The Express.
London, England, 1851-12-16 00:00:00

Sanaa Rga 'alias Nast*.

RI THE PININ•NT ABU CEAIUREN COSEOLIDATID
LEAL. MINING COMPANY, 11-PAMIR SMITH ASO
OVIEILE.-A JOINT STOLE COMPANY UN THE COST
BOON SVATEM. _

iltiswasal;iition for winding up the above company
under the provisions of the Winding-up Acts by the di-
rectors of the company. It appeared that in March, 18-1
a party of gentlemen formed themselves into a company.
called "The l'ennsnt Lead and Copper Mining Company,
at Diens Mowddwy, in the county of Meriuneth, North
Wales, fur the purpose of working it upon the Cost Book
system.
The mine, it appeared, bad been held by a Mr. William
Washington Mansell, who was afterwards secretary to the
company under an agreement fur a lease from the lord of
the manor in which the mine was situate, for • term
absolute of twenty-one years from March, 1845, on the
usual royalty of one-tenth, or a bleeping rent of 20W., after
wards raised to 2301. per annum. A prospectus was shortly
afterwards issued, and various parties took shares, a capital
of about 3,2091. was raised, and arrangements were made for
commencing the working of the mine. The company
went on working the mine without success but with en-
couraging prospects until the Ist of April, 1818, when there
appeared a deficiency of 4.161. th. Bd., add in the month of
May in the same year the company obtained an advance of
money front Sir Claude Scott and Co., bankers, amounting
to 8001., to enable them to carry un their works, and then,
after making up the deficiency and paying all their liabili-
ties, they appear again to have had a balance iu hand to
their credit of 316/. 13s. Id. About the 3rd of June, 184/1,
the company entered into negotiations with another com-
pany, who were working an adjoining mine called "The
t:raigwen Lead Mining Company," and ultimately the
amalgamation of the two companies took place, and a joint
company was formed under the name of " The l'ennant
and Craigwen Cousolidated Lead Mining Company."
Rules were then drawn up for the government of the
companies as amalgamated, and an issue of new
shares took place. This amalgamation appears to
have excited some prejudice in the minds of the
shareholders in the Pennant convent., and several
influential persons reliuguiedted their shares, rind with-
drew front the undertaking altogether ; in conse-
quence of which, it is believed, the amalgamated com-
pany became embarrassed. and notwithstanding that new
shares were issued and calls made in the company amal-
gamated, the difficulties continued to increase, and the
only sum realised by the sale of the ore from either com-
pany we* under 2001., end consequently the liabilities of the
company amounted to upwards of 3,000/., and various
claims became messing on the directors, and for which they
were answerable, but which they were unable to meet. An
action was commenced against one of the petitioners, Mr.
George Richard Metzler, a director, and •Mr. Bartholomew
Dawes, another director of toe company, two of the present
petitioner., in which action a suns of 361. 104. was claimed
for stationery goods suppli d to the company, and such
action wasotayed by the defendants agreeing topay such debt
with coats on the hide December Met. Another action was
brought by the lessor of the Pennant Mine against another
of the petitioners yin. Capt du Thomas Ruse,* shareholder,
and Riehard Marshall Smith, fur about 4001. for rent of ,
the mine. The petitiouers were threaten. el with other
proceedings at the suit of other creditors, although the
company professed to be formed on the cost book system, it
was not suggested by any party that the system protected
any shareholder from individual responsibility to the credi-
tors' but on the contrary the actions had been submitted to.
The director., on finding themselves in difficulties, brought
before the shareholders ut a general meeting the state of the
company's finances, and proposed a call to pay of their
liabilities, but a majority of the shareholders refused to
sanction such call being wade, although leveret of them
were in arrear for calls that had been previously
made, and upon remonstrance by the directors,
was of the defaulters excused themselves by alleg-
ing that shareholders to larger amounts were defaulter
and they did not see why they should pay their arrean,
whilst the larger defaulters held out. It WAS deemed neces-
sary, under these circumstances, that the company should
be wound up under the Joint Stock Company's Winding-up
Act.

Mr. Daniel and Mr. Roihurgh, in support of the peti-
tion to wind up, were Leard ou Wednesday last, at some

length.
Mr. MaHu and Mr. J. V. Prior were now heard for the

respondents.
Most.. Bush, one of whom was an auditor of the cont-
piny, and resisted the order to wind up. principally on two
grounds: drat, that there was, in tact, no crosolidated
company, inasmuch as its formation was dependent on
conditions, which they alleged were unfulfilled: secondly,
on the ground that the present position of the c ompany was
owing to a misappropriation of the loud by the directors,
and that, at the it instance, an order to direct the affairs of
the company to be wound up ought not to be made. They
submitted that the petitioners were entitled at most to an
inquiry before the Master, whether it would be fur the
benctit of all partii s that the company should be wound up.
Mr. Henry Stevens and Mr. Morris appeared for two
shareholders who had been sued, and supported the applica-
tion to wind up. His honour reserved his judgment until
to-day.
The Vice-Chancellor now made the order, having stated
the condition of the company at some length, and he
thought that neither of the objections was tenable. It Mr.
Bush, the auditor, had any equitable rights he would be
able to insist ou them on the proceedings before the Muter,
and upon the affidavits it did not appear io him that there
had been any misapplication of the Nada As to the sag-
potion that there should be a preliminary referencia, the