The Sun.
London, England, 1861-12-13 00:00:00

rfiE SUN, LONDON, FRIDAY EVENING, DECOVIBER 13, 1861:

share to each. You must give a monopoly to none.
_Before the Reform Bill the aristocracy, the wealth
of the country, had a monopoly. Since the Reform
Bill the middle class has had a larger share. The
question now is, whether you can introduce a further
change and give to the operative class a fair share
without giving them monopoly. (Hear, hear.) No
such plan has been proposed. In every plan which
has yet been suggested for remedying the evil I see
gnat difficulty and great danger. In remedying
small evils they would introduce larger ones ; and
until some plan is proposed which will bear discus-
sion, I must suspend my judgment as to any general
conclusion. (Cheers.) Every one admits that the
great mistake of the Reform Bill wits the establish-
ment of an uniform household money qualification,
because it placed all future Parliaments in this dif-
ficulty—that the franchise could never be extended
except in a downward direction—thus endanger.
ing the swamping of the existing constituen-
cies. In several places the constituencies would be
more than doubled by the 16 franchise, and the
consequence would be that the election would be
entirely in the hands of a new and a poor constitu-
ency. Now I do not think such a change at all de-
sirable. (Hear.)
Mr. ALFRED STANTON then moved, " That this
meeting having heard Mr. Horsman's views on poli-
tical matters, feels called upon to e,xpress its thanks
to him for having on this and similar occasions
afforded his constituents the opportunity of meet-
ing him in public."
Mr. WI. HoLmEs seconded the resolution, which
was carried unanimously.
Mr. HORSMAN having briefly acknowledged the
compliment, three cheers were given, and the meet-
ing separated.

RAILWAYS AND PUBLIC COMPANIES%

CRYSTAL PALACE.

The directors of this company state in their re-
port that the accounts for the year ending the 31st
of October last show a balance to the credit of re-
venue of £48,599, being a little in excess of that for
the preceding 12 months. To this balance must be
added the reserve of £12,229 brought forward from
1860, making a total credit of £59,828 available for
interest and dividends. After payment of the dividend
on the debenture and preference stocks and balance of
interest account for the year, amounting to £29,592,
a sum will be left of £30,235, out of which the direc-
tors recommend the payment of a dividend of 2 per
cent. on the ordinary stock (equivalent to 2s. on each
original share), which will amount to £20,058,
leaving a balance of £10,177 to be carried forward.
In reference to the capital account, it appears to the
directors that the time has now arrived when it is
desirable to adjust this more closely to the existing
circumstances of the company, and with this view
the sum of £27,415 has been transferred to the de-
bit of capital from the Dulwich-wood account, and
£15,000 from the land purchase account. The effect
of the arrangement with Mr. Wythes for the re-
demption of the improved rent under his lease by
the payment of £14,500 as sanctioned by the meet-
ing in June last is—after deducting some other al-
lowances from Dulwich College, and the ground
rents of the houses already built and occupied—to
reduce the annual rent now payable from £3,000 to
£1,282. Other arrangements are in negotiation by
which this rent will be further reduced, and it is
anticipated that before long sufficient plots of ground
will be let to cover the whole outgoings upon the
property. But, as the principal reduction in the
rent did not come into operation till the last quarter
of 1860-61, it appears necessary for the present year
to follow the practice hitherto adopted in regard to
this property, of charging the rent to the Dulwich-
wood account, and not to the annual revenue. At
the same time, it should be stated that the interest
on the additional capital (viz„ £14,500 paid to Mr.
Wythes, and £12,500 paid to the College for the
road) has been charged to the revenue. For the
future, however, the directors think that it will be
advisable to change the revenue with the rent as
now reduced, so as to avoid making any further ad-
ditions to the Dulwich-wood account; and as it is
apparent that the amount now standing to the debit
of the latter account is materially in excess of the
value represented by the property, they have writ-
ten off £27,415 from this account to the debit of
capital. It must be borne in mind, however, that
the property as it now stands is of great value, as
will be seen from the fact that the reduced rent
now payable by the company under the lease is
£1,282, while the total rent which will be realised
from the land when entirely covered, at ground
rents proportionate to those already ob-
tained, is estimated at the least at £3,000 per
annum. The very onerous covenants in respect of
the lease (involving an outlay by the company of
£40,000) are now practically satisfied. This sum is
made up by expenditure on the formation of roads
and the erection of houses, including under the lat-
ter head the sum of £13,572, and between £5,000
and £6,000 on additional houses now in course of
ihdely approaching completion.
College are on foot for appor-
eNreegctoitoinat,ioannsdwitrhapt
tioning the rents on the houses, so that they will be
available for sale or lease. There has 'been an in-
crease in the gross revenue of the past year to the
amount of £6,038. Almost the whole of this excess
has been absorbed, partly in works necessary for
tha approaching season, and partly in the expenses
of special occasions. The total number of visitors
during the year has reached 1,650,760, being an
increase of 118,809 on those of the preceding 12
months. In addition to the sums now charged to
the revenue account there has been an outlay of
about £2,500 in restoring the damage occasioned to
the north wing ; this has been effected by building
an orangery, but the directors considered that this
is an item which ought ultimately to be charged to
the reserve fund. The directors look forward very
hopefully to the prospects of the company for 1862.
They believe that the time of a great international
exhibition in Lonion would prove highly advan-
tageous to the Crystal Palace, because the number
of persons visiting the various places of public resort
in and near London more than doubled itself dur-
ing the period of the former Great Exhibition. The
directors also calculate upon a considerable acces-
sion to the exhibitors' department from parties who
desire either to exhibit in duplicate (with the pri-
vilege of making sales) those articles which they
show at Kensington, or from those who have not
been able to obtain from the commissioners the
space they applied for. Tho directors keep in
view the desirability of fostering and encou-
raging these important sources of revenue. The
preparations for the Handel Festival in June next
are being pressed forward with all necessary
despatch. Every effort is making, both by
the company and the Sacred Harmonic Society,
to render the festival so perfect, both as regards
the music and the arrangements for the visitors,
that its success shall eclipse that of 1859. At the
same time the expenditure is being carefully
tt etched. The opening of the West London Exten-
sion Railway iu May next must produce advan-
tageous results to the company. An extraordinary
meeting will be held for the purpose of creating the
balance of £50,000 of Preferential Debenture Six
per Cent. Stock. The principal additions which
have been made to capital subsequent to April 30,
1858, are the following :—Extra plant for the re-
freshment department and increased accommodation
connected therewith, £13,132; additions to expen-
diture on D ulwich -wood since the same date, £13,504;
expended in construction of houses in Dulwich-
wood, £13,572; and a further expenditure, necessary
to complete the houses now in course of erection, of
between £5,000 and £6,000. The additional capital
of £50,000 now required is thus clearly accounted
for. The directors believe that the additional ex-
penditure has been judiciously incurred in the inte-
rests of the company; and, as the money expended
on the objects fur which it is required has been
hitherto supplied chiefly by temporary loans, the
creation of this addition to the permanent capital
will not add materially to the charge against the
revenue, while it will place the company in a pro-
per financial position.
The capital account to the 31st of October last
shows that £1,461,237 had been received, and
£1,429,434 expended, leaving a balance of £31,103
The revenue account for the year ending the 31st
of October last shows that £126,708 had been re-
ceived, including £10,991 for season tickets and