Star.
London, England, 1819-08-09 00:00:00

DRURY-LAAE THEATRE.

Saturday a Meeting of the Proprietors of this esta-
blishment was held, for the purpose of receiving the
Report of the Select Committee, relative to the let-
ting of the Theatre.
Mr. CALCRAFT, M. P. being called to the Chair,
proceeded to read the Report. It commenced by
stating, that the Select Committee had nearly brought
to a close the very important duty imposed upon
them. The lean of £25,000, which was absolutely
necessary to relieve the property, was realized. The
new renters had generously given• up the arrears due
to them up to the present period, and also the sums
accruing to them fOr the next four years ; that is to
say, until the end of the theatrical season of 1823, at!
which period they were to resume their rents. The
bond-holders (with the exception of one Gentleman
who was in the country) had made a similar sacrifice
of the interest due to them at present, as well as of
that which would arise during the next four years.
It was determined to give the new renters the deed of
agreement provided by Act of Parliament, but not
hitherto carried into effect ; and also to give the bond
holders a valid security. The Committee had expe-
rienced the greatest liberality from the tradesmen,'
creditors of the establishment, all of whom, with the
exception of creditors to the amount of about £l6oo,''
had come into the arrangement proposed to them—
(Applause). The Committee had examined the sealed
tenders for taking the Theatre on lease. Among
them were two offers on terms Of a most advanta-
geous nature to the Proprietors, with adequate secu-
rity ; they had selected the highest offer, and recom-
mended it to the General Committee, who were to
investigate the security offered. The General Com-
mittee were satisfied with the security offered, and
this day the securities were realized. The Report
went on to state the period of notice required by Act
of Parliament on the resignation of the Sub• Co-
mmittee had expired, and probably another Sub-Com-
mittee could not be elected before the Bth of Sep-
tember, when the general ballot would take place.
The Select Committee having been honoured with
the unlimited confidence of the Proprietors, felt it
their duty to offer their services until a Sub-Com-
mittee was elected. The Report concluded by re-
presenting the necessity of the subscribers imtmli-
ately paying their Subscriptions into the hands of the
banker of the establishment. The Honourable Gen-
tleman having concluded the Report, observed, that
the Committee had, after much labour and attention,
realized the object for which they had been consti-
tuted. The Theatre was now let, and he had no
doubt, from the judicious management of the Gentle.
man who was to hold it, Mr. Elliston, that the hopes
held out to the Proprietors woul2! be realized. But
even, if in the first, second, or third year of that Gen-
tleman's management, he was to fail in his under-
taking, still the Proprietors would be in a much bet-
ter situation than they were at present. Here he felt
it necessary to state, that in the course of their i.ego•
ciation with Mr. Elliston and his legal adviser, a Gentle-
man of greatest respectability, they found the greatest
liberality and punctuality (Applause); nothing had
been held out which had not been realized. The
Gentleman's offer was a large one, and the security
was as good as it wss reasonable to expect in such a
transaction. Every thing had been conducted on the
part ofr Mr. Elliston in a manner which did much
credit to that Gentleman, and gave great satisfaction
to the Committee.—(Mr. Elliston, who stood behind
the Worthy Chairman, seemed evidently affected by
these observations). The favourable manner in which
the Theatre was let, augured well for the interest of
the Proprietors. It would be necessary to appoint
some part of the Select Committee to disburse the
sum raised among the tradesmen creditors. Nothing
could be more satisfactory to them than to pay off
those demands, and he trusted that, ere very long,
the Proprietors would receive a dividend on their
shares. Much had been done to relieve the establish-
ment from the weight under which it laboured, no
less than from £35,000 to £36,000 of debt having
been extinguished by the consent of the tradesmen,
new renters, and bond-holders. Thus the debt was
reduced from nearly I:90,0(M to less than £50,000.
He did not mean to take any merit to the Commit
tee for this. If they had been angels, instead of mere
men, they could not have brought about what had
been done without the consent of the renters, bond•
holders, and tradesmen. Considering the sums now
due, which, with the accruing interests, had been
given up, it might be said that the debt had been re-
duced to the amount of between 50 and ,C6OOOO.
He did not wish to be sanguine in his expectations,
but there was little doubt but the hopes of the Pro-
prietors would be realized, and that, in the course of
ten years, the property would be free from all in-
cumbrance, save the claims of the new renters; and
though in the mean time no dividend could be made,
still the value of the shares would be considerably
increased.

