The Sun.
London, England, 1854-07-21 00:00:00

CRYSTAL PALACE.

The half-yearly meeting of this company was held
yesterday at the Bridge-house Hotel—Mr. S. Laing
M.P., in the chair.
The report, an abstract of which has already appeared
was taken as read.
The CHAIRMAN in moving the adoption of the report
congratulated the shareholders on the successful opening
of the Crystal Palace. It was an undertaking worthy
of the age and country in which they lived. He they
entered into an elaborate statement respecting the
means adopted to insure the opening of the palace
on the 10th of June, the exertions made to
economise the expenditure, at the same time to do
everything as well as possible, and to leave nothing
undone which could in any way enhance the value of
the undertaking to the public and the shareholders.
They all felt more or less disappointed at the expendi-
ture exceeding 1,000,0001. by the suer of 300,0001. Of
this sum, 100,0001. included au expenditure on matters
that was not) foreseen ; but it was -an expenditure on
matters that could be made available at any time, and
realise a profit. A good deal of land had been purchas-
ed which could be resold at a profiptrepTerhtyoydhesadirasebcarle secured
thehn l
dDulwichtheirin wood,
hands, w
htoichprwevaants aits being built over;; at
the same time it was exceedingly valuable property.
About 40,000/. was expected in the re-purchase of
land, the Dulwich-wood property, and 60,0004 in
providing refreshment accommodation for man and
horse. Taking this as a separate undertaking, he
had no doubt that the outlay of the 100;000/. men-
tioned would produce a rental ,equal to the interest
on the whole of the 300,0001. of additional capital.
With respect to the other portion of the excess in the
estimates, amounting to 200,0001., it arose from various
causes over which the directors had no control, such
as the rise in the price of iron, to the extent of SO or
40 per cent., extra works in the fine arts department,
the water,vorke, gardens; and generally in works tend-
ing to enhance the value of the undertaking in an edu-
cational and artistic point of view. The industrial de-
partment was also made ornamental, and, in short, the
whole of the money was judiciously expended ; and the
company had full value in labour and materials for the
outlay they had incurred. They had ascertained the
extent of their expenditure and liabilities up to 1,200,000/.,
and there remained a further item of 91,0001. under the
management of Sir Joseph Paxton to complete the
waterworks and fountains ; and that gentleman had
no doubt that the sum would be sufficient, and prove
highly remunerative. On the whole, the directors be-
lieved that if the works were to be commenced again it
would be impossible to execute them cheaper ; mistakes
had been made, and contingencies had arisen, but the
amount of them was small as compared with the novelty
and magnitude of the undertaking. They had done
everything thoroughly well and in first-rate style, so
that they had no fear of competition. With regard to
the revenue, they had derived a profit of 1,0001. front
the sale of refreshments. He was prepared to say that
if the system did not work well it should be abolished.
A great deal had been said against the sale of refresh.
ments within the building, but it was quite evident that
the most temperate people visiting this extensive build-
ing and grounds required refreshment. When it was
considered that between 300,000 and 400,000 persons
had expended 15,0001. in refreshments, being about
is. a head, and there was hardly a single case of
intoxication among the whole, he said that fact alone
was sufficient to satisfy any reasonable person of the
necessity of refreshments and non-liability of the
working classes to drunkenness when the eyes of
respectable people were upon them, and when they
had extraordinary works of art and nature to
arrest their attention and induce inquiry. Drunken•
ness was only to be found in low and miserable localities,
and in private places. The receipts during the four
weeks from all sources amounted to 67,0901. The aver-
age payment at the doors was at the rate of 3,0001. per
week, and it had gradually increased, so that during the
present week they would receive 4,000/. for admittance.
They would extend the Is. admission to another day in
the week, reserving one day for season ticket-holders,
and those who wished to visit the building on a select
day. The rental for spaces in the building up to the
period at which the accounts were made up amounted
to 12,2891., but it had gradually increased, and now
amounted to 30,0001. There were various causes in
operation to prevent the spaces being taken so rapidly
as they had anticipated, but, as these causes would
gradually be removed, the industrial parts of the build-
ing would be occupied by leading manufacturers, and
the other part as a large bazaar for the sale of vari-
ous things. He had no doubt that the receipts from
this and other sources would cover the expense of main-
tenance and the interest on the borrowed capital, leaving
the receipts at the doors to meet a dividend on the share
capital. Their receipts averaged 3,000/. per week;
they were going on increasing, but in the winter they
must expect a decrease. Next year the fountains and
waterworks would come into operation, and the new
railway from the West-end, near Buckingham Palace,
