The British Press; or, Morning Literary Advertiser.
London, England, 1826-08-03 00:00:00

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V.
emuAN AND PERUrr. fN COMPA N

Yesterday a meeting of the Seriphohl•r4 the above Company
was held at .Batiton's Cotfee 'louse, i pn
the .ibth July. ut,„ant to a tr.
solution passed at a meeting of Scriphol,l-rs held o
at Mr. Clark's members.
Soon after one o'clock 31r. (lark was elected to the chair.
prior to the commencement of the proceedins, a gentletnn
asked if reporters were to be permitted to remain in the room, at
the same t.tne observing that he had himself no objection to their

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liter so.
M"r. Cesare %air, that he saw no ohjeteion to their proceeding%
heieg made public,
and should not therefore oppose the presence
et nee g %minium whatever. 3lr. Clerk then entered upon the
'ruttiness' of the day. and said that that meeting was ‘alled in con.
v",,,,,fict of the Wesel of the Directors of the Contrary to convene
a ieeeteek, whet a requieition had been rheented to them for that
purpme, signed by vetoer41 names of Scripholders. The answer
which Mr. Bent ga theequieition *4ll,th:it the Director+ wont,'
red happy to eel the tree in:, if those peranne whose mimes ap-
peared .o the requisltioe lied signed the deed of tettlement ; hut that
they did Dot deem themeehres eustilled to cell it upon a mixture of
moues of those who had and who had not eubscrend the deed
ri settlement. In order that he might be clearly understood,
I: weak, hi necessary to enter into a brief history of the Company.
According to the pr emectus originally put forth, the capital of the
Coal, any was to oe one million, (tended into ten thousand shares
of leaf. eseh, fee the purpose of mining in Chili. Peru. and ottier
South Americaa rravincea. From the deposits advanced upon the
nettle tirriber eubseriptiore, there Wee enough of ninner col-
lected et commence opereeone, and a vessel watt accordingly en-
gaged. with twit tennmiesiontrs, fifty miner* and officers, .in order
to work the mew* as toot no poseitle. The name of the vessel was
the Oima. A Conunisliontr of the name of Andrews had been
despetched fee the minnow of securing certain mines which had been
tanked out foe hint. As soon, however, as be arrived at Buezios
Ayres. he pmeesled in a direetion eifferent to that which hail been
vetoed out to him. He penneeetil to Tier:doze instead ofSt.
!ego, and front thence wretwatfi elf the Conlilterae, where there
wee ecateely a bunion being ; so that, even if the mince could have
"ern obtained, it yield have bet n mitred), possible to work them.
Ile, however, kept en hit course until he found himself in Peru ;
eni, in the interim, the agents of a rival Comp my went to the
pent whither he had been directed to proceed. and secured the
nenee ; end thus their plane were wholly feestrated. When the
thee., arrived at its destination. and until heal nothing of
(lateen Andrews, they were welly at a loss how to proceed:
ar lengte. Captain Bagn 4%1 res eyed to try and fled other
mire., but his search for them was fruitless, with the excep-
t; ii, of a copper mine, *high it was said they lied begun to work,
but that was by no means termite In coosequence of this condo. t,
%et Teone had been% ent out to supersede Captain Andrews. as he
had heed that day infinities!. The vessel which took out Cate ain
letenold had a fraght of mining appeteatus, and aim apperame for
aeerizetium though, if thelatter was their object, it was so itewhat
singular that they had not male :he miners take wit!: them their w 'Tee
and f: mein. This vowel was. he understooea freighted at a very
heavy It ight, and it belonged to me of the Directors. The great
pint of contention—elf contention it might be called—between the
Directors and the Saipholtiere, was that the runner called upon the
htter, under these circumetancee, to execute a deed of settlement.
Ile believed that the Directors were perfectly aware that, if they
presetuted the plain, they could not bring it to bear; it would re-
q ere too gent a capital, and a management totally different from
that which had hitherto governed its proceedings. Ile believed that
City had it privately in mind to dissolve the Company. This was
see the wish of tae Scriplueders, b.% t they wished to do it in a dif-
ferent menner. lie believed that the reasoning of the Directors, at
present, was to the following purport: —We have not, in this busi-
ness, exercised a sound discretion ; we have done certain thin!.
may rat be al together justifiable ; and we may. in
einsemetnce. be called upon to refund. But if we can get
the Scripholdert to subscribe to the deed of settlement, that will be
as indemnity to us. Thus they reason, and by way of shown;; the
Seeitheldere the necessity of subscribing to this deed, they say,
" You cannot dissolve that which is only in pro:gem—you must
make e-a Company before you tan levity diaeolve it, anti that you
c in only do by sup
to the deed of settlement." Now sign-
ing this deal embraced so.rething more titan granting mere in-
dearly, and therefore the Seripholders should guard against it.
