The British Press; or, Morning Literary Advertiser.
London, England, 1826-08-28 00:00:00

WELSH IKON MINING COMPANY.

A !Redbird the Hhwrebolders of the above Company took place
on Saturday, at the London Tavern, far the purpose of Went igating
their conrtrne. Upon application made by opr Reporter for ad-
mission, he was told that Shareholders only could be allowed to be
prescn% A; soon, however, as the Chair was taken by Mr. Peter
Moore, a motion wat made to admit the Oentlemen of the Press,
which. after !some discussion, was acted to, by, as we undenrood,

a majority of 23 to R.
Upon our 'Omission to the room, the Caste m observing a
pile of books and documents upon the table. represented the in•
convenience which must attend the public examination of such a
miss of documents at suck a place.
Mr. LANdstow submitted the impracticability of the thing.
He suggested the propriety of appointing a Committee of Proprie-
tors, who held no office, to invest,gate the accounts at the office,
and he proposed a resolution to that effect.
Mr. SELBY agreed that it would be advisable to appoint such a
Committee. lle rejoiced that the newspapers would have accoutre
of what took place, as he understood the abuses were most enormous,
and he trusted that an endeavour would he made to get a restitution
of the money, which, in his opinion, had been so dishonourably ob-
tained from the Proprietors.
Mr. W. CLARK said, that the Auditors had made some progress,
and were ready with a Report for the Proprietors.
Mr. bsicusrow rose to oppose the reading of any thhig that
had not an immediate reference to the expressed object of the

Meeting.
The CRAIRMAX rose to put the first Resolution, which, after
• !pest deal of exceedingly unnecessary discussion, was agreed to.
Mr. laiwasiow was at diti.rent times accused of raising
frivolous objection ~ for the purpose of occasioning delay ; Mr.
('lark was anxlens to read the Repert of the Auditors. and
the Proprietors were still more anxious to hear it read; but Mr.
Lansglow persevered in his opposition, and was joined by Mr.
P. Moore, who frequently smote the table, and threatened to leave
the room, if the Meeting did not act legally and constitutionally.
The butane. sheet was then read ; from which it appeared that
the sum of 10r3,170/. 10a. lid. bad been received and expended
sinee the formation of the Company.
Mr. HARRIS then moved ,that the Report of the Auditors be

read.
111 r. Larast.ow and 31r. PETEU Moogs: resolutely opposed
the tuntiolo, and called aloud to the Shareholders to abide by
the deed of sedlernent, and not to act in violation of the law.

(Laughter.) .• •
Several SHAREHOLDERS—WC arc satisfied of the iegatity of
entertaining the proposition just made.
Mr. Lastoshose said the deed stated that the Auditors should
make a report to the Directors, not to the Proprietors. N..w, a re-
port of the former kind had nut been made, and any other would be
an contravention of the deed.
Mr. CLARK said, that if the Directors were ashamed of nothing,
their anxiety was the most unaccountable thing in the world. All
he could state was, that if the Proprietors were not put in pos-
seasku of the CRIMEA of the Report, they must remain in ignorance
of facts which it was highly essential they should know. (Cries of
1" Go on, Mr. Clark ;read it as part of your speech, if the Chair-

man Is so .queanash.")
Mr. P. Aloott r: here again called to the Proprietors to look to
the deed of settlement.
A SHAREHOLDER-1 ask you, Mr. Moore, whether the deed
has not been violated by the Directors taking enormous sums of

money ?
Mr. J. CIMPDELL—I believe that not one guinea has been taken
by the Directors that was not according to the deed.
Mr. P. Moons—l'll have the deed read (a laugh—for the deed

