The Sun.
London, England, 1857-08-24 00:00:00

MONETARY AFFAIRS.

While the state of affairs at Delhi still remains iu
suspense, and everything connected with the Indian
outbreak is demanding public attention, the silent
effect of our pernicious monetary system is making
itself extensively felt.
The decrease of bullion in the bank, according to
last week's return, was only trifling (18,3980, but
the amount of the active circulation is now reduce]
to 19,547,440/.

A decline in the funds and in all securities has
hken place.

The Colombo, which departed for the East on
Thursday, was to take out net leis than 1,250,0001.
for Chiva and India—and the whole amount re-
mitted since the commencement of this year to
these countries will thus be raised to 12,500,0001.
about

It thus appeirs that not only dues our present
m.Qtlehry system expose us to constant fluctua-
t")43 and de r ' essions arising from the export of
gold fro,
these in
exthOPßank, but that wo are alsl liable to
tion of other countries.
from the unsound monetary logisla-
coountries.
We ret, in
which it i,3 comel.,r
_own silver because the rate at
artiuoliento money renders our coin an
uppeofitable
other couutric-, havoc! commerce. But France and
tottiers,
noteit, reduced their silver coin-
age in pmportion
from
theme, and it therefore pays to
export silver
for exportation gold in with 7 (il to purchase silver
tries from. the Bank of Encear:dawn by these co' n-
Put gold at its market price
.-
raciesecv enille() e
would no longer be able for their'o,%a
foreign rs
or profit to diminish our circulation,
41. -
of interest, and disarrange all our commoreiOart
rra‘e
actions. But till t!iis is done, we are at the mercy
( f foreign merchants, and of any train of eireum
stances by which our stock of bullion may hecome
an article of prolitab!e expil trtiol/. —Derbyshire
Courier.
__

FEADVICRTISZIf EZI T. I—Holle way SPills. are undeniably,.4estiou.
%lie finest thedicire in the world for bile and incn
In all oases of deranged stomach, determination of blood
to the head, bile, sick headache, liver and stomach com-
plaints, there is no medicine known that will give such
immediate relief al theAe renowned pil!s ; young and old,
rich and poor, patronise them, and so many cures are
effected by their use, that their praise is sounded from
the temperate clime to the frigid zone—in truth, persons
who- tray( I consider theni a necessary requisite.—Sold
bydtll medicine vendors thrquglieut the world, at Profes-
sor Hollowsy's Eitablisionents 244, Strand, London, and •
80, Maiden-laze, New York ;by . Stampa, Conztan-
inople ; tY. Guidicy, Smyrna, and E. Muir, Malta.

LAW INTELLIGENCE, Aug. 22.

COURT OF BANKRUPTCY.
(Before Mr. Commissioner Fane.)

