The British Press; or, Morning Literary Advertiser.
London, England, 1826-01-07 00:00:00

AIIIGNA IRON AND COAL COMPANY.

Yesterday a Meeting of the Shareholders in the Company who
signed the last Requisitiuw. and of other Shareholders in the Com-
pany, took place at the King's Head Tavern, in the Poultry, in
consequence of the folks:king notice :
" AIDONA IRON AND COAL, COMPANY.
CoPthall-coort, Throgmorton-street.
" Sir—You arevequestsd to attend a :Resting of the Gentlemen
who signed the last Requisition, and other Shareholders of this
Company. at the King's Head Tavern, in the Poultry, London, on
Friday the 6th of January, It one o'chlck, when a statement of the
proceedings taken by the Requisitionists, tor the sum of 13.0001.,
and the opinions of Counsel on that and other matters relating to
the interests of the Cnitlpsny, will be laid before the Meeting, and
to consult as to arlopting further measures on those subjects, and
on other special affairs. I am, Sir, your obedient Servant.
" CHARLES CottEnronn."

Mr. EASTIJOPE Will unanimously called to the Chair.
Mr. HITCH] Ns briefly stated the object of the Meeting. It had,
he said, been admitted at the last Meeting, when such extraordinary
facts were stated, that the sum of 15,000/. the property of the Share-
holders, had been divided amongst the Directors. It was known
that a ballot had been demanded of Sir W. ('ongreve upon the
occasion, ■nti refused; and upon those two points it had been
deemed necessary to take the opinion of Counsel. Proceedings had
been instituted in Chancery for the recocery of the money : and
so far as those proceedinga had gone they were extremely
satis-
factory. One of the Directors had, he was happy to say, offered to
pay back the sum of 1.047/. the share allotted to him, of the mil_
applied 15,090/. and lie believed that two others were disposed to
act in a similar manner. It would be necessary to consider what
steps were proper to he taken to effect the removal of certain of
the Directors, who persevered in detaining the shares allotted so
improperly to them, and who were proceeding to justify their con-
duct upon the occasion.

_
. Mr. Comemeourt stated that, convinced as he was of the illegal
termination of the Meeting alluded to, be hail written to Sir AVnit
Conform, who had acted as Chairman, stating his opinion, and
requesting that he woold grant a ballot. The reply was, that it
was the opinion of Counsel that a ballot could not take plate: but
the protest which was made upon the occasion had been wholly
omitted. The next thing that occurred to him (Mr. Comerford)
was, whether the 141,0001. which had been divided amongst the Di.
recurs, -should be let) in their hands, or whether an attempt should
be made to get it back ; and he accordingly took Counsel's opinion
upon that question. Mr. Hart, of the Chancery Bar, in his opi-
nion, stated that the conduct of those who had acted as had been
stated fa the case submitted to him, was grossly fraudulent, and
that the Shareholders could compel the restitution of the 16,0001.
in a Court of Equity. In consequence of this opinion, a bill had
been prepared and put on the fife. This bill was. he thought it
necessary to say, a specific one, and had no relation to the mike or
its affairs, so that the apprehension that the Comonny was getting
into Chancery was quite fallacious. Since the bill had been filed,
he had, had a communication with General M'lean, who said,
that immediately after the meeting he had resigned hie seat as
a Director, and thnt he was willing to pay back the 1.0471.
which he had received, if it were considered by the Share-
holders that he ought to do so. and if his name were
not included amongst the defendants in the suit. Mr. Brogden and
Mr. Bent were, he believed, disposed to act in a sandlot manner.
Indeed, there existed no doubt of the intention of those Gentlemen
to return the money they bad received, But from Sir Wm, Con.
greve, or from any other of the Directors, he had received no cum.
munication as to the repayment of the shares they had received of
the property of the subscribers. He (Mr. Comerford) also took
Counsel's opinion as to whether the abstraction of the 14,0061. was
punishable as an offence, to which proposition it was distinctly
stated that the original intention appeared, from all the eircom.
stances, to be that of defrauding the Company of 15,00f1., and that
certain of those named in the case might be Indicted fur a conspi-
racy. With respect to the application for a ballot, Counsel were of
opinion that the refusal to grant it was a ',tailor the illegal termi-
nation of the meeting; that it was now imp. acticable to have one,
and that application to the King's Bench for a ;mandamus upon the
subject would be of no avail. The object of the present meeting
was to determine whether another Special General Meeting, Should
be called for the purpose of taking measures with respect to certain
of the Directors and the Auditor, who had asserted that he consi-
dered the conduct of the Directors highly honourable throughout.
The CIIAIII3IAN approved of the course of not naming any in-
dividuals, in speaking of the proceedings which it had been found
necessary to adopt. He rejoiced that some of the Directors had
evinced the jealousy so likely to be fek by a British General and
Members of Parliament, with respect to their characters. It was,
he admitted, unsatisfactory to know that others of the Directors had
not pursued the course which had been adopted With aspect to
those alluded to, but it was the duty of the Company to investigate.
the matter fairly, preparatory to laying it before th 6 tribunal, in
which effectual justice would be rendered.
At this moment Mr. Brogden (a Director of the Company, and
Chairman of the Ways and Means of the Holies of Commons) en.
tered the room. He declared that by some accident he had not re-
ceived notice before that moment, and he had hastened to attend it.
Mr. Costeiteonn then briefly stated what had taken place in
the room in his absence.

