The Sun.
London, England, 1852-12-08 00:00:00

EDNESDAY EVENING, DECEMBER 8, 1852

TILE SHARE MARKETS.

Leasing
Compans.

Closing Prices
this Day.

Badness
done

BRITISH RAILWAYS.

Baslness done I
this Day. 50

SOUTH AUSTRALIAN COPPER MINING

COMPA A, Y.

On Monday, a meeting of the shareholders of this
pany was held at the offices in Gracechurch-street,
Lor the purpose of receiving the report of the committee
of investigation, adopting rules and regulations on the
cost-book principle, electing a new committee as a board
of management, appointing a purser or managing direc-
tor, and fixing the amount of his remuneration. Mr.
Samuel Armitage occupied the chair.
The advertisement calling the meeting having been
read,
Mr. ARMITAGE then addressed the meeting and said,
Gentlemen, as we are met together for business, and as
I know the value of time, and that many of you wish to
get away from here as soon as possible, I will not detain
you by any further preliminary observations. You are
called together to-day to receive the report made by four
highly respectable gentlemen, who have carefully inveofs-
tigated the affairs of the company, and if you approve
their report you will be called upon to adopt it. You will
have to elect a committee, or board of management, appoint
a purser or managing director, and to fix th amount of the
remuneration, to adopt the rules of the cost book, by
which the company will in future be regulated, to con-
firm the proceedings up to this time, and on other minor
details of business. It is not necessary I should tell you
that the constitution and administration of a public com-
pany very properly rests in a committee, or board of
directors, whose duty it is to protect the property invio-
late ; to have the custody of the funds and effects ; to
deliberate and decide on the policy to be pursued in every,
department ; and in all respects the guardians and trus-
tees for the protection and benefit of the shareholders.
It is quite true, gentlemen, that this committee, or
board of directors, invariably select some one individual
either out of their own body, or otherwise, whose, ability,
experience, integrity, and practical business habits,
qualify him for the executive, and they depute him as
manager to carry out the line of policy they have
determined to pursue, but it would be a monstrous
anomaly to suppose they would delegate to him supreme
authority, leave the control of the funds and property
entirely in his hands, and throw upon his shoulders
alone the entire responsibility of everything. Now,
gentlemen, it is a modern maxim that truth is strange,
strange indeed, stranger than fiction ; but, strange and
extraordinary as this may appear, this is, in fact, the
state and condition in which we have been placed for
the last six months. We were placed in this extraordi-
nary and anomalous condition last May; in consequence
of our Australian directors leaving 'England for the
colony, the death of Mr. Lane, the resignation of
Mr. Tindall and Captain Greene, and the absense from
England of Mr. Kirk, caused by the illness of
his son. Mr. Dupper and myself were the only two di-
rectors left, and although he gave me his frequent at-
tendance I had only one alternative—either to resign,
and let the company be broken up, or otherwise to take
all the responsibility upon myself. I felt that my cha-_
ratter and honour were at stake, I deliberated on the
matter, and, after advising with my friends, I resolved
(abandoned as I was by my colleagues) to stand my
ground, to nail my colours to the mast, and—as " Eng-
land expects every man to do his duty"—l determined
to do mine to the utmost of my ability. I have given
my time almost without interruption for the last
seven months, to the management of this company ;
and, as I have made no charge for it, I leave that matter
in your hands. No man knows the disagreeable things I have
had to do—the difficulties I have had to contend with—
the discretion, forbearance, and vigilance I have had to
exercise, and the indomitable firmness I have required,
to maintain the integrity of the company, and to prevent
imposition. I have settled all the debts and liabilities,
and the entire of the preliminary expenses up to this day
do not amount to 1,0301., a thing, I believe, quite un-
precedented. I see from the balance sheet of the Agua
Fria that the preliminary expenses of that company, for
the same period, are near 8,0001. The engines,
pumping, crushing, and dressing machinery, are all
ready, as the report of our engineer will tell you.
The staff of miners and other men are engaged, and
the whole will leave in a week or ten days. The com-
mittee of investigation have examined the specification
and estimates for the plant, and I believe I may
say they are satisfied that every thing has been
done, with the strictest regard to efficiency, and economy,
and in the best possible manner. Knowing, as I do,
the bond fide value of our property, my object has been
to keep down the expenditure, to give the company a
character of stability, and to lay the foundation of a solid
confidence in the integrity and ability of its management.
How far I have succeeded in doing this the honourable gen-
tlemen, who have carefully investigated everything, will
tell you, in the report which will be read in a few
minutes. Gentlemen, I have now told you, in a few
words, why you are called together, and why a
committee of gentlemen have been appointed to examine
into the position of the company. I sincerely thank
the gentlemen of that committee who are the cause of
your having been called together for relieving me from
my immense responsibility, and for removing the mon-
strous anomaly of the administration of the affairs of
the company being placed in the hands of one individual.
All we now require, gentlemen, is an able and influen-
tial committee of good men, and you will soon see the
shares of the company at a very different price than they
now are. The usual method of saying much and doing
little is not suited to the exigencies of the present day,
and is decidedly opposed to my practice. lam a very
plain man, a man of few words, and I mean what I say
—my motto is " Res non Verba." The honourable com-
mittee, after a close investigation, are convinced of the
soundness of the company, as an excellent commercial
speculation ; and as far as human judgment can form a
conclusion they are of opinion that in a very short time
it will be highly remunerative. We know for a positive
fact that there is gold on the property, but from a sense
of duty the committee have abstained from saying much
they might have said. It is their intention, however,
that the committee you elect this day should carry out
the project with the utmost energy, paying every regard
to efficiency and economy, confident, as we say in York-
shire, that the proof of the pudding will be in the eat-
ing, and that in a little time you will find that deeds are
better than words. For my own part, gentlemen, I have
only to say, that I hold it to be the duty, the imperative
duty of every man filling a public situation, to be care-
ful and reserved in making professions and promises,
until he is in a position to be quite certain he will be able
to perform them, and I am not so weak as to suppose
we can realise all some sanguine people imagine • but,
gentlemen, I am very confident that if a judicious
system of management is adopted by the committee you
are now called upon to elect, we shall very soon be in a
position to pay you a dividend that will surprise the
most sanguine of our shareholders.
The report of the committee was then read .as fol-

