The Express.
London, England, 1853-03-17 00:00:00

ENGLISH AND AUSTRALIAN COPPER
COMPANY.

Yesterday a Ppecial !reefing of the shareholders
in the ati.ive eoutpaay wa, h. 1.1 at the London Tavern.
There was a large attend.oice. The chair was taken by

Mr. Schneider.-
The Cff•IMMAN paid that the meeting had been called
in order that the director+ might lay before the sharehold-
ers, an account of the fire; year's operations of the company
—that was to say, the baietice-sheet from June Nato June
liti2 as received in this country in January last, and
which (as it could not be printed under the Joint Stock
Act until the period of the regular annual meeting in July)
would remain in the offices of the company for inspection
by shareholder*. At the period of the last ordinary meeting
the company had been too short a time in existence to per-
mit of env full account of its operations being given, and it
would obviously therefore he satisfactory to the share-
holders that the present meeting had been eared. (Hear,
hear.) The shareholders were aware of the circumstances
which had impeded the operations of the company, it
kavin been formed just prior to the gold dieeoveriee in
Australia, and having therefore had to encounter the ex-
ceptional state of things consequent upon the the eeeee d
prices of labour, and of every article required in the pro-
grew of such an undertaking; but it was gratilying to
et de that, to the extent to which they had been enabled to
carry on their operations, a fair mercantile profit had
resulted from every ton of copper they had smelted.
Their dioadvantage had been in the limitation of their
~p-ration; so far as they had gone they had done very well.
Their main impediment bad been in the want of labour.
Of the numbers of skilled labourers whom they had sent
out from this country at a heavy cost very few had remained
with them in the colony; and at one time, indeed, in con-'
sequence of this wholesale desettion, the works had had to
be steppe'. There had g ,ae on, at the same time, so ab
streetion of the resident and current available labour of the
colony, so that the wages of labour hail been doubled. He
was clad to ray, speaking as far as the interests of this
coop say were coneerued, that there was now a reaction in
the labour market, and that there was a prospect of labour
becoming abundant, cemoared with the preceding rise
months, and of wages felling in consequence. Another se-
rious difficulty they had hail, consisted in the great demand
which the population puttee into Victoria had caused for
drays and oxen. The col my of South Wales had been bet-
ter supplied than Victoria in that respect; and the result
of the high prices offered in Adelaide had been that every
one with a dray and oxen set off for the digging*. Thus
this company insteed of having front 600 to
600 tons on the mad, ore one way and coal
the other, had fora lung tune had none at all. A reac-
tion in this respect had also set in, and since the commence-
ment of summer they had been enabled to got labourer
enough at least to keep their own large stock of
drays and oxen o tin.c. On the whole, the directors now
found themselves in a condition to congratulate the
shareholders on having utilised a good mercantile profit on
their operations ; having realised in the colony, after all de-
ductions, 27.0001., which, with the further profit on the
operations at the Spitley Works, made 42,000!. as the clear
profit ou the operations of the company foe the twelve
mouths. (Hear, bear.) But in the present state of things
the hoard could net recommend a dividend. The amount
of their property locked up in Australia was very great;
and though relieved at present, matters must for some
months be regarded as are) uncertain; and it would, in his
opinion, be highly imprudent just now to make a division,
since that would take sway capital which might by-,
and-bye be immediately wanted. (Hear, hear.) Their
I prospects were excellent ; labour was flowing into
Adelaide; and if they cot enough labour, they,
would do all they wanted. (Hear, hear.) All the direa-
tors could say was, that as mamas they saw the proper time
arrive they would recommend a dividend. (Hear, hear.)
' With regard to the contract with the Burrs Burn Cunt-
, pany, on which much had been said, the explanation was
very easy. The contract was for a limited time; but, for-
tunably, • clause had been introduced, at the instance of
Mr. Walters, to the effect that in the event of the stopping
of the mine—which of course nobody at the time could
have expected—the contract also slould cease ; and the con-
sequence was, the Burro Burrs being now entirely stopped
—and that was • fortunate circumstance for this company,
se it turned oat —the contract is not going on;
that was to say, every month lost now would be
added to the ordinary expiry of the contract when
the working of the mine was resumed. (Hear, hear.)
What had happened was fortunate for this company fur this
reason, that having • large stock of ore on hand. they
would gladly see that cock reduced before ree.tiving further
ore from the Burn Burrs. (Hear, hear.) They bad 8,000
tons of ore in stock at the works; 3,000 tons on the way to
England; and in port 500 tons; and if they were only able
to go on smelting at the rite of 130 tons, they would be
encumbered had the Barra Berra gone on • and spin, if
the mine had been worked and had pro:ll44d only • small
quantity, their contract would. have been running out
without any great advantage to them. (Hear, hear.) 'the
intention now was not to work the mine again until such en
amount of labour, at reasonable rates, could be got as to
make the operation profitable oa a large scale ; and there
were great hopes eutertained that such an amount of
labour would soon be obtained ; and, obviously. the same
circumstances would affect this company in the like manner.
(Hear, hear.) The mine itself
flourishing condition than at this moment. Powerful ma-
chinery had been erected, enabling them to is crease
their depths ; and they had cut a lode at 50 fathoms level
where the ore looked better and was of a better charectet
for smelting. The effect of that lode being cut was to make
a certainty of the yield, between 40 fathoms level (which
was all they bad reached at the period of the meeting
in June), and the 50 fathoms level ; and looking to the
quantity raised between the surface and the 40 fathoms level.
a large quantity being still left there—and to what the in-
creased depth would give—he thought this company might
calculate on the mine lasting well to the end of their con-
tract. With regard to the future, they could only hope to
renew their contract ; and fir the present to congratulate
themselves on the prospects within the term. (Hear,
bear.) The latest advice' received by the directors were to
the Bth of January; these letters following, by • few days,
those to the 15th of November; and the intermediate
letters would come to hand by the Sydney. These letters
were all Rxtiefactory u regarded the results of such opera-
tions as they could carry oa ; the prospect being that they
would smelt one hundred toes • week, in • v_ry shot t time.
Mr. Eubank, one of their mauves, who bad bees
in Chili some years age, bad recommended the use of
molts instead of oxen for draught, on the ground that they
were hardier, and lea+ costly for keep, and also that they
required only one-third as much labour to look after them
—all, an 1 more especially the latter, very grave cnnsidera-
tioos with the company ; and accordingly, the directors,
after inquiry as to the cheapest method of getting a supply of
mules, bail purchased a ship and sent her to Monte Video for
a cargo of these animals; and they expected 13011 to hear
that that ship bad left Monte Video for the colony.
There was one other matter to be explained. They
were aware that Mr. Blown had been despatched
by. the company to purchase gold. Up to a cer-
tain point he had made very favourable terms ; but,
unfortunately, the Union Bank at Melbourne had
failed to comply with the engsgement they had entered into
with the company to supply sovereigns against bills of
lading on gold sent to this country ; and in consequence of
having been thus obliged to provide the whole of the funds
for the purchase of gold, instead of about 10*. an ounce ;
and wider these circumstances, the operation ceasing to be
ver desirable, and Mr. Brown being greatly wanted in
, Adelaide, the directors had recalled him.
! The balannetheet uses then read. The result, in regard
to the net profits, is mentioned in the foregoing remarks.
A S/141111110LIMR—la the profit you give, profit re-
alised ?
The CUAIRIIAN—It is in the shape of assets, to sor
_ .