IN RE THE SURREY GARDEN'S COMPANY (LIMITED).
This was a meeting. to obtain an adjudication on
the petition of Mr. Horace Jones, architect, a share-
holder, praying that an ord.erabsolute may be made
for winding up the above company.
Mr. Roxburgh appeared for Mr. H. Jones (in-
structed by Mr. A. Jones, solicitor); Mr. Bagley, Mr.
Linkl&er, Mr. Chidley, Mr. George, Mr. F. W.
Chappell, Mr. Fleming, and Mr. Coombe &so ap-
peared in the case.
An original printed prospectus headed. " Private
and Confidential" sets forth that the company
(limited) will be formed with a capital of 40,0001.,
in 4,000 shares of 101. each, and that the commit-
tee of management, until the choice of directors,
are—Wm. Beale, Esq., 201, Regent-street ; S.
Arthur Chappell, Esq. , 214, Regent-street ; T. K.
Holmes, Esq., 18, Fluyd.er-street ; George Bain,
Esq., 18, Parliament-street ; James Coppock, Esq.,
3, Cleveland-row, St. James's • and James Wyld,
Esq., Charing-cross. M, Jullien is named as the
director of music and. conductor, Horace Jona.,
Esq, of 16, Furnivals-inn, as the architect, and
William Ellis, Esq., of 25, Golden-square, as the
secretary pro tem. of the company.
The prospectus proceeds to set forth among other
advantages offered by the company the following :
" The gardens in the hands of a single proprietor
have for more than 25 years been patronised by
Royalty, &c., but it is clear, from the great success
of last season, that much larger results may be
achieved, and that the public require accommoda-
tien beyond that which any single proprietor would
venture to give. The application of capital, with a
liberal but judicious outlay, is imperatively called
for ; and now, by the Limited Liability Act, no
danger can accrue to the parties supplying it. Ar-
rangements have been entered into with the pre-
sent proprietor. Not a moment will thus be lost
in making preparations for the next season and in-
suring the large return that must inevitably follow.
All preliminary expenses and the outlay which a
new concern would demand will thus be avoided,
and if the business of the gardens be carried on with
only the usual preparation more than a 5 per cent.
dividend on the capital employed may with certainty
be calculated upon. It is proposed to erect build-
ings of a character and magnitude to command the
attention of the public, comprising a music-hall
capable of accommodating 10, 000 people. To this will
be added saloons for refreshments, conservatories,
aviaries for the display of beautiful and rare birds,
and aquaria for marine plants and fishes, while ex-
hibitions of various kinds will be introduced, afford-
ing amusement to promenaders. As a guarantee
that the music will be of the highest order, the
eminent services of M. Jullien have been secured,
on advantageous terms, for a period of five years.
The orchestra will be on a grand scale, and vocal
talent of the very highest order will be engaged.
The artistic departments of paintings and fireworks
will be confided to the most celebrated men, and
refreshments of a quality hitherto unequalled will
be supplied at moderate prices." A beautiful litho-
graphed sketch of the gardens (appended) is next
referred to. Not more than 10 per cent. dividend
will be " allowed" to be paid in any one year, and
" the surplus will be set aside for a reserve fund
from which the entire capital of the shareholders
may and will be repaid." Shareholders may, in
lieu of receiving a share in the annual profits, hive
a personal ticket of admission for five years, with
full reservation of right to share in the " surplus"
to bi then divided. The prospectus goes on to
state that "no commercial enterprise of the day
affords such certainty of success with so large a
profit. The promoters have carefu‘y avoided all
exaggerated views ; application for shares may be
made to the Secretary, at 25, Golden-square, or to
the committee of management at their residences.
A largo portion of the capital is already subscribed.
Early application for shares is necessary, and im-
msdrately upon the allotment a general meeting of
the shareholders will be called to appoint the direc-
tors, solicitors, and other officers of the company,
thus avoiding favouritism, and insuring a direction
possessing the confidence of the shareholders."
' Mr. Roxburgh, on applying on behalf of Mr.
Jones, the architect of the company, for an order
for winding up, said that the prospectus of the
company was put forth in March, 1856. Out
of the required number (4,000) 3,740 shares were
applied for. Of these 3,256 shares were taken up,
which gave the company a capital of 32,5601. to
commence business with. The whole of that
capital was lost, and there were now debts to the
amount of 26,0001., of which 14,5001. were secured
by a mortgage of the Music-hall, &c., and the re-
mainder, 11,5001., was wholly unsecured. The
petitioner (Mr. Jones) was the holder of 20 shares,
upon which the 2001. had been paid up. He was
also a creditor for 1,1001.
Mr. Chappell, for certain shareholders; doubted
whether an order for winding up would be valid
on Mr. Jones's petition. Mr. Jones having paid
up the full amount of his shares, he could not be
said to be a contributory, and he petitioned for a
winding-up order as a contributory. Mr. Chap-
pell referred to the 65th clause of the Act.

- The Commissioner—You say that calls cannot be
made upon him, because he has paid everything i
Mr. Chappell—Yes.
Mr. Roxburgh referred to the 67th clause of the
Act, sections 4and 5, in support of the petition.
The Commissioner observed that it would be
strange if an honest shareholder, who had paid up
every farthing on his shares, should be precluded
from petitioning as a contributory. He might by
so doing be able to get something back.
Mr. Chappell submitted that if the petition were
allowed, creditors would have no voice in the mat-
ter, as the shareholders could elect the official
liquidator.
After some discussion the Commissioner said ho
would cut the Gordian knot by admitting Mr.
Jones to be a petitioner. He could not conceive
that the Legislature had ever intended to preclude
him from being a petitioner under the circum-
stances brought under his notice.
Mr. Fleming said the present proceedings came
on some of the shareholders like a thunderbolt,
and that he had been requested to present a me-
morial to his Honour as agreed to yesterday at
a public meeting of shareholders and creditors.
Mr. Fleming handed up a memorial, of which the
subjoined is a copy :
"This memorial showeth :

"That Mr. W. Tyler was lessee of certain ground and
premises at Wa'worth, and he there conducted, in a
very respectable way, Zoological Gardens, but that for
the last two or three years of his tenancy it turned out
an unprofitable undertaking.
"That he became indebted to a considerable amount
to James Coppock, one of the directors of the company
called the Royal Surrey Gardens Company, who became
mortgagee of the premises, or in some other way was
beneficially entitled thereto.

" That for about 18 months previously to the year
1855 the lease and premises were in the market for sale,
and several parties treated for the same, but no sale was
effected.

" That in the latter part of the year 1855 a company
was formed, called the Royal Surrey Gardens (Limited),
of which the said James Coppock was one of the regis•
tered promoters, the said Mr. Tyler was appointed
manager, and the petitioner, Mr. Horace Jones (who
now seeks to wind up the company), was the architect.
"That a company was readily formed, and in the
month of March commenced their buildings and laying
out their grounds at an outlay of about 25,0001
" That at a meeting of shareholders in October, 1856,
a dividend of 10 per cent, was dec'ared out of th'e profits
said to be made in a period of 10 week, during which
time the gardens had been open, and the account marked
A• hereunto annexed was then circulated among the
shareholders.

