"PROPOSALS.
"The Proprietors of the Theatre-Royal in Covent-Garden appear to be possessed of two Patents, for the privilege of acting plays, &c., under one of which the above-mentioned Theatre is opened,—the other lying dormant and useless;—it is proposed that this dormant Patent shall be exercised, (with His Majesty's approbation,) in order to license the dramatic performance of the new Theatre to be erected.
"It is proposed that the performances of this new Theatre shall be supported from the united establishments of the two present Theatres, so that the unemployed part of each company may exert themselves for the advantage of the whole.
"As the object of this Assistant Theatre will be to reimburse the Proprietors of the other two, at the full season, for the expensive establishment they are obliged to maintain when the town is almost empty, it is proposed, that the scheme of business to be adopted in the new Theatre shall differ as much as possible from that of the other two, and that the performances at the new house shall be exhibited at a superior price, and shall commence at a later hour.
"The Proposers will undertake to provide a Theatre for the purpose, in a proper situation, and on the following terms:—If they engage a Theatre to be built, being the property of the builder or builders, it must be for an agreed on rent, with security for a term of years. In this case the Proprietors of the two present Theatres shall jointly and severally engage in the whole of the risk; and the Proposers are ready, on equitable terms, to undertake the management of it. But, if the Proposers find themselves enabled, either on their own credit, or by the assistance of their friends, or on a plan of subscription, the mode being devised, and the security given by themselves, to become the builders of the Theatre, the interest in the building will, in that case, be the property of the Proposers, and they will undertake to demand no rent for the performances therein to be exhibited for the mutual advantage of the two present Theatres.
"The Proposers will, in this case, conducting the business under the dormant Patent above mentioned, bind themselves, that no theatrical entertainments, as plays, farces, pantomimes, or English operas, shall at any time be exhibited in this Theatre but for the general advantage of the Proprietors of the two other Theatres; the Proposers reserving to themselves any profit they can make of their building, converted to purposes distinct from the business of the Theatres.
"The Proposers, undertaking the management of the new Theatre, shall be entitled to a sum to be settled by the Proprietors at large, or by an equitable arbitration.
"It is proposed, that all the Proprietors of the two present Theatres Royal of Drury-Lane and Covent-Garden shall share all profits from the dramatic entertainments exhibited at the new Theatre; that is, each shall be entitled to receive a dividend in proportion to the shares he or she possesses of the present Theatres: first only deducting a certain nightly sum to be paid to the Proprietors of Covent-Garden Theatre, as a consideration for the license furnished by the exercise of their present dormant Patent.
"'Fore Heaven! the Plan's a good Plan! I shall add a little Epilogue to-morrow.