The Sun.
London, England, 1827-06-11 00:00:00

ITAYTIAN MINING 'COMPANY.

A meeting of the Directors and Shareholders in
the above Association took place on Saturday, at
their Office, Fiusbury-circus, Moorfields ; Lord
Nugent in the Chair.
The SECRETARY read the minutes, which ap-
pointed the Committee of investigation.
Mr. BLAIN read the report, which stated that the
Committee did not doubt the correctness of the
Directors' report, wherein they exhibited the dis-
proportion of the funds placed under their care, but
that there appeared to the Committee not only to
have been an unnecessary expenditure of the Com-
pany's resources, but an application of them in no
way contemplated by the terms of the prospectus,
and consequently not anticipated by the great body
of the proprietors. The report concluded by ex-
pressing extreme sorrow that individuals of high
legal and political consideration in the country
should have been induced to lend their names as
Directors to a concern, which, had due diligence and
discretion been observed, never could have been
undertaken. The report was signed D. W. Har-
vey, M.P., Henry Blain, John Robson, William
Clark, D. Lousada, and John Robertson.
Lord NUGENT observed, that the report contained
nothing offensive against the Directors personally,
and that if he objected to its adoption by the meet-
ing, it was on the ground that it stated that some of
the funds had been applied to purposes not autho-
rised. His Lordship requested to be informed to
what item, of expenditure the report alluded.
Mr. BLAIN said, that the Committee alluded to the
8,0001. paid to Mr. Hendricks,
Lord NUGENT said, that Mr. Hendricks had re-
ceived that sum agreeably to the contract.
Mr. Wm. CLARK said, that with respect to the
8,0001. paid to Mr. Hendricks, so large a sum ought
not to have been granted without the sanction of
the proprietary at large. He was aware that the
original contract was between nine gentlemen of
undoubted respectability and Mr. Hendricks; and
then transferred to the Company. He condemned
the Directors for allowing Mr. Hendricks 1,734
shares, and at all events for not compelling him to
pay his deposits. So large a sum should not have
been handed to him while lie (Mr. Hendricks) was
in fact indebted to the Company. He (Mr. Clark)
was perfectly sure that the Directors who sanctioned
the grant did not now feel satisfied at their conduct.
With respect to the lawyer's opinion, a great deal
depended upon the manner in which the cases
were drawn up. He, however, would not recom-
mend hostile measures, some of the Directors (par-
ticularly the Noble Chairman) having come forward
in an honourable manner to afford an explanation.
He concluded by requesting that the names of the
defaulters should be read, and that some measure
should be adopted to compel them to pay their
deposits. _ _ _

'Lord NUGENT said, that nothing was more calcu-
lated to disarm controversy than the observations of
Mr. Clark. With respect to the shares allotted to
Mr. Hendricks, his Lordship acknowledged that the
Directors had acted unguardedly, in not compelling
him to pay his deposits, which arose from a total
ignorance of Mr. Hendricks's character. As to the
defaulters, it was for the consideration of the meet-
ing to suggest what • mode should be adopted to
compel them to pay their deposits. His Lordship
said, that, as to the misfortune of men of rank allow-
ing their names to be used, it was lamentable and
self-evident, but did not apply to this Company.
Mr. W. SMITH, M.P., after the very satisfactory
explanation given by the Noble Lord, should only
observe that the sum paid for the contract was an
unfortunate expence, although stipulated in the
prospectus. _ _ _

Tile Report was then adopted.
Mr. HAY considered the Company as great a
bubble as ever was introduced. Mr. Brougham
having permitted his name to be used, inspired the
public with confidence, though he (Mr. Brougham)
informed Mr. Smith that he never intended to at-
tend the Board of Directors. He then alluded to
the affairs of some other company, in which Sir J.
Mackintosh is a Director.

Lord NUGENT called Mr. Hay to order.
Mr. HAY continued, and moved that, having
ascertained. that Mr. Brougham had suffered his
name to appear in the prospectus as a Director with-
out any intention to discharge the duties of that office,
they were of opinion that such conduct was in
itself highly dishonourable, and a deception upon the
public." _ _