The Sun.
London, England, 1826-10-31 00:00:00

'UNIVERSITItS.

LONDON.
A Meeting of the Shareholders and 'F'roprietoo of the
London University was held yesterday at the Crown and
Anchor Tavern, Strand, for the purpose of receiving the
report of the Council appointed to forward the Otzjeas for
which the University is intended to be fentided. There
were present from 130 to 150 gentlemen, among whom
were observed Mr. Brougham, 14f.r. Hume, Colonel Lei-
cester Stanhope, Colonel Jones, J. L. Goldschmitit, Esq.
and many other warm supporters of the institution. The
Right Hon. Lord AUCKLAND was called to the chair.
The CRAIRMAN stated, that the objeet of calling the
proprietors together was that of affording a full and com-
plete intercouve between the council and shareholders.
The minutes of the last meeting having been read, on
which occasion the Duke of Norfolk acted as Chairman,
but was succeeded by Lord Auckland, the noble Duke
being indisposed, the secretary to the council, Dr. Cox,
read,the report, of which the following is a cepy
FIRST RETORT OF THE COUNCIL TO THE GENERAL DIEETIN%
Or PROPRIETOR'S, HELD 'UN TPIE SOTIr or OCT., 1826.

The *Council constituted by the deed of settlement, bearing date
•
the Ilth day o 1: February last, have proceeded incessar!„), in pro..
meting the great .oldest intrusted to their care, Awl:nave convened
the first ?eneral uneeting of the proprietary r.:cordingto the pro-
'6ll'l that tleeau for the Purimse of submitting to them the
present mans of the fund* of the institution, the proceedings i
hitherto taken by the Council], and the further measures they ]
would, recommend to the pros‘rietors for their sanction with a view
to the gradual completion iuf the proposed establishment.
To this Report is stepined, by way of appendix, the half-yearly
balamicc-sheet Of the, several sums received and paid on account of
the institution sip to the 11th of August last, as checked and ved-
tied sby,the ;auditors.
• Sulementiently fru such account, further subscriptions have been
receive 1, whers;oy the number of shares on which the deposit has
been Pahl b,,. been increased to 1,157, in addition towhichup-
wards of 113 shares have been subscribed by indiyiduals of the
Veatf.et respectability, on which, owing 'to various causes, the
Pa'sment of the deposit has been delayed, but may be considered
Iserfectly secure. The total amount of shares actually subscrffted
may be thus stated es amountisos to 1,300.
The Council were desirous of obtaining ferthei. Subscriptions to
the extent of 1,500, constituting the otos of 150,000/, the
timeliest amount of capital prescribed 14 the deed; hut obstacles
preseuted themselves, arising net less from actual pectinifity dit•r4
culties which many labourral under, who would Otherwise bevel
zealously *imported the cause, thass from the general previdthia of
that distress, which the failure of so muny.speculdtiVe Undertak-
ing had induced. In these circumstances% the eegress of the In-
etitution must have t'seen suspended until the restoration of confi-
dence, thus for a 'atne disturbed, had the Council not been encou-
raged and en:pported by the voluntary aid of several individuals,
who took .upon themselves to subscribe the deficient 200 shares,
lens Syt.;ich they consented to become responsible in all respect,
sn!oject only to the sanction of the proprietors to a
.sleeleration
that the capital of the Institution shall be eonsMtived as limited
to the' sum of 150,000/:, until finch 200 Oupplemental shares
shall be replaced by subseeibers] to "that amount. The engage-
ment entered into by these proprietors constitutes No. 2, in the
Appendix.
The capital required baSiiSg been thus provided for, exclusive
of 3554 emmtributed hy‘tray of donation, the Council was enabled
to ;wormed M the exercise of the powers confided to them; hilt the
may material seta taken by them has been a selection film *Wong
the several plans submit ted to them of that deuiigeed shy Mc. Wil-
kins, a sekslion in which their own judgisteint toincided with that
of utmost every proprietor who inspected the drawings; and One
Omuta are enabled to state, that Are work in its execution will
hevu the benefit of Mr. Gandy's superintendence, in conjunction
with Mr. Wilting.
The with of the Coma will appear to have been ruttier to se-
lect a resat design misted to the wants, the weelth, and the meg-
vitae ~of the population for whom the institution is intended,
Oran one commensurate with its present means; hut as they were
'determined to take no step in this important part of their trust,
witkosit first ascertaining .end limiting the utmost extent of ex-
parse to which any oontract or engagement might lead them, they
advertised firs tenders, by public competition, for the execution
of the wallas The lowest onbr wag made by Messre. Lee, who
engaged to oymplete the buildings for the sum of 101,0001. ex-
citutive of moue ontaments, to the istnount of Shoot 8,0001.
Tins sum exceeds by 20,0001. 'tire tailtimite made by Mr,
who, in explanation, luta 4rded that his speeifitaktion in the
