The Sun.
London, England, 1847-05-14 00:00:00

ir b i lc b WlTittott

SUN OFFICE, Seven o' Clock.

MEETING OF THE DEBENTURE

HOLDERS OF THE LYCEUM THEATRE.
(THIS DAY.)
A. meeting of the debenture holders of this theatre was
held this morning in the saloon of the theatre, for the pur-
pose of considering the best means to be adopted for recover-
ingthe arrears now due to them on their debentures.
There were present Mr. w arrington, Mr. Brookes, Mr.
Lumley (who attended as the solicitor and agent of the
Marquis of Aylesbury), Mr. Chilton (who attended as the
representative of Mr. Wallace), Mr. Powell, Dr. Jay, Mr.
-A-ra Yott, the magistrate, Mr. Gilbert, Mr. G. Moore, Mr. W.
tA9x, Mr. Wagstaff, and Mr. J. Strutt.
Mr. WARRINGTON having been called to the chair,
Mr. Szaurr said that he called this meeting of his brother
debenture holders in order that they might consider the steps
proper to be taken under the circumstances in which they
found themselves placed. As a debenture holder he
had, on the 25th of April last, written to Mr.
Walter Arnold, as the representative of the trustees
of the Lyceum Theatre, requesting that gentleman
to furnish him (Mr. Strutt) with a statement of the accounts
of the theatre. (Mr. Strutt here read the letter, which
stated, that as Mr. Arnold had received a sum amounting to
upwards of 5,0001. as rent for the theatre, from Messrs.
Keeley and Strutt, he (Mr. Strutt) as a debenture holder,
requested to know how that sum had been applied.) In his
answer, Mr. Walter Arnold said that as Messrs. Grisell and
Peto had a mortgage upon the property, dated 1834, which
took precedence of the debenture deeds, and not one shilling
of which had been discharged, he must decline furnishing
any accounts. (This letter was also read in extenso.) He
(Mr. Strutt) had paid to Mr. Walter Arnold, as rent,
for the theatre in 1844, 2,2031., in 1845, 2,3071., exclusive of
4001. deposit ; in 1846, 2,6901., and up to the 13th June, 1847,
5571., making a total of 7,7664, which he knew himself had
been paid, and which spread over an extent of three years,
gave 2,3131. a year. From 1836 to 1846 there had been re-
ceived as rent of the theatre, '22,4001., and as rent of the
houses included in the same trust, 3,360/., making a total
of 26,2604 giving an average rental for the theatre
of 2,073/., and for the houses of 3571., showing a total annual
average rental during the 11 years of 2,224/. When the
mortgage was given to Grisell and Peto there was a sum of
1,4451. due to the Marquis of Exeter. The following had
been stated by Mr. Walter Arnold to be the amount of the
average annual liabilities of the theatre :—Ground rent,
704/. ; interest on a mortgage held by the Marquis of Exeter,
232/. ; interest on Grisell and Peto's mortgage, 560/. ; taxes,
2501.; insurance, 1201. • repairs, 1001.; sundries, 25/. ; and
Mr. Walter Arnold charged for himself, for the trouble
of receiving the moneys, 1501. a year. He left it
to the meeting to say how far they thought such a payment
ought to be sanctioned in the present state of their affairs.
But even this account showed that their ought to be a balance
in hand of 3,300/. available to the payment of the debt due
to the debenture holders, but he had ascertained that there
must be a considerably greater balance unaccounted for. The
ground rent was two years in arrear, which would increase
the balance unaccounted for by a sum of 1,4001., and
he would ask, if Mr. Walter Arnold, or the trustees,
have received this money, why did they thus place
the property of the debenture holders in jeopardy? The Mar-
quis of Exeter might at any moment enter upon the pos-
session of the theatre, and get rid of them altogether by an
action of ejectment. If Mr. Walter Aruold could not give
some better account of this transaction than he had done,
it was high tiase that the debenture holders should look to
themselves. In July 1836, Mr. Walter Arnold had written
a letter to the debenture holders, stating that the debt due
to Grisell and Peto was 5,9964, and that it would be liqui-
dated by an annual payment of 800/. The mortgage debt
now returned as due to Grisell and Peto was 9,2371., nearly
double what it was in 1.836. It could not have amounted to
this sum even if the 2,2391. guaranteed to the Marquis of
Exeter on the execution of this mortgage were included in
it. This debt ought to have been reduced instead of
having been increased, inasmuch as there was a surplus
of revenue over expenditure, which might have been
applied to its gradual liquidation; but, notwithstanding
the receipts show a balance tor the last eleven of 3001. a year
over the expenditure, making a stun of 3,3004, which might
have been applied to the liquidation of this debt, notwith-
standing there was a sum of 1,4001. arrears of ground rent
unaccounted for, this debt of Grisell and Peto's had nearly
doubled. There was besides a sum of 1,650/., which during
that period had been drawn by Mr. Walter Arnold for re-
ceiving the moneys belonging to them.
Mr. PownLe—That is not the only benefit Mr. W.
Arnold has derived. He has, I believe, besides this 150/.
a year, the best box in the theatre.

