The Sun.
London, England, 1857-12-11 00:00:00

REPORT OF THE DIRECTORS.

The report of the directors of the above company to
the extraordinary meeting of shareholders to be held on
Thursday next, states that the directors have given their
careful consideration to the subject of the year's working
from the Ist of May lait to the 30th of April, 1861,
and from the best opinie,n they can form, they believe
that the whole accounts, when made up to the 30th April
next, will show a surplris of from 10,0001. to 12,0001. to
the credit of the revenue accounts, after deducting inte-
rest on all borrowed money and debenture stock, and a
year's dividend on the 7 per cent. preference shares.
This result has been arrived at from an actual balance
of the company's books for the first six months (namely,
ptionthapt period
to Oct. 31 last) ; and for the remaining six months,
from
receipts a n
will estimate
q al thoseh a
based
duringe
ot
this
s lastp e r
iyo year, r,
will and
be that the ,
on
the ordinary
scale
toh it has expenditurewhiodsuriog
been
the
ee
correspondinga assumption
already reduced, a scab!, which the directors believe is
about as low as can be established consistentlywiththe
preservation and protection of the company's property.
It will be satisfactory to the shareholders to know—as
showing that the attractions of the Palace continue tine
impaired—that the gross receipts for the six months
ending Oct. 31, amount to 98,5571. 175., a sum equal to
the receipts for the corresponding period of last year.
The directors submit, as a plan for reducing the capital
of the company, that in respect of every ordinary and
preference share which shall be agreed to be extinguished.
in terms of the 11th section of the company's act a'
ticket shall be issued to the proprietor of such share, -
entitling him to a certain number of gratuitous admis-
eions to the palace and grounds on all ordinary ls. days,
the ticket to be available without the necessity of the
proprietor's personal presence. It may be lent, and may
be used by a party of persons of any number at a time,
provided the number does not exceed that of the adage'
lions still due to the ticket. Great facilities will thus be
afforded to families and other visitors desirous to come in
parties, and all the advantages given which could result '
from " family tickets." It is proposed that the right to
use the tickets shall not extend beyond three years from
their issue. It is thought that 60 admissions for an or-
dinary
share, and 120 admissions for a preference share,
will be a fair number to be adopted for the first issue;
and it is proposed that a list shall be at once opened,
and kept open say till the let February, 1858, after
which the directors shall have the power of Toon'
sidering the terms on which any further issue shall take
plaoe. The directors further recommend that a resole-
tion of the board shall be passed, authorising admission
by these tickets to the palace and grounds on Sunday
afternoons after half-past one o'clock, as a gratuitous
privilege, and without any money payment to be 02948 ,
directly or indirectly to the company for such privileges
the number of persons admitted by each ticket being,
however, recorded upon it. In conclusion, the directors
say, that they have had under their serious consideration
the generally expressed wish of the shareholder, that the
future policy of the company should be based on the
most economical plan of expenditure, and that any at-
tractions beyond the permanent ones of the Palace itself
should be framed on as economical a scale as possible,
and with a view to attracting large numbers of people
rather than a comparatively small number at high pricer.
Ie approaching the close consideration of this very Im-
portant question, it appeared that Mr. Fergussor!„ ha
the suggested line of policy, and expressedothe andisopotplut.onioonl
general manager, did nut see his way
that, if carried out, the result would be prejudicial to
the general interests of the company. Under these efte
otiuotnnsttoantcheee,bohaerdth, owuhgihcht itthehyis dacucteyptteodt,ednedeepr his
lyregrreesiguinna-
g
that any circumstances should in Mr.
ergtlB9ool
judgment have occurred to render this step necessary.
Mr. Fergusson has kindly consented to continue to give
the company the benefit of his assistance until the
board of directors (now to be reinforced) shall have an
opportunity of making suitable arrangements. The
directors have made a careful reduction in the expen
diture for the winter months, and they hope to be able to
extend this principle to the whole of the year without
impairing the real efficiency of the establishment. They
have also been giving their attention to the organisa.tion
of a general programme for next year, and in the mean-
time have concluded arrangements for a series of juvenile
fetes for the Christmas holiday', of a popular and garrets
eiveicharacter, particulars of which will .very shortly be
announced.
The substance of the remarks of the directors relative
to the debenture stock, and the necessity that a very
considerable additional amount of the stock should be
forthwith taken up by the shareholders, appeared in our
report of the shareholders' meeting on Wednesday last.
The directors observe that the capital account of the
company has been practically closed for some time pet,
and there haS been no addition made to the amount of
debt shown by the belanceetheet submitted to the meet'
ing in June last, and which will be absorbed when the
debenture stock shall have been fully taken up. The
annual receipts will cover the interest on the debenture
stock, and the property of the company over which it
will form the first charge is upwards of 200 acres of
freehold land, with a plant and works upon it, i°
addition to the buildings of the Palace, with the greater
portion of their valuable contents, an amount of property
in the aggregate which the directors think it only row
eonable to assume could not under any circumstance°
realistless than half a million of money.

BIRTHS.
COOKSON -On the 9th inst., in Harley-street, the wife Of a

Cookson, Esq., of a daughter.
HSWETT— On the 10th inst., at 35, Hertford-street, gad"

the wife of Prescott Hewett, Esq., of a daughter.
PlLKlNerox—On the 9th inst., at Chevet, Lady M. Swinnel'
Pilkington, of a son.
MARRIAGES.
NlCRS—FeußuiuToN—On the 9th inst., by license, at Sid 4, t
Stephen's, Coleman-street, Thomas John Nicks, Esq., of
24, Mark-lane, and Lea•bridge-road,
t.
Caroline, fourth daughter of the late Joseph Farrington'
EA.., of Spital-square.
DEATHS. •
CARTER—On the 7th inst., at Harringay Villas, Green-Isn'—‘
Tottenham, Henry Carter, Esq., aged 79.
FONNEREAU —Ou the Bth inst. P. P. Fonnereau, Esq., of itegi4
dlesham House, Upper Avenue-road, Regent's-park.
I-Lummox— On the Bth inst. suddenly, at Mickley Parsonage,
near Ripon, Yorkshire, the Rev. John Walker Harrison'
aged 08.
MACNAUGUT-011 the Bth inst., at Ventnor, Isle of Wiglit).
`• • M:l‘2itanght., iron merchant, London, asTed
irmsDoN : Printed and Published by M.URDO YOUNG
No.
of No, 112, Strand, Printer, at .The Sun Offloo.
112, Strand, in the Precinct of the Savoy, in the counw
of AliddleEes, Friday, December 11, 1857.