Ji they meant to rroiente the object for which the Company was
!VTOL it was very well to sign the deed of settlement; but if not,
the Scripholetre might fairly say, " It is very well for you to hove
teas deed exemted. bin not ter us ; for by refusing to sign, we get
T d of the responsibility we should otherwise take of relieving you."
ort looking into the cencerns of the Society, the Seripholders
eeould find trigeactions which they could not possibly coneinetid,
ought they r.orWpause. and to impere ? and, even asauelieg teat
el war honourable and fair, still had they j right to be as certain of
the rounds upon which they were proceeding as the Director, were
tun cf those upon which they fininded their proceedings. Ile had
r.ad the deed of settlement, and though some thing+ in it were ob.
j xtionable, yet in other respects it was fair and proper. It
was, however, warily drawn, and one impertent clause, a hich lie
lied netlooked in the Gist renting, gave the fullest ineeninity to
the Directors. In consequence of a deputation which had
waited on the Directors, they had changed the line of conduct
which they bad fine marked out, for the original draft of the deed
wh.ch lie had seen partieularizea all the transactions for which the
Directors sought indemnity ; but all this is left out in the deed, in
the thitd clause of which is introduced a peragraph, empoweriag
to Dinectere to amatirte, emefirm, and CATTY into execution, or an-
nul. all seeh contracts as may have been made by themselves or
their Agee t., aed to pay theforfeitures upon such contracts. If
the Script of lets signed this deed, the Ihrec ors would -be in posses.
con of a doottnent witich would sanction the most improvident
centrum ; a Itanmion which, until they underetoed the nature and
extent of thooe contracts, the Scripitoelers, as prurient men, ought
tee to give, not the Directors, as honest men, requite. \Veit re-
god to the papers from which the reminee information-was to be
%teetered, he had applied to the Directors for peentiesion to inspect
them. which was agreed to ; but when he went ter the office for the
pirpese of doing so, the Secretary said that them was no written
order to that effect upon the journals, and without such order he
told net permit the inspection which he sought. This was a pal-
paeie ev a on, and threw a difficulty in his way which he had not
y.tbe.n e tabled to surmount. Ile made a-second application, and
yes a second fete similarly treated ; wid; on the secondoccesion,
the Director who had told him there was 710 objection, was present
when the Senet.ry refused to permit the required inspection. Upon
appealing to that Director, lie evaded the htesinem by saying. that as
fJasheffall concerned, there was no ohjection.lie bad subsequently
awn reel that the Directors were apprehensive that his object was
to obtain such infonnaeon as would enable the Scriphotilere to
pursue legal stem to recover back their deposits: Upon hearing
hue, 1:e Wormed Mr. 31aples, one of the Directors, that the
weremietaken in inmutirg to him such unworthy mu:len; that all
be eq tired war fair sod satisfactory information ; and that if any
gentleman was base enough to pursue such a step ler such a dis-
h o 'I purpose, he, for one, would not set with him. He had
punned the mate line of conduct in the Hominess Company, when
.11r. Plummer and his Geer-tames were imbued- with the same
fear. They hart purcluised, fur is certain purpose, 4,000 of their own
'hares in one day, at a premium, charging the on thereon to the
C napsny. Their refnaal to have their papers inspected went far in
e made nnatien of their conduct in purchasing these shares. Know-
eg the illegality of the traneactien, they dreaded lest the sub-
scribers should proceed to recover their deposits. They resisted a
claim uptick a bed principle; but still he thought it would be a
tied principle tot them to apply to the Directors for informetion for
eteeturpose of making the n legally responsible tor their actions.
'The ma of justice would he hest at; tuned by honourable men,
gleaned by dispassionate reasoning, and_ inllaenced by just mo-
t.ves. He trusted the Scripholeere wpuld not weigh every teing
tau acmpulously, but make liberal allowances for such error:4 as
eangeine pe.sone might be easily led into. The number of
shears signed for was three tholeend stud twenty-eight out of ten
ftereatritt, arid all those who had thus made themselves parties to the
deed were Directors, with the exception of four or five. One of
the Denton could not sign it, harem; become a bankrupt, and two
oe the Auditors refused to signet, and unless the signatures of all
. the pa-ties could be obtained, the find could not become
With respect to the eituatinn of the Seripholders, they were now
aitaa,ad thus-11 the Directors could obtain a sufficient number of
craters to warrant them in calling upon all holders to Men, they
omid then declare as forfeited the shares of those who might tee
few to sub- nib. to the deed of settlement. Ile saw the name of
.trbutha.4 down fur 200 shares ; other gentlemen in the direr,
t. m had alai a Lege portion, one person putteessing no less thee
700, veil. Mr. 3lsplee, else a Director, had only ten shares. It
was itllpmeriltle that such unequal allotments could have been made
in tee first internee, and the inference to be drawn therefore was, that
erne had sett' a portion of their *hares to those pentane whom they
reell nor deprive of those benefits to which, as original Scrip.
beidise, trey would have been entitled. It they ehouel penitent
in doh% se, it would be as dishonourable an act as he lied ever
known any set of men to be guilty of. He _would then. fore call
apart the Scripliolders to keep their minds in a state Of suspence.
