The Express.
London, England, 1853-09-07 00:00:00

GREAT POLGOOTH MINI. % COMPANY.

Yesterday an adjourned Meeting of the proprie-
tor is this company was held at the London Tavern, Mr.
P. D. HADOW in the chair, to consider the report of the
isommittee of inquiry appointed at the general meeting of
the 19th of May for the purpose of investigating the at-
Senate, and for instituting an inquiry into the present con •
dition and future prospects of the mine, and also by what
muss its future working could be profitably carried on.
The report which was presented to the proprietors at a
meeting held on the 23rd ult. stated that toe accounts had
been correctly kept as far as regarded the receipts and ex-
penditure in the ledger and cash-book, but that the state-
ment of accounts as presented at the g 1 meeting,
signed by the auditors, appeared to have been manufactured
fee the object of making a profit appear upon which divi-
dends might be legitimately declared, arid which in fact
were paid out of the capital of 'lie company. With regard
to the future prospects of the property the committee add :
" Although it appears that the exploratory works have been
judiciously selected, with the hope of permanently benefit-
ing the company, they have required longer time to develop
than was anticipated, and consequently have not proved so
remunerative. 'Until an improvement occurs in some of
the venoms code and levels a certain expenditure will have
to be iseurred in addition to the cost of prosecuting that
portion of the work, which it will be evident to the share-
holders is the principal hope and mainstay of their pro-
perty, via., the sinking of the eastern shaft. It should be
borne in mind that, it the St. Martin's lode at the 96 fathom
level had not been lost, the former occupiers would
have continued in possession of the sett, as up
to a certain q rind that lode returned immense quantities
of tin. A large outlay has been sobsequently made, and
by dint of great perseverance the lode has bees again 4s-
eevemill. and is seen is the 94 fathom level for upwards of
60 fathoms, lengthening as the depth increases. It may be
remarked that Polgooth, long as it has continued to work,
A still a shallow mine, the greatest depth being Taylor's
shaft, which is 110 fathoms, whilst Wheal Vor has been
prosecuted to a depth of upwards of 300 fathoms. Bat, in
order now to work the Bt. Martin's late effectually, and to
advantage, it I. absolutely necessary, as stated in the
mining captain's report, to continuo the sinking of the
eastern shaft; but, inasmuch as the capital of the
eempeny has become prematurely exhausted, by rein,
eon of upwards of 6,0001. having been improperly
applied in making dividends out of capital, as,
noted in the earlier part of the report, which should I
have been applied to its legitimate intention, namely, thel
sinking of this new shalt, and by the heavy additional wet
during the last winter, from the excessive and Impress-
dented centinuance of wet weather, as set forth at the last
general meeting, it becomes necessary to provide additional
funds, to replace those which have bean misappropriated.
The capital which is now required for sinking the shaft,
and carrying on the mine until this tin ground can be
reached, as well as for discharging the present liabilities, as
are shown in the balance-sheet, should not be less than
10,0001. The whole of this sum would not be immediately
required, but would be distributed over a period of about
12 months, as the works progress, during which interval
great improvements may take place. It now remains for
us to suggest, after much anxious consideration, as the best
course for raising the requisite capital, that a cell of 16s.
per share be made, to be extended over a period of 12
months, which will not only discharge all the existiobliabi.
lines, and meet the expense of she monthly workings during
a period of two years, hut will place the mine in a sound
and profitable condition for future operations. In conclud
iog our,report, we cannot bu• express our opinion, haled
upon that of the mining captains, whir'. has been sub-
mits, d to the meeting, and alter a lengthened investigation
into the character and prospects of this property, that the
required outlay is fully justified by the important results
• which a spirited and proper development of the mine, and
rediscovered St. Martin's Lode, holds out to the ad-
venturers."

The Cuatausx stated that at the last meeting the share-
holders would remember it was deemed advisable that the
consideration of the report of the committee should be
adjourned for a fortnight, to enable the shareholders to
consider it, and decide upon the course to be pursued.
There were two alternati.•.— must abandon

_....heuves—either they
the property, and sell it fur what it would fetch, or they
must make up their minds to subscribe the necessary capi-
tal to carry it on properly, and, he Loped, profitably. lie
and his colleagues had an opinion in the matter, but they
forbore stating it, preferring that the shareholders should
decide for themselves. There could be no doubt that the
concern had been grossly mismanaged, but be did not think
it was irremediably bad. The report would show that
something might be dune, and looking at the chances o
mining speculations generally, he thought there was a good
chance upon the cards for them.
Mr. GAWTIIOIIX moved that the report and accounts lea
adopted.
The resolution we. seconded by Mr. T. A. Coos.
In reply to questions,
The C HAIRMAN said Mr. Thomas bad been the managing
director, and he was now dead, and could not, therefore, be
made responsible. Mr. 1. Brown and Mr. F. Brown, whe
were alio members of the managing committee, never at-
tended, but left everything to Mr. 'Thomas, who was the
person by whom the shareholders had been deceived. The
money which had been paid up to put the mine in a prods-
able working state, had, it seemed, a great portion of it.
been repaid to the proprietors r dividend instead
of being appropriated to the purpose tar whirs
it was advanced. Mr. .1. Brown admitted be bad bees
guilty of negligence in not luokiog after Mr. Thumb bail
he encased himself on the ground that he had palest OW
adenine in 11.:n. The Messrs. Brown were, with ahem the
picks who sold the mice to the present oompsy, and
they were paid partly in money and partly in share. The
shares he believed they sold.
The resolution was carried.

