continued, to work a part thereof: That in October 1824, the said company published a report in relation to these mines, stating the above lease to have been taken by them under the advice of the most eminent engineers, and that, from indications in various parts of the estates, "the company were led to the full persuasion that they would form the most important metalliferous district in Ireland:" And the said company, by another report, in March 1825, stated that the mines were then producing a handsome return to them: That in the November following, Mr. Frazer made a second report, stating that the mines "were of extraordinary value, consisting of copper ore of the richest quality, of iron ore, slate, and manganese, in vast abundance; that he had recently surveyed them, and there could be no doubt that, if pursued with effect, they would produce immense wealth at a very moderate expence; that in one of these veins when unwatered, which would easily be effected, ore could be obtained to above 150,000l. value; that three other veins had been recently discovered, equally rich in copper, and the ore capable of being raised at a trifling expence, within the circuit of three square miles; and that these veins contained more mineral treasures than were to be found in any district in the United Kingdom; that the ores were of much greater value and richer than any copper mines in Cornwall, only to be equalled by those in Greenland and some parts of Hungary:" And that in April 1825, Frazer made a further report relative to the said mines, detailing the result of his further experience and continued observations, and not only fully confirming all that was before stated by him, but detailing much additional matter as to the quarries found on the estates, and the great local advantages of the mines, 1840. VIGERS V. PIKE. 1840. VIGERS V. PIKE. and the facilities which were afforded for the sale and exportation of the articles raised on the said estates. The bill then, in further evidence of the value of the said mines, referred to several other reports published by the said Mining Company, from time to time, during the years 1824, 1825, 1826, 1827, and 1828; and also to certain letters from the secretary of the company and from several other persons, to the late Lord Audley, on the subject of the said mines, all containing statements and facts most favourable as to the value, quantity, and quality of the said mines: And it further stated, that Mr. Rose, a land surveyor of London, being employed in 1828, by Lord Audley, to value the said property, with a view to obtain a loan on the security of the lands and mines, drew up a statement wherein he estimated the annual produce of the copper mines alone to be nearly 8,000l. The bill further stated that, although the said mines were of great value, and capable, by due exertion, of yielding a vast property, yet that, from the limited capital of the said Mining Company, and from the various operations and speculations in which they were engaged in various parts of Ireland, they did not work the said mines as they ought, and, in fact, only worked one of them, called Cappagh mine: That in consequence of their having so failed to work the mines, and of Lord Audley remonstrating against their conduct, a negotiation was entered into, by which it was agreed that the said lease to the company should be surrendered; and accordingly, by an indenture dated the 23d of August 1832, the lease and the premises therein comprised were assigned to one W. Wilkinson, as a trustee for the said Lord Audley, for the residue of the term thereby demised: That owing to his Lordship's embarrassments, created by the neglect and default of the said company, his Lordship was deprived of the income he had expected; and having become desirous of a particular survey and valuation of his said estates, he engaged for that purpose Mr. Adam Murray, who made such survey and valuation in the autumn of 1833; subsequently to which his Lordship was offered 100,000l. for the said estates by a Mr. Williams, and his Lordship refused the offer as being utterly inadequate to their value. The bill then stated that in the month of October 1833, the Respondent Pike first became acquainted with the said Lord Audley, in consequence of his Lordship calling upon him in relation to a loan which Thomas Pike, the brother of this Respondent, had engaged to advance; and from that time Lord Audley frequently called upon the Respondent, and discussed with him the state of his property, and from time to time laid before the Respondent the several reports and letters hereinbefore mentioned relative to the said mines and property, with other letters and statements to a similar effect; and, amongst others, a statement of the evidence given by Mr. R. Griffith before the House of Lords in 1824 in relation to the said mining district, and a letter from Mr. A. Murray in 1832, in which he suggested that if a joint-stock company were formed for the working of the said mines, they would produce great wealth to his Lordship; and another letter from the said Murray in 1833, speaking most favourably of the said mines: That the Respondent, after fully considering these reports and letters, being satisfied that the mines might be worked with great advantage by a jointstock company, entered into a treaty with the said Lord Audley for a lease of the said mines for a term of 61 years; that at first his Lordship required 200,000 7. 