The Northern Daily Times.
Liverpool, Merseyside, England, 1853-11-22 00:00:00

1717 1 6

June 1853

-15,383 3 2

Leaving a balance in favour of the
company on the 30th June last of £2616 16 10

The receipts from the sale of =lndic
appear to have been as follows :
From the formation of the company
to 31st December 1851 . . . 106 6 3
From the 31st December 1851 to
30th June 1852 . . . . 1421 10 1
1527 16 4

From 30th June 1852 to 31st De-
cember 1852 .. 780 0 4
From 31st December 1852 to 30th June 1853 649 15 0

Making the total receipts to 30th June 1853 from
the sale of mundic . . £2957 11 8

In June 1852 a dividend of 2s per share was de-
clared upon 50,000 shares, amounting to . .
While at that time the gross receipts from the
sale of mundic amounted only to ..

5000 0 0

Showing that a sum of . . • . . . .
was then declared as dividend to the excess of the
amount applicable to that purpose.
The receipts for mundic in the year
ending 30th June 1853 amount to 1429 16 4
And I understand, that Mr. A Ben-
nett and Mr. Henry Carr re-
linquish their dividends to the
extent of

1527 16

1812 1 3

3472 3 8

3241 16 i

Leaving a sum of . . •.. . • . . . . 230 7 1
still to be realised subsequent to the 30th June, 1853, to
make up a dividend declared in June 1852, as shown in the
accompanying dividend account.

"No reason has been given to me why this particular
sum of £lBl2 is. 3d. has thus been relinquished by Messrs.
Bennett and Carr; but you will no doubt satisfy yourselves
whether the same circumstances which induced the sacrifice
of this sum should not require the relinquishment of a larger
amount.

" The amount now dealt with as the receipts from mundic
is the gross sum for which the mundic sold, the whole of the
expenses, even down to the broker's commission, being
charged among the disbursements in the cost book.
"I do not find that any stock account has been kept.
" The annexed balance sheet will show as much in detail
as the time which I have devoted to this business has allowed
of the appropriation of the funds of the company, although
I have asked for it, I have been unable to obtain any de-
tailed statement of the preliminary expenses, charged at
£220, or of the office expenses, postages, stationery, and
general management, charged at £350 per annum.
" In the year 1851, there is a charge of £l5O made by Mr.
Bennett, the purser, for a water wheel, which, I understand,
belonged to the mine at the time of the first constitution of
the company; and if thii be so, Ido not see how the charge
pan be allowed to stand.

" I consider the disbursements, upon the whole, to have
been fairly vouched, except as to the payment of the divi-
dend, the receipts for which, as well as the register of shares
and transfer book, Mr. Bennett, in the first instance, refused
to produce,.but which he afterwards (when I had made my
'arrangements for leaving Wadebridge) promised should be
forthcoming; as you remained at Wadebridge after my de-
•parture, you would have the opportunity of seeing these
'documents and mentioning them in your report. The only
account of the shareholders which I have seen is a list of
their names, addresses, and number of shares held by each
entered in the cost book, under date of the 18th August,
1853.

" The only cash account said to be kept is a small cash
book containing entries of the monies received from the sale
of mundic, but of the larger amounts received for shares no
cash account whatever has been produced to me, nor is there
as I am informed, any separate banking account kept for the
-company, consequently I had no means of seeing either what
balances were from time to time in hand, or where the funds
of the company were deposited.
" The monthly payments shown by the cost book (of which
the accompanying balance sheet contains the analysis) are
not, as far as, dates are concerned, to be depended upon,
inasmuch as all wages, merchants' bills, &c., for each month
are charged in that particular month, although, with the
exception of the advances to the men and some other items,
the money is not actually. paid for upwards of two months
afterwards, and in some instances, the' payments are made