The Sun.
London, England, 1855-12-15 00:00:00

CRYSTAL PALACE COMPANY.

[A portion of the following appeared in our impression
of yesterday :—]
An extraordinary general meeting of the shareholders
in this undertaking was held yesterday at the Lon-
don-bridge Tavern, to receive the report of the committee
of investigation appointed to investigate the position of
the company, &c., &c. Mr. Anderson, chairman of the
directors, in the chair.
The reports have already been published in Tire Sun.
The CHAIRMAN said the order in which it was pro-
Posed to conduct the business of the day was,—first,
a resolution would be submitted to them for the reception
and adoption of the report of the committee ; secondly,
the reception and adoption of the report of the directors;
thirdly, to consider a resolution for authorising the direc-
tors to apply for a bill in Parliament, the principle o f
which would be explained by the solicitor; and, fourthly,
the election of shareholders to fill the vacancy in the
Board of Directors. After some other remarks, he
called on
Mr. lONIDES, who proposed the first resolution, the
reception and adoption of the report, said the com-
mittee were almost unanimous in arriving at that report.
Messrs. Fuller and Price had abstained from signing it,
yet they agreed in the main points of the inquiry,
that the books of the company were accurately
kept, and that no misappropriation or embezzlement of
the moneys of the company had taken place by the
officers, but they had discharged their duties attentively,
honestly, and diligently. (Hear.) The hon, gentleman
then'entered into the principal differences between the
other members of the committee and these gentleme❑
relative to Mr. Fuller's scheme of life members, opening
the Palace Gardens on Sundays to shareholders, the
altering Saturday from a ss. to a is. day, &c., re-
marking that they considered it impracticable, but
the shareholders could, if they thought proper, try the
suggestion of altering the ls. day for a limited period.
The committee also disapproved of the two reserved
days a week. With regard to the election of directors,
he dissented from taking gentlemen who were railway
directors, to fill up the vacancies at their board. Sir J.
Paxton at one time entertained the idea of purchasing
the Rock Hills douse and grounds of the company, but
finding many of the shareholders objected to it, he had
abandored all intention of pressing his offer.
Alderman WILSON asked if the directors were pre-
pared with proxies to carry any resolution they liked I
because if that were so it was idle for them to remain
discussing the subject. (Hear.) The report had been
delayed, he believed, to enable the directors to get in
proxies.
The CHAIRMAN raid the question was irregular, and
he should decline answering it. (Hisses.)
A SHAREHOLDER said he thought the Chairman ought
to answer the question. (Hear, and cries of "Turn
them out.")
Alderman WILSON said it would be ridiculous for them
to remain here and discuss the question if it was to be
decided by the proxies of absentees. The Secretary
should answer the question. (Hisses, and cries of "Turn
them out.")
A SHAREHOLDER called on the directors to promise
the shareholders they would not use any proxies if they
had them. (Hear, and loud cries for the Secretary to
answer Alderman Wilson.)
The SECRETARY, amidst much confusion, arose and
asked the meeting what question they wished him to
answer ? (Confusion.)
Alderman WILSON said that from all he had seenthat
day he beliered all he had heard respecting the proxies
was true. (Cheers.) He asked the Secretary whether
or not he had not written to country shareholders to
get their proxies to enable the directors to carry what-
ever resolution they pleased that day. (Hear.)
The SECRETARY said it was true proxies had been de-
posited with him. (Uproar.)
Alderman WILSON asked if the proxies had been for-
warded to him unasked for, or if he had applied for
them ? (Hear.)
The SECRETARY said he had made application for
proxies to his intimate friends, but they formed but a
small portion of the proxies he had received. (Hisses.)
Mr. HORSMAN asked the chairman if he would pledge
the meeting the proxies should not be used that day, but
that in the event of a division taking place time should
be given for the country shareholders to record their
votes ? (Hear, and cheers.)

The CHAIRMAN said yes. Three weeks. (Cheers.)
Mr. TERRELL having objected to the irregular form of
the resolution to receive "and adopt" the report which
was overruled by the chairman, called the attention of
the meeting to the object for which the committee was
appointed, that of forming a scheme for the future regu-
lation of the undertaking. The committee had, how-
ever, made no such recommendation, and all they sug-
gested was that three of their body should be directors.
They admitted, however, there were certain suggestions
for the future regulation of this undertaking, that would
require ultimate consideration. The shareholders had a
right to expect from the Committee, on their rejecting
Mr. Fuller's scheme, to substitute another. (Hear,
hear.) He moved that the report do lie on the table,
and that another committee be appointed to devise such
a scheme as was required for the effectual management
of the property. (Hear, and "No, no.")
Mr. Alderman WILSON seconded the amendment.
No harm could result from the report lying on the
table, and no good arise from adopting it. They
would never have a dividend, nor the undertaking
prosper so long as the present men remained iu the di-
rectory. (Cheers.) He thought they did wrong in
leaving railway directors at their board who had been
the means of carrying out mad schemes with which this
company ought never to have been connected. (Hear.)
If they bad four men connected with mercantile affairs
to manage this undertaking as they would any other
mercantile speculation, a profit would be made out of
which the shareholders would receive a handsome divi-
dend. (Cheers.) He complained that the committee
had not made a proper investigation of the accounts,
and he was prepared to show, on a proper examination
of the accounts by an accountant, that abuses would
be shown to exist enough to cause the shareholders to
make certain persons refund. (Loud cheers) He con-
demned the conduct of those directors who, after leading
them into a larger expenditure than was ever intended,
left them to get out of their difficulties the best way they
could. (Cheers.) He asked the directors if instead of
putting works up to competition they had not taken the
contracts or supplied materials themselves and voted in
their own favour at the board ? (Cries of "Shame.")
Mr. LYON read a long speech, wherein he defended
his former statements relative to the improper manner in
which the accounts of the company were kept, and en-
tered into many details to prove them. The speaker,
who was formerly cashier to the company, said he
merited the of the directors, and was removed
from his situation because he objected at the time
to the manner in which they were managed. He made
some curious statements respecting two loans opened
in the books as " No. 1," and " No. 2," amounting
to upwards of 40,0001., and the purposes to which the
money was applied. He complained that the committee
did not properly attend in their investigation to the
charges he made at the , former meeting relative to the
financial state of the undertaking.
Mr. CONMELLEY condemned the conduct of the di-
rectors, and suggested a scheme, amidst much laughter,
which he thought would relieve the undertaking from
embarrassment, and prevent its being closed. Amongst
other things he proposed that subscription lists should
be opened in all the large towns in the kingdom, and if
but two-thirds of the population subscribed ls. each
a sum of upwards of 1,300,0001. would be raised.
Apply to Government for a sum of money to make up
the residue required, pay off the shareholders at par,
and make the Crystal Palace national property, open to
the public. He moved, amidst confusion, a vote of cen-
sure on
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meeting was divided on his being heard, and much time
was consumed in a disorderly demonstration for and
against that gentleman. The fact of his being a member
of the Committee of Investigation was urged in
favour of his being permitted to address the
meeting, but which was met with cries of "Divide "
and "Adjourn." The question that Mr. Fuller be al-
lowed to speak was put to the meeting, and declared by
the Chairman to be negatived. Dissent was expressed
against the assertion of the Chairman, and the question
was again put and carried, but the meeting would not
hear him.
At 20 minutes past five o'clock a motion for the ad-
journment of the meeting for three weeks was put and
carried.
Great excitement pervaded the meeting, which was
the counterpart for uproar to that of the Eastern Coun-
ties Railway, held at the London Tavern that day week.