The Sun.
London, England, 1856-01-04 00:00:00

CRYSTAL PALACE COMPANY.

Meeting this Day.

The adjourned meeting of this company took place

this day at the Bridge-house Tavern, Louden-
bridge, to receive and adopt the report of the Committee
of Investigation, relative to the affairs of the company ;
Mr. Anderson in the chair.

It will be recollected that at the last meeting a stormy
discussion took place on the report, which occupied so
many hours that the meeting had to be adjourned.
The SECRETARY having read the notice of mooting,

The CHAIRMAN said the meeting had heard the cir-
cumstances and the business for which they had been
called together, and he had to call their attention to the
question under discussion when the meeting was adjourned
on the 14th ult., and which would be resumed that day. In
doing 80, he had to ask them to adopt the course followed at
all public discussions—via., that when a gentleman I)ad
once spoken on the question he would be satisfied with
that, and not make repeated speeches. He urged on
them, at the former meeting, that they would conduct

the business as gentlemen and men of business, and as
men who had come forward to discuss matters connected
with their own interest, and in a business manner.

(Hear.) It was important to the interests of the under-
taking that no more delay should take place ; in fact,
the procrastination that had already taken place—arising
from the appointment of the committee of investigation
first, and after that the adjournment of the last meet-
ing—was paralysing the efforts of the directors, who,
with himself, he hoped, were honestly doing what
they could to promote the interests of the shareholders.
As an instance, he stated that the directors had made
arrangements on their personal responsibility to raise
money to carry the concern over till June next, but after
the result of the last meeting they had thought it wise
as prudent men not to involve themselves in that respon-
sibility, and had only made provision for the payment
of the interest on the debentures. Mr. Fuller, who was
prevented from addressing them on the former occasion,
not being a shareholder, had since qualified as such, and
it was but fair he should be first heard in explanation.

Mr. FIILLIR then addressed the meeting at consider-
able length, remarking that he believed their directors
were as honest as the representatives of any
other public company, and said the charges
brought against them had been made without his sanc-
tion. With regard to contracts having been taken by
persons connected with the directors, he knew of but
one instance, and that was Mr. Geach, the circumstances
connected with. which he fully and satisfactorily ex-
plained. He hoped the meeting would not be
led away from the question at issue. It was the
duty of the shareholders to support the amendment.
Mr. Fuller defended himself from the charge that
had been made against him, that the prosperity of the
undertaking bad been injured by his dealing in the
shares, and asked the shareholders to support him in the
devising a scheme that would mince the capital and in-
crease the dividends. He was glad the sale of
Rock-hills to Sir Joseph Paxton had not been
persisted in. He warmly advocated the company re-
taining the assistance of that gentleman, and to keep
him at Rock-hills, but he 'was opposed to their selling
that property to him. So satisfied was he of the neces-
sity of their retaining Sir Joseph Paxton's assistance that
he suggested to the committee that that gentleman should
be paid a salary of 1001. for that assistance, with the
Rock-hills as a residence, free of rent, but the commit-
tee rejected the suggestion. The hon. gentleman ac-
counted for his retiring from the directory, feeling that
he was not entitled to receive payment from the company
for services not adequate to the amount paid. (Hear.)
He also said that in order to provide the share-
holders with a true account of the finances of the com-
pany, he called on Mr. Turquand, an accountant,
and shareholder in the undertaking, who offered to inves-
tigate the accounts on the company paying his clerks
201. for their overtime. He (\lr. Fuller) made that
statement to the committee, which was approved, and
the offer refused. (Hear.) He had proposed two schemes
for reducing the capital of the company, one on the ton-
tine principle, and he had no doubt if one were accepted
by the company that in six months the shares would be
at 2 prem. instead of 3 dis. (Hear.) The Temporary
Tontine Company was to be formed, under the Limited
Liability Act, in shares of 251. each, and to terminate
at Christmas, 1865, the first capital of the company be-
ing 2,000,0001. The other plan was as follows :

