon
which he is being sued ; and that a post-dated cheque for
£250, which he has also had, had likewise been refused'
there being "no effects." The debts and liabilities of the
company are estimated at £36,000; and the whole of the
capital has gone -where, will have to be inquired into.
A very curious scene is stated to have taken place on
Wednesday last. Orders were sent down to close the
gardens by one of the directors or managers; to this the
orchestra demurred, and with the consent of Mr. Tyler,
determined to c .rry on the gardens during the remainder of
Madame Alboni's engagement on the commonwealth prin-
ciple, the celebrated cantatrice to be first paid her salary
of £5O per night, and the remainder cf the proceeds to be
divided, after paying expenses, amongst the performers.
One of the orchestra was deputed to take the money, which
amounted to some £l3O. This was dn'y counted out, and
was about to be divided, when the gentleman who had
ordered the gardens to be closed made his appearance, and
proceeded according to custom, to clear off the cash as
treasurer ; thisrhowever, he was prevented from doing, and
a scene of a most exciting character ensued,_ knocking
down being the lightest threat used. Thus the matter
stands at present, and the public may expect some
further very extraordinary disclosures as to how companies
are carried on, and how the public are "taken in and done
for." One of the worst features in the case is the publi-
cation of a fallacious report, as, by this means, numerous
small tradesmen in the neighbourhood not only rushed in,
and foolishly parted with their money for shares, but were
too glad to give credit to a company in so prosperous a
condition. It is said that the directors rely on the vote of
indemnity that was passed by the meeting to relieve them
from their responsibility up to that period ; but if it can
be proved that the report was an untrue one, it is very
questionable whether such a position will stand for a single
moment. The indignation of the unfortunate shareholders
ie, as may be well imagined, extreme, still, it does seem
remarkable that, with the history of the Royal British
Bank before them, they did not more narrowly look into
their own affairs,