Is enormously long).
SHAREHOLDERS—It is only for the purpose of delay that these
objections are made—let it be put to the vote.
Air. PETER oORE—I'll go according to law.
Mr. YENNING (Chairman of the Auditors) stated, that he and
his brother Auditors had spent twenty-five successive days in the
examination of their books and other documents, and he should
certainly, for the information of the Proprietors., read the Report,
the result of their labours as a pert of his speech. This threw
Mr. Langelow, who had , made many technical objeetioas, into a
dilemma.
Mr. VENNI xc then read the Report, which represented that the
most gross negligence had existed in the Direction ; that the money
of the Company had been most wantonly squandered by the
Directors and. Mr. tVilks; that the most improper use had been
made of the funds by trafficking in shares ; that the Directors hail
contrived to attend moot punctually the Board for the purpose of
deal-hg in shares, and that they made most enormous charges for
ettendande. although they merely attended for their own profit,
and to apply the Cimipany's money to their own purposee. %Ph&
31r. Yenning wait reading this statement some very strong expres-
sions of indignation burst forth.
Mr. PETER .1100 RE again objected that the deed was not ad-
heed to.
Mr. liaeossow—l move that the deed he adhered to.
Several gentlemen represented this to be an absurd proposition.
Ilr. (..Edna rose amidst cheers. He was really surprised why,
if the Directors were conscious of having clone no wrong, they
were so anxious to avoid inquiry. He was determined to do
his date, and would not attempt to screen those whose con.
duct hail reduced the property from 251. to V. per Share. He
and his brother auditors had, in their endeavour.; to pierce the in-
tricacies of the transactions of those who had mismanaged the con-
cern, stumbled upon a transaction which required an explanation
from the Directors minute-book, but the Secretary told them
they should have every thing but that book. They next found it
necessary to ask for the Company's CoMmittee's share-book. but
they were informed that there was no share book. It was, how-
ever, ascertained upon closer inquiry, that there had been a share-
book, but the person in custody it had been last seen
was Mr. Wilke, in whose office it lay. It was not forthcoming,
or it would have given a neat history of trafficking in shares', and
misappropriation of the Company's money. Air. Clark then al-
luded to the psyrrimt of 12,5001. to Mr. IS like to pay over to Mr.
Jones. the proprietor of one of the mines called Coedallan. Th a
suns, it was found, had not been pa'd over to Mr. Jones until lung
afterwards. Besides the shares which the Directors had ap-
propriated to themselves, they kept away front the public
many more shares, for their interest in which they received from
Mr. IN'llks the sum of 5001. each [cries of shame !); and up to this
time they had never paid a farthtng of the deposits. If they had
fulfilled that engagement, 511",0001. additional would now be at
work, or i: not at work the Company would have the benefit of it
b/ laying it out in Exchequer Mlle. Soon after the establishment
of the Company, the Directors, in February, ordered that a certain
number of Shares should be bought up, by which a loss of 1,1001.
was incurred, which lase was charged to the Company. In the March
following 630 Shares was disposed of at a premium, by which a pro.
fit was realized of 1,713/. 155., which profit the Directors divided
amongst themselves, with the exception of 413/. which inns paid to
31r. Wilks. The creditors inquired into this transaction, upon
which Mr. Vi'llke came to them and drew checks of 301. each, for
each of the Auditors, as hush-money, which they at once rejected.
Mr. Clark reprobated the whole management. The Directors
had contrieztl, with great ingenuity. to -increase their fees for
attendances; thee were not cement with sitting and charging 4 or