lows :
"Report and recommendations of the committee of inspec-
tion, presented at the general meeting of shareholders
held at the offices of the company, 17, Gracechureh-
street, London, 6th December, 1852 :
" The committee of inspection was appointed at a meet-
ing of the shareholders on Monday, 15th Nov., 1852, and
presented its report to the requisitionists and shareholders
at an adjourned meeting on the 22d Nov. last.
"On the last-mentioned day a resolution was passed' of
which the following is a copy :
" That the report of the committee of inspection be re-
ceived and adopted, and entered upon the minutes.
" That the committee be requested to continue their
labours, and take steps for calling a general meeting of the
shareholders at the earliest period.
" That the committee be requested to prepare recom-
mendations as to the appointment of a new committee of
management, and as to the constitution and future manage-
ment of the company, and to submit the same to such
general meeting.'
" Pursuant to such resolution your committee have con-
tinued their labours, and have caused to be prepared by,
the solicitors of the company a cost book, or rules and re-
gulations for the management of the affairs of the company,
the adoption of which your committee recommend.
" Your committee have to report that the members of
the managing committee in England have resigned their
office, and your committee have endeavoured to select gen-
tlemen willing to act as a committee of management in
England, whose position and character, and whose interests
in this adventure fully entitle them to
the confidence
of their co-adventurers ; and your committee have pleasure
in stating that six gentlemen possessing the neces-
sary qualifications have consented to act ; and your
Committee accordingly recommend them to the share-
holders as a committee of management in London.
" Your committee have carefully- investigated and audited
the accounts of the company, and while they regret that
the late members of the committee of management have not
devoted much time and attention to the affairs of the com-
pany, it is gratifying to add that the expenditure of the
company has been kept within the closest possible limits,
that the accounts and transactions have been satisfactorily
vouched and well conducted by Mr. Armitage, the purser,
on whom the whole responsibility appears to have de-
volved.
" Your committee have to report that they have also
examined the specifications for the machinery and tools
prepared by Mr. Bassett, the engineer of the company, and
the several tenders for the same, together with the orders
given, and have ascertained that the whole is now ready.
That arrangements are in progress for the immediate ship-
ment of the machinery and a number of miners adequate
for the commencement of the works will leave immediately,
arrangements having been made with the Colonial Govern-
ment of Australia for the passage of 12 men,
with their
wives and families, for the small sum of 26/.105., which
amount has been paid, the remaining men will go out with
the machinery, at a cost of 101. each.
" Your committee finally conclude their report by record-
ing the expression of their full and unabated confideneceeeins
the soundness of the undertaking and the f
utr-preol the
of the company, strengthened by, theirknowledge
high respectability of the colonial dirctoersf,
thethe
anxiety they have evinced for the welfare.t
cessadgrveenat-
tura, and the large interest they have 8 sue •
THOMPSON,
JOHN C. FULLARTON,
NICHOLAS C. HENRY,
WM. PRIESTMAN."
The report was unanimously adopted.
The engineer's report was then read.
ENGINEER'S REPORT.
" Gentlemen, Having just returned from the inspection—
of the engines and pitwork, and also of the mining ma-
chinery and materials, made for the company by the Perran
Foundry Co., and by Messrs. Nicholls St Co. of Tavistock,
I beg to hand you my report thereon.
"In the first place, with regard to the engines : Not hav-
romn the
power seen the ground, I would not, of course, take upon
my-
self the responsibility of deviating in any way
power reported by Mr. Trewartha to be required there, and
a 60-inch cylinder engine of 10 feet stroke, with equal
beam, was ordered from the Perran Co. This engine, being
now completed, is being entirely erected and fitted in the
factory, and this rather unusual course will save us the
great delay and expense that, generally occurs in erecting
engines of this description. The whole of the workman-
ship
best description, and the Foundry Co.
is of the very
have not spared any expense in remedying any little defect
which has shown itself.
" I have taken the precaution to have the air-pump