STRUTT said such was the case, and not only bad he
the privilege of giving that box to his friends, but he used
to let it through the booksellers at 2/. a night, clearing 6/. a
week in that manner, and it was in consequence of his (Mr.
Strutt's) refusal to let Mr. Arnold use his privilege in that
manner to the injury of the lessees, that Mr. Arnold bad
chosen to refuse any terms that Mr. Keeley and himself might
offer to take the theatre. But as that was a merely personal
matter he would not go into it.
Mr. POWELL—By what authority does Mr. Arnold hold
that box ? We do not benefit by it.
Mr. Szaurr—Certainly the debenture holders do not profit
by the box. _ _

Mr. PowELL—It is a very bad bone, certainly; but Mr.
Arnold seems to be the only person who gets any picking off
of it.

In answer to several questions,

Mr. &mum' said that he did net know who had a right to
let the theatre. He had taken it of Mr. W. Arnold; he paid
Mr. W. Arnold the rent; and Mr. W. Arnold was the only
person he knew as the representative of the debenture holders.
He believed that the mortgage of Grisell and Peto had been
assigned to Mr. Walter Arnold, who had assigned it to Lord
Cecil, the Marquis of Exeter's son. He bad learned from
Mr. Wameford, the agent to the Marquis of Exeter, that
there were two years' arrears of ground rent due, and until
that was paid up they might be refused permission to walk
- •

, ey amoun e o ess t an . e insurance in
the West of England had been returned at 250/. a year,
He had inquired, and found that the sum paid to the West
of England Office was 65/. a year. The repairs had been
estimated at 1001. During the three years of his tenancy he
himself had done all the repairs, and during the last eleven
years not 3001. had been spent on the theatre; and, with re-
gard to the 150/. a year to Mr. Walter Arnold for collecting
the money, all he could say was, that he, Mr. Strutt,
paid his rent into the bank of Messrs. Cock-
burns every Monday morning, and all the trouble
Dir. W. Arnold had was to draw it out again.
He gave Mr. W. Arnold notice of this meeting in order that
he night attend if he thought it desirable. He had also
written to the trustees, Lord Saltoun, Sir Andrew Barnard,
and Mr. Hallett. The two former replied that they had
never interfered in the affairs of the theatre, and the latter
that he had never received any money available to the
liquidation of the claims of the debenture holders. He had
written to Mr. Arnold, sen., and his answer was to the same
purport as that of Mr. Hallett.
A conversation ensued on the conclusion of Mr. Strutt's
address, and eventually
Mr. LUMLEY (acting on behalf of the Marquis of Ayles-
bury) moved the following resolution :
"Resolved—That the debenture creditors having received
no payment whatever on account of the debentures granted by
the trustees of the Lyceum Theatre, nor any satisfactory ac-
count since the granting of the same in 1835, notwithstand-
ing it appears that the property has been productive to a
considerable amount during the whole of that period, an ap-
plication be forthwith made to the trustees, for an account,
showing the annual net rents and profits since the date of the
debentures, and for the production of the trust deeds, and
other accounts and papers necessary to ascertain the parti-
culars relating to such net rents and profits."
The resolution was seconded by Mr. BedooseEs, and carried
unanimously.
Dr. JAY then moved that Messrs. Strutt, Warrington, and
Powell, debenture holders, who have kindly undertaken the
same, be authorised to make such application, and to
examine such deeds, trusts, and accounts, on behalf of this
meeting, to report the result to this meeting, which is ad-
journed to Friday, 4th June next, at one o'clock, to be held in
the saloon of this theatre, for the purpose of receiving their
report.
The resolution was seconded by Mr. CJIILT3X, and carried
unanimously. _ . .

