The British Press; or, Morning Literary Advertiser.
London, England, 1826-03-04 00:00:00

BRIT'S', IRON COMPANY.

On Thursday a most numerous and respectable Meet!ng of the
Shareholders of the British Iron Company took place. :it the City of
London Tavern. It was the first annual meeting,
HOPERT SMALL, Esq. in the Chair.
The SECRETARY read the Report. It called upon the pro.
prietors only to estimate the numerous difficulties to be surmounted
In establishing and putting into operation so extensive a concern as
that under the management of the Directors. The first step for the
establishment of an Iron Company on a great scale must be tho
acquisition of an extent of ground capable of afflirding an abundant
supply of materials at the cheapest rate, and situated favourably
both for manufactures and for markets. The Direoors bad ap-
plied this principle, in their efforts to place the affairs of the
Company upon the most solid foundation, and they trusted that
they had done so successfully. They ball, by purchases of freehold
property to a very large extent, not only secured materials for a
long aeries of years. at a cost not subject to increase, but they had
given a security to every shareholder against the possibility of un•
Inoked.ffir claims, by the indisputable value of assets above all pro.
bable engagements, so large a portion of all the rerinisite materials
being in the possession of the Cotnpany as to stilnftede the neces.
city of contracting debts. The property in shores might therefore
be considered nearly equal to reel propery, and the responsibility
i little more than nominal. The Diructora could show already that
the actually productive part of ;he property in Staffordshire, which
was the most important purchase, was yielding a ma profit of thirty
thousand pounds per annum, while the operations in the other
parts (being in fact the greater and more valuable, although at pre.
sent unproductive] were advancing so rapidly, that they were can.
fident of being able, at the next annual meeting, to lay before the
proprietors such a statement as would show that the works in pro.
geese on this part would produce considerably more profit, in pro.
portion, than those now in operation. The Directors pledged them.
selves that no call beyond the aggregate amount of fifty pounds per
share should be made without the concurrence of a general meeting
of the proprietors. The Report concluded with the strongest ex.
pression of confidence in the success of the Company. Of the
whole twenty thousand shares. sixteen thousand were in the hands
of original proprietora, and three thousand five hundred of these
were held by the Directors and Auditors, (Cheers.)
Sir Charles Burrell, 111. P. rooted that the Report be received
and printed, and distributed amongst the proprietors.
Mr. Mot:AT vs, said that it must give the Shareholders in this
extensite concern great satisfaction to perceive that the Directors
were not idle, and that the works were going forward in such a
manner as greed, to encourage the hopes of all interested. So
far all was satisfactory, but he must declare that a promise that the
instalments should trot have been so frequently called for had
been violated. The Directors had given a promise that the in-
tervention of six months should at all events take place bCtWeal
each call.

Mr. SHEAR 4 (one of the Managing Directors) said the word
used expressed a hope that many months would intervene.
MOCATTA said he thought the last call too hasty a one.
Calle were, it was well known, calculated to depress the Value
of shares iii the market. and it should be the endeavour of the
Directors to keep up their value. It had been stated that part of
the property was now yielding 30,0001. per annum. The capital
upon which they had calculated was 2,01t0.0091., but as they had
been given to understand that no more than 1,000,0001. would be
called for, the profit arising from the concern, according to all he
had heard, would not exceed 6 per cent.
A Director said that the present profit, of which the report had
spoken, was but a very small part of the estate, and that the other
ruts, alien in full operation, would, upon the estimate of some of
the most judicious and impartial persons, greatly exceed that pro-
portion of profit.
Mr. MOCATTA said the shares were at a considerable discount.

The Directors declared that the property was not a fluctuating one.
He wished that that was the impression upon the public mind.
He had embarked for the purpose of making an investment, for he
considered when he became a shareholder. and he certainly enter-
tained the same opinion now, that the British Iron Company in no
way resembled the plans of the day, but was one of a permanent
nature. He trusted that as it was so it would be held up in the
public estication, but he thought the conduct of the Directors, in
not making the promised dividend, was not calculated to increase
the confidence. Ile was happy to hear that the purchases were so
goal; a contrary opinion had existed. In fact, the purchase of
Mr. Atwood's estate had been called improvident. and. it had been
asserted that Mr. Atwood had offered it for 100,0001. a considerably
smaller sum titan that which had been paid for it by th! Com.
pany. Mr. Mocatta concluded with expressing a wish that some
shareholder would move a resolution, expressive of the desire of the
Company that an immediate dividend should be made.
Mr. Siataus said the Directors would be most happy to receive
instructions from the Shareholders upon the various subjects corn.
prehended in the Honourable Gentleman's speech, and were most
anxious to give any information that might be required. (Ap.
please.) With respect to the violation of a promise, of which they
were accused, they certainly had expressed a hope that they would
have the means of declaring a dividend in March. (He then read
a document confirmatory of this expectation.) New that the Dim.
toffs had it in their power to declare, a dividend, they called upon
the Shareholders to believe they thought it would not be by any
means prudent to make a division of the comparatively trivial pro.
Hes. (fie meant trivial comparatively with the immense advantages
which would by and by unfold themselves.) Amongst the Share.
holders he did not think it would be of the slightest bench to give
money, away with cne hand, and take it away in greater quantities
with the other. As to the frequency of calls, they had only
been made for the benefit of the Company ; and, as the Re.

