The Sun.
London, England, 1852-12-31 00:00:00

AUSTRALIAN MINING COMPANY.

Yesterday an extraordinary general meeting of till!
shareholders of this company was held at the London
Tavern, to receive the director's report on the result of
Captain Hitchins's inspection of the company's properts;
in Australia, and to take upon it all advisable measurellf
Mr. R. F. Davis in the chair.
The SECRETARY read the report, which stated thatat
the general meeting held in July last the directors D'irt
pledged themselves that when in receipt of the report
Captain Hitchins (a gentleman sent specially to the °e"
bony to report upon the condition of the company's Prai
perty) they would convene an extraordinary-meeting °f
shareholders to impart to them the result. In conformity
with that pledge the present meeting was called. As
gards the past management of the company's propl
business had been carried on in a most extravagant an
injudicious manner, but measures have been taken t°
arrest all unnecesssary outlay. The Tunkillo DSlne
had not been properly tried, but their existed go,'
grounds to anticipate from it a most profitable
return so soon as the labour market should be
more efficient. The directors were in treaty M.
the leasing of other mines which they considered
as profitable investments. Mr. Hitchins had
surveyed the estates of the company, and report
them as excellently suited for dairy farms. Since 11
had
arisen, from Australia a new state of things 'l'
arisen, for gold had been found so near the comPTV:i
property as to induce the expectation that it exist°
there. It already had the effect of checking the raigra„;
tion of the miners from the company's works to the goid
fields of Sydney and Melbourne, and several of them
had agreed with the company's manager (Mr. Forster)/
upon the conclusion of their engagement as cenPf
miners, to commence a search for gold. Should they be
successful, and find the gold mixed, as in California"
with quartz rock, the company, from having stainPiill
machinery at Tunkillo, a 16-inch steam-engine, an" a
crushing machine, with a large store of implements in
store at Adelaide—machinery which could not, in that
present state of the market, be obtained without a vas
outlay—would be in a position more favourable than
that of any other in the colony. The report concluded
with the statement, that in the opinion of the directorsthe time had now come to incorporate the company "
Royal charter.
The Chairman stated that to himself and brothel;
directors it was most satisfactory to present a reP,°.rd
like that which had just been read, differing as it rf,
from the unfavourable ones which hitherto they ha°, -,,
submit to the proprietors, and that they further
satisfaction in the reflection that since they had had '-
honour of having the charge of the company's affei,ri,
they had presented no report which had not been fu
borne out by after-events. They had taken the 111°°
active measures to stop all unnecessary expenditure'
They had stated that they would send out an active
and intelligent gentleman to inspect their propert,
await his report, and then call the shareholders tog
e;
ther. The result was now before them. He regretted
that the copper-works were suspended, from the cir:
cumstances they had heard mentioned, but he COilla
assure them that their property had been materially
improved by the discovery of gold in its neighbour"
hood. That discovery was not yet completely dove'
loped, on account of the severity of the winter;
by reason of the heavy fall of rain in South Austa'n°,
it was impossible to sink pits there, so that in ibic'
operations were as yet confined to the !surface'
With respect to the machinery, its purchase had been
censured as extravagant, but by a wonderful change It
was become a most valuable possession, for with it they
would be able to crush 15 tons of ore per diem. ii.
had received specimens of copper ore identical in quality
with that of the Burra-Burra Mine ; but in stating IL':
he did not wish to lead them to think that the/ Were
going to work their copper mines—such could not be
until labourers became more plentiful; at present, when
a day labourer received 15s. or 11. per diem, it was Lur
possible. With respect to the propriety of reducnis,.
the shares from 201. to some other amount, it was,
his opinion, a question to be considered in connection
with the disposition of the Government to grant.:
charter to the company. So soon as the directors Ww:„
made aware of the exact terms on which the chartw
would be granted, they would take whatever steps 046
could to gratify the shareholders. (Cheers.)
Mr. ANDERTON inquired into the state of the col'
pang's finances.
The CHAIRMAN stated that there was ne want of
money, and that there existed a most friendly confidence
in the directors on the part of the holders of the loan'
notes out.
Mr. ANDERTON, expressing himself highly pleased and
gratified, moved that the report be received, adopteus
printed and circulated.
_ _

M. ASHWELL seconded the motion, and in doing, so
dwelt much upon the advantages of the location
and capabilities of the River Murray as a channel for
commerce.

Mr. BRANDT entered into some details showing the
increased value of the land at Adelaide. ~
A SHAREHOLDER understood from Captain Hitching
report that iron of good quality existed upon their Pr?
perty, and seeing that it had risen in the market from 1
per ton to nearly double that sum, he wished to know
the company would work it.
The CHAIRMAN stated that iron was best worked IT
private enterprise, and therefore he would not advise the
company to do so ; but he felt assured that as soon a
th y could get labourers, individuals would be found
r. ANDERTON suggested the propriety of importing
r4mdy to lease the property for them.
Chinese coolies.

The CHAIRMAN explained that under existing arrange'
ments all monies for the purpose of providing laboured
had to be sent to this country, but that the colonw
legislatures would soon act in the manner suggested by
Mr. Anderton.

Distinct votes of thanks were then passed to Captaill,
Hitchins, Mr. Forster, and Mr. It. Devonport, a mesa
ber of the Colonial Legislature, who has exerted hirase
most actively to forward the interests of the company.
A SHAREHOLDER here stated that a million of mope)/
was at present hoarded at Sydney and Melbourne ff,r,
the purchase of land at Adelaide, so that the land of the
company was likely to be a most profitable property.
The proceedings terminated with the usual compliment 6
to the chairman and directors.

A