The Express.
London, England, 1853-12-07 00:00:00

GENERAL MINING COMPANY OF IRELAND.

The half yearly meeting of this company was held
at their office in Dublin, on Monday; Sir Janes Murray in
the chair. In the course of the conversation which ensued
on the reading of the report,

Mr. EVANS said that there was a rumour afloat to the
great disparagement of the company. In 1835 there was •
surplus of 3,0091. 14s. 2d. The directors then gave a divi-
dend of 6 per cent., to consequence of which the shares rose.
The surplus was reduced by giving that dividend for the
half-year to 2,1731. 16a 4d., and though that fund was
tiuched the abedute amount of income did not cover that
dividend. They gave them when the surplus was so re-
duced Id per teat., for what purpose he did not know, but
it caused a rise of 61 in the value of shares. That preiZeed-
leg had left them absolutely something in debt. Now if
they had not raised a fictitious value on the shares and had
not made the dividend, they could have met things fairly
(near, hear.) He thought it extraordinary when there was
no produce from the mines, that a dividend of 10 per cent.
ehould have been made for the half-year, thus throwing a
fictitious value on the shares, and enabling some friends to
sell out. He would like to see the list of persons who sold
out when they were high.
A Paorufwroa—The gentleman who has spoken has
given expression to my feeling, on the matter.
Dr. BRADY, one of the directors, said that at the particu-
lar time to which allusion had been made the directors
recommended that a dividend of 5 per cent. only should
be paid, but they were overruled by the proprietary,
and it was entirely against their wish that a dividend of 10
per cent. was extracted from the funds of the company.
(Heir, hear.) It was very wrong and injudicious to do so;
but the board of directors were coerced by the majority of
the proprietors at the meeting to yield to their demand.
Mr. Bally and Mr. Woods, of Wolverhampton, large English
shareholders were amongst those who would only be satis-
fied with a dividend of 10 per cent.
The CHAULMAN observed that they reluctantly agreed tel
pay so large • dividend, in consequence of the pressure from
without, to avoid division end discord. (Hear, hear.)
Captain Francis, who was 'upand to be one of the most
eminent mining engineers in England, and Mr. English,
reported at the time the dividend was declared, that there
was 10,0001. worth of halvins ready to be crushed, if they
had the steam engines to crush them. They had, however,
not crushed as yet one ounce of them, and consequently
they did not turn that material into money, or they might
have been able to pay a dividend, not of five or ten per
cent., but of forty per cent. (Hear.) They did unfortu-
nately think last Jane, when declaring the dividend, that
that 10,0001. weakl have been comeatatile. (Hear.) The
had hopes also of • return from the extensive mines which
were beine opened up, and which were not yet sufficiently
extended. He was extremely sorry that they were reduced
to the necessity of making • all on the share-
holders; but there were two things which they
never contemplated, and no doubt it was injudicious
not to be prepared for an unfavourable turn of affair..
With reference to the remark about the disposal of shares
when they were a' a high value, he thought it right in
justice to Mr. Bally sad Mr. Woods to state that the, had
not sold a share since the declaration of the dividend.
(Hear, hear.) He had himself 1,600 shares in the com-
pany, and so far from having parted with any of them, he
had not long sines purchased twenty more at 41 12a. &I.
Mr. EVANS.—The statement is extremely satisfactory as
regards yourself and those two gentlemen.
The report and statement of accounts were then unani-
mously adopted.
The CHAIRMAN said that the four directors who were to
receive the sum named agreed not to seek it until it could
be paid out of the proliu of the concern. It used to be
3,301, and it did not pay the travelling expenses of some
parties. He should also remark that they had got stares
reduction on the royalty land, so that when the materiel
was brought up and sold it would yield them a dividend of
10 per cent. a year.
The meeting soon after separated.

THE STRIKES IN THE NORTH.