Star.
London, England, 1826-10-31 00:00:00

UNIVERSITY OF LONDON.

A INfeeting of the Shareholders and Proprietors of the
London University was held yesterday at th- Crown
and Anchor Tavern, Strand, for the purpose of receiv-
ing the Report of the Counsel appointed to forward
the objects fnr which the University is intended to be
founded. There were present from 130 to 150 Gentle-
men, among whom we observed Mr. Brougham, Mr.
Home, Col. Leicester Stanhope, Col. Jones, J. L. Gold-
schmidt, Esq. and many other warm supporters of the
Institution. The Right Hon.-Lord AUCKLAND was
called to the Chair. The Chairman stated, that the
object of calling the Proprietors together was, that of
affording a full and complete intercourse between the
Counsel and Shareholders. The Report, which the
Secretary would read, contained a full statement of the
situation of affairs as regarded the receipts and expendi-
ture, and of the measures which had been already taken
for the huilding of the Univenity.
The Minutes of the last Meeting having been read,
on which occasion the Duke of Norfolk acted as Chair-
man, but was succeeded by Lotd Auckland, the Noble
Duke being indisposed. The Secretary to the Council,
Dr. Cox, read the Report, of which the following is
an extract :

" The Council constituted by the deed of settlement, have con-
vened this General Meeting, for the purpose of submitting to them
the present state of the funds—the proceedings hitherto taken—and
the further measures they would recommend for the gradual com-
pletion of the proposed establishment. Further subscriptions have
been received, and the number of shares on which the deposits have
been paid, have increased to 1157, in addition to which upwards of
143 shares have been subscribed by individuals, on which the pay-
ment of the deposit has been delayed, but may be considered per-
fectly secure. The amount of share. subscribed is 1300. The Com-
mittee were desirous of obtaining subscriptions to the extent of
150,0001. the smallest amount of capital prescribed by the deed; but
obstacles presented themselves, from that diNtrust which the failure
of so many undertakings had induced. In these circumstances, the
progress of the Institution must have been suspended bad it not
been for the aid of several individuals who took the deficient 200
shares, for which they have consented to become responsible, subject
to the sanction of the Proprietors to a declaration that the capital of
I the Institution shall be considered as limited to the sum G(150,0001.
until such 200 shares be replaced by Subscribers to that amount.
“ The capital required having been thus provided, the Council
were enabled.to proceed in the exercise of the powers confided to
them ; they had selected from among the plans submitted to them,
that designed by Mr. Wilkins.
" They next advertised for tenders for the execution of the
works. The lowest offer was made by Messrs. Lee, who engaged
to complete the buildings for £107,00*, exclusive of stone orna-
ments, to the amount of about £3,000.

" The Council consider that, after making allowance for any
probable defalcation, a clear sum of £loo,oo* will remain avail-
able for the objects of the Institution ; and they feel assured that,
with this sum, a portion of the building may be forthwith erected,
for the accommodation of the medical school, and of all the

classes composing the more essential parts of a good education,
leaving sufficient for the purchase of a library and a museum,
and for salaries to Professors. The library, two museums,
four great theatres of instruction, and about twenty-six other
rooms, affording ample accommodation for the objects Imme-
diately proposed, will require an outlay, including fittings, of about
50,0001. to which, adding 10,0001. fur the library and museum, and
a like sum to meet contingencies, salaries, and other incidental ex.
penses, the whole would amount to 70,0001. which, with the
30,0001. already paid fur the land, make up the sum of 100,0001.
and to that extent, for the present, the Council would bound their
views, not doubting that, as the merits of the undertaking deie-
loped themselves, additional subscriptions to the extent of 300,0001.
the maximum of capital contemplated by the deed of settlement,
will, at no distant day, amply provide for the completion of the build-
' ings, on as liberal a scale as its most sanguine friends can desire.
" The Council therefore propose, that the contracts for the
building be entered into in such sub-divisions of it as shall from
time to time be required, and be so framed, as to admit of the
completing or abandoning any such sub.divisions, upon due notice,
at the will of the Council. And the Council now submit to the
Proprietors the expediency of their sanctioning the Council in ins.
mediately commencing the excavation of the ground, and proceed.
ing to the erection of the buildings; for the accomplishment of
which further instalments of ten per cent. on the subscriptions, at
intervals of six months, will, it is believed; prove perfectly adequate.
"Three month* may probably elapse before these preparations can
be completed, after which the Council propose an address to his
Royal Highness the Duke of Sussex, requesting him to lay the first
stone of the building, his Royal Highneis having been pleased to
add his name to the list of proprietors, at the same time expressing
much interest in the success of the Institution, and announcing his
intention of becoming one of the first donors to the library."
Mr. SifirllEßD moved that the Report be adopted, and entered
on the Minutes of the Committee.—Carried unanimously.
Mr. HRNIIT Sass moved a Resolution, to the effect that the 250

Supplemental Shares mentioned in the Report, be recognized.
Mr. HICNRY BROUGHAM—Before that motion was
carried, wished to say a few words in explanation re-
garding those Supplemental Shares. There was many
Shares which had not been paid upon, solely from acci-
dental circumstances, and the Council found themselves
in some difficulty, as they could not proceed before 1500
were paid upon, out of the 3 000, of which the capital of
300,0001. was formed. The reasons why those Shares
had not been paid upon, were these. Some of the parties
were abroad, others were out of town, and had forgotten
to leave instructions for the payment of the deposits.—
There was one individual who held 127 Shares, not
yet paid up, but he (Mr. Brougham) was sure that
Gentleman's name would be a sufficient guarantee for
the deposits—he alluded to Mr. J. M. Dennison.—
In order, therefore, to complete the 1500, these 250
Supplenental Shares had been created,and which would
answer to a capital of 150,0001. which sum he calcu-
lated would be all that would be wanted ; at least he
should be deceived if such should not be the case.
The Council would have been infringing a fundamental
principle, if they had entered into arrangements for
the prosecution of the wot k, until 1500 had been paid
on They were, therefore, at a stand still, when
two large proprietors (he should be excused for men-
tioning their names) J. Smith, Esq. and J. L. Gold-
schmidt, Esq. having heard of the circumstance, agreed
to take the risk of 50 Supplemental Shares each, and too
much praise could not be given to these Gentlemen for
the liberal manner in which they had acted. Many
other Gentlemen also were applied to, bad acceded to
the proposition, and thus 190 out of 209 shares had been
taken in that way. The Council therefore had to re-
quest, that the Proprietors would use their influence, if
possible, to get off the remaining shares. When the
Report had been made public, and when it was known
that the important step of digging and laying the foun-
dation had been accomplished in three or four months,
and that in another month the walls would be seen :king,
he doubted not that facilities would be afforded to the
Council, by the payment of deposits not yet received,
to pay off those Supplemental Shares which had been
issued.—(Cheers.) The Noble Chairman then put the
motion, which was carried unanimously.
Mr. Sam moved a Resolution, that the capital of the London
University be limited to 150,0001. with liberty for the Council to
extend the capital, fruit% time to time, to 300,0001.
The Cumsaizm observed, that this motion was coinciding with
the limited number of shares which bad been paid upon.—The
motion was carried.
A Shareholder wished to ask whether it was intended
to expend 107,0001. on the building in the first instance?
The Chairman answered, that the first contract with the
exception of the portico, would be for 56,0001. The
contracts would thus be divided, amounting to from
34,0001. to 36,0001. as the wot k proceeded ; that from
9,0001. to 10,0001. had been taken from the contract, as

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