The Sun.
London, England, 1825-11-05 00:00:00

IMPERIAL MANGANESE COMPANY.

-A general meeting of the proprietors of the
Company was yesterday held at the George and Vulture Tavern,
Cornhill, for the purpose of receiving a report from the directors
upon the state of their affairs.

Sir FELtx AGAR having been to the chair, opened
the business of the meeting. The report was then read, Which"
concluded by holding out a fair promise of success in the ori*.;
ginal objects of the company. A motion being made that the
report be received and prieted,
Mr. WOODWARD, the solicitor, observed that he had been
consulted-by several shareholders as to the effect of theirscon-'
flexion with this Company. The' agitation caused by recent
proceedings respecting joint Stock companies, and particularly'
by what had passed before the Lord Mayor on a late occasion,
rendered itimportant on their parts to inquire what liabilities.
they incurred by being members of a company like this, and
by what authority the company was constituted, or its proceed-,
ings carried on. The learned gentleman was then expatiating
*on the state of the law respecting joint stock companies, and the
importance to his clients of knowing the nature of the deed- of
settlement at present in preparation, and ascertaining how far
its clauses might bind their property, when he was interrupted,
and referred to the prospectus.
An irregular discussion was then about taking place, but
order being at length restored,
Mr. WooDwARD resumed his observations on the law; and
added that his clients had no disposition to carry on this specu-
lation any longer. Manganese was easily had ; and they did
not think that the Company would be favoured with much
" golden opportunity." His clients \visited to know who were
the original . Directors ; whether any change had taken place.
amongst them ; and who were the present self-constituted Di./
rectors—those persons who tiok upon themselves to say,
" these are our regulations, and you must be bound by them."
Now, if candour was the object of the Directors in calling
this Meeting, they would not object to answer those questions
which he had been instructed to ask. He held in his hand an
original prospectus, containing a list of Directors, of Whom it
had had been given out one or two had been removed: He
wished to know if that were true ?

The CHAIRMAN read over the names of the present Di-
,
rectors.

Mr. WOODWARD said, he observed that the names of Sir
Wm. Mansell; Mr. Stokes, and Sir Paul Baghott, were omitted
in that, although they appeared in another which he held in his
hand. • ;

The CHAIRMAN said that but one prospectus had ever.been
issued with the knowledge of the Directors ; and called upon
Mr. Woodward to produce the one to which he alluded.
There was a general cry cf " Give it up." "'
Mr. WOODWARD declined doing so,- as it had corrections
in it.
After sortie desultory conversation, and mutual recrimination
of some of the parties, a scene of uproar commenced and, pre..
vailed for some time, while threats, defiances, and vituperative
expressions were interchanged in all directions. Order being
restored;

Mr. ?last, in explanation of the origin of the Company,
said that it arose from the circumstance of Mr. Pront ;waiting
on his . two sons and urging them to purchase the Lideat mine
of him, which he represented as most valuable. When the
directors were named, Mr. Prout claimed the privilege of
naming some of them, for the purpose of protecting his inte-
rests ; and he accordingly nominated Sir Paul Bagshott, Bart.
Sir Wm. Mansell, Bart., and Mr. Dixson. Now it turned
out that there was no such person as " sir Paul Bagshott,
Bart," in the kingdom ; Sir Wm. Mansell was, to Mr. Prout's •
knowledge, in the Bench at the • time, and his, name in the
Gazette the night before. With respect to the charge of taking
salaries, which had been brought against the directors,. It was
wholly unfounded, as no officers of the company-whatevet toad
received a farthing in the way of salary or remuneration for,
their services ; and the whole -cape= of die late deputation to rr
Cornwall was 331.

After Aome further proceedings, not worth detailing; and fre-
quently interrupted by disputes among the,parties, a motion
was made that the report be received, which was carried, and
the meeting broke up.
, • •