The Sun.
London, England, 1842-02-02 00:00:00

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=—
MEETING OF THE BRITISH IRON
COMPANY.
A Special General meeting of the Shareholders of this
Company was held yesterday at the London Tavern,
ilishopsgate-street, in pursuance of the following requisi-
tion ;

irVENING SUN:

----- ----------
draw:-, because, if it were not, it would be the muss ' °I
meeting after meeting. The question was verb clear, It
was a question between the body of the Shareholders an& t
those who had not :paid up their calls. Legal prose &
ings were going on, and it was with a view to prejudice
the interests- of the Shareholders that these resolutiot
were moved. He thought the explanation with regard .
to Mr. Mott perfectly satisfactory.
utation ow
ainst the im it.
Mnj or RICHARDSON protested agp
motives, which were ignorantly said to influence the party
with which he was connected. In answer to what had
' fallen from Mrs Green, he would tell that gentleman that'
if he multiplied the body of the united Shareholders
_w
Shareholders
501., he would find it was not so small a sum as es
imagined. He said also, that if he had nly
to pay his own share of the costs in case
he libelled him (Major Richardson) he would
not hesitate to state what he knew. Noss, he
(Major Richardson) would only say if the same proposal
were made by any man of respectability, he would ac-
cede to it. —(llear, hear, and " oh.") He had said from
the very first, that he only wanted to get out of the eon-
cern, having been unwittingly allured into it. When he
got into it he found it in such a state
Out thof the number
he felt te
et
sooner he got out of it the better,
of shares which he purchased, he sold twenty. And he
held the others, which cost him SOL, besides the costs ;
and he must say, if the shares were now reduced so low
as s. Gd., the Shareholders were the cause. With se
gird to the withdrawing of the pleas which had been al-
luded to, they were not withdrawn for the reason alleged.
And he trusted the time would come when they would
'vow they (the united Shareholders) were right.—
Wear, hear)—and when, despite of paltry insinuations
they Is
compel those rights to be yielded to them .
(Hear, hear.)
The CIIAIR:!AN, OH putting the resolution, said he
' hoped no person '7lsts had not paid up their calls Would
raise their hand.
The first resolution was then put, and negatived by a
large majority on the show of hands.
On moving the second. resolution,
Mr. JACKSON after commenting on some of the obser-
vations which had • fallen from the Chairman, recom-
mended a dissolution to the Shareholders as the wisest
plan they could adopt. He preferred suicide to slow
poison. The foulest motives had been attributmi to the
United Shareholders, and imputations of the me-4 vile
and slanderous description had been cast upon thessi.by
some person who supplied the Mining Journal with false-
hoods and vituperation. He said that the United Share--
holders would soon be dead. But they were not dead
yet. They had a duty to perform, and that duty they
would perform faithfully and honestly. The Company
was in debt to an enormous amount, and yet they would
not adopt the wise course of withdrawing' from it. He
called upon the Shareholders to look' calmly at their
position, and to beware. The reason he asked for the
report mentioned in the:second resolution was, that he
considered they should be the greatest fools
.if they did
not weigh the accounts, and look to the reselt. What
had been done in the case of Ruabon ? Had it Neel' dis-
posed of ? It was a cheap purchase, and why ;lot get
get rid of it ? He wished to look at the Report, and if
the gentlemen on the other side deserved support they
would get it. Let them come to them, and show thesis
that they were mistaken, and they would then receive'
their support. But until it was shown them that they
were mistaken they would not consent to be dragged at
the heels of Mr. 11. Palmer and Sir G. De H. Larpent.
Mr. JONES seconded the resolution.
Sir. GREEN was about replying to Major Richardson
when the CHAIRMAN suggested to him that it was bent;
not to open any angry discussion again.
Mr. H. PALMER said the Directors would be very glad
to find a purchaser for Ruabon, and if a good one was
brought them they would be glod to dispose of it.
The resolution was then put from the Chair and
negatived.
On putting the third resolution we understood that
Major Richardson consented not to press it to a vote.