Mr. Srutirr then moved that a copy of these resolution,
be advertised and sent to such of the other debenture
creditors as may be conveniently found.
Mr. WAUSTAFF seconded the resolution, which was carried
unanimously.

Dr. JAY, 'in proposing the thanks of the meeting to Mr.
Strutt, said that if the debenture holders had any chance 01
ever getting anything, it would be entirely owing to the ex-
ertions of that gentleman.
The motion was seconded by Mr BROOKES, and carried
unanimously.
On the motion of Mr. WAGSTAFF, seconded by Mr.
POWELL, thanks were voted to the Chairman, and the meet-
ing separated.
NORT

H WALES RAILWAY.
(THIS DAY.)
A special meeting of the proprietors of this railway took
place this day at the offices of the company, 2, Guildhall.
chambers, to take into consideration the propriety of reducing
the number of directors from eleven to eight, in accordance
with the provisions of the North Wales Railway Amendment
Act passed last year. A requisition for such an object had
been presented to the directors. Mr. Shaw, of Huddersfield,
Wok the chair.

The usual routine business having been transacted, a very
irregular discussion took place as to the best method of in-
venting the funds of the association, and in order to give
time for the attendance of parties for the purposes of investi-
gation, and the mating was adjourned to next Monday
month.
READING, GUILFORD, AND REI-

GATE RAILWAY.—(THIS DAY,)
A meeting of the shareholders of this railway was adver-
tised to take place this day, but the directors having found
themselves in a position to transact the required business
without the sanction of the shareholders, no meeting took
place.

SALE OF RAILWAY SHARES BY
AUCTION. 'THIS DAY.)
The sale of Railway shares to-day, by Messrs. Lamond
and Co., went off without spirit, and prices remain un-
altered. The followin are a few of the principal sales
South Yorkshire, Donc, and. Goole .£1 7.0
North British, Thirds ........ . ............... 2 11 0
Ambergate, Nottingham, and Boston.—. 1 5 0
Royston and Ilitchin .......................
North British, Extension......... 1 8 0
Reading, Guildford, and Reigate....; 0 14 0
. 7 6
Orleans, Tours, and Bordeaux...... • 6 1
(-.) 0
Liverp. Manch. and Newcastle-upon-Tyne 0 11 6
Manchester, Buxton, and Matlock 1 12 6
Eastern Counties .....
Shrewsbury and Birmingham (A) 3 2 0
Newmarket and Chest erford
South Wales
... 1 0 0
Northern Counties Umon 2 61
5 7 0
Eastern Counties, York Extension ... 416 6
London and Blackwall, No.

COURSE OF EXCH.
Amsterdam ......C.F. 12 9

ANGE.-(THIS DAY.)
Gibraltar.. • • • • . •
Leghorn .. • • • • • •
Genoa .. • • • .
Milan .. • • • • • • • •
3934 N aples • • • • • • • •
Palermo, per oz ll9
Lisbon.. .. .. • • 52;'i
Oporto ...... .. • • .. • • 53%
Rio Janeiro ..... . 2634
Buenos Ayres .. • •
New York, 21 days'slght
Philadelphia
PRICES OP BULLION, PU OZ.
Foreign Gold in bars... E 3 17 9
New Dollars • • .• • • 0 4 914
Portugal Gold Coin • • 0 0 0
Spanish Doubloons .. 0 0 0
811Ter 11 bars ...... 0 4 105

Ditto, at eight ...... 12 6
Rotterdam .... 2U. 12 9%
Antwerp •••• • • •• •._. 26 40
Munburgh .... • • i.B. 14
Paris, 3 days' sight .... 26

..... 30 90
..• .. 26 50

Ditto, •• ••..•-• • • • .. 26 40
Marseillos ••• • • • ..... • 26 50
80ardeaux......... • • 26 45
Frankfort on Maine.... 124