Northern Times.
Liverpool, Merseyside, England, 1857-11-12 00:00:00

THE REPORT

stated that tho present financial position of this company,
as shown by the accompanying statement of receipts
and exoendi-u-e for the past six months, affords satis-
factory proof that the favourable anticipations set forth
by the committee at the last half-yearly meeting have
now boon realised to such an extent as to relieve the
B)ard from those feelings of responsibility which always
attach to prospective representations in mining. Al-
though the liabilities exceede 1 the available asscfs on
the 13th May last, when the earl of 2s 6(1 was made, the
balance in hand this day is £1,580 19s 4,1, exclusive of
about £550 worth of cooper ore at market. The accounts
include cost sheets for seven months. and it will be
observed that the item for September is only '133 ; the
greater portion, however, of this sum was expended in
the recent heavy repairs to the large eastern water wheel,
which having unavoidably broken down, in consequence
of imperfect construction, has incurred a serious loss.
It is gratifying to the committee to be enabled to state
that the call of 21 61 per share was responded to by the
proprietors with only one exception, in which the share-
holder relinquished 359 shares, which shares the com-
mittee recommend should he now cancelled or offered for
sale. By tiro breakage of the eastern wheel, and conse,
q:tent rising of the water to edit?, the workings of the
mine were totally suspended for a considerable perio 1
hut operations have been resumed within the last week
or two. with little probability of any further interruption
for some years.

The report then entered into details on a report made
by:Mr. Pope, the engineer of the company, who con-
cluded an elaborate account of the mines by stating that
the mine was a very profitable concern. From the state-
ment of the accounts it appeared that there was, o❑
the 21st May, a balance of .e 268 144 10d against the
comnany, but that the income since that time was
£3,395 124 2-1, and the expense £1,814 123 10d, leaving a
balance in favour of the company of £1,580 193 4d,
together with ore at market value £550. The outstanding,
liabilities of the compaoy were put down at £299 Is Id.
In reply to Mr. Rollins, the chairman said the copper
set down at £550 was not included in the ore set down in
September last, but a separate item. And in answer also
to Mr. Rollins, he said the accounts were quite correct,
bat were not signed by the auditors, because one of the
gentlemen was in London and the other gentleman was
since disqualified,because he was not a shareholder. It
would be for the meeting to pass the accounts, or merely
to receive them, subject to be audited hereafter. He had
little to say en the report and statements of accounts,
except to point out the improved condition of the
company—(hear)—and that would have been much more
so, but for the accident that happened to the water
wh•el, which not only cost money, but prevented them
from raising copper for about six weeks, and the expenses
came to over £3OO, yet they were in a very prosperous
state. (Hear, hear.) He would be happy to answer any
questions that might be put to him. He would now
move that the report be received and also the statement
of the acccunts.

Mr. Rollins said he hail not the least objection to the
passing and receiving of the accounts, but for form sake
it would be better to have them audited. He would,
therefore, for form sake, move that the accounts be held
over until audited, and that the auditors report to a
meeting to be called for that purpose. It was agreed,
after a short discussion, to adopt that course.
The next business was the election of auditors, and Mr.
Heath, with Mr. Rollins, were unanimously elected.
This concluded the general business, and then the
meeting resolved itself into a special meeting, for the
purpose of determining as to the disposal of 350
relinquished shares,
by cancelling the same, or offering
them for sale, in accordance with the Cost Book rules
and regnlaticos of this company, and after some conver-
sational discussion, it was resolved to empower the
committee to sell the shares, at not less than 20s each,
but no tender to be received for the purchase after the
9th of December, as it was stated that the shares were
valuably increasing daily, and the Chairman said, but for
the unfortunate accident to the wheel, the meeting would
have that day declared a dividend.
Votes of thanks were then passed to the Chairman and
secretary, and the meeting separated.