Major RICHARDSON said that the resolution which he
now meant to propose was one out of which he had
been jockeyed at three different meetings. Indeed there'
had been one occasion on which the Chairman—as it
was probably a sort of holiday—had given the Pro-
prietors leave to vote as they chose, and then he had
been able to bring it forward. The resolution had for
its object the immediate dissolution of the Company. The
necessity of such a proceeding was obvious. The Company
had been long since virtually dissolved by theillegal altera-
tions made in the deed of settlement. Every step now
taken was fraught with danger. The Directors ouglz
to have proposed the dissolution of the Company in May
1838. IF such a proposition had been made and carried
at that time the Proprietors would have been at least
500,000/. richer than at the present time. The price of
bar iron, according to their Report, was then 91. per toil,
at Newport, while now it was about 61., making a difThr-
ence of 120,0004 on the 40,000 tons produced annually
by the Company. Thus, according the Chairman's
system of valuation—that the property was worth ten years'
purchase—the difference of value amounted to 1,200,0001.
Had the Company even been dissolved in 1840, wh en
he. (Major Richardson) first proposed it, they won Id
have been saved at least 200,0001. Iron had fallea Wavle
per cent. Day by day, year by year, ruin became more
certain, and there was but one remedy, a dissolution of
the Company-. Let them sell the property and pay. just;
debts. lie begged them to get out of their difficulties;
with spirit and with honour—(llear, hear)—yes,
with honour ; and lie told them that if they would
go on with the Company for six years longer, not
one of them would he able to protect himself from
the consequences. They had lost 1,700,0001. during the
last six years, and if they went on the next six years,
which of them he would ask would undertake to pay the
losses?
Sir. Riclnno would have the Company first get rid
of the liabilities thitt pressed on them at present. Let,
all the Shareholders be put on the same footing—let
each contribute a fair. share to pay off the liabilities, and
then let them talk of dissolving the Company. Who
was to indemnify the gentlemen who made advances for
tlal purpose of relieving the Company from its difficulties?
With respect to the legal proceedings now pending be-
tween one class of Shareholders and another, he pr-
tested against any information being given to these
opsonents, as they would only use it against them ; and
he thought they were entitled to know from their legal
adviser what was the real cause of delay in those
proceedings. saiti
Mr. FREsHFIELD, the solicitor to the Company,
that the pleas in the action were delivered by. the Share-
holders in November, and amounted to 120 in number.
As those were subject to the opinion of a Judge, they
went before one, and he reduced them to thirty-eight,
pronouncing the remainder unnecessary. The Share-
holders appealed, in January, to the full Court, to have
that decision reversed ; to have it allowed them to esta-
blish a certain number of the pleas which they had pre-
eioasly pleaded, and that application was, f
brom
bro ug da to
day, luring the term just ended, sought to e
forward. On Monday, the last day of Term, the Court
being still unable to get it decided, referred it back to
the Judge sslio had previously entertained the question,
to decide it hinsselE That was the present state of the
matter. In a wort:, the question was not in a state to
enable them to go on w ..t.h the trial at present.
In answer to a ProprieSsar,
Mr. FnEsinuELn stated that, he would go on with th
did
e
trial at the earliest possible period. At present he
dot know the points which he was to meet.
After some discussion, in which Mr. Freshfield, the
Chairman, and several Proprietors took part,
Major RICHARDSON proposed the following resolution,
which was seconded by Mr. JONES—" That the British
Iron Company be and is hereby dissolved, and that a
CO. "mime of ten Proprietors be chosen at this meeting
to oa,-1.3,-
,nto effect the dissolution of the Company in the
mutat/ mom, , ,
Ildvan tag'sops to the interests of the Pro-
prietors in p anent.: . -I t ' yViliCh was
The CH AMMAN haTing put t.le resoualt,
i I negatived, the meeting separated.
e I -
' Cr

" TO THE DIRECTORS OF THE BRITISH IRON COMPANY.