es ten' ; but it is fair to consider it as realised profits.
In answer to a question as to the bill of the company (for
tee liability) brought into parliament,
The CHAIRMAN said the Board of Trade objected to the
bill on the ground that the government were turning their
sttsntion to the whole question of limited liability, and
th.rclore the bill hu been withdrawn.
A SimusitoLemn—That is to say, the charter is refused
to us, but the government will bring in a general bill ; and
we can then. Problbly, get wbatwe want under the govern-
ment bill. (flour, hear.)
A SIISAEHOLDAIL asked whether, in the calcula-
tions of the directors and M the balace-sheet which had
been read, the prier of ore in January was taken 1 There
had been a great rise since.
The Cn %Mat uq—Sorae clisnr has been snide by us in
the figures, but not to the fall extent. There is a margin.
In answer to a question, as M whither a dividend would
he declared at the neat meeting,
The CWAIWA IN sail he regretted that such a question
should be asked. In July they would know villas their
position was, and they could then go into the matter better.
But to had no doubt that in July the answer would be ea-
tofactory. (near, hear.)
An attempt was made to put a motion far grantins the
directors 1,0001. for remuneration, but
The i!ll1IIINIAN regutated that that subject should a:,o be
ratplaed till July.
InaLks won then voted, with acclam Aim, to the direc-
tors, and the meeting separated.

MARYLEBONE FREE LIBRARY.

A public meeting was he'd last evening at the
Centred N Salo], Paddinlton•r:reet. to soupt mea-
sures for mcurmg the establishment of the above iusti-

Mr. Wrong, Chairman of the Working Men's Com-
mittee, pres'd..cls 11 stated that the present was the third
of a series of mectiugs convened by the Working Mcn's
Committee. Several noblemen and gentlemen were anxious
to emulate the example set by Manchester, where a free
lending library and library of reference had been esta-
blished. Mr. Oliveira, M.P., and oth‘ re, had thought that
Maryiebooe ::as a prep-r di, trict hi which to commence the
mossier. cot is the rnetropoli,, which this meeting was held
Its promote. Alrea :y atria 700:. or ecot. hui be en col-
lected for this abject; and tho rubscriptions would, no
doubt, increase if the inhabitants showed them,elvei de-
sirous of the benefits of a free library. 'lbis might be
I evinced by the smallest contributions. (liter, hear.)
Mr. RICHARD MUUlli moved a resolution, declaring that
I tho establitbno n'. of fete libraries would eminently two-
mete the improvement and elevatiou of the people. (Ilea',
. hear.) lie ur d on the working mcn the importance of
coistns,,lifag i,bier., and ex prenwil a hope that this
' would he the fi•st of a emnbor e.f similar institutiens.
Mr. norms seconded the resolution.
Mr. OLIVIIIRA. M.P., Mr. Muunovou, M.P., and other
patronise, addressed the meeting in further support of its
**atm