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MINING-HISTORY  January 2011

MINING-HISTORY January 2011

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Subject:

Re: Devon Great Consols personalities

From:

Rick Stewart <[log in to unmask]>

Reply-To:

The mining-history list.

Date:

Thu, 20 Jan 2011 19:18:20 +0000

Content-Type:

text/plain

Parts/Attachments:

Parts/Attachments

text/plain (183 lines)

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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Checked by AVG - www.avg.com
Version: 10.0.1191 / Virus Database: 1435/3390 - Release Date: 01/19/11



      

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