" GENTLEMEN—We, the undersigned Shareholders of
the British Iron Company, in .pursuance of the provision
of the Deed of Settlement of the said Company, bearing
date the 28th April, 1825, do hereby- require you, the
Directors of the said Company, to call, without delay, a
Special General Meeting of the Shareholders at the Lou-
don Tavern, for the purpose of taking into consideration
the following resolutions, and confirming the same, pur-
suant to the Deed of Settlement.
• " Ist. That a true and correct copy of all the alterations
and additions made in the clauses of the Deed of Settle-
tiement of the Company since the 28th April, 1825, to
the present time, be printed and sent to each Shareholder.
" 2d. That the Directors furnish every Shareholder
with the accounta and expenditure at the several works
'anttestablishments for the half-year ending the 30th
June, 18414' upon which the report read to the General
Meeting of the 19th November is founded, and also the
balance sheet made up to the same period.
• `! 3d. That the Report and Statement of Account pro-
duced at the Half-yearly General Meeting, held on Fri-
day, the 19th November, be rejected. because the same
are neither satisfactory nor explanatory.
" 4th. That the British Iron Company be, and is here-
by dissolved, and that a Committee of ten Proprietors
be chosen at this meeting to carry into effect the disso-
lution of the Company in the manner most advantageous
to the interests of the Proprietors in general.
" London, Ist December, 1841.
" W. J. Richardson. " T. Goldsworthy.
W. Jones. W. Atkinson.
John B. Jackson. Abrm. Cohen.
B. G. Maltby. John Ty•rrell.
Charles White. J. 11. Brown.
J. Thompson. A. Robertson."
The chair Wee taken at one o'clock by Sir G. G. de
IL Larpent, Bart., M.P.
The CHAIRMAN said that the constant recurrence of
meetings, such as the present, in which questions were
brought forward for discussion on which the sense of
the majority of the Proprietors had been already taken
and recorded, was a circumstance very much calculated
to have a detrimental effect on the interests of the Com-
pany. The Company was a trading one. The tendency
of those proceedings, therefore, would be to lower the
value of their property. At the present period the price
of iron was low, the market was overstocked with a
supply, and the dissolution of the Company and sale of
its property must not only be attended with nor good or
profitable consequences to any party, babe effected with
great stia'rifice on the part of the Shareholders—par-
ticularly those-who had paid up the full amount of their
shares. With respect to the information sought to be
Obtained from the Directors by the requisitionists, the
Judge, to whom an application for an order to that effect
was made, iutti refused to grant it. A motion.of a similar
nature had been on a previous occasion made by Major
Richardson at a meeting of the Proprietors, and a ballot
having' been demanded 1,662 Shareholders recorded
their votes against the motion, and six only in its favaur.
That was a pretty decisive expression of the opinion of
the Company on the matter. The Directors were always
Ivillifau to afford every possible information to the Pro-
prietors, lint the present demand for books, papers, &c.,
was refused, because the parties making that demand Elio
so with the view of rendering those documents ancillary
to their views in the law-snit now pending between cer-
tain Shareholders and the rest of the Company.
Major RienanosoN said he rose for the purpose of
proposing the resolution which had been read to the
meeting. ; but, before he did so, he would first make
some ofx•wrvations on the proceedings upon which they
were founded, He would first call the attention of the
meeting to the deed of settlement, ,which had been.,
/rioted', and a copy Of which might be obtained by, every
blustal.alder for a few shillings, the cost of its printing,
but for witieh there were no Wanks due to the Direc-
tors ; and he 'Weald request the attention of the meeting
to the statement he would lay before it, of the various al-
terAiis -which were mark. In it. It. was supposed
that, in accordance with the 102 d clause, the number of
Directors aitoald not be less than sixteen, while, in fact,
there had been, tor a long time, only seren. How, he
ss,..9eld ask, was this change made ? And, again, clause
l 0 Ciet4ares that the auditors shall never consist of
less than foari whereas they have never been more than
two ; and in like manner had clauses 102 and 112 b
ct een
ors
set aside.. He now cattle to Oe conduct of the Dire
with regard to Mr. Mott, a gentleman high
f p esetability, and a barrister', lowards wh of
om they
helloed in the most arbitrary and scandalous
manner ; fm', after baying purchased thirty shares,
and desired his bruiter to purchase thirty more, they
refused to admit him, in the teeth of clauses 137 and
141: But what right had they, he would ask, to make
the altefatlone they had in the 29th clause ? They
made etntententa that they had got the opinion of five
eminent laWygfa• ern the case of Attwood, but they
kept in the backgfuiiad a part of that opinion, and de-
ceived the Shareholders, to their serious detriment.
