The Sun. — 1842-02-02 (London, England)

THE SUN, LONDON, WEDNESDAY, FEBRUARY 2, 1842.  And he trusted the time would come when they would prove they (the united Shareholders) were right.— (Hear, hear)—and when, despite of paltry insinuations they would compel those rights to be yielded to them.— (Hear, hear.) The CUArRISLAN, on putting the resolution, said he hoped no person who 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 observations which had fallen from the Chairman, ' recommended a dissolution to the Shareholders as the wisest plan they could adopt. He preferred suicide to slow poison. The foulest motives had been attributed to the United Shareholders, and imputations of the most vile and slanderous description had been cast upon them by some person who supplied the Mining Journal with falsehoods and vituperation. He said that the United Shareholders would soon be dead. But they were not dead yet. They had a duty to perform, and that duty they would pertbrm 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 result. What had been done in the case of Ruabon ? Had it been dis_  posed of ? It was a cheap purchase, and why not 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 them 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.  Mr. GREEN was about replying to Major Richardson, when the CHAIRMAN suggested to him that it was better not to open agy angry discussion again. Mr. H. PAmER 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 Proprietors leave to vote as they chose, and then he had been able to bring it forward. The resolution had for _  its object the imniediatedissolution of the Company. The necessity of such aproceeding was obvious. The Company had been long since virtually dissolved by theillegal alterations made in the deed of settlement. Every step now taken was fraught with danger. The Directors ought 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 9/. per ton, at Newport, while now it was about 61., making a difference of 120,000/. 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, when he (Major Richardson) first proposed it, they would have been saved at least 200,000/. Iron had fallen twelve 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—(Hear, hear)—yes, with honour ; and he told them that if they would go on with the Company for six years longer, not one of them would be 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?  Mr. RICARDO would have the Company first get rid of the liabilities that 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 the purpose of relieving the Company from its difficulties? With respect to the legal proceedings now pending between one class of Shareholders and another, he pro. tested against any information being given to these opponents, 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.  Mr. FRESIIFIELD, the solicitor to the Company, said that the pleas in the action were delivered by the Shareholders 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 Shareholders appealed, in January, to the full Court, to have that decision reversed ; to have it allowed them to establish a certain number of the pleas which they had previously pleaded, and that application was, from clay to clay, during the term just ended, sought to be brought forward. On Monday, the last day of Term, the Court being still unable to get it decided, referred it back to the Judge who had previously entertained the question, to decide it himself. That was the present state of the matter. In a word, the question was not in a state to enable then► to go on with the trial at present. In answer to a Proprietor, Mr. FRESUFIELD stated that he would go on with the trial at the earliest possible period. At present he did' clot 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.