The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1854-05-09 00:00:00

THE LYCEUM NEWS ROOM.- AN-
NUAL MEETING, YESTERDAY

-Tian annual meeting of the proprietary of this noble
news-room was held last evening in the Library, in Bold-
street—Mr. John Robinson, of the firm of Messrs. Robia-
son and Duke, in the chair.
Mr. PEERS, the Master of the Room, read the following
Report : -
The Committee have to report to the proprietors that
nothing has occurred during the past year which will have
to be submitted to their consideration. The pneceedings
have been of the most ordinary description ; and they
have exercised the utmost economy in carrying on the
establishment consistent with the comfort and privileges
of the members of the institution.
" From the Treasurer's accounts, it will appear that the
balance in favour of the institution, to the Ist instant. is
£49 16s. ld., being £43 15s. Bd. of an increase during
the last year.
" According to the laws, eleven of the present Commit-
tee retire, and are disqualified for re-election at the present
meeting of the proprietors.
"The committee having taken into their consideration
the 2nd law, which prevents the committee from disposing
of any of the forfeited shares of the institution until the
number of shares are reduced below 600, determined to
recommend to this meeting to rescind that law, and sub-
stitute one which will enable the committee to dispose of
the forfeited shares when they can do so on advantageous
terms ; and, agreeably to the notice convening the meeting,
a resolution will be submitted to you for that purpose.
"The committee have great pleasure in stating that the
servants of the institution have given them every satis-
faction during the past year."
The statement of accounts, presented by Mr. Eckersley,
the treasurer, was next read. It appeared from the items
of expenditure, that there had been paid last year for
newspapers and other publications £597 10s., and for
electric telegraphic intelligence £5O, the total expenditure,
being £llO7. From the receipts it appeared that the
newspapers had sold after their first use for £2o3,—that
there were 631 subscriptions at £1 ls. each, and 32 an-
nual subscriptions from parties not proprietors, producing
£4B.

Dr. ANDERSON thought that the whole of the report was
very satisfactory as far as pecuniary matters went, and
should willingly move at once its confirmation, were it not
for the reeommendatien to rescind law 2.
The CHAraaIAN explained that that would afterwards
be submitted as a substantive motion, and
Dr. ANDERSON then moved the adoption of the report.
Mr. RIDING seconded the motion.
Mr. CAFFERATA asked if the proprietary of the Library
held a lease of the portion of the premises they occupied
for forty years ?
The CITAIIIINIAN said they did not, but he believed there
was astipulation in the agreement, that it should bebinding
for forty years.
Mr. CAFFERAT_A. thought they had the place too low.
The CHAIRMAN said that had nothing to do with the
motion before the meeting.
Mr. JOSEPH BOULT then mowed the passing of the
Treasurer's accounts, and the motion was seconded by Mr.
Downey, and carried.
The following gentlemen were then elected to supply ,
vacancies on the committee :—Messrs. Hugh Molyneux,
J. H. Gregory, John Downey, Richard Edwards, Gilbert
Harrison, Dr. Imlack, Mr. Venn, Dr. Anderson, Mr.
Urquhart, and Mr. John Hall.

In answer to a question by Dr. Anderson, it was stated
that the committee had power to fill up any vacancies
which might occur during the year, but that they gene-
rally selected those who stood highest in the number Gf
votes, when nominated at the annual meeting.
The next business was the proposed alteration of the
law, and, at the request of the Chairman, Mr. Peers read
the law as it now stands; which is :—" That every member
shall pay a sub4cription of a guinea per annum in advance
for each share he holds ; and, when shares shall be reduced
by forfeiture or otherwise to a less number than GOO, thin
the committee may sell for the benefit of the institution
so many of such a number of forfeited shares as will make
up the number of shares to 600."
Mr. Wrarx then rose to propose the alteration. There
had been an attempt made to alter the law, and revert to
the original number of 800 shares; but it had been stated

by gentlemen, that by the retention of the forfeited shares
in the hands of the committee till they came below 600,
the value of the shares would rise ; but it appeared to him