They petitioned Parliament in 1840, and the names of
the petions attached to the petition were those of Mr.
Wilsott, llf rr Ilavenshaw, Mr. Barclay, Mr. Balmey, and
Sir G. G. dt its Larpent. In that petition they state the
capital to be but one million, thereby deceiving the Par-
liament as to the facts ; and upon such grounds they ob-
tained an Act of Parliament. They either committed a
fraud upon the Parliament or the Shareholders.
Mr. his PAMmt read the Act of Parliament, which set
forth the oa AW. to be two millions.
laj or RIO aallad4ai-a..That was not an answer to him.—
(" Oh, oh," atid cotters')
• It was easy to laugh, but
they would soon find they were laughing o the
erred, it
wrong side.—(Hear, hear.) 'll4e Iv
resolution of
was true, to a rescinding °.
twelve years' standing, by which y.ras pretended. that
4nares, raised
the capital had beers doubled, null the
from 501. to too/. lie was also referred to a h...'ort ho!
May 4, 1838, and in order to aseertain Its truth
e
went to the Bill-office and asked, for a copy at the peti-
tion, by which he found that in March, 1840, two years
afterwards, it was declared that the capital consisted of
1,000,000 L, in shares of 501. each. But this was not all,
for while the Company were losing 100,000 E a-year
they made dividends, not from the profits, for no
profits were there, but from the capital.—(Hear.)
Ih
would ask had clause 79 been altered, by which it was
made imperative to sell all forfeited shares at the end of
a month ? Had they not lost 50,0001. by not selling
1,161 such shares ? • lle contended that the resolutions
he was about to propose were just resolutions, and
every person wishing to know his real position ought
to support him in asking to know what alterations were
made in the deed of settlement.
The resolutions having been seconded.
Mr. GREEN said lie should move as an amendment,
that the resolutions be read on that day six months.
Mr. COHEN inquired if the gentleman who had just
spoken was the editor of the Paul Pry ?
Mr. GREEN replied in the negative. He knew no-
thing of the Paul Pry, but lie thought it was very in-
consistent in the parties now seeking to carry their re-
solutions, after going before a Judge, who refused the
power of calling for the endorsement of the deed. Those
persons came into the Company having few shares as a
body, and for objects which, because of the law of libel, •
he would not state, but which he well knew within him-
self. lie knew one of them to be a holder of only ten
shares, and to have paid in only twenty-five shillings.
He came into the Company, knowing his liability, for the
purpose of becoming a leader of a party.
Major RICHARDSON said lie had nothing to do with
the falsehoods the gentleman was uttering.—(Order.)
The CHAIRMAN said he could not permit such lan-
guage while he was in the chair.
Mr. JACKSON—Then motives ought not to be imputed.
The CHAIRMAN said he considered Mr. Green was
not wrong. in stating what jwas the interest of another
in the Company, but if he were wrong it would be com-
petent to Major Richardson to reply. He hoped both
would see the propriety of keeping within the bounds of
fair discussion.
Mr. GREEN said that what he stated as to the gentle-
man being a holder of ten shares was correct. He
thought it his duty, looking to the great interest of the
parties who paid up their calls, to move the amendment
which he did. It appeared from the newspapers that the
parties had pleaded—they had gone before a Judge—
they had withdrawn their pleas—and the reason they
assigned was that they 'were gbing to plead more. He be-
lieved that there were some
.ulterior views in moving
these resolutions, and to defeat them he moved his
amendment to the resolutions.
