The Express.
London, England, 1853-07-26 00:00:00

ENGLISU AND AUSTRALIAN COPPER
COMPANY.

The annual general massdag of the proprietors of
this company was held yesterday at the London Tavern, to
modes the report of the directors. Sir WILLIAM FOIST'S,
Bart., took the chair.
Mr. flciiNsiusii, one of the directors, read the report,
from which we make the following extracts :
" The disorganisation produced throughout Australia by,
the attraction of the gold diggings has most seriously em-
barrassed the operations of this company. The smelters
have returned to their duties in the smelting works, but
all other descriptions of labour are extremely deficient ;
the consequence of which has been that, although there
Ism bees an ample supply of labour to work the furnaces,
there has been an absolute want of it to keep the furnaces
supplied with fuel. The quantity of copper smelted at the
company's works at Kooringa for the year ending the 31st
of March last has been 1,823 tons, being an average of 35
tons per week. The quantity of ore consumed daring the
same period has been 6,168 tone, being an average of 126
tots per week. And the quantity of coal consumed has
been 7,119 tons. The quantity of ore shipped to England
since the last report has been 7,280 tons,ot which 4,200 have
not yet arrived. It will be seen, therefore, that, notwith-
standing the hindrance which has been adverted to,tbe com-
pany has transacted a considerable amount of business in Awe
intim. That this has been attended with • satisfactory amount
of profit the directors have no moon whatever to doubt.
But as stock is taken at the company's works in Australia
only once a year—namely, on the 30th June—it is impos-
sible for the directors to state the profit of the past year
nail they shall be in pasessioe of the Australian ac-
counts to that date. The basses standing et the credit of
the profit and loss account is 27,0901. 12e. 9d. This account,
It will be observed, contains no credit for the profit which
may have been made in Australia sines the 30th of
June, 18.52, nor in Wales since the 31st of December last.
At the Spitty works, stock being taken only once a year,
namely, on the list of December, the profit can only he
ascertained at that period. The balance standing at the
credit of profit and loss would have enabled the directors to
declare a dividend at the present meeting, if the funds
were in this country ; but, owing to the state of circum-
stances in Australia, already adverted to, that is not the
ease. The want of labour has prevented coal being trans-
ported to tho works, the consequence of which has been that
It has required nearly the whole of the copper which has been
produced to deliver to the Burrs Burrs Company the pro-
portion of copper duc to that company under the contract.
The proprietors are aware, that, by the contract
between this company and the Burrs Berra Company, a
certain proportion of the copper produced from the ore is
deliverable to the Mining Company, and the remainder re-
tained by this company for its remuneration. If there had
been • supple of fuel adequate to smelting the whole of the
ore, the company would have been in receipt of its propor-
tion of copper, in a shape to be realised, instead of holding
• Isms quantity of ore not realised. The stock of ore which
remained on haled in Australia on 2nd April last was 5,988
tons, amounting in value to about 100,0061. The quantity
of :pals on hand at the same date was 5,845 tons. From
this latter statement it will be ma to what • low
point the stock of coal at the smelting works had been
reduced, while so large a stock remained on head at
the porta. This has been entirely owing to the want
of means of transport. It will unavoidably lead to a tempo-
rary suspension of the smelting works; the winter being
about to set in, which, from the state of the roads during
that season, will render it impracticable to recommence the
cartage of coal until the month of September. The diver-
sion of the labour of the colony from its ordinary course
affects the company's interest in every direction. It is to be re-
marked, however, that during this season of interruption the
contract with the Bum Burrs Company remains suspended;
that is to my, the term of the contract remains in suspense
while the working of the mine le stopped, and the delivery
of the ore therefrom is cossequenee suspended. Advice.
were received oa the 14th inst. from Monte Video that the
ship had sailed for Adelaide on the 21st May, with a full
cargo of mules, and she would immediately retain, alter
delivering them at Port Wakefield, for a second cargo. The
directors anticipate considerable advantage will arise from
the nee of thews animals, as they are hardier, less costly
to keep, and require only one-third as much labour as
oxen, besidesnVeacepable of workbag the whole year round.
Within what the course of labour in the colony ot
South Asset may be expected to resume its natural
course, the directors can only venters to conjecture, by re-
ferring to the large amount of emigration which has been
going forward, not only from this country, but from other
pare, to Australia. Advice. from the colony of Victoria,
which has been the chief point of attraction, already ex-
press • strong conviction that the supply of labour will POOl
be found to exceed the means of employment, so far as gold
digging is concerned. It is also notorious, that although
many cases of individual success occur at the diggings,
there are very numerous cam of disappointment. The
smelters in the employ oft his company found that they
gained less mosey at the diggings than the amount of their
weges at the smelting works. Lt is satisfactory to hear,
that at the time of the mine being obliged to stop its works,
it was in • better condition for supplying ore."
The profit and loss account shows a betimes of 27,0901. in
favour of the company on the 30th of April last.
Mr. RICH•ILIMON MO to put a question to the chairman,
whether any valuation was made of this property before it
was transferred to the present shareholders, for he
had understood that the former proprietors had quite
misled them on the subject, and had realised a
great profit to themselves by getting rid of their
property. Ile was told that the property was nothing
near worth the 300,0001. that bad been given for it, and
wished therefore to know whether they could produce any
one at this meeting who could state as a man of honour
that he had advised 300,0001. being paid for this pro-
perty. (lieu, hear.)
Mr. SCIIHRIDIIR said the whole of the circumstances of
the former company were laid before the meeting at the
time the present compan was formed, .and five gentlemen
unconnected with the former company had placed their
SWIM to the prospectus of the present undertaking.
Mr. RICHARDSON asked how many of the directors of
the former entunany were in the present one.
M r. POWL/13 said three only.
Mr. Itivtianneore wished to know if the five were not
all friends of the three ? (Latighter.l This was the cause
why the public out of doors had not confide's', in the
directors.
The CII4III3IAN said that he had no acqesistaaceship
with the ether directors prior to joining the sompeay.

Mr. &tumors said thit, so far from imposing on the
company, he would state that he and the chairman had ne-
glected to take their !Ate dividend of 2v. GI per share.
After some replica as to various items of the accounts, the
report was adopted unanimously.
The directors retiring were then re-elected.
A vote of thanks was passed to the directors, when the
meeting adjourned.