The Express.
London, England, 1853-08-24 00:00:00

GREAT POLGOOTFI MINE.

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member
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hgen:oedenonan neop.olime appointed
investigation
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ordinary
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otticer eAeitYeh.Dchoi
u:moe 0!;m• was
AIRMAN said it was unnecessary for him to re-
mind the meeting that in consequence of the unfavourablg
state of the mine a committee was appointed to inquire
with regard to the present condition and the future pros-
pects of the mine. The committee had endeavoured to per-
form their duties faithfully and efficiently; but they were
impeded in their labours by the death of the late manag-
ing director, Mr. 'fhomae, and the absence of the two
Messrs. Brown, who were members of the committee
of management. They had gone through the ac-
count., which appeared to them to have been
properly kept. At the same time, it would be
vain to attempt to disguise the fact that those accounts had
been misstated at the meetings of the shareholders, and
that in consequence dividends had been declared which
ought never to hare been paid. It might be advantageous
to the shareholders if he jest stated, as clearly and suc-
cinctly as he could, the circumstances under which the
company was originally formed. About two or three
years ago, Mr. Heseltine and other members of the
Stock Exchange were recommended to form it by Mr.
Thomas, the late managing director, who introduced them
to the venders. Mr. John Brown and Mr. Francis
Brown were both connected with the vendors. When the
company was formed, Mr. Thomas was appointed managing
director, at a salary ; and the Messrs. Brown, in coixiderer
tion of their holding shares in trust for the vendors, bo-
came members of the committee of management. The two
last-mentioned gentlemen did not take any active part in
the management of the mine. In answer to inquiries
addressed to him by the committee, Mr. John Brown stated
that he left all the concern of the mine in the hands of
Mr. Thomas the managing director. The committee re-
ceived, it appeared, from Mr. Thomas the accounts which
were presented at the general meetings; the dividends were
declared as recommended by him; and, in feet, the committee
were on all such occasions the mere mouthpiece of the mana-
ger. In making these observations he confined himself strictly
to facts, and said nothing that he could not substantiate. The
present unfortunate position of the mine was accounted for
by the fact that the committee did not exercise that super-
vision over the mine which a committee was expected
to exereioe. It Was the misrepresentations made by
Mr. Thomas, that had brought the mine into its present
position. Mr. Thomas was now dead, and could not be
called upon to explain his conduct. The fact, however,
had come out that dividends had been paid which never
ought to have been paid ; the money subscribed by the
shareholders having been repaid to them. Hence the mine
was now in want of money to carry it on advantageously ;
but he was happy to state—and in this he would be con-
firmed by gentlemen who were better qualified to pro-
nounce an opinion on such matters—that the mine was
essentially in as good a position now as it was when the
company entered into possession of it.
The fincarrear then read the report of the committee of
enquiry, which greed in substance with the remarks of the
chairman. It also recommended that there should be a
call of la., to be spread over twelve months, and that the
shares shoald be called in for registration.
The report of Capt. Puckey, the mining captain, and the
report of the mining accountant, were also read.
The CHAIRMAN moved the adoption of the report of the
committee.

In reply to a question,
The CHAIRMAN said what the oommittee suggested witk
regard to the call was, that 10s. should be called for at once,
25.6 d. in January, and 2a. sa. in September, next year.
A SHARRHOLDER wished to know by whom the mine was
now managed.
The CHAIRMAN said it was at present under the manage-
ment of Mr. John Brown. It was necessary for the meet-
ing_to reconstitute the managing body.
Me SHAREHOLDER said he should object to any call
being made under the existing management.
A SHAREHOLDER objected to the registration of the
shares, as tending to diminish their value in the market, by
introducing liability.
The CHAIRMAN said the company having been firmed
on the eost-book principle, it was in the power of any
shareholder to terminate his liability within a very short
period.
In reply to questions,
Captain PUCKEY said he had full confidence in the ulti-
mate success of the mine, provided a sufficient amount were
raised to work it.
After a lengthened conversation, it was resolved that the
report of the committee of inquiry should be printed for
distribution among the shareholders, and the meeting then
adjourned for a fortnight.

WATERFORD AND LIMERICK RAILWAY.—The ea-
Ussioo of this company's line from Fiddown to Dunkit
having been approved by the government inspector, is to be
opened this week.
WATERFORD AND LIMERICK Italimar.—This rail-
way will be opened to Waterford on the 23rd of this month.
RAILWAY TO Arrrant.—At a meeting Jim held it
was determined to promote a railway from Antrim to the
Ulster line, and so place it in direct communication with A

Dublin.
WANT OF "NAVVIES." A large number of
"navvies" an "wanted" for the Manche,tat and 13uuth-
port ReiIWAT ; and the "wont," an unns,.al one, of the'e
useful individuals induces the contractor to eller "liberal
wages "