The Sun.
London, England, 1859-12-10 00:00:00

NETV" POLYTECHNIC INSTITUTION.

A public meeting, very respectably attended, was
held on Wednesday at the London Tavern, to pro-
mote the formation of a limited liability company
for the revival and continuance of the Polytechnic
Institution. The chair was taken by S. Gurney,
Esq., M.P.
The prospectus and report of the provisional com-
mittee, read by the Rev. Mr. Owen and Mr. Grea-
torex, referred back to the meeting held on Aug.
12, at Willis's Rooms, where Lord Raynham pre-
sided. It was then stated that in consequence of the
lamentable accident which occurred on the premises
of the Royal Polytechnic Institution, on Jan. 3d
last, that useful society, would shortly be compelled
permanently to close its doors to tha public. The
institution having no reserve fund to meet the ex-
penses and liabilities contingent upon the accident,
the society was placed in a state of pecuniary embar-
rassment, from which extrication was impossible,
except by a sale of its property and the winding up
of its affairs. The prospect of the discontinuance
of an institution which had for so many years ex-
lercised so _beneficial an influence, had been enter-
tained 'with such regret, that it was considered
highly desirable to found a company (under the acts
of Parliament limiting the liability of shareholders
to the amount subscribed), having for its objects
the purchase of the whole of the property of the
Roy alPolytcchnic Institution, and continuing in the
same building exhibitions and lectures of a popular
character, with such extension of its means of in-,
struction, blended with amusement, as would be
consistent with the moral purposes of the original
institution, and as might be suggested by the new
management, The Royal Polytechnic Institution,
founded by royal charter in 1838, expended the
whole of its capital, £35,000, in acquiring its pre-
sent commodious building, together with the requi-
site machinery and plant. The sum required for
the purchase of this property, including the pre-
mium on a new lease, by which the rent of the
great theatre will be reduced from £442 to £5O per
annum, for re-constructing the staircase on a secure
plan, rendering fire-proof the entrance-hall, and for
completeley repairing, altering, and renovating the
entire property, o.oes not exceed £ll,OOO. The
proposed alterations in the buildings would pro-
duce an immediate rental of £3OO per annum to the
new institution. Upon an estimate of the income
from the receipts at the doors of the Royal Poly-
technic Institution on an average of ten years, after
setting aside an ample sum for working expenses, a
tolerable dividend may be fairly calculated upon.
The receipts for laboratory, diving-bell, lectures,
and pupils, amount annually to a sum that would
be an adequate remuneration to a manager. In
addition to dividends on capital, it is proposed that
holders of shares shall be entitled to free admission
to all lectures and exhibitions. The public advan-
tages which have already been derived from the
existing Polytechnic were particularly set forth.
It was remarked that the original founders chiefly
aimed at establishing a sound model institution of
a national character, with a view to co-operate with
the Mechanics'lnstitutes,and other kindred societies,
then rapidly multiplying throughout the provincial
towns of the United Kingdom. To such institutions
'the close of the Polytechnic now would be the loss
of a pattern and coadjutor, and a discouragement to
the friends of useful efforts throughout the coun-
try. The saloons of the Polytechnic have been al-
ways open to the gratuitous exhibitions of new or
old works of art, improvements in manufacture and
machinery, and to useful inventions, affording op-
portunity to artisans and inventors to give public
explanations of their respective prodactions. The
institution has extended a taste for scientific know-
ledge, by its popular lectures and experiments, and
charmed its visitors, young and old, by a constantly-
diversified series of beautiful dissolving views, the
largest and most brilliant ever exhibited in similar
institutions in Great Britain or on the continent. A
quarter of a million of paying or gratuitus visitors
has been the average number of attendants annu-
allly on its performances from the period of its
commencement, nor is the public interest in them
materially diminished. A feature of great practical
value to the young men of the metropolis the insti-
tution presents in its evening classes. These impart
systematic instruction in natural philosophy, draw-
ing, languages, and general literature, at the mode-
rate charge of ss. per term, liberally accepted by
the professors, whose services are gratefully appre-
ciated, and an average of 700 students per term have
