The British Press; or, Morning Literary Advertiser.
London, England, 1826-10-05 00:00:00

PASCO PERUVIAN MINING COMPANY.

Yesterday a Meeting of the Directors and Shareholders took
place at the City of London Tavern.
Sir A LEXAN DER CREIGHTON in the Chair.
The CHAIRMAN stated, that the Directors had deemed it their
duty to account for the capital that was entrusted to their hands;
the whole affairs of the Company were so fully stated in the Report
that he deemed it superfluous to make any further remark, and re-
quested the Secretary to read the Report.
The Secretary then read the Report, which stated that—
The present Meeting has been called by the Directors for the
purpose of acquaints: g the Proprietors with the steps which had
been pursued, since Ole last Report, in conducting the affairs of
the Company, and also to submit to their consideration the pre-
sent state and prospects of the concern. The Directors regret
that they are yet without any reports from Mr. Heath, their Com-
missioner, relative to the progress of the Company's affairs in Peru,
of a lair date than the 27tli of January, although they have re-
ceived other letters from Lima. dated as late as the 17th of May.
They are swore that Mr. heath had suffered many weeks severe
indispoaition during his voyage to Liina, and that his health in
Peru has not allowel him to fulfil thine duties at the mine' which
the Directors particularly contemplated when they engaged him ;
but although this circumstance does net appear sufficient to
account for his silence, the Directors hope that it will be satisfac-
torily explained by his letters when they are received from Lima.
_Upon the arrival of the Company's establishment in Peru, it w a
found necessary to hire a house, with warehowito,in Lima,to receive!
tha stores and property of the Company, which were placed under
the care of a storekeeper, and were to be conveyed to Pasco as they
ahouh, be required there. The house is also used as the office in
which ern principal business of the Company is conducted by
their own immediate agents. As soon after the arrival of the'
Tarty et Lima as mules could be procured. the men and part of
the stores were forwarded to Pasco, and at a later period
'hey were followed by the Commissionei and the Assayers.-
I'h.r. ir in a scarcity of mules at Lima when our party arrived
there: but between 40 and 50 haO been subsequently imported
from Chile, and had been employed in the conveyance of stores to
the Cerro ; and the regular annual impertation of a considerable
number was expected at Lima in June or July, which would pro-
vide the means of transporting such further .applies to the mines
as might be required. Mr. Quirm, very sorffi after his arrival at
Lima. p-oceeded to Pasco, and in his zeal for the welfare of the
Cam an 7, and in the contemplation of the employment of a much
larger p •rtion of its capital than in the present state of its finances
lan be supplied, entered into several mining engagements. The
Repo t rid n styes, that it had been thought necessary to drop some
of the to nos. and that the propriety of adopting these engagements
at a future time has been referred by the Directors to the Company'.
agents on the spot ; but instructions have been sent out not to pro.
cad with any of them at present, further than is absolutely neces-
sary to the protection of the rights and interests of the Company.
The statemet,t of a valuation having been made, unaccompanied
by the expression of any doubt relative to the identity of the pro-
perty that had been sallied, induced the Directors to conclude that
the mines had been all discovered and fennel to agree with the or!.
gittal inventory, and that the whole would, therefore, be delivered
over to the Company. The arrangement, however, which the
Directors thus contemplated, has been anticipated by a new con-
tract entered into by Mr. Wrote, Mr. Fletcher, and Mr. Hollond
(the +attorney and representative of Mr. Cochran), on behalf of the
Company. for a lease of fifteen years certain, at an annual rent of
'45,000 dollars. and with an advance of 21)0,000 dollars, on account
of this rent. The condition to advance 250,000 dollars is in direct
violation of inetructiona sent out last year, not to advance more in
the whole than 10,000 on purchases of miner or leases ; and even
this PIM) was not to be laid out, unless it should become abeolstely
necessary to the acquiAtion of one or more mines for the purpose el
connecting or extending the works of the Company is poethodar
directions. Under there circumstances the Directors hays, lay the
advice of their Solicitor, declined to accept the bills drawn foe the
2.10.000 dollars, and have transmitted to Lima their protest against
all the conneptenees of this unauthorized act of the parties to the
new contract; and have directed that no further engagement of any
kind shall be made for the Vivaa property on behalf of the
Company, until further instructions shall be sent out by the
Direetosif; which instructions must depend upon the ex.
tent of the future disposable capital of the Company. They
nevertheless instructed Mr. Heath, in order to avoid future
disputes with the neighbouring misers, to have all the mines, as
they might be delivered over, registered on a plan to be made of