"Twat in April last a second meeting was called upon
the following notice, without any account being sent
with it :

"' Notice is hereby given, is pursuance of the deed of
settlement of this company, that the second ordinary
general meeting of shareholders will be held on Thurs-
day, the 2d day of August proximo, at the Royal Surrey
Gardens, at two o'clock in the afternoon precisely.'
"That from the wording of the above notice, and in-
timation given to the shareholders that nothing hut the
ordinary businev, such as the arrangement of the enter-
tainments and the opening of the gardens, would be
under consideration, several shareholders did not attend
who would otherwise have done so, particularly if it had
been known that an account affecting the validity of the
undertaking would have been brought forward.
"That at this meeting the shareholders were kept in
the large concert-room until the time appointed for the
meeting had expired, and they were then shown into an
adjoining room, where a plentiful supply of sandwiches
and wine was spre id upon a counter, and at one end
was laid a bundle of accounts, one of which marked B 5
is hereto exhibited, and which accounts were not di,tri-

* The schedule A, referred to in the preceding document
purports to be an account of receipts an 1 payments for the
season commencing July 15 and ending Oct. 1, 1853. The
account states that the cash paid for music, vocalists, sala-
ries, and all charges for current expenses connected with
the gardens is 10,4(i8/. ss. 3d., which with 968/. 7s. 93.
owing on current expense account, loaves a balance profit
0 te season of 1 916/ ls lld the cash received for ad-
-11118188.8150au. tc,:ntahe various .per.forma"nces having been 12,639/.
refre!t,
-1. Thesehr°"l3
the cash received from cigar, champagne. and
(ltd.
87121. 15s. Bd.; total, 13,3521. 14s. ld.
lance sheo, to
.....sreferred to purports to be a general ba-
; aulreoceived for admission to gardens, &c ,
30,4931.; arnee'ri:c• 31, 1856. It shows capital paid up,
13,614/. 4s. Id.
7s. 9d.; from creditoilrsat received for surplus stores, 519/.
_al:. amount there wore : —By
49,708/. 4s. id, Agains°tutti.an. 5,0801. 12s. 3d.; total,
property—amount paid for
this
2,447/.
tiou account, 19,678/. itiZ Za.8.1-1.q00!.; on construe-
cash 1,160/. (including M.
3,17.5/. 178.; current. expense., ii.
6%elliminary expenses,
ld. To this
Jullicn's salary, 1,2a01.i vocalists'
account4l 7il.aands of
bankers; total,
1eavingt10,t3311,4'4.9),3081.
4.
the certificate of J. Weston,. auditor, that he i,llffiexed
reined the same, finds it correct, anal hereby gowirras it
same."

* Subjoined is a copy of letter C referred to :
"33, Essex-street, Strand, W.C., April 27.
"To the Shareholders of the Royal Surrey G.rdens
C.Anpany.
"Notice of Meeting of Shareholders.

. _
" Sir,—Several shareholders who attended the meeting
of this company on the 2d inst. are greatly dissatisfied,
not only with the account itself, but with the way in which
it was attempted to be passed.
"The shareholders generally are under the impression
that'the company have a term of about 50 years in the
above gardens, but the following facts may be relied nu :--
" A lease was granted to Mr. Tyler, the late tenant, for
a term of 21 years, from September, 1847, at a rent of 316/.
per annum, which expires in less than lli years, when all
the property passes to the landlor.l. This lease has been
assigned to the company, and is the only title upon which
upwards of 25,0001. has been, and is being, expended on
building alone. But this is not all, the company have to
pay a fine every seven years to the Dean and Chapter of
Canterbury, amounting to one year and a half improved
value. The last fine was paid two years since by Mr.
Tyler, and amounted to 5001., when the premises were
comparatively valueless, and in five years more an in-
creased fine must be paid, which, under a similar assess-
ment, will amount to 2,0001., and yet for this short term
of 11i years, with au enormous fine to pay, 14,000/. is
charged to the company for the interest in the lease,
3,175/. 17s. for preliminary expenses, although the pros-
pectus issued upon the formation of the company expressely
states that all preliminary expenses are avoided ! I deem
it fair to state that no portion of the 14,000/. or 3,175 179.
has, I believe, gone into the pockets of the directors
generally ; but surely it is a question, of great importance
to know who has received this 14,000/, and for what it has
been paid, if the lease expires in 11. years.
"Every disiuterested shareholder must therefore he an-
xious to know the truth of the foregoing assertions, and
far this purpose the directors have notice, and the solicitor
to the landlord has solicited to attend a meeting, to be
holden at the Manor House Tavern, close to the Surrey
Gardens on Thursday next, the 30th instant, at 3 o'clock
precisely, at which time and place you are solicited to at-
tend, in order that the above statement may be fully inves-
tigated, and, if necessary, a committee of shareholders ap-
pointed to inquire into and protest their own interests.
"I am, Sir (in behalf of myself and others),
!` Your obedient servant,

" W. A. COOMBE.
!`A holder of 20 shares."