The Sun.
London, England, 1861-07-31 00:00:00

WESTMINSTER PALACE HOTEL

COMPANY.

The report of the directors to the eighth half-
yearly general meeting, on the sth or August,
states that the hotel has now been carried on for
five months, and they congratulate the shareholders
upon the result. The business of the first two
months was of course conducted under unfavour-
able circumstances, the hotel being only partially
occupied, and the establishment being necessarily
on a full scale; nevertheless, there has been a very
satisfactory profit. The profit and loss account
embraces the period between the 13th of August
and the 30th of Juno last, so far as it relates to that
portion of the hotel leased to the India Board, and
between the Ist of February and the 30th of June,
so far as it relates to the general business of the
hotel. The result shows that after paying interest
to the 30th of June on the sum of £25,000, tempo-
rarily borrowed from the bankers of the company,
on the security of the company's debentures for that
amount, there is a net profit of £4,469 2s. 4d.,
which, in the opinion of the directors, is very gra-
tifying. The board have determined, under the
powers conferred upon them by the 74th clause of
the articles of association, after providing for the
payment of interest at the rate of 5 per cent. on
moneys paid in anticipation of calls, to set aside out
of the profits the sum of £1,221 16s. Bd. as a re-
serve fund, and out of the balance then remaining,
£3,247 ss. Bd., to declare a dividend, with the sanc-
tion of the shareholders, at the rate of 6 per cent.
per annum for the half-year ending the 30 h June
last, which will be payable on the original shares
from the Ist of January last, and on the new shares
on and from the dates upon which the deposit and
first call were respectively paid, clear of income
tax. The claims upon the company, which were
under discussion at the time of the last meeting,
including that of Mr. Myres for building, have all
been arranged, and the prospects of the company
for the future are highly encouraging. The hotel
appears to give satisfaction to the public, and for a
considerable portion of the latter period of the last
three months has been quite full. The working
expenses of the first half-year have been larger in
proportion to the receipts than they may be ex-
pected to be in future half years, and the direc-
tors see no reason to doubt that the earn-
ings will yield a very good return upon
the capital. The directors further hope to be able
by arrangements at the back portion of the pre-
mises to economise on the cost of washing and
otherwise. Immediately after the last general meet-
ing the board, acting on the powers then conferred
upon them, proceeded to offer to the shareholders
the option of subscribing for the 3,000 new shares
thereby created. There remain at the disposal of
the company 603 of the new shares, for which the
board are prepared to receive applications on or
before the 31st of August next, when a rateable
division will be made amongst the applicants. The
total expenditure on capital account to the 30th of
June has been £151,647 16s. 9d., and the board are
of opinion that the total cost, exclusive of what may
be required hereafter for furnishing that portion of
the hotel let to the India Board, will be within the
amount which the board have powers to raise.