Mr COCKER asked whether no dividend would be
made to those who had already advanced such
large sums ?
Mr. CALCRAPT said, there could be no expectation
of a dividend before the expiration of ten peals.
Mr. RozINS..—" Certainly not."

Mr. Ceeittit said the money iclikieeti bight to be
Secured to the Subscribers. . .
Mr. CALCRAFT said he had brnitted tri 'stile some
Other particulars. It was held out to the Fithkribersi
that they were to receive a security to the am'unt of
£8,050 annually, now the Theatre was leased out at
£10,200 a-year to Mr. Ellistoni The fruit-offices
ai.d the houses in Vinegar-yard were reserved, mak-
ing all together a rental of £11,250. From this
there was a deduction of the Duke of Bedford's rent,
the expenses of Watch and Firemen, amounting to
£2,410, leaving a clear rental of £8,840; being
£790 more than was originally stated to the Sub-
scribers. No more than 1.:8,0a), however, was to ha
given as a security to the Subseribess, the remaining
£790 being kept as a surplus for inci2ental expenses.
In the first four years the 1:',!3,000 loan, with interest,
would be repaid. Then the liquiJation of the Bond
debts would commence, after thich the rlaims of
the new renters would come in. Thus, in ere course
of ten years, the Proprietors would step in, free from
every lien but the annuity of the new renters.
Mr. COCKER said, that for ten years the Proprie-
tors would share nothing. Fcr the four following
years they would have about 1.:2! per Cent. in re-
payment of a sum of 1:210,000 expended in building
the Theatre.

Mr. CALCRAFT observed, that at the end of four-
teen years the Boxes would fall in to the Proprietort,
which would greatly increase the interest. The
Lease was for fourteen years, and during that period
a sum of £15,000 was to be expended on the Theatre.
In the course of the second season, it was intended
to contract the house considerably, which would
render it attractive to the Public, and beneficial to
the Proprietors.
Mr. COCKER said, it would be better if those alte-
rations were made immediately.
Mr. CALCRAFT said, the Committee had stipulated
that the money to be laid out should be expended as
beneficially as possible. The Meeting should recol-
lect, that they had common cause with the Lessee ;
they ought not to screw him up too tightly. The
Committee acted on the principle of give and take,
live and let live —( Applausei).
Mr. Conic ER urfaut to cast no imputation on the
Committee ; they had employed themselves most
zealously in the trust confided to them ; he merely
wished to understand the situation in which the Pro-
prietors stood.
Mr. CALCRAFT observed, that the Free Admissions
to the Renters were to be secured.

Mr. ROBINS remarked, that the low interest of 2,4
per Cent. had been objected to, but it should be re-
membered, that were it not for the measures recertiy
adopted, there would be no interest at all. Ile had
known Shares to have been sold for £IS and £i7
each, but in a short time those Shares would, he
had no doubt, be raised to CIO and £5O each. He
hoped the Subscribers would speedily make good
their Subscriptions, as at present every thing de.
pended on dispatch.
Mr. CALCRAFT here said, that he had known
Shares to have been sold for £lO each.
Mr. ELLI.TON said, that he would at that moment
given £l5 each for one hundred Shares, if he could
procure theft.
Mr. CALCRAFT said, that when the Private Boxes
fell in to the Proprietors, it would raise the interest
paid to more that 5 per Cent,
It was then moved and carried, that the Report of
the Select Committee be confirmed, and that the
Committee be continued as a Select Committee, with
power to carry the arrangements recommended in it
into effect.

Mr. ROBINS moved the Thanks of the Meeting to
their worthy Chairman, for his able and indefati-
gable exertions in behalf of the Theatre.
Mr. ELLISTON, in rising to second this motions
said—" Gentlemen, you have rcposeda sacred trust
in me; I feel this to be the most awful moment of
my life. My property, my all is at stake. Permit
me, however, to have the pleasure of seconding the
motion of thanks to our worthy Chairman."
The motion was earned unanimously.
Mr. CALCRAFT, in returning thanks, said, that
the other Members of the Committee were equally,
if not more, entitled to their thanks than he was.—
Ile did not mean all the Gentlemen who composed
the Committee, as some of them had trot attended;
those, however, who did attend, had exerted them-
selves in a manlier to merit the thanks of the Pro-
prietors generally,
Thanks were then voted to the other Members of
the Committee; after which the Meeting broke up.