The Sun.
London, England, 1855-12-10 00:00:00

CRYSTAL PALACE COMPANY.

report of the directors to the prt.priet^rs at the Ee-
traordinary General Meeting, on :Friday, Dec. 14, 1355 :
The present meeting has been called to receive the re-
port of the committee appointed by the proprietors at
the meeting of tile 9th of August le,et. That report and
the statement of accounts, prepared under the superin-
tendence of the committee, are now before the stare-
holders, and the remarks of the directors will be con•
fined to one or two points arising therefrom.
In the report adopted by the meeting on the 9th of
August, it was stated that the amount expended to
the 30th of June had been 1,231,0001., and that
the remaining expenditure was estimated at 45,000/ ,
while in addition there remained the sum of 65,0001.
unpaid on the original purchase of land, and an
expenditure on Dulwich Wood of 29,000/ , which
last-named sum had by the consent of the shareholders
been uniformly treated as a separate account. Thus the
whole costs of the works appeared at that time likely to
be 1,370,0001., or, after taking into account the money
due from Mr. Wythee, and the value of surplus land—
(33,0001. in all)-1,332,0001. Since the date of that
htaterneet, all contracts then open, with the exception of
that for the water towers, have been closed, the works
have been nearly completed, and the liabilities in conse-
quence ascertained. And it appears from the statement
of the committee that the ultimate expenditure on the
whole of the undertaking, after realising certain assets,
will amount to 1,391,5081., being an excess of 59,0001.
over the estimate given in the former report. It should,
however, be borne in mind, that besides the assets no-
ticed by the committee, there is surplus land round the
park, which, though not immediately available, cannot
be taken at less than 15,0001. As this was considered in
the statement of the former report, it must not be over-
looked here, and it reduces the excess to 44,0001.
The directors regret that any excess should have arisen
over their former statement, but it has occurred from
various causes which must always more or less attend
the final settlement of contracts so large and so novel in
their character as those of the Crystal Palace, and exe-
cuted under such severe pressure for time, as well as
from other causes of a more special nature. Amongst
these it may he mentioned that a heavy expense was
thrown on the company by the failure of the contractor
for a large portion of the ornamental works, exterior
and interior—entailing fresh and expensive arrangements
with other parties to complete his unfinished contracts,
and with the alternative of abandoning altogether work
fur which large sums had been paid. Additions were also

required to the refreshment department, the want of
which had not been felt during the first season, but which
became absolutely necessary when the department went
out of the hands of the company. On the whole, judging
the Crystal Palace by other large undertakings, and taking
into account the novelty of the enterprise, the want of pre-
cedents, and the great speed at which the work had to be
executed, the directors trust, that an excess of about
45,0001. on contracts of upwards of 1,300,00C1. will nut
be regarded as extraordinary.
It will be seen from the report of the committee that
a sum of 70,000/. is required to pay all the liabilities, and
finally close the capital account. In the present state
of the money market, the directors do not recommend
the raising of money to repay the advance of 66,5001.
from the revenue account, and therefore it only heroines
necessary to deal with the sum of 70,0001., leaving it to
be considered at the next general meeting of the share-
holders, whether such an amount of capital shall be
raised as may admit of the suns borrowed from revenue
being replaced for the purposes of dividend. The di-
rectors are of opinion that this amount of 70,0001.
can be raised by exercising the power already entrusted
to them by the shareholders, end without any
fresh creation of capital. Under the charter
and deed of settlement, the company has the power to
borrow one-third of its share capital of a million—viz.,
333,0001. At the meeting of the 20th July, 1854, per.
mission was given to the directors to exercise that bor-
rowing power to the extent of 600,0001. Owing, how-
ever, to the state of public affairs and to other causes,
it was found impossible to raise that amount on deben-
tures ; and at the meeting of the 3,:h of February, reso-
lution, were passed authorising the conversion of a por-
tion of the debenture capital into a 7 per cent, prefer-
ence stock, leaving a balance of 164,2251. to be raised
on debentures. Of this sum about 90,0001. has been
taken up, leaving a balance of 74,225/. still to be raieed.
The sum of 65,0001. remains due on the original pur-
chase of land, under an arrangement by which the com•
pany has the option of continuing it as a loan, at 4 per
cent. interest till 1853. It has been hitherto proposed
to provide for the payment of this sum by a reserve of
debentures, part of the 164,2251., but if it be treated as
a loan, to be repaid at a definite future day, it will not
be necessary to consider it at pret-ent.
It was agreed at the last meeting, that in future the
accounts of the company should he made up to the 30th
of April instead of the 30th of June, and in the mean-
time the directors have made arrangements to meet the
pressing engagements of the company between this and
the next meeting (including the half-year's interest on
debentures and the dividend on Preference shares), and
by that time they hope the state of the money market
may admit of the 74,0001. balance of debentures being
placed on favourable terms, by means of which all thu
debts of the compare, would be dLcharged, and the
Capital account closed.
Every effort has been made to keep down the current
expenses to the lowest point, coneietent with an efficient
carrying on of the general business of the company and
a proper performance of the large amount of work daily
required over the building and grounds cf the Crystal
Palace. With this view the office in Adelaide-place has
been given up, and the transfer department consolidated
into the accountant's office at the Palace ; and the other
branches of the staff are unthrgoing strict revision in
order to reduce the expenditure.
It will be gratifying to the proprietors tb learn that
the garden all collection of plants are in a very satisfac-
tory condition; the valuable tropical plants within the
screen at the north end of the Palace have completely
recovered from the effects of their removal, and are be-
coming daily more and mere aceiiinatised to their new
locality. Complaints have of late been publicly roads
that the southern portion of the building is nut main-
tained at a higher temperature, but the directors have the
authority of Sir Joseph Paxton for stating that it is not
possible to increase the warmth of this part, at this sea-
son of the year, without prematurely hastening the
frrowth of the plants, and thereby causing an amount of
-,jury which would be irreparable, from the impossibility
of replacing the collection as it now exists ; but early in
the spring the same objection will not apply, and the
heating apparatus can then be brought into action
throughout the