Mr. HmelLTtmm, a meusbi.: of the investigation unmet-
toe, said he wu authorised to tender the resignation of Mr.
J. Brown. (Cheers and laughter.)
The SICRETMLY, by desireof the Chairman, read a letter
of resignation from Mr. F. Drown.
A resolution, accepting the resignation of both gentle-
men, was then passed, and it was resolved that a new com-
mittee of management bo iippomtell, to consist of Mtil
P. D. Hadow, F. Mercier, 0. Bermingham, —Cswthorne,
and A. Cox.

The CHetamate, in reply to &question, said 3004. a month
beyond the present receipts would be required to carry on
the works efficiently. The mine had 'raptured within the
last month, and the yield of tin was now about twenty tone
a mouth.

- ---__.
Auditors were then appointed, and a call of 15e. a Aare
payable 10s. on the lst October. 2s. 64. on the let March,
and 2.. 6d. on let October, 18.54, resolved upon.
The proceelings concluded with a vote of thanks to the
chairman and the other members of the committee of in-
vestigation.

COLLISION ON THE CHESTER AND HOLYHEAD
RAILWAY.—On Monday night, an accident of the above
chstacter happened to the 2.45 up train from Holyhead
when jut in sight of the Chester station. There is at that
point of the line a shunting lying to the north of the rails,
which is reached by cross rails fr on both lines of the road,
and it happened that as the tr.iin before specified was
approachiog Chester, it ran into o short luggage train
which was at that instant being removed from the down
line to the shunting, completely capsizing it. The confu-
sion et the moment among the p•saengers, chiefly excur-
sionists on their return from the Dub.in Exhibition, defies
description. Happily, however, there was no harm done
to life or limb, all the damage bring confined to the upset
vans and the fittings of the foremost carriages of the pas-
stager train.
ACCIDENTS IST THRESHING MACTIINF.S.—The acci-
dents which occur by these machines are innumerable.
Scarcely a week passes but we have to record some mischief
effected by them. Timothy Eogledeld, a labourer ad-,
mated in Team who works for Mr. Mathurst, of Sher- I
borne, on Saturday last had all the toes of his right foot
cot off. lie was driving the machine, when his foot was
caught between the cogs of the horse,' wheel, and his boot
and toes were instantly taken off. The poor sufferer is
doing well. A few days ago a youth named Ezra Barlow,
employed at Mr. Humphrey's farm, Blewbury, was &iv-
int the machine, when the spindle might hold of his
smock, and dragged him into the machinery, and in-
stantly broke one of his Div, and severely lacerated the
other. He is now in a lair way of recovery.—Berks
Chronicle.

A BISHOP IN Disrazas.—lt is seldom that signals
of distrees are hoisted from the episcopal bench; but the
sign 'ls in question have actually b, en hung out recently on
behalf of the Bishop of Durham One of the " friends of
the church " has nude the naelaneholy calculation that the
good bishop is in such an impoverished state that, after
making sundry deductions, the poverty-stricken prelate haa
manly more than seven thousand a year to live upon.
Considering how bishoprics go in the present day we are
astonished how the prelacy of Durham can pay at the price,
and how, in fact, the bishop can manage to do it for the
money. We shall probably be told neat that it is a losing
concern, and that the occupant of the wretchedly seedy see
is about to give it up in consequence of his being "out of
pocket." We recommend the bench of bishops to frat.,
nine with the cabmen in making one common stand against
the system of reduced fares to which both have been doomed
in obedience to the modern principle of economy. The
bench may object to the association, hut it is clear there is
some affinity between the episcopal arid the other class, for
the cabman can drive his no—e, whi'e both cabman and
bishop can dnve a bargain.—PmerA.
Mits. HARRIET B UCH sa S row r..—Cla Monday the
authoress of " Coale Tom's Cabin" arrived in Liverpool,
and has since been the guest of Ef ward Cropper, Esq., of
Dingle Bank. She I England tool iv, per the United
States mail steamship Arctic, fur New York. Her return
has been hurried swing to news of the delicate health of
one of her daughters.
SOUTH-EASTERN RAlLWAY.—Traffic for the week
ending Sept. 3, 1863 :-21.1311. 17s. 6d. C remanding
week, 1862, 20,3161. 114. 11d. Increase is 1863,b2a. de. 6d.