SIR H. IRVING’S SORROW.

New Zealand Illustrated Sporting & Dramatic Review, Volume XII, Issue 715, 19 November 1903, Page 19

SIR H. IRVING’S SORROW.

The. shareholders of the Lyceum' Theatre decided after a little heated discussion at a recent meeting to carry the directors'’ proposal for converting their property into a music hall. The chairman, Mr Eves, had a none too friendly audience for his opening speech, and a remark he made to the effect that the Lyceum would eventually turn out to be a veritable gold mine was received with a shriek of laughter. He reminded the meeting that if the shareholders did not take some action quickly they might lose their property altogether, as the debenture-holders would have it in their power to foreclose. The proposal he put to the meeting was that a new company be formed to take over the property, subject to the debentures as at present existing, and that the shareholders, both preference and ordinary, receive one share of £1 each in the new company, credited with 15s paid thereon, in exchange for each share now held. The additional capital to be produced by a call of 5s per share will, the directors say, be sufficient to pay the cost of reconstructing the existing building and making it in every way an up-to-date theatre of vatieties. To Sir Henry Irving the change in the fortunes of the Lyceum will be a matter of much regret, as will be readily understood by the wording of the following letter from him, which was read to the meeting by his manager, Mr Eram Stoker :— Dear Bram Stoker, —As you will be at the Lyceum meeting to-morrow, will you please read, if permissible, this letter to the shareholders. It seems to me that it would be a great pity to have the Lyceum diverted from its purpose as a theatre ; and I have great doubts as to the success of such a scheme. Holding the views which I do regarding the possible good influence of a theatre on the community, I could not honestly acquiesce in such a proposal as that set forth, and under ordinary circumstances should have voted against it, being willing rather to sacrifice my own holding in the company, which is to me no inconsiderable loss. If, however, the great bulk of the shareholders are wishful to make such a change, and think it to their own interests to do so, I am willing in deference to their wishes to simply abstain from any participation in the movement, and content myself with this expression of opinion. [f an alternative scheme should be proposed to hold over the property (which will increase yearly in value) until a purchaser could be found, I shall be prepared to pay any share or proportion, say for two or three years, of any sum which might be required to meet the expenses of debenture interest, sinking fund, and other necessary matters. —Yours very sincerely, HENRY IRVING. “ Sixpence to one and sixpence ” is the current quotation for Lyceum Theatre

£ 1 shares, while the preference are quoted 1 to -o> These quotations;, which are only nominal, represent a loss of about £125,000. Formed in 1899, with Sir Henry Irving’s name on the “ front sheet,” the concern has paid only one dividend to the ordinary shareholders. The preference dividend is much in arrear.