The directors have availed themselves of the close of
the Paris Exhibition to adopt such measures as they
trust will effect a considerable improvement in the ex-
hibiting department.
A bill, as proposed to be introduced into Parliament in
next session, will be submitted to the meeting. The ob-
ject of this bill is to carry into effect the arrangement
'with Dulwich College and Mr. Wythes, as to Dulwich
Wood, and to enable the company to dispose of that
land upon building leases, and to apportion the rent upon
the different plots ; also to confirm the issue already
made of the prefcrence shares (thus saving the expense of
a separate supplemental charter), and to enable the com-
pany to raise such amount of further capital as may be
agreed upon. A clause will also be inserted in the bill
empowering the directors to issue lila tickets in ex-
change for shares or stock of the company, and thereby
to extinguish such shares or stock, and thus to reduce
the capital of the company--so that this power cs.n be
exercised in the event of its being deemed advisable to
do so. The bill will also provide for extending the tem-
porary permission to supply refreshments to visitors, fur
the conversion of share into stock, and for making bye-
laws
for the internal regulation of the building and
grounds.
Since the signing of the report of the committee, Mr.
Ogilvy, one of the gentlemen therein proposed to the
shareholders as a director, has notified his wish not to
offer himself. Under these circumstances the directors
have great pleasure in proposing Mr. William Jeffrey
Etches, of Derby, a gentleman well known to those of
the proprietors who are in the habit of attending the
public meetings of the company, and who, from his large
interest in the concern, his energy arid business habits,
and the detailed knowledge of the company's affairs
which he has gained during an unremitting attention to
the investigations of the committee—will, the directors
believe, be found highly fit to represent the interests of
the proprietors. Mr. Etches' name will therefore be
substituted for that of Mr. Ogilvy, in the resolution sub-
mitted to the meeting.

ARTIIUR ANDERSON, Chairman.
Crystal Palace, Dec. 7, 1855.

ItEPORT OF THE COMMITTEE OF SHARE.
HOLDERS TO THE GENERAL BODY OF
PHOPRIE'TORS.
At a general7an
meeting of the proprietors in the Crystal
Palace
com
London 3', held at the Bridge House Tavern,
, o n the oth
passed August, 1855, the following reso.
lotions were
1. " That the report be received and adopted, and
that a committee be
appointed to confer with the direc-
tors in selecting shareholder„ obe recommended to fill
the office of directors in ther'ace of those who have re-
signed ; to wicertain and reportenroanyhe accounts and the
outstaiiding liabilities of the
Pntt,a with the power
to examine the books and officers
company ; also
,tuture regula-
tionto frame and report on a scheme for the
and management of the undertaking,
" That the committee consist of the follow•le, pro-
prietors, naruely—Alex. Constantine halide, Francis
Fuller, Henry James Slack, Wm. Jeffrey Etches,
ayid
Price, Samuel Courta,uld, Henry Waite, Samuel Beale,
Anil James Low, RArs."
2. " That the committee be requested to consider and
report on propositions submitted to the meeting by Mr.
Fuller and Mr. Sotheby."
Atessie. Samuel Courtauld and Henry Waite declined
to aet on the ground that their engagements would not
allow them to devote the requisite time to the work, but
the other members of the committee immediately en-
tered upon
labouir.anltt duties : and after having devoted much
referred to the ton to the consideration of the matters
THE ACCOUNMTS6Z it,
submit the following report :
Your committee iLIABILITIE-S OF THE COMPANY.
part of their inquiry directed
.an their first attention to this
the general meeting .Mallegations have been made at
Mr. Lyon that incorrect entries
had been made in the bycompany'e book, and that the ac-
counts were inaccurately kept, they afforded him every
facility to make good his o'h
e', but after several
the committee and lengthened interviews with
el,failed to
unre-
stricted access to the books, he
sus-
tain them ; and your committee have satisfied themselvesi
that your books are intelligibly and faithfully and
that no imputation whateverresta upon them oruept' our
accountant, Mr. Fasson, under whose superintendence
that department is carried on. With regard to the out-
standing liabilities on account of the construction of the