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

CRYSTAL PALACE COMP,AIV Y.

REPORT OF THE DIRECTORS.
The report of the direcors of the above company to
the extraordinary meeting of shareholders to be held oil
Telursday next, states that the directors have given their
careful consideration to the subject of the year's working
from the Ist of May last to the 30th of April, 1858,
and from the best opinion they can form, they believe
that the whdeaccounts, when made up to the 30th April
next, will show a surplus 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 bas been arrived at from an actual balance
of the company's books for the first six months (namely,
to Oct. 31 last) ; and for the remaining six months,
from an estimate based on the assumption that the
receipts will equal those during the corresponding period
of last year, and that the ordinary expenditure during
this period will be kept on the scale to which it has been
already reduced, a scale which the directors believe is
about as low as can be established consistently with the
si
preservation and protection of the company's property.
It will be satisfactory to the shareholders to know—as
eshowingending
od
_tcht.atha
t3tlth:a them
attractionso amount
grosst
to9rBe, receipts
pt7thls.elfo P7sar.latc hecontinueex months
un-
impaired—that n-
i e
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 c itnpany, 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 admix- •

sions to the palace arid grounds on all ordinary is. 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 admies
sions 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
thsir issue. It is thought that 60 admi sions 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 propo-ed that a list shalt be at once opened,
and kept open say bill the let February, 1858, after
which the directors shall have the power of recon-
sidering the terms on which any further issue shall take
sd
itnhga t a
da
mr
iesssoi lo;u
tPit"o. the The
b odai rr
de c to
shallors
further s
er
de c, oamu
tmbeonr
by these tickets to the palace and grounds on Sas a gratuitous
afternoons after half-past one o'clock, -
iTclay
privilege, and without any money payment to be made
directly or indirectly to the company for such privilege,
the number of persons admitted by each ticket being, .
however, recorded upon it. In conclusion, the directors
say, that they have bad under their serious consideration
the generally expressed wish of the shareholder, that the
future policy of the
,company should be based on the
mo-t 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 prices.
In approaching the close consideration of this very im-
portant question, it appeared that Mr. Fergusson, the
general manager, did not see his way to the adoption. of
Ithe suggested line of policy, and expressed his
that, if carried out, the result would be prejudicial to
the general interests of the company. Under these cirs
cuuistancee, he thought it his duty to tender his resigna-
tion to the board, which they accepted, deeply regretting
that any circumstances should in Mr. Fcrgusson's
judgment have occurred to tender 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 mouths, 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 organisation
of a general programme for next year, and in the mean-
time have concluded arrangements for a sere 3 of juvenile.'
fetes for the Christmas holidays, of a popular and expres ,
eivefeharacter, particulars of which will very shortly be
announced.
The substance of the remarks of the clii•ectors 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 past,
and there has been no addition made to the amount of
debt shown by the balance-sheet submitted to the meet-
ingin 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 properly of the company over which it
will form the first charge is ;ve uprde of 200 acres of
freehold land, with a plant and' works upon its in
addition to the buildings of the Palace,
n with the greater
portion of their valuable contents, an arount.of property
in the aggregate which the directors think
it only rea-
eotiable to assume could not under any circumstances
realise less than half a million of money.