Mr. KEY seconded the amendment.
The CHAIRMAN said that he wished to call the atten-
tion of the meeting to what had fallen from Major
Richardson respecting Mr. Mott. The reason why he
had not been admitted was that lie was a defaulter.
Major RICHARDSON said that was not the case.
Mr. Wriakissost said that Mr. Mott had paid his calls,
but said he would not pay any more.
The CHAIRMAN said he did not mean anything per-
sonal to Mr. Mott, and he wished that it should be
clearly understood that the only reason for the Directors
acting as they did was, that if they acted otherwise they
would be acting in opposition to the interests of the
Proprietors, and it would be proved by the votes whe-
ther confidence was to be placed in their opinions. With
regard to the amendment, he hoped it would . be wit'
drawn, as he thought it the better way to meet the re,
solutions with a direct negative.—(Hear, hear.)
The amendment was then withdrawn.
Mr. R. Telma was glad the amendment was with,

ANECDOTE OF THE RElCilini
KING OF PRUSSIA.
We have much pleasure in laying before our reaul.f.
an interesting anecdote, which has been communicate dl
to us by a gentleman who has recently returned from
Berth?, Some time since • an effort was made to get
rid of a windmill, the close approxiznation of which
to the Royal Palace rendered it in smile degree a
nuisance, and certainly an eyesore. Overturiss Were
tbatac-
cordingly made to the sturdy yeoman for the p,,:rcha se
of the obnoxious property; but whether it wag
the man was possessed of a strong spirit of obstinaci. or
was really too deeply attached to his old family haly.iitfr
tion, the Tesijt .was that the offers, though tempting.:,
were again and -az;ain refused. There are generally
some indi libirds attacht:g to a Court who are ready to
suggest medics, direct or Lidirect, for inconveniences
or annoyances offered to Royalty. Accordingly-, upon a
hint from some minion, a law suit was ,pmnienced nainst
the obstinate miller for the recovery of e,:sytain sulds al-
leged to be due for arrears of an impost 01 the por-
tion of Crown land which it was suggesw,d was'
Occupied by the mill in question. The sturdy
holder of the " toll-dish" was not wholly without friends
or funds, and he prepared vigorously to take his stand its
defence of his rights. The question came in due time be-
fore the Courts of law, and the plaintiff, having com-
pletely failed to establish any right on behalf of the
Crown, the miller obtained a verdict in his favour,
with a declaration for payment of his costs in the
suit. This was certainly no small triumph, and mer-
rily went round the unfurled sails of the old mill,
and well pleased, no doubt, was the rough owner with
the sound, as they went Iv InZling and whizzing under
the influence of the gale, which ceriZinlY seemed to blow
e first who has
strongly in his favour. But he was not 12.1
with so
found that when drawn into a lawsuit, partienh:ri-Y
formidable an opponent, a man is more likely to „Hain a
loss " than escape scot-free. What with extra expenss'
interruption of business, and rejoicings after the victor) f
the miller found himself pressed by considerable diffi-
culties, and after in vain struggling a few months
against the pressure, he at length took a manly resolution,
gained access to the Monarch's presence, and, after
roughly apologizing for having thwarted his Majesty's
wishes, frankly stated that his wants alone had
rendered him compliant, but that he was prepared
to accept the sum originally offered for the property.
The King, after a few minutes' conversation, handed
a draught for a considerable amount to the applicant,
and said, "I think, my honest friend, that you will
find that sufficient to meet the emergency ; if not come
and talk to me again upon the suleject. As to the mill,
1 assure you I will have none of it. The sight of it now
fives me more pleasure than it ever occasioned pain ;
or I see in it an object which assures me of a guarantee n
for the saftety of my people, and a pledge for ply ow
happiness by its demonstration of the existence of a
power and a principle higher than the authority of the
Crown, and more valuable than all the privileges of
royalty."

The Duke of Buckingham
Pee ha d a lon
th g interview
yesterday morning with Sir R. lat e Right lb
Baronet's residence in Whitehall Gardens.