Mr. Baceinex, who appeared to be extremely anxious upon the
subject, said the question had been discussed between Alr. Bent.
and him most fully, and it was their decided opinion, that they had
not received one farthing of the 13,0001. which had been so impro.
perry applied. Being Directors, and having receive' money from,
in their opinion, a very different wince, and certainly for a very
different purpose, they thought it would indeed look like guilt if
they were to offer to make restitution. " Guilt (said Mr. Brogden)
of which, so help me God, I am not in the most distant degree
conscious." He had refused to sell his Shares at 20 per cent. when
the premium was at that rate, and afterwards his Shares had been
sold wholly without his concurrence, at a lower rata lie knew
that blame attached somewhere, but he had determined to wait
until he should have an opportunity of laying the matter before
the Board, He SW convinced that not a farthing of the money he
had received was taken from the 15,000/. of being deprived of
which the Company had complained. But he was, notwithstand-
ing that conviction (and Mr. Bent had the same intention) willing
to pay back the 10471. which be had received. (Cheery.)
A Su AREHOLDER stated that he understood that an order had
been sent to put the furnace out of blast.
Mr. BROODEN begged to be allowed to give a history of his
connexion with the Company. He had been very strongly urged
by Sir William Congreve to belong to the Arigna Iron and Coal
Company, and had frequently refused. Having, however, had,
after the most pressing solicitations from Sir. William, a conver-
, laden with Mr. Cox, for whose opinion he had the highest pos.
Bible respect, and who said, that "in the universal world he did not
believe there was such a place as Arizona for iron," he was induced
to retract his former determination. Mr. Cox had declared that it 1
wu actually a mountain of iron, that there was a quantity of the I
firmest coke there, and that if he hod the management of it, he
could make a return of 50,0001. to the Company before Christmas.
After he (Mr. Brogden) had consented to be a Director, be heard
that there were disputes between some of the Directors, but Sir
W. Coagreve wrote word to him that those disputes would be soon
arranged. lie afterwards was invited to attend a meeting, and
he was told that he might have more shares if he pleased, and was
persuaded to write to Mr. Clarke for 200 additional shares. To
thin application he had received an answer, that he certainly could
have 100 shares. lie therefore considered himself master of 200
shares on the whole. The shares rose to 20 per cent. premium.
lie was asked to sell, but lie refused, as he considered the concern
too promising to part with any. Mr. Bent afterwards told him that
lan extraordinary thing had taken place; this was no other than that
Mr. Clarke came round, and put 1,0474 before each Director.
Ile expressed his surprise at this circumstance, but upon being as.
sured that it was his property he put the money handed to hin, into
his pocket. A Director then said, let its throw down the odd 471.
a-piece into a hat, to purchase a piece of plate for Mr. Clarke. (A
laugh.) Ile put down hii47l. rand he believed that it arose from
the auk of shares. He considered that the shares of the Directors
had been put together and sold for their benefit. " No;" said Mr.
Bent, " the fact is, they have diddled us; they have sold our
shares." This was a matter of great vexation to him (Mr. Bree-
den); and 3lr. Bent being determined (as we understood Mr.
Brogilen) to have his shares back, repurchased them at 14/. pre-
mium. They agreed that such a transaction should be laid before
the Board ; but they would not act precipitately. He (Mr. Bree-
den) then came into the city, called on Mr. Clarke, and said he
believed he had 200 shares in the Company. " No," replied Mr.
Clarke, " objections have been made to the conduct of Directors in
other Companies, as to the sale of shares; but this is no managed
that no blame cen attach."—" Very well," said he (Mr. Brogden),
" I'll take the loool..and I'll lenve the 471. ;" thinking, sit help me
Heaven ! that I was taking the profit to which I was entitled upon
the sale of my shares," Some time afierwards. however, Mr. Bent
met him in the House of Commons, and told him that the business
was a bad one, that Mr. Clarke had only paid 10,0001. for the
mine, and had divided the remaining Ie.ONI. amongst the Direc-
tors, and that it was said they (Sir. Brogden and Mr. Bent) had
received a part. They resolved to have an inquiry into the trans-
action and endeavou'ed to assemble a General Meeting in vein.
He hoped he was absolved from all participation in this transaction,
for, as tore as there was a Cod in !leaven, he was not in the slighest
degree implicated In it. (Loud cheers.)
Mr. HITCNINS expressed himself fully satisfied at the enplane-
tion given by Mr. Brogden. He trusted that that gentleman, Sir.
Bent, and Mr. Morgan, would be continued in the Direction, and
he declared that ifs shade of suspicion had at all attached to any
one of those Gentlemen, it was altogether removed. (Cheers.) He
should not., he thought it necessary to say, were it not for Mr.
Brogden and Mr. Bent, have been in possession of the information
upon which he had founded his complaint and he believed that
with the assistance of those gentlemen the concern would be made
a highly profitable one.
Mr. Bkoones said, he really believed that Sir Wm. Cengreve
had been kept in the clerk with respect to the transaction of the
14,0001. _

A StuasEuotnen said, It ought to be left to the good sense of
Slr William Congreve, whether he ought not to give up his share
of the 13,000/. and to resign, as he appeared to be unfit, front ig-
norance, to superintend the affairs of the Company. He had ren-
dered himself a party by refusing the ballot.
It was finally resolved that proceedings should be instituted in
Chancery for the recovery of the 13,04A/L. the property of the Com-
pany ; and that a requisnion should be signed, to call a meeting
for the purpose of removing certain of the Directors.

A Committee was then appointed. with full power to exclude
one of the names of those proposed to be removed, if it should
seem Bt. _ _

The meeting then adjourned,

It is eon6dently expected that the whole of W 615.000/. will be
returned to the Company, without proceeding to any cutaway.