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

SOUTH AUSTRALIAN COPPER MINING

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 to 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 the case
with each of them. One thousand shared 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 had
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
apiarists.

The CHAIRMAN said that such reports had certainly
reached him, but, not being official intelligence, he
should not have alluded to them had it not been that
the question had been put by the hon. shareholder. Se
had no objection to state that one of the managing cow"
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 vigour. 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
atla 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. DUPPA defended the former management, express-
ing his opinion that the outlay and expenditure had been
as 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 01
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. PO'
GRAVE, the sum of 20 guineas was voted to the auditors
for their services.

A SHAREHOLDER inquired what were the intentions
of the managing committee with regard to declaring
bonus.

The CHAIRMAN said the committee 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 detail :al'
nation that it would be better for the ultimate interestO
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 Of
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 prospec,t
of being driven into the market to sell the reserved scrip
for the purpose of raising capital.
Some discussion followed, the general expression, of
opinion appearing to be, though favourable to the divisl°_,
'
of a bonus, of a confidence in the managing committee_.
and of a desire to be guided by their determinatiO,
Ultimately the consideration of the subject was deferrea
until the next meeting of the shareholders, which it I,
understood would be called on the arrival of Mr. Pin
cox, in order to give the shareholders an, opportunity.i
hearing his report. The meeting then became speciru:
when various alterations were made in the coat 0"7
for the purpose, among others, of giving power to the
committee to grant leave to search for gold on the pro'
perty of the company.
The proceedings then terminated with the usual 08
of thanks to the chairman.