The Express.
London, England, 1853-11-25 00:00:00

OBERNHOF MINES.

Yesterday, a general meeting of the shareholders
in these mines was held at the offices of Mr. Kteckhoffer,
the s►cretary, is Thieadneedle•street, for the purpose ut
receiving a Scandal statement and reports of the minis and
surface constructions. _

The CHAIRMAN (Mr. Brown) stated that this was not en
ordinary meeting, hut one that was called together upon
an understanding at the last meeting that the shareholders
would be summoned to receive an explanation of the pre-
sent state and (stare prospects of their property. In the
first plus be had to report that the balance of profit on the
working of the mine for the three months ending Septem•
bar had been 1,8141. 10s., and so far the expectation origi-
sally held out :hat there would be a considerable and an
isereasing profit over the working cost had been verified,
end that too under disadvantage, or he might
say rather exemplary circumstances, when comparing
the results of the last three months with those
of the three months preceding. The antecedent
three months had had the benefit of the ores which had
been already raised by, and had been purchased of, the old
emethany, and also of six weeks extra but imperfect work-
ing, the accounts being dated from March, whereas the
working commenced early in February, but yet, notwith-
standing these advantages which the accounts of the three
months ending June had over throe ending September, the
actual profit of the latter had exceeded that of the former
period. It might be said if this profit had been made it
would he eery to declare a dividend, and so it would if the
money had been received. But impediments had arisen—
in the suspension of the:navigation of the river Lahti for the
purposes of canalisation, which was the only outlet for their
products. That canalisation was now titillated, and the ores
produced in the three months were being sent to market,
or were on the .se to the. ...then. In reference to the
prospects of the mine, it was generally considered in this
country that half • ton of ore per fathom was a good yield,
but the reports of the mining captains showed the produce
of their mines to be in some instances 'we're cwt. copper
per fathom, in others, one ton of lead up to four tons of lead
per fathom. They bad more than doubled their produce
since they commenced operations, and Captain LCD•
ton, one of their mining captains, stated in a
recent report that in sax months' time they
would double it again. When they commenced his
idea was that they had a reserve of about 5,000 fathoms
of ore, and when he last met the aharehellers he stated that
he had reason to believe they might doable that esti-
mate. Now, he had no hesitation in saying that (exclusive
of the discoveries at Vied= and Venir) he calculated the
amount of ore they had to work upon was five-fold, or even
tenfold this second estimate. (Cheers.) One discovery
alone was calculated to produce 6,000 fathoms, worth C.
per ton, and which could he raised at a coat of about 6s. a
too, but for the conveyance of which out of the mine there
was at present no road. And this was only one out of 20 or
20 such inci lents. (Rear.) These discoveries had impressed
upon him the importance of providing an adequate surface
establishment, retaining, however, the old establishment,
which would become subsidiary to the new one. They
might have gone on patching up the old establish-
ment from time to time, but the expense so in-
curred would, as the produce of the mines increased,
have been rendered, and be had thought it better, therefore,
to incur one expense for all. One main element of economy
in working their mines was the stream of water with which
they were supplied at all times of the year. This supply,
however, was scarcely more than sufficient for their present
purposes in summer, while in whiter it was equal to the
working of an establishment ten times as large. It had
been decided on consultation with the engineers to make a
canal capable of carrying the whole water power of the
river to the working of the mine, and to provide over-shot
wheels to be used in summer, when the water power was
at its minimum, retaining the present under-shot wheels for
the ;working of the inferior ores in the winter, when the
supply of water was abundant, and wheels of lesser power
would do the work. They had also provided new and more
powerful stamps and crusher., and had adopted the int•
proved system of washing used in Cornwall, by which they
were enabled, by extracting the lead from the blend, to
obtain a better price for that product, besides securing the
lead for themselves. They bad also covered in a Large
space for winter working, which would prevent the stop-
page of the works in frosty weather, sad they had, by
building a barracks and a kitchen, and making arrange-
ments for feeding and lodging their workmen, been
able to obtain an adequate supply of efficient
labour, notwithstanding the extensive emigration which
was going on amongst the German 'linen. These various
improvements rendered it necessary to provide further
capital. The capital originally provided (5,4001.) had been
expended and more, and the only means they had of obtain-
ing the amount necessary to carry on the works in accord-
ance with the demands of the improved prospects of the mine
was by issuing the 8,000 shares which they were empowered
to issue, making up the total number of 40,000. They
could either issue the whole 8,000 shares at once, or 4,000
now, which would be sufficient to provide for present
purposes, and the other 4,000 at some future time. But
whichever course they might adopt they might depend that
the whole 8,000 would be -necessary to meet the growing
demands of the works, and to provide that which was always
necessary in a concern which partook of a manufacturing
as well as a mining character—a boating capital. (Rear.)
He reminded them that they possessed an area equal to
five square miles of some of the richest mineral land in the
world in fee simple and free from royalty, dues, or any other
payment. If he were allowed to offer a recommendation to
the shareholders, it would be to devote all their capital to
the working of the Obernhof Mine proper, which was quite
sufficient for the operations of anyone companyffor a century
to come, at least, and to form separate companies for carry-
ing oat the mines in the commune of Vinden and Venir.
The balanotesheet, and a letter from Mr. Aubert, who,
writing from the mines, after giving a detailed &coolant of
the works expressed• confident opinion that the dividends
would speedily rise to from 71 to 10 per cent. quarterly,
were then read; and, after some conversation, a resolution
was put and unanimously agreed to, authorising the imme-
diate issue of 4,000 new shares, to be (distributed rateably
among the present holden in the proportion of one new for
every eight old shares, say of such new shares not accepted
by the existing shareholders by the 30th December to be
offered to the other shareholders.

Ili; daAliiii:i stated that—Zdr. Aubert and himself
would be prepared te take up say number of the new
shares that might be refused by the shareholders ; and in
answer to a question, he added that the dividend for the
lam quarter's working would be paid as soon m the sales of
the ore should have been made and the money received.
ea mU
A vote of thanks to the chairman concluded the pro.
np.