quality or amount. of the material*, goes far beyond the usual
rourse of building, his main object having been to give durability
sus beauty to a building which would, And but few in this coun-
try to vie with it.
In the present state of the subectiption, and with the design of
the building so fur matured, the Council consider themselves fully
justiftesl in assn wing, that utter making a snore than adequate al,
brassece for any preheble defalcation, a clear sum of 100,0001.
stsill IQ remain available for the immediate objects of the Institu-
tient.; stub after toilette consideration of the circumstances, they
;eel assured, that with this sum at their disposal, a portion of the
building may be forthwith erected, adequate to the ACCOMplOtin,
suf the medical school, and of all the classes compsaing the,
entre ',inlaid parts of a guest education, leaving a sufficient sur-
plus for the purchase of alibrary and museum, and as such as may
be absolutely requisite fur salaries to professors. A portion of the
building comprising the library, two Muaeums, rim great theatres
- of intstroction), and about 211 other rooms, and affimrding ample
accommodation for the objects immediately proposed, will re-
quire en outlay, including fittings, of about 50,0001. to which,
adding 10,0001. for the library and museum, and a like sum to
meet contingencies, salaries, and other incidental expences, the
whole would amount to 701000/. which, with the 30,0001. al-
ready paid fur the land, istatOup the stun of 100,0001.
To that extent, for the misent, the Council would bouud their
views, not doubting for a moment that, a 9 the building proceeds,
and the merits of the undertaking are gradually developed, it will
nbtaiu such additional encouragement and support by an iucrease
of subseriptious to the extent of 300,000/., the maximum of
capital enutemplated by the deed of eettlement, as will at no dis-
tant day, amply provide for the completion of the buildings, Mid
for the full establishment of the institution on as liberal a scale as
its most sanguine Mende can desire.
The Council therefore propose, that the contract for the build-
ing be entered into such sub-divisions of it, as shall from time to
time be remuired, and be so frained, as to admit of the completing
or abandoning-any such subdiiisions upon due notice of the will
of the Outwit strictly adhering, as they pledge themselves to do,
to the provisions of the deed of settlement, and to the fired KM-
*Auk they have established, on no account, and in no ammo-
stances, to incur a liability beyond the amount of the resources
under their controul. In the mean time, and as the only measure
which consists with the season, they are desirous of comermenciog
operations by causing the fomindations to be excavated, which will
be done under a distinct contract, and at a cost nut exceeding
1,000/.
The Council having given in their prospectus a general view
. of the coils proposed to be attained, are unable at this early period
to enter into any further detail; all mere specific regulations and
arrangement* moat form the subject of future consideration, as
- exigencies arise and experience is obtained.' All they can now do
is, to submit to the proprietors the. expediency of sanctioning the
Council in immedimely emanoeneing the excavation of the ground,
and Prnefadinkt to the gimbal erection of the buildings in portions
under separate contracts, as already suggested; fur the accomplish-
Mint of which further instalments of 10 per cent. on the sub-
scriptions of intervals Of six months will, it iK beliived, prove
perfectly adequate.
Three months may -probably elapse before these preparations
can be completed, after which time (smiled propose to address his
etnyel Highness the fluke of tiessex, requesting him to lay the
first stone of the Ids Royal Highnees having been
pleased to add his mutate to the list of Proprietors, at the sause
' g much interest in the success of the institutiot
tisane
eennertlng his intention or meowing one of the first (1006'4
to the library..
moved that, the report be
Mr. 811E141E12 adopted,
and entered on the minutes of the Committee.—Carried
unanimously.
Mr. HENRY SAYS 1110% ql a resolution to the effect that.
-. 1-
the 250 supplemental shares mentioned in the report be
,
reorgainzed.
that motion carried, he
BROLIGIIAM—Iiefore
ardin tl
explanation rtg F lose
wished to say a few words in _
which
1- aces n
There were many Ell
e " supp em nta. s.iarcs. _oda.
c.rettinti, I net,d,
not been paid upon, solely from accul }. cult
au7e
ifficul I • they
in some
and the Council found themselves
coals hot proceed before 1,500 were paid upon, out of the
(I.
3,000, of" which the capital of 300,000/. was formet
vet
There was one individual who held 127 shares, no
- paid, but he (Mr. Brougha n) • was
sure that
the de-
post gentle-
mian's. name would be a sufficient guarantee for
'ts—he alluded to Mr. J. M. Denison.., In order,
. therefore, to complete the 1,400, these 9, 0 supple-
-mental shares had been created, and which would an-
swsr to 0, capital of 150,000!, which sum be alcu-