The British Press; or, Morning Literary Advertiser.
London, England, 1825-11-03 00:00:00

GWENAPPE MINING COMPJNY.

Yeitterdsy the Lord Mayor received communications from 3h.
Dawson and Dr. Price, two of the Directors of the Gwenaiss
Mining Company, contradicting the statements made in the Jut.
tice-room of the Mansion.hoose, respecting themselves and that
Aasociation. It appeared, from these letters, that the Company's
funds have been withdrawn from the bankers, not from any imp,.
hension of an attachment, but in order to complete the contrae,
the purchase of the " Cathedral Mines" in the parish or list,
nappe, which are, by the best Judges. deemed very valunt,.
have lately been much increased by the discovery of several rev
lodes. Not a shilling has been expended but for the advancement
of the Company's intimate, and so economical hare the Directors
been, that they refused to allow one of their body (who had beet.
sent down to Cornwall on the Company's business) any rerntmera.
tion for hie trouble, beyond the repayment of his travelling ex.
penses. or. Price concludes his letter by remarking that "Me
true ground of complaint is not that the Directors are not
the objects of •the Association into eitict, but that they are, the
complainants being composed of individuals who never wish to sec
a mine worked beyond the precincts of the Foreign Stock Li.
change; and when the shares are no longer productive in that
piece, according to the usage of Companies get up for dad put.
poses, many of which they are connected with, they expect to be
paid (eat par."
Mr. Cooke, the principal Managing Director of the Company,
attended in person, and requested to be heard in justification of the
Company. He had travelled 50 miles front the country,ln
Ma
anxiety to deny, in the most decided manner, the truth of the im.
potations cast upon the Directors, the moment lie had seen them.
He knew not who the individuals were who waited upcnhie Lord.
ship, or whether they were bona-fide Shareholder:; but this he
knew, that the whole of the nmertions made by them were utterly
unfounded. Before the f'ompany was formed, nr a prospectus is.
saw, he went to the Mince, and made a most minute inrestigntion
into their qualities and condition. So perfectly was he satisfied
that the Company would prove one of the most profitable, that he
was ready to stake his-own private property that It would produce
10 per cent. upon the capital invested an is. Notwithstandini
what had been stated in a Morning Paper, he could positively at.
firm that Lord Nugent's Dante had not been used without his per.
mission.

The Lord .Mayor—How many shares were allotted to Loaf
Nugent?
Mr. Cooke said the number set ‘!own for his Lordship am H.
His Lordship had certainly expressed a wish to have them so's,
a hen lie understood they were at a premium, bat on being assured
that the quotations were made falsely by the jobbers, his Lordship
was satisfied, though he still ?erased to make so large an invest-
ment as 60 shares. He (Mr. Cooke), however, had since ysid the
depoMts for his Lcmisbip, whom he considered indebted to him far
them. to laugh.)
The Lord Mayor.—You cannot consider Lord Nugent as a Di.
rector.

Mr. Cooke—Yes, my Lord, de certainly do, since I hold 50
Shares on his account. It has been said that there is no intention
to work the Mine. Now I can state, that two lodes have boon al.
ready cut through, and that a steam-engine is now in full work.
The shares, which the Company purchased at 471. the caiginAl
Shareholders now consider as worth 701. in consequence of a vei.a
of ore having been recently discovered.
The Lord .Mayor observed, that it was one of the points of corr.
plaint, that only 400 shares had been paid upon.
hlr. Cooke replied, thut had the statement been made upon r.fti.
davit, no such allegation would base appeared. The wind: 1.1:011
shares bad been regularly issued ; but some had not bren taken up,
and of those the Directors were the holders, in addition to tl.it
number allotted to them.

The Lord MaiinsVgiested, that the best mode of removing the
injurious impression that had been created would be. to call e
public meeting of the Shareholders, ani have the matter Icily s..i
satisfactorily investigated.
Mr. Cooke said, that he hail laid a requisition for that psrpse
before the Directors.

The fiord Mayor expressed his belief, that the publication of 11
case had done sou,e good. lie bad stated to the applicants Om:.
could not pity them fur any inconvenience they might sustin. 11
they appeared to be chiefly actuated by a gambling motive.
Mr. Cooke said, a resolution had been entered into by the Dim.
tors, that not one of them should be paid until the work beam:
profitable, and that they had not taken one guinea,.