would be opened for traffic, which would greatly increase
the facilities for visiting the Crystal Palace. The re-
sources of the Brighton Railway were taxed to the ut-
most in conveying 10,000 or 12,000 persons backward*
and forwards within a very limited time. But when
the second railway opened for traffic the receipts would
be considerably increased, and the public more ex-
tensively accommodated. Ho then remarked with
regard to the value of the 200,000 shares in the under.
taking. Supposing an extreme case thatso dividend
on them was forthcoming, the working and other ex-
penses of the establishment being defrayed from rents
and sources he had mentioned, the shares would be
worth par, or 51. each, as life-tickets of admission to
the building and grounds. He concluded by stating
that Mr. Fuller had resigned the office of managing
director, that it was owing to that gentleman'. great
zeal and exertions that they bad commenced and carried
through the undertaking, and in consideration of his
great exertions and services the board had awarded
him a sum of 4,0001. When he told them that Mr.
Fuller had managed the purchase and sale of land to the
amount of 300,0001. for the company, and by which they
had gained a net profit of 50,0001., be thought they
would not consider he was more than paid. As that sum
included money out of pocket for staff, drawings, &c.,
he believed 4,0001. was a very moderate and reasonable
amount. (No, no.)
Mr. GILPIN, amidst considerable uproar, protested
against a paragraph in the report respecting the success
and advantages resulting from the refreshment depart.
ment to the company and the public, and concluded by
moving an amendment to the effect that it might be
omitted from the report.
Mr. FOREDON seconded the amendment.
Mr. HORSELEY entered into a statement to show from
the result of the past four weeks that the receipts from
various sources during 39 weeks of the year, allowing
13 weeks to be unproductive, would produce a total of
259,1831. a-year, and, deducting 52,000/. for working
expenses, would leave 207,183/. to pay interest on loans
and dividends on the shares, amounting together to
1,300,000/. (Cheers.)
Mr. Alderman WILSON complained that the capital had
been increased from time to time from 500,000/. to
1,300,0001., and that the statement of accounts was not
satisfactory.
Sir J. PAXTON stated, in reply to a question, that
the present consumption of water at the Crystal Palace
was from 40,000 to 50,000 gallons per day, which were
supplied by the Lambeth Waterworks. The artesian
well on the company's estate was now yielding 100,000
gallons per day ; they had a very large surface of water
to fill up about the grounds, which would take some
time to accomplish. With the exception of two or three
months in the summer, he believed their well would
supply all the water they required. In addition to that
they had the drainage of 200 acres collected in the form
of a lake in the lower part of the grounds, which
would be available. There would be an ample supply
of water next year for the fountains, which, he believed,
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fountains would not be put into play until after the Ist
been
nkveinrgy
of May next. They would not be put into operation
on
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satisfactory. He would pledge himself that the addi-
tional sum of 300,0001. would be sufficient for all that
was at present contemplated.
Mr M.P., a director, defended the board
fromili GeEAc
a'
imputations of Mr. Alderman Wilson, and said
that at the end of the year they would have a most sa-
tisfactory statement of the accounts. He stated, in re-
ply to a question, that when the receipts on joint accounts
amounted to 44, 000/ .
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eoCrystal
ae
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Palace and three-sevenths to the Brighton Railway
Company.
After some further observations, Mr. Gilpin with-
drew his amendment, and the motion for the adoption of
the report was carried unanimously.
Resolutions were passed authorising the directors to
borrow 300,0001., re-electing the retiring directors and
auditor, and conrming the bye-laws of the company.
The meeting was then made special for the considera-
tion of a proposition for allowing the shareholders free
admission to the palace and grounds on Sunday, but it
was explained by the chairman, that the opinion of Sir
R. Bethell, the Solicitor-General, on the subject, was to
the effect that it was a subject of very serious doubt,
and, if acted upon, would probably endanger the validity
of the charter. Under these circumstances the prolx'ai'
tion was withdrawn, and the matter was left to be settlsd
by Parliament.
A cordial vote of thanks to the chairman and directors
concluded the proceedings.

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accounts from' St. Petersburg, of t loth, the cholera
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fice very distressing to the Imperia curt. The Grand
Master of the Ceremonies, Count Woronzow-Dashkoff,
formerly envoy at Stuttgart, Turin, and Munich, died
at Peterhoff, on the night of the Bth, from the effects of
this malady. The count fell ill on the 4th, bnotolfwiceesneotittoearana
the sth to Peterhoff, in opposition to medical advice,
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