" That season tickets for the future be issued at three
guineas each, and be available from May 12th to April
30th, inclusive.
" That Saturday be a shilling day, in order to assist tie
early closing movement now being carried on in London.
" That Monday, being a general holiday for the artisans
of London, the Palace and Gardens be open ou that day
at sixpence each.
" That Tuesday and Wednesday the Palace and Gardens
be open at ono shilling each.
" That Thursday and Friday be reserved exclusively for
season-ticket and life-ticket holders and their friends ; and
on those days all the grand displays of water are to take
place, and all ordinary fctcs to be held.
"The above prices to range throughout the year, with
the exception of extraordinary fetes, the best parts of which
should be reserved for the season and life-ticket holders
exclusively ; after which they should, where practicable,
be open on the one shilling and the sixpenny days.
" The first week in May, in each year, to be set apart for
a grand musical festival, to which persons are to be ad-
mitted by payment—tie terms for admission fur the festi-
val to be settled by the directors.
" That tickets, admitting the holders for life, on six-
peitny and shilling days, he issued at ten guineas each
person.
" That tickets, admitting the hollers for life, upon all
occasions when the public are admitted, except :luring the
musical festival in the month of :day, be issued at twenty
guineas each person.
" That similar tickets, with the privilege of introducing
one friend, be issued at thirty guineas each.
" That similar tickets, with the privilege of introducing
two friends, be issued at forty guineas each.
" That similar tickets, with the privilege of introducing
three friends, or family tickets, for the holder, his wife,
and children, he issued at fifty guineas each.
" The money so received to be applied-
4, let, In paying off the debenture capital.
"'ldly. In the purchase of original shares at or under
par, and preference shares at or under one premium, which
shares are to be cancelled and written off the books of the
company.
" SHAREHOLDERS' PRIVILEGES, IF EXERCISED BEFORE
THE 30TLI APRIL, 1856.
"That admission for life, on sixpenny and shilling days,
be obtained by the transfer of one share.
" That admission for life, on all occasions when the pub-
lic are admitted (except during the May musical festival)
be obtained by the transfer of two shares.
" That admission for life, on all occasions when the pub-
lic are admitted (except during the May musical festival)
with the power of introducing one friend, be obtained by
the transfer of three shares.
" That admission for life, on all occasions when the pub-
lic are admitted (except during the May musical festival),
with the power of introducing two filarial', be obtained by
the transfer of four shares.
" That admission for life, on all occasions when the pub-
lic aro admitted (except during the May musical festival)
with the power of introducing three friends, or family
ticket, be obtained by the transfer of five shares.
" That shareholders be allowed to walk in their own
garden on Sundays ; that refreshments be supplied to them
at moderate prices ; that no intoxicating beverages be sup-
plied on that day.
" Shareholders not availing themselves of these privi-
leges by do so by Christmas, 1857, by
transferring Christmas,
gristdern ith 85e6n mayui
number of shares, and by Christ-
mas, 1858, by transferring three shares, where ono will
now suffice."
He concluded by moving resolutions in accordance with
the above.

Sir J. PAXTON defended the charges that had been
brought against never hadsu r r
oa
un
ny
di
idnega
the
e inducing
Crystal
t bpi:m.ll Heas:
land
tPhaelacc°enianY
for their own purposes, but because he was satis-
fled that that land would be very valuable, and would pay
the company for the expenditure. They had made
50,0001. of s'ich land, and had they adopted his advice,
and kept it a little longer, a larger sum would have been
received for it. He had a desire to become the pur-
chaser of Rock-hills, but on his finding it was objection-
able he withdrew. What he had done with reference to
that was straightforward and honourable. He said that at
the former pleating Alderman Wilson had said he (Sir J.
Paxton) drew 1,0001. a-year from the company. He
called on Alderman Wilson to prove that assertion.
(Hear, hear.)
Mr. Alderman WILF3ox said it was for Sir J. Paxton
to prove be did not receive it. (Bear, hear.)
Sir J. PAXTON said that statement was false—not
only was it false, but the Alderman knew it to be false
when he stated it. (Hear, hear, and cries of oh ! oh !)

A SIIARIWOLDER suggested that that statement should
be withdrawn. (Hear, hear.)
Mr. HORSLEY addressed the meeting on the general
questions at issue, urging that something should be done
at this time of the year to make the Palace attractive,
by turning it into a winter garden. It should be
made a national concern, as well as a com-
mercial one. Of the Committee of Investigation con-
sisting of nine shareholders, five were favourable to the
directors' plans, and of the other four, two declined to
act ; so that out of the nine persons, there were but two,
Mr. Price and Mr. Fuller, who actually represented the
shareholders, and these were the two persons who dis-
sented from the report of the committee presented to the
meeting. He contended the shareholders ought,to insist
on a full and fair audit being made of the accolts, and
that the evidence on which the committee had not acted,
and by which the gentlemen who might succeed them
might form a scheme for the better management of the
undertaking should be furnished to the shareholders. He
called attention to what he termed a wanton expen-
diture of money in building the stables and providing