The Sun.
London, England, 1847-10-14 00:00:00

Stock in trade, including metals, minerals,&c. 430,000
Cash, bills, and book debts.. 190,000

£1,415,000

"` The Court of Assistants, anxious to inform
itself thoroughly as to the prospects of the company,
deputed a committee to proceed to Cwm Avon in the
month of June last, and from the report of that com-
mittee, the Court satisfied itself that the prospective
income of the company, arising out of the successful
carrying forward of its works, would be sufficient to
provide for all its current engagements, to pay off
gradually all the debts of the Corporation, leaving
the property of the company, at no distant period,
free from incumbrance, for the benefit of the share-
holders.
"' J. H. PELLY, Deputy-Governor.'"

.
The reading of these statements appeared to
occasion much surprise, especially when they were
contrasted with the flattering accounts furnished not
more than six months back, and to which Mr. R. W.
Carden, who took the initiative in the discussion,
forcibly directed the attention of the proprietors.
There seemed on the part of the majority of those
present every inclination to afford the directors credit
for the best intentions ; but many, nevertheless, inti-
mated a strong desire to ascertain the real nature of
the circumstances that could in the space of one half-
year have brought about so extraordinary a change.
Of course, the assistance rendered by the Bank in
the shape of the specified advance was regarded as
indicative of the strength of the credit of the company,
and a vote was unanimously passed, authorising the
Court of Assistants to complete the arrangement.
On the subject of general prospects, it transpired,
that the debt due from Messrs. Gower and Co. is
under 20,0001., and also that arrears of calls on old
shares exist to the extent of 60,0001., some of the
directors figuring in the list of non-payments. With
reference to these arrears, it was suggested that as
the Court under their charter do not possess the
necessary power to enforce such claims, they should
at least take steps at once to declare the forfeiture
of the shares, in order that all parties might stand
on an equality. To this point, and the preparation
of a complete statement of accounts so soon as they
can be arranged, the Court pledged themselves to
give their immediate attention, Mr. Pelly, the Deputy-
Governor, assuring the proprietors that it was
the earnest wish of himself and of his col-
leagues to act in a candid and straightforward
manner and to conceal nothing from them. On this
understanding an adjournment was agreed to, the
Court stipulating to convene another meeting at the
earliest moment they could present a further report
and a proper and detailed balance-sheet. It seemed
to be anticipated among the proprietors that after the
accounts shall have been thoroughly analyzed, and
the assistance afforded by the Bank shall have been
brought into active service, a more satisfactory pro-
gress may be looked for.
An extraordinary general meeting of Price's
Patent Candle Company (a concern in which two of
the present, and one of the late partners, of the house
of Cockerell and Co. are directors), was held this
morning, when a report was presented, stating that
owing to Messrs. Cockerell's suspension, it would be
for the advantage of the shareholders to defer the
division of the profits which have accrued since the
Ist of January. It appears that in purchasing the
patent rights of Messrs. Price and Co. the company
under whose direct control the working of the estab-
lishment was not taken until May last, contem-
plated making their payments by instalments (allow-
ing Price and Co. 5 per cent. upon such sums as
might remain unpaid, and also for such portions of
their capital as might continue to be employed in the
business) ; but the resources of the firm having been
straitened by Messrs. Cockerell's suspension, it has
now been thought best to postpone the contemplated
division of profits until December next, when it may
be made without inconvenience.
In accordance with this recommendation a divi-
dend of 11. per share out of the profits to the present
date, being at the rate of 20 per cent. per annum on
the itild-up capital—was agreed to, the same to he
payable on the 31st of December next. The forfeiture
and re-allotment of 325 shares standing in the name
of Sir George Larpent, and of 1,825 in the name of
Mr. John Cockerell, upon which the calls have not
been paid, was also resolved upon. As regards the
former gentleman, however, the report of the direc-
tors contained the following paragraph, which will
be read with gratification
The directors have been happy to learn, since
the insertion of the advertisement convening this
meeting, that Sir George Larpent intends to re-
main in London, and hopes to retain his seat at the
board."