port had stated, none mote should he Made until rim an in.
terval of six months, except upon sonic uolooked.for meter.
gency. It might be asked why a definite time had not been
appointed by the Directors for the payment of the dividend.
Ilia answer was that they could not, and. if they were pronounced
guilty of promise-breaking, the Shareholders would, he thought,
admit that they had not committed a very heinous offence, when
they took into consideration the difficulties they had to contend
with; as for the discussion alluded to, this description of property
was not the only one liable to that condition. The state of the
Parliamentary funds were a proof of that tact, and the proprietors
felt so strongly the probabilities of great success, that many of them
had not sold a single share. (Cheers.) Ile visited that the judg-
ment of those best qualified to decide might be referred to. but he
would not refer the Shareholders to iron-masters, all of whom had
an interest in traducing the concern. It was indeed notorious
that there were many parties who did not wish to see the Company
established, and who had asserted at its commencement that in
twelve months it would not be in existence. 01' the many gross niis.
representations which had gone abroad he should notice one or
two. It had been stated that the property purchased from Mr.
Atwood had been ofiVred previously for 100.00D1. The Di-
rectors had received My. Atwood's most positive &tiara.
tian that he had never offered it for sale before the Company entered
into treaty with him t the property had been, in fact, found more
valuable than it was at the dine supposed to be, tin a most valu-
able mine ofcoal hail been fotmd since it had become the property of
the British Iron Company. Mr: Shears then entered into proofs
Of the provident conduct of the Directors all through the negotia.
don for the purchase of the several estates. The Company had, he
said, beendistinguialied for the integrity of those who superintended
it. It had no contemptible motive, such as influenced other Com.
ponies. No attempt had been made for the encouragement of tire
seenditions jobbing which had been so justly reprobated, and no
promise of advantage had been made which was not likely to be
fulfilled. (Cheers.) A reasonable time was all that was wanted
for bringing the everations tato effect. It was now but little more
than twelve months since the Company had been founded, and had
a reasonable time elapsed? (Ciro' of "NJ, no.") It reqUired
I time to render any capital productive, much more a maitufacturWe
capital, and the great fortunes made by the iron-masters proved that
the employment of tile capital of the Company was not a visionary
thing, and those fortunes were net made in the first year of the
speculathms ; 3,7fttl shares were in the hands of the officers more
immediately employed by the Company, and 16,060 of the shares
of the Company now remain in the hands of the orieinsl pro-
prietors. Mr. Sheets then quoted the opinions of 31r. Phillip and
Mr. John Taylor upon the subject of the value of the property or
the Company, for the purpose of allowing that the Directors had
used due diligence in the purchase. It had beta stated that the

coal upon the estate was unfit foe nicking iron ; that sin tens whoW
necessary fur tine pig of iron. Now the fact Willi no mote than sinew
tons were necessary fie the purpose, anti that was as sonars quan.
thy as was used in any part of the rThgdoin, and less than wr
used in moat parts. Ile hoped that whether the Directors
bad
acted right or wrong, their motive* wonkt not be questioned
(Cheers.)

,
Dlr. Bowastro said that from al/ he liad beard he had moon
to believe thahe speculationwould prove • profitable one, and
that most speedily i but the Company was called the British Iron',
and Trading Company. (No, no.) It bad been said they were to
go into foreign markets.
Mr. SHEA its said that was not at ail the case.
Mr. II OCAT TA then rose, and said he felt himatif boond to take.
the sense of the Meeting as to the propriety of dtelaring a dividend.
He then moved a resolution to that effect, as an amendment to the
original motion.
The amendment was not seconded, ahhoesh Mr. Mocatta said
he wee induced to make it in consequence of observations made be-
hind him. It of course fell .o the ground.
Mr. SITTAHS said that if they were to make dividends now.'
they must make a call the sooner. He did not know bat that the
Directors might think it necessary to declare r dividend in sir(
months.

'favron said he believed it was the intention of the Di-
rectors to moire a dividend as soon as possible. ide then described'
the property of the Company as of the moat promising kind.
Air. CIIARI.ES Ilatt:r said he had attended tar the meetings;
that had taken place, and had observed that instead of oinking
concealment 21 other Companies had done, tfie British Iran;
Company had shown an anxiety to have aH its proceedings
'leafleted.

A PROPRIETOR—WiII any Director show me the balance.
sheet upon going to the office?
31r. SIIEARS—Moat certainly; everything connected with the
Company shall be shown. (Cheers.)
After resolutions of thanks to the Chairman, Actlitors, dm. had
been passed, the meeting broke up.

TO THE EDITOR OF THE BRITISH PRESS.

Stn,-1 am surprised at your correspondent, " A Lover'
of Fair Play," asserting that Master Courtenay attends to'
his dutir.4 in the Court of Chancery ; when your cone::
spondent (if be is acquainted with the offices of the Court)
most be wail aware that that ei-devaNt Master has not at=
tended since his appointment to a situation in the House'
of Lords. f-ndoubtetliy your correspondent is correct
saying that tif;:i-g is a great press of matter in Mr. C.'s of-,
fice, but it has, for the last ta•o months, remained in slaw
who, and it is mush to he regretted that no person has beets
rppoint;A to the situation, as it tends to increase the delay,
expense, and inconvenience which the suitors are put to.
have thougFt it right to make this statement, that the
public may no: be deceived by the unfounded statement of
an alleged " Lover of Fair Play."
I am, Sir, your obedient servant,
R.. CHANCERY PRACTITIONER.
March 1, Ina.
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