The Sun.
London, England, 1841-08-21 00:00:00

BRITISH IRON COMPANY.

The following Circular, addressed to each Proprietor►
has been sent to us for insertion ; and though we profess
to know little of the actual condition of this unfortunate
Company, and the statements come only from one side,
yet looking at the vast property which has been sunk in
the concern, we think it a duty to publish it. Most of
the financial statements have been omitted, but enough is
given to show that the affairs of the Company require
the serious consideration of the Proprietors:—
Castle court, Budge-row, London,
August 19, 1841.

Sir,—The Directors of the British Iron Company, in
their Circular convening a Special General Meeting of
the Proprietors, to be held on the 26th August, for the
purpose of taking into consideration and deciding upon a
Resolution " That the British Iron Company be dis-
solved," have stepped out of their way in the concludinc,
paragraph, in order that they might be offensive to the
Requisitionists, for the dissolution of the Company, and
mislead the Shareholders.
The Trustees of the United Shareholders will on the
present occasion content themselves with simply stating
that it was not a great majority who appointed the par-
tisan Committee now sitting, but a miserable minority,
consisting of twenty-eight out of a meeting of two hun-
dred.
Mr. Horsley Palmer has repeatedly stated that he was
a most unfit person to be a Director of the British Iron
Company ; and the manner in which the Directors of
this Company upon all occasions act. proves that his 61-
leagues are equally unfit with himself. In all Com-
panies, where the Directors understand their duties, it is
an invariable rule that whenever they convene a special
general meeting, in consequence of receiving a requisi-
tion, that, without making any remark, they send to
each Proprietor an exact copy of the requisition, with
the signatures thereto, and insert the clause in the deed
of settlement which empowers them to call the meeting ;
they do not garble the requisition ;--they do not insert
in their circular, statements which are offensive and un-
founded ;—they do not, when the signatures are few,
insert the names of the requisitionists, with the number
of shares held by each ;—neither do they, when the sig-
natures are numerous, respectable, and influential (as is
the case with this requisition), totally suppress the names
and numbers !

The Directors gain nothing by this conduct, because it
compels the united Shareholders to correct their mis-
statements, and to expose their motives.

Taking the result of the " past management of the
Di-
rectors as the best guide for the future, it will be evident
to every Shareholder who will give the matter his atten-
tive consideration, that unless " The British Iron Com-
pany be dissolved," in the course of a few years inevit-
able ruin will fall upon the Company, and the private
property of every Shareholder will be in jeopardy, by the
liabilities and debts entailed upon them by the present
system of management. This picture of impending ruin
is neither suggested by the prejudices of the United
Shareholders, nor caused by their distrust and want of
confidence in the Directors, but is the result of a very
careful investigation of the voluminous Reports issued
by the Directors in May, 1841 ; and which Reports you
will find, if you will take the trouble to examine them,
prove, that under the management of Mr. Larpent and
Mr. Horsley Palmer, and the other Directors, the total
loss sustained by the British Iron Company in fifteen
years, amounts to 954,2501., and the simple interest on
the paid-up capital, 753,0771., making in the whole the
sum of ONE MILLION SEVEN HUNDRED AND
SEVEN THOUSAND THREE HUNDRED AND
TWENTY-SEVEN POUNDS which has been lost ! !
From the statements made by the Directors concern-
ing the value and capabilities of the several mines, es-
tates, and properties of the Company, the Trustees of the
United Shareholders have no hesitation in declaring,
that they ought to have been extremely productive ; and
they are reluctantly driven to attribute the enormous
loss of the Company's funds to the gross mismanagement
and total incompetency of the Directors, which fact,
if anything beyond their own Report is required, can be
substantiated, by reference to the opposite results which
have arisen from a different system of management, dur-
ing the same period of time, to the Baileys, the Craw-
shays, the Guests, and the other great iron-masters
throughout England, all of whom have made princely
fortunes, whilst the Directors of the British Iron Com-
pany have lost, including interests on capital, nearly two
millions ! !
The Trustees of the United Shareholders having taken
every possible means to make themselves fully ac-
quainted with the present position and future prospects
of the Company, are fully convinced that the only safe
and judicious course left for the Proprietors, is to at-
tend the special general meeting, to be held on the 26th
of August, at the London Tavern, and to support the
• resolution, " That the British Iron Company be dis-

THE PUN,

salved," by which they will put an end to their lasses
—pay their debts—and divide 'fIIIRTIONE PO 1.Y.N15.,
PER, SIIARE—if the valuation Contained-in the pirec-.
tors' Report prove true:
It is, however, a duty that every Proprigt9r,„pwes to
himself and his co-partners,
.prior. to tkiKnateitiing to
.peruse with the .utruo--4 attention, the I 4 . orts of; liay,
1841, whereby he will become acquainted with 'the ex-
tent of the ruin produced by the past management iof the
Directers, as admitted in their own Report, and which
it is more than probable, shows not all, nor tells ;the
worst.

In order that the 'United Shareholders may be prepared
to act upon a plan well digested, and well organised; on
the 26th of August, so that they may be enabled to carry
into effect the great of they have at heart for the be-
nefit of the Proprietors, a preliminary meeting of the
Shareholders will be held at twelve o'clock, on Wednes-
day, the 25th of August, at the LDndon Tavern, to decide
upon the best. and most proper course to be adopted, at
which meeting your attendance is earnestly requested.
JAMES BAILEY, Hon. Sec.

FO UAPEN.N Y BOATS.--
TO THE EDITOR OF THE SUN.

trust that. you will make known to the public
the following gross outrage. It is one which I learn is
constitntly being practised. Yesterday morning, at about
a quarter past eight, I had occasion to proceed towards
the West-end, and crossing London Bridge from the
Surrey side, I perceived that a steam-let was about
starting. I paid my fare, and the boat did start, but in-
stead of proceeding to its destination, the captain giving
the word " Go on," she wiis steered to the other side of
the bridge, safely moored, when all the men, captain in-
cluded, went below to their breakfast. I was .told the
vessel would start in half an hour ; , being pressed for
time I demanded back my money, but was refused, and
told to wait. Now, Sir, Ido think that this is conduct
that should not be tolerated in a public company. I
therefore trust that you will, through the medium of
your paper, expose such improper conduct.,
I am, Sir, your obedient servant,
S. A., Jr.
Southampton-street, Elistori•sqUare, Aug..2o, 1841.

FINE ARTS.

BURFORD'S PANORAMA OF JERUSALEM:

This painting was exhibited for a private view
yesterday; it is a clever specimen of the art,
indeed it may rank among the best panoramas
that Mr. Burtbrd has produced. The drawings,
it seems, were taken from the terrace of the house
of the Aga, or Governor of Jerusalem; and the
view from this elevation is most comprehensive,
embracing nearly the whole of the important
stations mentioned in Scripture, and a vast as-
semblage of monasteries, mosques, domes, mina-
rets, &c., which sparkle under the rays of an
Eastern sun, with extreme splendour. Imme-
diately in front of the spectator, towards the
South, stands the beautiful mosque of Omar, oc-
cupying the site of the Temple of Solomon, and
resembling, from its curious style and variety of
gay colours, an immense piece of Mosaic work,
the rugged summits of stony and unfruitful hills
appearing behind, with a portion of the Dead
Sea in the distance, inclosed by lofty and majes-
tic mountains. As a whole, the panorama is
one of the most interesting and picturesque that
has appeared for some years.