The British Press; or, Morning Literary Advertiser.
London, England, 1826-07-15 00:00:00

CORNWALL AND DEVONSHIRE MINING
COMPANY.

A General Meeting of the Subscribers to this Association took
place at the London Tavern, in Bishopsgste-street, on Thursday
week, when the tullowingestramainary developement took place:—
The Prospectus set forth required a capital of 1,000,0011/. to be
raised in 10,000 shares of 11101, each, for the purpose of purchasing
and working certain extensive and valuable mines in the above
counties ; at.d the advantages to be derived to the subscribers were
stated in the usual glowing colours. It turns out that 31r. John
Wilks, M.P. purchased the mines of one of the 1/hectors, and
sold them to the Company fire 121.000/. %ilia sum he gave for
them could not be elicited, Mr. ‘l'ilks having refused to give the
information when called upon so to do. It was asked whether any
and what agreement wits tirade will the Directors fur the purchase
of the mines ?—when the scrip-holders were informed, " None but
a Resolution passed at a Meeting of the Directot a. and the parties
immediatelyinterested, at a Meeting belt' at the Albion Tavern ;"
and the Resolution was produced, skewing the names and the sums
set against each. It turns out that leases only were par.
chasm for this enormous aunt of money, instead of the free-
hold, contrary to the Prospectus, Upon the balance sheet being
called fir, there appeared a charge of 6,1981. 15s. for the purchase
nf I,ooolst-rip-receipts of the Company in the very outset ; and
upon the Banker's note being referred to, it appeared, that on the
huh of April, 11125 (the day, we believe, on which the scrip-receipts
were issued), 31r. Wilke purchased eighty scrip-receipts out of the
market : and on the following day, 920 other scrip receipts, to be
delivered on the 20th following, at a premium of 1 j per share, not-
withstanding the deposits upon only 200 scrip-receipts had been
paid into the halals of the Bankers at the time, as appears by the
Bankers' took. Mr. W., therefore, agreed to purchase what he knew
could not be delivered to him on the day of contract, which neces.
sadly gave a fictitious value to the shares, and by this means was
enabled to issue a great many more scrip-receipts upon the public
titan could otherwise have been done; and although the whole were
purchased for the 20th of April, they were not acteally paid for till
the 30th of that month. A heavy charge was made in the accounts
for manag meal ; and upon the question being put, as to whether
any of the Directors had received more than one fee a day, it was
answered in the affirmative, and was explained, that the Directors
had divided themselves into three Committees each day. The ac-
counts were rot audited ; and upon the reason being rrskcd, it was
answered that they had not qualified, having refused to pay the
deposits upon the sham allotted to them. Of the 10,1a10 shares to
be issued to the public, only 3.383 were taken, and a deposit of 3/.
a share paid, amounting to 26,9131. A further call was then made
of 101. a share, which was paid upon 3,399 shares only, making a
further sum of 33.9701. for which latter number of shares the deed
of settlement has been signed by the parties holding thereof. A
third instalment of Al. a share was then called for, arid on the Ist
of May last, the day appointed, only 217 shares had been paid
upon, and 93 shares have been declared forfeited. The who'e
an.ount paid into the hands of' the Bankers, according to the above
statement, is 61,970/. out of which 34,000/. had been paid to the
vendor of the mines, Mr. Wilke, and the rest otherwise expended.
The utmost indigna ion was expressed at the whole of this state-
tnent. A wish was at first expressed that a Committee should be
appointed to examine the accounts thoroughly. One of the Direc-
tors, however, thought proper to move that a Committee of Share-
' holders should be appointed to examine into the affairs of the
Company, the object of which was instantly seen through, and an
adjournment fur a fortnight wes moved by way of autendment, and
carried by a considerable majority.