1840. VIGERS v. PIKE. 1840. VIGERS v. PIKE. as the price of such lease, offering to take one quarter of that amount in shares in the intended undertaking, but finally consented to the sum of 165,000l.: That accordingly, by an indenture dated the 18th of February 1834, made between the said Lord Audley of the one part and this Respondent of the other, it was witnessed that for the purpose, amongst others, of enabling this Respondent to form and mature a jointstock company, called "The West Cork Mining Company," and in consideration of the sum of 165,000 l., being the amount of the advances intended to be paid to Lord Audley by the said joint-stock company as purchase-money for the lease thereinafter agreed to be granted, the said 165,000l. to be raised in the proportions following: viz. in shares in the said company, the sum of 55,000l. to Lord Audley at the current price of 50l. per share, and the remainder of the said purchase money, namely 110,000l., to be raised and paid by calls upon the remaining shares to be made by the directors of the company as circumstances might warrant,-and in consideration of the sum of 10s., the said Lord Audley, for himself, his heirs and assigns, covenanted and agreed with this Respondent, his heirs, executors, and administrators, in manner following: that is, that the said Lord Audley should, at any time within twenty-eight days from the date thereof, upon request, but at the costs of the Respondent, execute to this Respondent, his heirs, executors, administrators, or assigns, a good and sufficient lease of the mines, minerals, &c. mentioned in the printed prospectus (a) then in circulation describing the intended un (a) The bill set forth the prospectus, which-(after stating the title of the company, "West Cork Mining Company;" the amount of the capital, 165,000l.; and the names of the directors and officers, namely, Edmund Southwell Ruthven, M.P., George Prickett, dertaking of the said joint-stock company, for the term of 61 years, commencing from Christmas day then last, at the yearly rent of 507., payable half-yearly to the Samuel Jacob, Francis Graham Moon, Rev. William Webb Ellis, and Richard Warneford; managing director, Joseph Pike; bankers, Messrs. Willis, Percival & Co.; solicitors, Rivington & Fourdrinier; secretary, Charles Fourdrinier)-was as follows: "This company has been formed for the purpose of working very valuable mines, extending at intervals a distance of 30 miles along the southern coast of the county of Cork, from Ross harbour, about 40 miles west of the city of Cork, to Skull harbour, opposite to Cape Clear. The very rich deposits which it is intended to work, consist of copper, manganese, and slate, situate close to the shore of inlets land-locked, and capable of admitting vessels of 150 tons burthen up to the beach. Very little outlay is required for machinery, as planks and cranes of the simplest construction will suffice for all purposes of shipment, and the expense of land carriage is saved by the proximity of the mines to the water's edge. These circumstances form a strong contrast with those of the majority of mines of this realm, which are either inland or inaccessible, except by canals, rivers, or railroads. The lodes of copper are of an extraordinary richness; some of the ore, which was analyzed by R. Griffith, Esq., mining engineer and inspector-general of the royal mines in Ireland, is stated by that gentleman, in a report made in 1826, as containing 55 per cent. of copper, which, at the standard of 130 l. per ton of copper, is worth 69 l. per ton of ore. R. Frazer, Esq., joint collector of his Majesty's dues in Cornwall and the forest of Dartmoor, and Mr. Adam Murray, London, surveyor, have also made reports upon the mines in question, and all agreed as to the extreme richness and abundance of the copper, and as to the peculiar facility with which it may be extracted. The manganese is perfectly inexhaustible, and the cost of raising and exporting it does not exceed 3 s. 6 d. per ton, exclusive of freight, which is trifling; the quality is equal to that of the best Cornish manganese, and the cargoes can readily be disposed of at Liverpool and other ports, at prices varying from 7 l. to 107. per ton, &c. The slate is also stated in the said reports to be of very superior quality, and easily worked. The strata are very extensive, rise immediately from the water, and being nearer than any others in the United Kingdom to London, Cork, Bristol, and the south of England, must from this circumstance and the facilities above mentioned, principally supply those great markets with slates. They are also well situated for the market at Dublin, and have unrivalled advantage of position for exportation to America. There is also an unlimited quantity of excellent building and paving stones, &c. It is proposed, for effecting the purposes herein described, to raise the sum of 165,000l., being the purchase money for the above mines, by shares of 50 l. each, 157. to be paid as a first deposit and the remainder to be paid by subsequent instalments, but no instalment to be called for at less than two months' notice, nor any to exceed 107. per share at |