that the existing was the most suicidal laW which could
be formed by any institution. Although their actual
number of shares was 800, they were not to be allowed
to sell one till the number was reduced to 599. By
keeping those shares back, a capital of about £450 was
kept dormant, and they lost besides £199 in subscrip-
tions. Had they had that money, they could have in-
creased the usefulness of the institution by that amount,
but, as it was, they seemed to be "dragging their slow
length along," and they were obliged, from the state of
their balance sheet, to employ one, if not two, of their
servants, from six o'clock in the morning till eleven at
night, because they could not find means to employ an
additional porter.. He begged to move, " That law No.
2 of the institution be altered, and the following substi-
tuted That every member shall pay a subscription of
one guinea per annum in advance for each share he holds,
and that the committee may sell from time to time such
shares as are. forfeited as will make up the shares to
800 originally subscribed.' "
Mr. CULSHAW, architect, seconded the motion.
Dr. ANDERSON, at great length, and with considerable
I ingenuity, opposed it. It was no new question, but had
I already been twice negatived by the proprietary; and he
complained that no sufficient reasons had been given for
the proposed change. It was known
.to most of the
shareholders that the proprietary consisted of about 630
shares, when, according to the misconduct of the officers
I of the establishment, the shareholders were obliged to
recognise about 50 fictitious shares, which they had sold.
It was then enacted that all forfeited shares should fail ir,
for some years, till the number was reduced to that con-
templated, 604. There must be a limit somewhere, and
he contended they did wisely to limit it to COO. His
reason was that the number of shares in the market was
too great for the claimants for the shares, and their value
consequently was going down. The former price. of the
shares was £7, £6, and £5, but only last week two had
been sold in open market, one for 41s. and another for 375.
If they were to offer more shares, as proposed, on
the market, they would be reduced to a most absurd
value (Hear, hear, • and applause), and they should
look upon the shares of that noble and valuable
institution not only in a literary point of view, but as A
property. Were the nevi- shares issued, the value might
come down to £1 or even a few shillings ' • they might fix
a certain price, but he defied them to get it. (Applause:)
Dr. Anderson then urged a variety of other objections,
amongst them being that an increased number of share-
holders could not be comfortably accommodated, sinless,
indeed, it were made a provision that each should bring his
own chair. He gave credit to the committee for the
plentiful supply of newspapers that they provided, which
was proportionately as great as in the Exchange News-
room.

Mr. JosEnt BOULT replied to Dr. Anderson's argu-
ments. He (Dr. Anderson) appeared to think that the
committee would have so little discretion that they would
put the whole 200 shares at once in the market ; but ha
(Mr. Bonit) could not think that any committee would
act so indiscreetly. They would be "payed out," as sailors
" pay" out their ropes, according to the demand. The pre-
sent worth of anything was just as much as it would
bring, and the way to increase the value was to tell
the public that they had shares to sell. To restrict the
shares in order• to raise their value, and attempting
stock-exchange tricks, to enable them to bull and bear
the value of the news-room, was a course unworthy of that
noble institution, and would not succeed as intended.
Supposing that they only got a guinea a share for the
shares they sold, they increased their capital a guinea,
and their income a guinea for every share they sold,
and every one who got a share would. feel a deeper
and warmer interest in the establishment than if he were
a mere nominee. He knew, as a committee-man, that
during the last year there had been various propositions to
increase the comfort of the members, which had all been
stopped by the declaration that there were not funds for
the purpose. Now, if they had a larger capital, they could
accomplish all those. If they restricted the number of
shares, they would be falling into the atrophy into which
the Union News-room in Duke-street had fallen, and the
tendency of the present time was quite in the opposite
direction.

Dr. MICINTTRE also replied at some length to ?Dr.
Anderson, and after an interesting debate, and a few
words at the close from Mr. WYLIE,
The meeting divided to the right and left of the room,
when it appeared that there were 44 for the motion, and
32 against any alteration of the law. As by the rules a
majority of two-thirds of those present is requisite to
treeeind a law, the motion was consequently lost, to the
eVident disappointment of many of the gentlemen.
The proceedings closed With a vote of thanks to the
eh-Lim-lan, and a like acknowledgment to the committee of
the library for the use of the room.