The Express.
London, England, 1853-08-20 00:00:00

f:L.4118.1111 %/\C 1,0.111'.4.%1

Yesterday a special meeting of the shareholders of
is compene was held At their once% 7, Great Wincheeti r-
toreet, Old Broad-street. Mr. Jois,l BISOWNI: in the chair.
Mr• lit Nr, the secretary, reed the notice calling the
meeting.
The Cirentmos then said that before he proceeded to
give to the shareholders any inform &ion with tespeet to the
condition, progress, and prospects of their undertaking, he
1111 s anxious that they should understand that the present
meeting was not one in conformity with the constitution of
the company, but MOSe from the desire of the committee to'
satisfy the natural anxiety of the English share-
holders upon all those points, so that the ;meet- '
one was not competent to pass any remluti in
binding on the company. lie did not mention
this to convey the impression that there was anything to be
brought before them which might merit their ilisapprovol,
and he assured them that every expression of their opinions
met from the committee the utmost respect. The fact was,
that they would not have been at all convened, had it not
been for a delay which hid taken place in the issue of the
definitive shares. He should first proceed to explain that
delay which hail, he was aware, been irksome to the share-
holders, but ines defile, and then address himself to the
other points explanatory of the nature of their property.
The delay which he had mentioned hod its
rise
in the circumstance that several important companies
had had disputes with the Prussian government
upon the leg: lity of issuing their definitive shores without
the payment of stamp duty. 1 was true that some com-
panies had issued them without the impress of a govtrn-
anent etamp, but had, by doing an, rendered themselves
amenable to large penalties. The committee of the present
company had, however, discovered the legal objection
where on the point of issuing their definitive shares, and as •
consequence hod to suppress them, and to get a fresh sure
ply printed, forwarded to lierlin to be stamped, and
aligned, as their deed yequired,— by the English board,
by the board at Brussels, -Ind by that at Co•
Lurie. There were now completed, and would be
issued on Monday neat, and so end a grievance
which had existed too long, but which hail been
unavoidable. The next question was that of
the delay which had taken place in the complete formation
of the company, and as they were naturally anxious to
learn when the company should cease to be ell cuninartnelite
and become anooome—when the committee of wiere,llonee
should become a board of direction, he should endeavour to
explain to them the reason of the delay. It was thus.
They had got a price set on their mines, and the Prussian
government had recently deb mined not to sanction any
prices which might be given while the company was
eit,.,_.tritnentliv, but so soon as the authorities approved of
them the company would be completed. That event
he assured them was not far distant. lie hail now
to speak with regard to the general state of the
company's affairs, and to inform them that they
were in this position. They had a capital of
40,0001., of which they had expended 22,0001., and had the
balance in hand. They might inquire if the whole of the
40,0001. was paid up. and he had to inform them it was,
with the exception of 4,2111. lls. 3d. due from the English
shareholders, because the company had published an silver.
tisement to the effect that the definitive shares would be
issued on the payment of the last call ; and, as these shares
would next week be ready for delivery, they might regard
their capital es altogether paid up. Its return for the
22,000 f. which they had expended, they bad now in pro-
gress smelting works of an enormous extent, and two hun-
deed acres 01 a freehold estate on which they had an im-
portant ingredient in the successful working of their smelt-
ing operations, viz., a supply of lignite or brown coal ; they
had also a large quantity of Were nfractaiee, or pottery
clay, a material of great value in the manufacture of zinc.
He was not saying too much when he stated that from the
lignite alone they would realise a profit of several thousand
pounds. The price which they had paid for this valuable
estate was only 1,1100!., although there was growing en it a
quantity of timber, to the value of 6014.
The worthy CHAIRMAN having here explained the cir-
cumstances which had led to the appointment of a new me-
tallurgical manager of great ability, and to that of a highly
skilful potter, proceeded to detail the progress of the works.
They would, he said, in the course of six weeks be
able to begin smelting with fourteen furnaces, and
in a month after that period they would have fourteen
more at work, and then another set of fourteen sod
each set upon a distinct system, with a view to the final
adoption of that/which would yield them the largest return
and he was sure that, upon a baleoce of casualties, the pro-
prietara would find that the hopes held forth in the pros-
pectus were fully realised. They had seven mines worked
by open cuttings, one of which was able to supply them
with 1,000 toes of calamine ore annually. There was also
another just opened, from which they would be able to
get sufficient raw material for all their furnaces ; and he
had just heard from Captain Phillips that, with the labour
of Li men soil a horse and cart, he was, at the outlay of It ;
per diem, able to obtain from the Margarita-Josephs Mine
30 toss of ore weekly, worth 4/. per too, and calculated to
yield GO per cent. of line. Ile had, in conclusion, to state
that their secretary (Mr. Hunt) hal examined the accounts
kept at Cologne, and found them all correct.
Mr. SIAN tv ooafirmed the statemeuts of the chairman.
The Cum itieast, to reply to the questions of the share-
holden stated, that the company hail 500 men in employ-
ment-300 at the smelting works and 200 in the mines—
that the eat of the mines had been as yet 2,0001 ; that
there was a supply of ore at surface sufficient to last for 18
months, and that the mines were worked in the manner,
and with the facility of a common quarry.
Several shareholders expressed their satisfaction at so
flattering an account of the adventure, and the proceedings
terminated with a vote of thanks to the chairman.