availed themselves of the privilege. About 50 pupils,
from the instructions received here, have obtained
appointments in the government departments and
the service of railway companies, many of whom
have since attained considerable reputation in their
callings. One hundred and three naval officers
have obtained certificates of efficiency in steam
practice from their studies at the Polytechnic.
The pupils have always borne off prizes and hono-
rary distinctions at the Royal Society of Arts. At
that society's examination at Christmas, out of 29
Polytechnic pupils who contended for its certifi-
cates four obtained those of the first class, four of
the second class, and 13 of the third class. Two
obtained money ptizes, and one money prize was
awarded to the institution. During the first two
years of the Working Men's Lectures, on Saturday
and Monday evenings, admitted at half-price, viz.,
sixpence each, between 60,000 and 70,000 working
men and their families attended. The committee
scarcely alluded to the successive discoveries in art,
science, and social economy, which have owed their
first publicity and popular exposition to the lec-
tures of the Polytechnic, or to the many advan-
tages of a central and easily accessible chemical
laboratory, with every means at hand, and a com-
petent professor always in attendance, to conduct
experiments, apply adequate tests, and furnish in-
formation. They urged, moreover, on philanthropic,
moral, and religious grounds' the importance of
providing pure recreation for the working classes,
instead of leaving them no resource but sensual
and vicious amusements.
Having, since the meeting last August, tho-
roughly investigated the whole matter, the committee
had arrived at the conviction that the new under-
taking, if conducted with ordinary prudence and
discretion, would be sufficiently remunerative to the
shareholders. Notwithstanding the disadvantage
of most persons being out of town at the season
when the committee entered on their labours, they
had received promises of support to the amount of
£8,365. It Ras thought there would be no difficulty
in raising the whole of the funds required by mak-
ing a little effort.
Mr. JANSON, chairman pro. tem., of the commit-
tee, said it was mainly by the generosity of Mr.
Gurney they had got so far on their way. Several
other gentlemen had liberally put down their names.
If the old Polytechnic, with a capital of £35,000,
paid for many successive years a dividend of 1 per
cent., it was probable that the new one. with a
much smaller capital, would also yield a dividend ;
but whether the shareholders got a dividend or not,
he could promise them a bonus—the satisfaction of
doing some real good. It would be a disgrace to
London if the Polytechnic were allowed to disap-
pear, with nothing to take its place.
Mr. WYNN, the hon. secretary, stated that 832
shares had already been taken, and it was proposed
that £7 should be the amount called up on each
share. The money value of the shares was £5,852,
and £435 had been received in donations, making
a total of £6,28y previous to that morning. With
£B,OOO the committee would feel at liberty to enter
into a contract for the purchase of the property.
They wanted to get £14,000, but £BOOO was the
faiinimutn.
The meeting was addressed by Mr. Jos. Payne,
by Mr. llanbuury, M.P., by Sir C. Rowley, Mr.
Gaussen, Mr. Phene, the Rev. C. Mackenzie, Mr.
Locke (of Regent-street), Mr. Maxwell, Mr. T.
Webster, Mr. Frith, and other gentlemen, in sup-
port of the formal resolutions, or in recommendation
of particular features of the proposed scheme. The
resoluions, which were unanimously adopted, set
forth that the progress made by the provisional
committee justifies the registration of a limited
liability company, with a capital of £20,000, in
2,000 shares of ,ElO uelt. The committee were re-
quested to take steps for that. purpose, and to act in
their provieional character until a general meeting
of the shareholders could be convened, to elect a
board of direction, and to settle the future consti-
tution of the company. It was mentioned by the
way that one gentleman conducting an extensive
business near the Polytechnic Institution, of which
lie was a shareholder, had collie forward and made
himself liable for 11,500, to prevent its being even
temporarily closed. Scver,?.l of the speakers bore
direct testimony W its usefulness under the past
!gement.

inanati

The operatioris for the recovery of the treasure
sunk in:. the • Royal Charter were suspended yesterday,
owing to boisterous weather.. •
[AnvERTIgEmEN'T.] Mr. Benson, Ludgate-hill,. has
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by post for tvto stamps). -It shOu/d be-iead by all who are
about buying a watch, as it contains prices and import ant
information as to—What watch to buy where to buy it I
and bow 0 Ip9 it I