The Express.
London, England, 1853-03-23 00:00:00

METCALF'E AND GENERAL MINING COM-

PANY OF JAMAICA:---
An extraordinary general meeting of the 'ban:-
holders of this company was held yesterday at the London
T to take measures for increasing the capital of the
company and for other purposes.
Mr. 'l'. Wtoat N presided, and explained the circumstances
under which the proposed increase of capital was required.
He aid the company had been originally formed upon the
faith of an agreement between Mr. Taylor of Jamaica, aed
Mr. Ripley, the discoverer of the mines, and which trans-
ferred under two leases the mining rights on the two estates
of Job's hill and Pembroke. The lease, however, of the
Job's hill mine, where the company had commenced working,
and with result+ that had occasioned great excitement in the
public mind both at home an.t in the colony, was repu-
diated by the proprietor* of the estate, who contended that
the trustees who granted it had exceeded their powers. The
directors of course might have stood upon what they considered
the rights of the company, and contested the validity of the
lease in the Court of Chancery ; but being not altogether
certain of their legal position and not liking to risk a pro-
perty which had risen in such en rxtraordivary degree iu
value to the uncertain issue of a Chancery suit, they bad
thought it better to close with an oiler on the part of the
freeholders to sell the fee-simele of the estate, includinat
mines, surface, and royalty, and every thing bt bilging to the
nroperty for 20,0001. As to the mode of raising this money
the director* had to decide between issuing 20.010 new
shares—their deed of settlement not permitting a lur2er
amount to bo called upon new shares than was already
paid up upon the old, vie, V. a share—and issuing a smaller
number at a premium. They had determined upon the
latter course as being the one calculated to interfere least
with the present value of the shares in the market; and
they proposed to issue 2,0i.0 new 1/. shares at 91.
premium. (hear, hear) They hod already received assents
rerresenting 14,500 shares to that course, and the other 500
might be cousidered also as assenting. Mr. Wigiin then
read a report received that day by the packet from Mr.
Lean, the captain of the mine, stating that in the Ns. 1
lode of the Job's Hill mine they hid found a splendid course
of rich grey copper ore act surface, at the side of the hill,
worth 70 or 80 per cent. ; that the workings below were
mast promising; and that la the No. 2 alit, and the Na. 3
south lode, the indication, were equally favourable ; and
that the workings at the Pembroke mine were satisfactory
' and encouraging, producing rich grey copper ores ef muchthe same quality as that at Job's Hill. It was also stated in a
letter front Mr. Taylor, that they were getting the ores
down to Kingston, and expected soon to have a cargo ready
for shipment to England.
A report embodying the statements and explanations of the
chairman was then put anal adopted; and after passing a
resolution authorising the issue of the extra capital in the
manner proposed—the new shares to be apportioned pro
rata to the proprietors of the old shares—and making some
formal alterations in the rules regarding the order of retire-
ment for directors, and the number of trustees, the meeting
passed a vote of thanks to the chairman and separated.