The Sun.
London, England, 1860-12-20 00:00:00

CRYSTAL PALACB COMPANY.

The 11th ordinary meeting of this company was
held yesterday at the Palace—Mr. Farquhar in the
chair.

Mr. G. Grove, the secretary, read the notice con-
vening the meeting.
The report, an abstract of which has appeared in
the Sun, was taken as read.
The CHAIRMAN, in moving the adoption of the
report, said it was so very full that he should be
detaining them unnecessarily if he went into de-
tails. They had now arrived at a state of things
which enabled them to lay before the shareholders
a clear statement, so that they might year by year
compare with preceding reports. Every account of
the company was included in the statement furnished
to the shareholders, and every one of them was paid;
there was nothing drawn on account, nothing was
anticipated, and if that principle were carried out
they would next year have the same state of things
they had at present. So long as they paid the debts
they incurred every year, and so long as they knew
what their receipts and expenditure were, so long
they would be in a solid position, and whether the re-
port was good or bad, if they had an executive en-
dowed with courage to state to the shareholders the
real position they were in, the company would rest on
la firm and permanent foundation. It would secure
the preference stock and the original shareholders,
and improve the value of their property generally,
The directors had been obliged to encroach upon
the " rest" last year to the extent of £1,400,
although they had the Handel Festival, which gave
them a profit of £11,000; but in the present year
they had not had that festival or anything extra-
ordinary to increase the receipts ; therefore it was
satisfactory to know that, in the absence of extra-
ordinary sources of revenue, they were enabled to
pay a 2s. dividend without taking from the reserve
fund, but, on the contrary, slightly adding to it.
With regard to the future, he did not know that
there was anything that they had to anticipate;
but, as things rose up unexpectedly, it behoved the
directors to keep a sharp look-out on passing events,
and take advantage of circumstances as they oc-
curred. There was nothing they expected to come
off during the year 1861, but it was now quite
certain that in the course of the year 1862 they
would have the international exhibition. If it re-
sulted in the influx of visitors which was antici-
pated, it would give a very large amount of re-
venue. There was no stranger who came to the
Exhibition of 1851, but would come to see the
Crystal Palace. At the laSt Exhibition it was
ascertained that there were 6,000,000 visitors, and

if during the next only half that number came to
see their building, it would yield them a very large
amount of revenue. It was, therefore, their duty to
have their building in the best array possible, in
order that they might render it attractive as they
could, and he doubted not but that they would
receive an immediate and ample return for their
outlay. He had next to refer to the large increase
in the residential population that was springing up
about their property. Those would be among their
best customers for season tickets. Probably before
long they would have around the palace as great a
population as existed in the north of London. The
surplus land which they held in Norwood was in-
creasing in value, and in consequence of the Lon-
don, Chatham, and Dover Railway coming there
the value of it would be still further increased.
The price asked for land in that vicinity was
about £3,000 per acre. They had sixteen acres of
land which they considered nearly worth that sum
per acre.
Mr. ANDERSON seconded the motion for the
adoption of the report.
Mr. HERBERT objected to the £7,000 for the
refreshment-rooms being entered in the capital
account, for, if that principle were conceded, all
other items might on the same principle be charged
to capital account.
The CHAIRMAN quite agreed with him. It was
not satisfactory to himself, and he would much
rather not increase the capital, but he thought what
they had done was so essential that they had no
alternative. They must either take it out of the
dividend or spread it over a series of years, and to
that he was averse.
In answer to a question, the CHAIRMAN said they
were not rich enough to pay the dividend free of
income-tax.
Mr. EILOART complained that, although the
profits had increased this year, the dividend was
the same as last year. He also thought that some
account ought to lie laid before the shareholders of
the land purchases, which had amounted to
£43,000.
Mr. SYMES suggested that they should in future
have an architect's report on the state of the
building.
Mr. WILSON thought it was very objectionable
to lay out £7,000 in kitchens and. refreshment-
rooms. (Loud cries of " No.") It had been held
out that the profit on that outlay had been 10 per
cent., but that might not be obtained next year, and
therfore it was quite illusory, and the money ought
not to have been expended. He also objected to
the commission on the sale of pictures, which
I amounted to 40 per cent. on the cost of that depart-
ment.
Mr. PUNCHER thanked the directors for what
they had done, for if it had not been for them and
the energy of the secretary there would have been
no dividend to divide. He admitted that the
weather had been very much against them, but still
if they had adopted a different principle they would
have been able to divide at the rate of 3 per cent.
He contended that the company had been losers by
the half-crown days on account of the extra
expenses, while the shilling days had all been
profitable.
The CHAIRMAN, in reply to several questions,
said if the shareholders thought that the questions
of half crown and shilling days, of fete days, and
of things that paid and of things that did not pay,
were nut considered by the directors, they must
have a very poor opinion of them. Those subjects
occupied the directors daily and almost nightly.
The directors would consent to retain their respon-
sibility only on the condition that they should be
allowed to act upon their own experience and dis-
cretion. The three flower shows they had during
the last year had yielded a very small profit, but
this year they had but one, and that had yielded a
very large profit. They thought that five shilling
days were too high, and that half-a-crown was the
proper sum. The directors also believed that the