The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1875-09-11 00:00:00

THE HAWNE COLLIERY COMPANY.

An extraordinary general meeting of the share-
holders of the Ilawne Colleries Companies Limited
was held at the New Inn, lialesowem, on Wednes-
day afternoon, the inn being immediately adjoining
the property of the company. The notice convening
the meeting stated that the shareholders would be
asked to consider the position of the affairs of the
company, and to take such action as might be deemed
advisable. Accompanying the notice was a circular
which explained the position of the company. The
purport of the circular was that at the general meet-
ing of the shareholders, held at lialesowen on the
29th February last, it was announced that the pur-
chase of the colliery had been completed by means
of two mortgages—the first a charge of £62,000, and
the second an issue of debentures to the amount of
£60,000, of which the vendor, Mr. Wigginton, ag-
reed to take £41,230 for the balance of purchase
money duo to him. With the remaining £18,753 of
debentures the directors hoped to be able to develop('
the colliery with complete success. The mortgage
was affected, and the debentures were issued, and
£41,250 of worth was handed over to the order of
Mr. Wiggintou ; and Messrs. Gilbert and Merchant,
who carried on business under the style, "Gilbert,
Sous, and C 0.," and as to Mr. Gilbert, also under
the style of " C. S. West and C 0.," were instructed
to dispose of the remainder for the company. Messrs.
Gilbert, Sous, and Co., at the same time undertook
to supply necessary money to carry on the works
until they could place the debenture bonds. But
the brokers had endeavoured to conceal from the
Board the fact of a large number of bonds having
been sold, and the directors, crippled in their funds,
had felt it their duty to call the shareholders to-
gether and lay the facts before them, more especially
88 the works had progressed to a position which
showed the mine to be not lose valuable than repre-
sented. _ _ _ .

The Chairman (Mr. J. C. Davis) presided, and
read a letter from Mr. Gilbert, dated Paris, August
3rd, in which Mr. Gilbert promised to send * &toque
for .6200 by the following Tuesday, and pay over
461,000 in a "nonth on account of che company, and
promising 'lather to deposit bonds of the Cause de
Cantonment, value .110,000, to be returned vkeu
he had paid .ek,ooo to the company,and that in-
structions should be given to a Freach railway. oom-
pony from • whom they expected a considerable
amount to pay to the lawns Board boudsfor from
465,000 to .610,000. But none of thaw promisee had,
Chairman said, been carried out.
Mr. Newbold said, seeing the very unsatisfactory
position that the company now occupied, he should
move—" That this meeting hereby resolve that a
Committee of Investigation be appointed, to thorough-
ly sift the present position of the company, with
full power to examine all director., brokers, managers
and servants in any capacity whatever, and to corn-
-lel the production of all deeds, books, documents,
letters, and papers relating to the affairs of the com-
pany ; and that such committee do present their re-
port to all adjourned extraordinary general meeting,
to be held at such time and place as this mooting
shall hereafter apppoint, and that ouch committee
shall consist of five members, viz., Messrs. Edwin
aßnodotEhu,
stoesho.. Jackson, George Williams
Mr. Eustace said he must decline to serve on the, Robinson
committee, as he lived so far away.
After some discussion, in the coarse of which ob.
jection was taken to certain of the statements made
in the circular, the motion for appointing a commit-
tee of investigation was put and carried unanimously
the names of the gentlemen to compose the commit-
tee being left for further discussion.
The following gentlemen were next elected a com-
mittee :—Mesors. Jackson, G. W. Robinson, T.
Phillips, Alfred Fereday, and Charles Pumphrey.
The Chairman was also elected on the committee on
behalf of the directors.

The Committee of Enquiry, appointed by the
company in extraordinary general meeting on
Wednesday, sat on Thursday, at the Old Bush
Hotel, Dudley. All theinembers of the committee
were present, and in attendance were Mr. De Boos,
the solicitor of the company, who was employed
to. act on behalf of the committee, and Mr. Stub.
bins, of the Midland circuit, barrister-at-law (in.
stiucted by Mr. De Boos). The committee wont
carefully through the books of the company; and
Mr. Davis and Mr. Jarvis, two of the directors,
afforded them every information respecting the
circumstances and particulars of *he
.transactions
and position of the company. Mr. W. igginton,the
vendor, offered himself for examination; aftor
which the committee adjournad till Thursday
next, on which day it was appointed to Blast at
tho offices of the company, in London, Ass result
of this meeting, it is extremely probable that the
company will forthwith be placed on a sounds'
footing and extricated from its diftleidtiee.

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OMNI 11. ••••
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