The British Press; or, Morning Literary Advertiser.
London, England, 1825-11-11 00:00:00

ROYAL STANNARY BRITISH MINING
ASSOCLITION.

._„,.....__
In pursuance of public advertisement, a very numerous meeting
of the Shareholders of this Company was holden yesterday at the
Freemasons"Pavern, Great Queen.street, for the purpose of ta.
ceiving the Report of the Directors, relative to the present state of
the Alines, and to consider the expediency of making a call of 21.
on each share.
Sir EMANDEL FELIX AnAn was called to the Chair.
The CHAI a New having read the requisition, observed that very
few rdiservations would be necessary, as the Report which would be
submitted to the meeting would furnish the fullest and most sans.
factory information that could possibly be given of the actual state
of their affairs. The Directors, sensible of the duty that they owed
to the shareholders, had taken very great pains to obtain accurate
information on all matters likely to affect the interests of the Cam_
patsy ; they had consulted with men of the first experience, both in
London and Cornwall, as to the real and prospective value of the
various mines, and as to the best mode of working them I and on
this information they had invariably acted with promptitude and
spirit. at the same time never for one moment losing sight of the
strictest economy in the management of their funds. Tbis .meeting
was convened for the purpose of affirrding to 'the shareholder the
fullest view that could be given of their proceedings. The Dirge,
tors felt that it was wnat the shareholders were entitled to demand,
bemuse their money was embarked in the concetn, and be (the
Chairman) on the part of the Directors, pledged himeelfto answer
every question which any shareholder might think ImoPeo to put.
Trusting that the good feeling of the meeting would prevent any ir.
relevant remarks, he should now call upon the Secretary to read the
Report.
The Report, which was of considerable length, set out with
stating, that soon after the deposists were paid up on the shahs,
the Directors examined various offers of Alines, and finally agreed
for the purchase of some copper, silver lead, and lead mines. in
North Devon and Cornwall. One of them, called the Wheal Alit,
hints was purchased for 4,7001., of which 3,000/. was paid down,
and the remains 1,700/. to be made good in nine months after the
date of the contract, in the event of its proving a profitable Mine.
The appearknces are said to be highly favourable. Much et.
pense will be saved by two fine stone-quarries having been found oa
the spot, and another copper-mine has been discovered on the
southern boundary, which has been secured to the Company fie
twenty-one years without any premium ; a large supply of (me
confidently expected. The Wheal Charles, within throe miles 0i
the former, wait bought of Messrs. John Williams and Sons, oi.
Truro, for five thousand pounds ; this is also favourably report.
ed, as, it seems, prior to the purchase by the Director*, upwardsof
30,0001. worth of ore had been raised from it : since it came into
the Company's possession, between two and three hundred tone
have been obtained, of which one hundred and twelve tone were
brought to market, and sold on the 13th ult. for 7021. tin, being on
an average of nearly id. per ton. The head Captain in the litter
says, he would willingly join any person in giving 10,0001. for this
mule, were it to be sold. In North Devon, the Directors hare
secured the Royal !Holland Capper mines, the Combemartin Silver
Lead, the Combemarrin Ironstone, and the Vl'iddeboy Clift Lead
mines. The Royal Afolland produces yellow clipper ore, pro.
nounced to be worth 261. per ton, and sons grey ore worth Oh
has likewise been found. The Combemartin Silver Lead Mines
near Ilfracombe, were worked in the reigns of n:lward 1, Edward
111, Henry V, and Queen Elizabeth, when very great quantities of
quantities of silver were procured from them ; one ton of lead ore
producing 168 ounces of silver ; and two cups made of the silver
from these mines, are now in existence, one in possession of the
Earl of Bath, and the other (weighing 137 ounces, which was pre.
Rented to the City on London) is deposited in the Mansion-house.
On the sea shore at Combemartin an iron-stone quarry produces
very valuable ore, which finds a ready market at nwansea, and so
strongly is the local feeling in regard to these Mines, that several
gentlemen residing there have made applications for shares. The
Report then, states that an order to prosecute the works of the
Company, the Directors have thought it expedient to make a cad
of two pounds on each share, which will enable them to go on
until the Mines themselves shall return a handsome dividend. The
next topic adverted to is that of receipts and payments, and the
Directors call the particular attention of the Shareholders to then
points : the first was the payment of 2,500/. to the projector. By
the first prospectus he had been entitled to one pound on orb
subscription of 8000 shares, but as applications rapidly poured in,
the Directors suggested the impropriety of requiring so great awn
and he consented to waive his claim, and to accept instead a calla
eOO shares at par, and 2,5001., which was agreed to. and considered
highly advantageous to the Proprietors. The second topic was the
purchase of 1170 shares by the Directors for the benefit of the con.
cern, which they confess was an error in judgment, as nothing
should have induced them to divert the funds from the express
objects for which they had been raised ; but in extenuation, if not
justification, they urged the prosperous appearance of the Mines,
and having a large rum at their disposal, they conceived it could
not be more advantageously employed. The lam relates to re.
served shares—fifteen hundred had been held for the purpose of
distribution in the districts where the mines were situate, in order
to secure the local influence of the parties to whom they would be
given ; and one hundred shares were reserved for each of the Di-
