The Sun.
London, England, 1853-07-14 00:00:00

SOUTH AUSTRALIAN COPPER ritII2.VING7

COMPANY.

The annual general meeting of this company was held
yesterday at their offices, 17, Gracechurch-street ; Mr.
Thompson in the chair.
The SECRETARY read the report of the Committee of
Management, which was given in The Sun of MondaY
last.
The CHAIRMAN then read a letter from Mr. phillcox,
one of the chief colonial directors, complaining 4o some
extent that that body found itself cramped by the limited
issue of scrip in the colonies. The chairman also stated
that Mr. Phillcox would very shortly arrive in this
country, and that the shareholders would then be sum-
moned to hear from him an account of the company's
property, and its present state and future prospects.
In answer to a Shareholder,
The CHAIRMAN stated that the colonial directors were
all gentlemen of the highest respectability and standing
in the colony. The qualification for the office was the
holding of 100 shares, which he believed was th• case
with each of them. One thousand shares had been sent
out to the colony and deposited in the South Australian
Bank.

Captain GREEN inquired whether these 1,000 shares
were in addition to the 5,000 which it had been origi-
nally determined to set apart for the colonies ?
The CHAIRMAN said that, according to the report, the
period seemed to have elapsed for the taking up of those
shares in the colonies. The managing committee had
determined not to send them out, as they were convinced
of the shares of the company going up to a premium
(Hear, hear.)
A long irregular conversation followed, which resulted
in a general expression of opinion to the effect that the
company were released from all obligation to send scrip
to the colony except at the market price.
Mr. PALGRAVE then moved, and Mr. PRITCHARD
seconded, the adoption of the report, which was carried
unanimously.
On the motion of Mr. MOCATTA, seconded by Mr.
BISGOOD, the report of the auditors was approved and
adopted.

Mr. MOCATTA inquired if any private reports bad
come to the ears of the managing committee relative to
the state of the company's property in the colony ,and
the high estimation in which the mine was held by the
colonists.
The CHAIRMAN said that such reports had certainly
reached him, but, not being official intelligence, be
should not have alluded to them had it not been that
the question had been put by the hon. shareholder. Ile
had no objection to state that one of the managing com-
mittee, Mr. Webb, had lately accidentally met, a gentle-
man who had just returned from the colony, who, on
the conversations turning on the various mines of the
company, gave a most glowing account of the mines be-
longing to the company, describing them as being
scarcely considered second to the Burra-Burra mine.
He also stated that it was the wonderment of all the
people there why the English company had not gone on
working it with proper vigoim He also (the chairman)
had met a colonist who gave the same description of it,
and, from all accounts, they had reason to believe
that the property was a most valuable one—(hear, hear)
—and if it were carried out with vigour and economy,
there was no doubt that before long the shares would be
atia very high premium. (Hear.)
A SHAREHOLDER observed that, if it had not been for
a former mismanagement, he had .no doubt that would
have been the case at the present moment.
Mr. DIIPPA defended the former management, express-
ing his opinion that the outlay and expenditure had been
sui economical as was possible.
Mr. PALGRAVE then moved that the sum of 2001. be
be paid to the managing committee for their services.
Mr. IRVING seconded the motion, which was agreed
to unanimously.
Some discussion then took place as to the remuneration
to be paid to Mr. Armitage, for his services as purser of
the company, but ultimately, on the motion of Mr. WEBS,
the subject was referred to a committee of three, consist-
ing of two auditors and a shareholder, Mr. Bisgood,
with directions to report on it to the next general
meeting.
On the motion of Mr. IRVING, seconded by Mr. PAL-
GRAVE, the sum of 20 guineas was voted to the auditor°
for their services.
A SHAREHOLDER inquired what were the intentions
of the managing committee with regard to declaring *
bonus.
The CHAIRMAN said the oommittee originally intended
to advise the shareholders to divide a bonus of 2,600/1
but after giving to the subject the most mature and
grave consideration, they had come to the full deternir
nation that it would be better for the ultimate interests
of the company to hold it over for a little while longer,
at least until the arrival from the colony of Mr. Phil).-
cox, and until after they had heard his report of tbili
actual working of the mine. By so doing they would
be able to retain in their hands the means of working
the mine with vigour, without the necessity or prospeet
of being driven into the market to sell the reserved serip
for the purpose of raising capital.
Some discussion followed, the general expression of
_
opinion appearinglto be, though favourable to the division
of a bonus, of a confidence in the managing committee,
and of a ?desire to be guided by their determination:
Ultimately the consideration of the subject was deferred
until the next meeting of the shareholders, which it _
.„.1;v0u
understood would be called on the arrival of Mr. Piai
cox, in order to give the shareholders an opportunity'
hearing his report. The meeting then became speoligi
when various alterations were made in the cost boos?
for
co the
ttee purpose, among others, of giving power to the
mmi to grant leave to search for gold on the Prcr'
perty of the company.
The proceedings then terminated with the usual vote
of thanks to the chairman.