Roy
Interesting stuff - I must admit I'd never heard of the Joseph Fells scam.
Hitchins direct involvement in DGC ended quite early on (1850) although he did
hold a purely honoury consultants position, certainly out of the picture by the
1870s. A report (possibly HC Salmon in Mining Journal in 1860 - haven't got the
details to hand) notes that J.H was on his uppers by 1860 ish mainly due to
unwise speculations. It would be interesting to speculate that by 1877 the only
thing he had left to trade on would be his reputation as the discoverer of DGC.
That combined with his poor business sense would have made him an ideal target.
Rick
________________________________
From: Roy fellows <[log in to unmask]>
To: [log in to unmask]
Sent: Wed, 19 January, 2011 20:24:25
Subject: Re: Devon Great Consols personalities
Hi Rick
You probably know this but Josiah Hitchins wasn’t doing too well financially in
later years and got drawn into Joseph Fells Cambrian Mining Company scam, (MJ
May 19 1877). He was the main assessor of the mines future prospects along with
Absalom Francis and others.
Of course his association with DGC was what Fell must have got excited about.
And I have reason to believe that his report had the last few paragraphs changed
at the last minute probably on Fells insistence because it wasn’t sexy enough.
(Shades of “Ready in 45 minutes”?)
The company papers are at National Archives but I haven’t got round to getting
copy yet, I would bet my shirt he was shareholder.
Of course, we have to judge by the standards or their day not ours.
I can email you the MJ stuff if you want.
Anyway, this is from (yet another) of my yet to be published books
“The Great 19th Century Mining Swindle”
Reads:
In 1866 the mine (DGC) went into a decline, and later became beset with
problems. After this time dividends declined to the point where in 1872 there
was just £6,144 divided. However, at least it had been making money from working
the mine rather than working the shareholders which was so common in Wales.
Unfortunately though, for the next 4 years, no dividends were paid at all and
the company was wound up by the shareholders in order to form a new company
under limited liability with more share capital. The hope was to be able to
raise more money so as to deepen the shafts in the hope of finding tin,
something that had proved to be a salvation for many mines in west Cornwall.
Unfortunately, this was unsuccessful, so by 1877 Josiah Hitchins was looking for
ways of making some money, enter Joseph Fell.
There is no way of knowing what kind of a deal had been struck, but I have to
regard the involvement of this gentleman as one of Fells trump cards.
He is introduced thus:
“This gentleman is one of the highest mining authorities, and the discoverer of
the celebrated Devon Great Consols Mines, which have paid in dividends
£1,192,096”
Initially, his report appears to concern itself more with fact than the kind of
fiction that Fell was undoubtedly looking for, it does however gain momentum.
Please note these key paragraphs at the end.
“On sinking the present engine shaft, say 30 fathoms more, or only 20, it will
in my opinion reach, the great body of rich ore which I again say I firmly
believe there is in Esgair Fraith; such a body of ore, indeed, as will ensure
very large profits, and establish a great value for the mine. The Devon Great
Consols ore formation, that increased the value of the £1 shares to £600, was
met with at less depth than 20 fathoms. I now more confidently rely on my
judgment than I did when introducing those mines, justified by 30 years
additional experience, although I said from the first that their results would
be so great as would surprise the mining world; the close on up to £1,200,000
dividends that they have paid being a brilliant realisation of that prediction.
I again most emphatically say that I firmly believe Esgair‑Ffraith will, also
result in an exceedingly rich mine.”
Basically, there is a direct comparison with Devon Great Consols, right at the
end. Now if you study the above extract from the Mining Journal, there is a
‘natural ending’ at – “establish a great value for the mine”.
Fells sole purpose of involving Hitchins was because of his association with the
immensely profitable Devon Great Consols, a copper mine same as Esgir Fraith.
Could it be that Fell had sight of his original which omitted this, and was
rather less than pleased, and that Hitchins was coerced into slipping the above
(red type) in at the end of his report afterwards?
Who knows?
ENDS
All of the above will be in plain text which is different as I wrote it so some
formatting will be lost
Its all grist for the mill
Kindest regards
Roy
_____
From: Rick Stewart [mailto:[log in to unmask]]
Sent: 19 January 2011 19:32
To: [log in to unmask]
Subject: Devon Great Consols personalities
Does anyone have any biographical details for
(1) Josiah Hitchins
(2) W.A. Thomas - died 1879 - I haven't managed to find an obit as yet.
Rick Stewart
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