rectors and Auditors ; but as it appeared that so large a capital as
that named in the first prospectus (500,000 L) would net be re-
quired, the Directors determined that deposits should not be paid
on more shares than would be sufficient to accomplish the ...bons
of the undertaking ; and conceiving that a capital of 250,0001.
would be adequate, they did not dispose of the reserved sharer.
The expenses of the whole establishment in London, up to the pre.
sent time, did not exceed 600/. As a proof of the value that the
Directors set upon the concern, they stated that they were actually
holders of more titan one-seventh of the whole concern, although
twenty shares each would qualify them respectively for the office of
Directors.
The latter part of the Report as to the economy observed, seemed
to give much satisfaction; but the subject of the reserved shoes,
and the reduction of capital, produced a manifest feeling of dilty
tisfaction from many Shareholders.
A Shareholder wished to have the first prospectus head.
The Secretary was then proceeding to read from a printed pipe,
when,
Mr. ROBERTSOM said, that was not the prospectus of the
" Royal Stannary," but of the " British Mining Association."
He wished for the production of that wherein it was stated that there
would be 10,000 shares, and a capital of 500,0001. because it easel:inn
the faith of that announcement that he had embarked money M
she concern. Why was this meeting convened in the Freemasons'
Tavern, instead of the City, where men of business were mote
at hand ? Why had only two days' notice been given of it, and
only in two papers ? For his part, he did not think the Di-
rectors were justified in making a call :ender such circumstances ea
those they were now placed in : they had thrown back upon the
shareholders a twofold responsibility, by reducing the capital from
what they had originally set forth as 500,0001. to one-half that
amount.
Mr. Hite explained.—He believed he was comet in saying that
Mr. Robertson was not an original shareholder, or he should
have known that the British Mining and the Royal Stannary
Association were the sante Company, and applications had been
made for shares under that impression by very many gentlemen
of the first respectability on the Stock Exchange. It was quite
clear that they thought it no hubMe ; and he ventured to say, that
if any gentleman would take the trouble to inquire of those persons
who were most competent to form a correct judgment on the mat.
ter, that the Company were in poseession of very valuable miner,
which would before long return a handsome profit to the pro-
prietors. The Secretary then reed the prospectus.
A SHAREHOLDER inquired if there was any other prospectir?
Mr. thee said that there was another; but the only variation
, was in the names of a few of the Directors.
Mr. Wtexs said, that in order to a right understanding of
the subject, it would be well that any Resolution" which hal
been agreed to should be read to the meeting. He alluded or.
ticularly as to the remuneration to be paid to theprojector.
The SECRETARY said he had not the Resolutions, but the sum
of 8,0001. or U. on each of the 8,000 shares, had been resolved on.
Mr. Wso.xs thought that no shareholder would be dissatisfied
with the proposed reduction from 8,0001. to 2.500/. But, instead*/
caning fresh difficulties, he thought that the best mode would be
to see how those that existed might be met. The first question
that suggested itself to him was--how were the mines to be worked?
The next—were they worth working? The third was.—slist
amount of capital would be required to give energy to the speculs•
tion ? And the fourth—what the number of shares should be
In reference to the value of the mines, he begged leave to refer to
a letter that he had just received from a gentleman in Cornte
which spoke highly of the Wheal Charles Copper Mine. and Tern
rented it to be one of very great value; from this confirmation ot
one part of the Report, fie was inclined to give the Directors eredd
for the faith of the remainder; and, notwithstanding the insinus-
lions thrown out against it, be did not think the concern wio w
such a very deplorable condition. He should therefore move, that
the Report now read be adopted, approved of. and !stinted.
Mr. Karin ITT said, he could not concur in that Resolution, h°-
eallbe the Company was not formed in such a way 311 to justify the
Directors in making any call upon the shareholders, or in roil rte
any payments, except on their own responsibility.
After some further discussion,
Mr. Itonntersow moved an amendment to Mr. Wilke" V:*
tion, which was in effect--that there was no such Company sr too
Royal Stannary and British Alining Association in existence.
Before the Resolution was put,
Mr. kerintur wished to put two questions to Mr. Bethel, eke
Mw agent ; the first was, How many shares were now intect.— ~.
be distributed ? and the next, what would be the amount of cap!, ,
Mr. Ilevieem. in reply to the first, said 5,205, and thr eat!!
would be 250,0001. which would be sufficient to carry on the ell
with effect.
withMrtitcLEavepot trltiou;
mines to be worth the whole sum. He had himself 70 share! )n
.
the concern. and he Wll3 not sorry for it ; is Various other Con na.
gfrohtnithwahtatthierieehwada‘heagordd, breeawbelnievettodbetwomoll'edr.,
The original motion was about to be put, when
Mr. Robertson's amendment was negatived by a large majority
30a
fairer prospect
embarked,nulatnimd
ahteetrhoroufigt.ht that no !pay
lotionnle h ad
presentedna rl
nearly
'l'he CH/animas' overruled the objection, having been Srad 0"
prAiptoeShonoreetroshladreertionbjuieternede
prtoivaosel7ewmoifr
he .5011
as it role the.:7:
of time.
Mr. Wilks's motion was then carried, and thanks having igen
voted to the Chairman, the meeting was dissolved.

A Council will be held to-day, at which the Reeonler et
London will make a report of those prisoners only uNn
whom sentence of death was passed at the September OW
Bailey Scissions of these there are 26.