5 days a week. They divided the days into 6 Committees, for at-
tending all of which they made their charges. They had their Spe-
cial Board, their Committee of Al anagement, their Committee of
Accounts, their Instalnient Comenio.er, their Di vidend Committee,
their Deed lad Rent Roll Committee [loud laughter),' and they
transformed themselves every half-hour, in order to get hold of
the property or the unfortunate Shareholders. In the space of
eighteen months
Sir. Peter Moore had .f.. a.
for attendance, the By the deed he ought to
stun ;if - 059 19 have had 283 II)
Barrett - - - 507 3 Ditto 2111 8
Kershaw . 659 19 Ditto - 213 8
Peering - 366 9 Ditto 133 7
Gray - 39719 Ditto - l_ols
*c. So that the Directors bud paid themaolves 3319/. 75., whereas
they ought to have had.no more titan 1Z32/. 14n.
The Deputation sent into Wales, in their Report, recommended
a resident Director. This Report was signed by Messrs. Gray,
Kershaw, and. Wilk*. and Mr. Dray was recommended to such of-
flee. A house. formerly in the occupation of Colonel Wardle. was
purchased Mr the sum of 7501. and an outlay to be made thereon of
2.5001., but in addition to which a further sum hail been expended,
so that the residence stood the Company its 5,0001. It was agreed
upon that Mr Gray should receive as salary such money as would
have accrued to hen in his office of Director, had he remained in
London, anti attended the meetings of the Directors; but in addi-
tion to which, a charge appears in the accounts of 376/. for post
chaises, conveyance of furniture, and other expenses; and it was
stated that the discovery had been lately made, that a farm to the
extent of 40 acres we* attached to eta property, fur which the Com-
pany were charged 2001. a year. As tegatiLi the 750/. to be paid
to AVardle. a receipt only for 3501. was to be found. Ile ape
pealed to the Meeting, whether the Directors were not bound to
nfural these overcharges, as the metre] sums Charged amounted to
upwards of liooo/. ? If they did not refund, they were unworthy
coofidene . Mr. Wilke was paid 1,2721. 15s. 911. for stamps for
the conveyance of certain property, but the deeds had never been
executed op to the present period, nun had the stamps been pur-
chased. Mr. Clarke then *poke of the neglect shown by the Direc-
tors with respect to the Miami, and mentioned as an instance that
Sir Jones, who was to have been paid a portion of the purchase
money in shares, applied to the Directors fur 5001. as that portion.
The Directors were totally ignorant, lequiry was made, and Sir.
Wilk- was referred to, who also pleaded to:31 Ignorance; but,
on investigation, it was found that the money haviug been
given to 31r. Wilts to pay to Mr. Jones, he had retained
2,001)!. as the depilate on 500 Shares, and thus became 51r.
Jones's trustee. Mr. Wilke had, however, In the mean time, so d
these Shan a at a premium of from 3/. to N. a Share, through
lookeri. Upon the detection of this circumstance, slr. Willis
handed over his draft for 2,500/, stating, that in the Multi' lie t, of
his affairs he hail overlooked the matter. On the fourth and fifth
Instalments upon the Shares, AleWilks's acceptance was taken for
1:00 Shares held by him, which when due was oldigeti to be renewed,
the title deeds being in 51r.Wilka's pore-anon, the Dine :On deemed
it advisable to renew such acceptance, but they not only took the
renewed acceptance, but allowed him to Kell 2W SI saes, and appro.
priate the profits to his own use. 'finis the Complu y became Zr.A
Wilks's creditor for the amount. Mr. Clark then proceeded to
animadvert upon the facts contained io his statement, and said that
it ass a
pleasing task for him to communicate to the Proprietors
oafyvc,aoalsuntasd,boloierif cv,coiiiitiniecheorontah;geerorbeuotwnhis
atwhraiiteikitdigi.issecbwonialloms lie then ten
specific
to Mr.
receipt,
al-
though he had received more than the amount. The first bill