If the conduct of the Directors appeared to be fair, he was sure
tint lime of the Shareholders would objet to bearing ibis portion
V the loos; but if they had been guilty of any thing diehoroumele
ear grossly improper, surely it would be taking too much to require
titeScripholders to bear the hisse Ile hoped, however, that the re-
sult would prove eatisfactory to all parties, for in consequence of an
explanation he had had with Air. Naples, that gentleman said,
Oahe would TeCOMITICTIII the director, to accede to the request of
the ScripiniOns. 31r. 31.tplee, of course, could give no pledge
upon the part of the Directors, but as he was their legal &dottier! it
*Remote than probable that his recommendation would be fol.
leered. He hoped that nothing would full from any gentlentan
upon that Occasion which might cause the Directors to meet thal4
their object was improper, and that they would therefore
Gwen to it. lie had only to observe, that he believed
the Directors were convinced that they had not % used doe
Precaution is carrying on the scheme of the Company, and that
they would act differeney liel they again to recommence their
Pmeeteings. Before they had shipped off a number of person' fur
the rtouth American Continent, they should have tint secured the
tai Before they had parted with the tummy entrusted to them,
they should at hair hate known from whence their returns were to
be reel rid Ile had reason to believe that the Directors had come
eo the cor.claeion that gold and silver ore was to he fouled in 'bulb.
tierce in those countries, but that Its collection, its manufacture,
rid carriage. could come to more than its value. They had cone
tlutney sent out older+ to put a atop to all further proceeding*.
eThey had on iginally ordered the purchase of mines to the extent of
41.400 e, but in December they bad sent orders limiertg that ex.
e Penditure to _:.„fit,;,
th'lstand to this no answer had been received, so
ttSCl:je''"lellt nem-tie_ that no contracts had been entered into, un.
• PgC:lti in the hat:tier of ;he country had made them prior

to the arrival of the despatches. In the formation of the Company,
he believed the Direciorn themselves were seited with the mania
with which the public mind was overcharged. emiltilat they time-
r, re depended rather on the judgment of ushers than on their own.
lie !whored they would at last a:knowledge their error, and throw
th.mselven nn the merry of the Seripholders ; and in that event lie
leaped they would be an nicteiful as citcsonstatieen would admit of.
Mr. Clink then concluded by rending a Resolution, which he hoped
would meet with thee approbation of the Meeting. It wan to the
I effect of appointing a Committee of five S:teloholders to , ommuni-
: cate with the Directors relative to the inspection of their documents,
and to report to a subsequent Meeting 'hereupon.
I dlr, Ham aro:on then moved the Resolution.
Me. filo etUAN, in seconding the Resolution, bore testimony to all
that had been advanced by Mr. Clark. lle was himself intimately
connected with the Directors, and individually there were not more
rempectable men in London. They night have committed errors
in judgment, but he was perfectly sure that they were guiluy of
nothing fraudulent. From what hal fallen trout Mr. Clark rela-
tive to the Honduras Company, it might he inferred that the Di-
miens of the Chilian and Peruvian Mining Company might also
have been trafficking in shares, hut he felt 'maiden' that the would
turn out not to be tide case. They haul (lone every thing
.for the
hest ; and the reason they would not grant access to their docu-
mem, was, an apprehension duet Mr. Clark had same legal steps
in view against them ; but if' they knew Mr. Clark as well as lie
I did. they would never have entertained the idea. He had him-
elf been invited over and over again to itispect their books, and
they would, he had no doubt, admit any gentlanun to du to,
nu limited by that Meeting. With re-pect to the deed of neteement,
they had merely fiellowed the advice of their legal adviser; and he
would ask, if any person present was similarly %emitted, whether he
would rot be anxious to have an indemnity for his conelact ? Ile
would, for his own part, if so situated, court inquiry, but he
would also seek for an indemnity. With respect to the losses of
the Compeller, he hrel no doubt but they would be met without
any forth. r call upon the Proprietors.
Mr. CLARK repeated what he had berme stated, as to the
inequality of the shares held by the Directors; and wish respect to
the extent aloes, although it might be as Mr. rtfurgan hai stated,
yet if any of the agents chose to he dishonest, the most serious
losses might be apprehended; and it should be remeenhered, that
for 2011 shares, open which the holder nubscriberd 1.0001. if he
signed the Owed of settlement, he rendered himself liable to 44 fall
extent of 20,1e005.
• After some further conversation, the resolution was agreed to;
a: d Alessrs. Clark. Morgan Smullbone, Barber, and Huguensoo,
were appointed an the Comodetee.
A vote of thanks to Mr. Clark, for his conduct in the chair, was
then agreed to; after which the 3leetirg separated.