£. S.

THE BRITISH PRESS•

amounted to 1.91.11. 16s. Hid. The account was never checked or
examined. and contained among other charges the following :
Journey to Wales, to establish the Company .0115 0
Expenses, clutise hire, es.c. - - f 7 0
Penning four Abstracts 21
Making copies 31 10
Considering Counsel's opirions - 2 2
Drawing Advertisement . 2 2
Copies thereof 2 2
Attendance at office one day, self and clerk - 10 lo
1./ittet, answering inquiries - - 10 10
Folding Prospectuses 10 10
Drawing a letter - 5 0
Attending to take a house . 11 5
Mr. Clark then concluded by making several remarks upon
these extraordinary charges, and was most rapturously cheered by
the whole body of rile Proprietors.
Alr. liaxasbow (a Director. entered into a justification of the
conduct of himself and brother Directors. They had always been
most anxious to Word the fullest information to the Auditors.
With respect to the signing of the drafts for Mr. Wilke. at which
meeting of the Directors he was present, he could assure the meet-
ting that at that time he had no doubt that Mr. Wilke deserved the
utmost eonlidettes. lie was sure that had the Mon. Auditor (Mr.
Clark) been folds plree, he would have consented to have given
the money to Mr. 'Wilke. Dlr. Clark shook his bead.'l It was a
confidence he was convinced any individual similarly cireum-
stanced would have placed to his tiolleltor. For, be it remem-
bered, Mr. Wilke came to then, and said. that the deeds for the
conveyance of the property would be Immediately made out, at
least as soon as the %temp duty was paid. The Board of Directors,
therefore, considered that it was of the utmost importance to
hare the business settled without delay, and instantly drew a
cheque for the money.
A PROPRIETOR, asked whether the lion. Director bad not had
some slight intimation of what might occur. -
Mr. larroacow deel.red, upon his honour, that he had at the
time no doubt as to the rectitude of the conduct of Mr. Wilks.
With respect to the 'rebut of the minute-book, he would just say,
that that was a book into which the Auditors had no right at all :o
look ; it was not a book of accounts; but at the seine time, had
the Auditors gone into the Company's office, they might have in-
speemel it at any time. Ile had received a letter from Mt. Ker-
shaw, in which he stated that he was unable, from business? to at.
tend the present meeting, bet should be glad, at another time, to
give the Proprietors all the information in his power. Now Mr.
Kershaw was one oT the old Directors, and the sweeping accusation
made by Mr. Clark was not altogether correct with respect to the
original Directors. Ile was now more convinced than ever that the
publication of the statement made to-day would have a most pre.
judiciel effect on the Company's affairs, and thought it would have
been much better if the course he had previously recommended
were adopted.
Mr. VENNI:to (one of the Auditors) was sorry to say that they.
had the greatest difficulty in obtaining a,. inepection of the hooks.
He had, in his official capacity, followed .that course which strict
honour dictated, and, however much he had wished to spare those
Directors whom he knew, he had been obliged strictly to adhere to
the truth. As an instance of the total neglect of the Directors, he
would state, that at one time not less than 60,000/. were allowed to
remain in the banker's bands. Shortly after that period a cheque
was drawn for 12,5001. isi favour of Mr. Wilke, foe the ostensible
purpose of liquidating the debt clue to Mr. Jones, the vendor of
part of the property; but this money it was supposed that Mr.
IVilks had kept himself, as the Auditors were compelled to adjourn
their meetings from time to time, until they obtained from Mr.
Wilke a proper acknowledgment thatche money had been paid.
Mr. CEA r.s. said. that Mr. Vetbeke would t probably give some
information why the deeds were not duly executed.
Mr. VERBEKE, the Solicitor to the Company, replied, that from
what he knee or the matter, he was firmly persuaded that the
sole cause why the deeds were not drawn up by Mr. Wilke was,
benzoic he did not wish to give up the 12,5001. which he had re-
ceived from the Company.
Mr. CLARK said, that as it was probable that the proceedings
would be published, it was r.ccessary to state that the new Directors
were not to be included in the accusations against the original Di-
rectors. Ile was sure that the former had used their utmost en-
deavours tt bring the affaltsof the Company into a wholesome state.
Mr. beLax ruined the following resolution• " That • Commit-
tee of the Shareholders be appointed with the Auditors, live of
whom to be a quorum, consisting of the following Proprietors :
Mr:lV:Oakley, J. A. Veiny, J. 'l'hoinss, Robert Harris, jun.,
A. Faye', James Surdas., Joseph Wells., H. Tdrner, and R.
Seib), to examine into the present state of the Company s affairs,
and to report to a General Meeting, to be called by the Committee,
with all convenient despatch."
51r. LANGSLOW said, that if this motion were carried, he
would not continue a Director another hour. It was casting •
reflection on the present Directors, and he should therefore, take
his leave. If the Proprietors did not place confidence in the Di-
rectors, he thought they had all better resign.
A PROPRIETOR—We have= confidence in the Direstors.
A scene of great confusion was here exhibited, in the midst of
which the Chairman seaweed the Proprietors that he would never
preside there spin [('vies of " We are glod of el. 31r. P. Moore
declared that he hail heard that day what ke,had never heard be-
fore. Ultimately, the motion was pin and carried by an immense
majority.
Mr. VEDDE E. ;rm. stated, that as.the Trusteeship of the Com.
pany's property had become vacant by the rseignation of Lord Pal-
amnion and also of that of Mr. Mom, he thought it would
be expeCiient to propose gentlemen to till up the ratan yea.
It was then proposed and carried, that Mr. Turner, Mr. W.
Davies, and Mr. Oakley, should become Trustees.
Thanks were then voted to the Auditors and Chairman, and the
meeting adjourned.