| REF. NO. | DENOMINATION | DESCRIPTION | NO. ISSUED | CONDITION | VALUE |
|---|---|---|---|---|---|
 |
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| 101 | £1 shares | 191[2], fully paid, black and blue on buff underprint | #556 | VF? | £65 |
| Second Mortgage Debenture Authorised £30,000 |
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 |
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| 111 | £50 | 19[12], black with green underprint, Waterlow & Sons | #250,#264,#273 | VF | £40 |
Botallack Ltd
Registered 17th March 1911 as a reconstruction of the Botallack Mines Ltd. Owned the Botallack mine, St. Just district, Cornwall, England.. In voluntary liquidation 27th August 1914. Company number 114749.
Capital £100,000 in £1 shares.
1911
Description
Botallack Ltd., was registered on the 17th of March 1911 as a reconstruction of the Botallack Mines Ltd. The reconstruction was promoted by the Cornish Consols Ltd. The company acquired 650 acres of ground, this was to be worked via the new Allen’s shaft which was to be sunk to over 1,300ft to open new ground at depth. The reconstruction into the new company proved to be somewhat controversial for the shareholders, at the time of reconstruction the Botallack Mines Ltd., had a share capital of £150,000 in 120,210 ordinary shares of £1 fully paid, 119,160 A shares of 5/- credited as 2/6 paid, as well as there being £10,000 in income bonds. The shareholders where offered 1 new share credited as 5/- paid for every 2 ordinary shares held in the old company, as well as being charged 15/- per share that was allotted to them as a premium. The A shareholders received 1 new ordinary share credited as fully paid for every 4 old shares held and the income bond holders received fully paid ordinary shares in exchange for these. At the extraordinary meeting to discuss the reconstruction some of the shareholders complained about the terms being given to the ordinary shareholders, but as there was no other option being presented, the motion to reconstruct was passed.
After the reconstruction the mill was expanded from 20 California stamps to 40. The development work continued but the deeper sections on the mine that where being opened up where proving to be disappointing, Allen’s shaft reached 1,478ft in depth but little ore of value was found below 1,000ft.
In order to raise more funds to continue the operations and further develop the mine in 1913, £30,000 mortgage debentures in values of £50 and £100 where issued. There was a second issue of debentures this time to the value of £10,000 these where to be classed as the first mortgage debentures and the existing ones to be classed as the second class debentures. Both of these carried interest at a rate of 6%.
The low recovery rates being achieved at the mill resulted in receivers being appointed on the 12th of January 1914, the plant was sold off over the next 6 months and the company entered voluntary liquidation on the 27th of August 1914. No further work was done on the mine until in the 1980’s when one of the mines to the north, Geevor was looking for ore reserves, they reopened the shaft that had been used by this company but due to the tin price crash of 1985 no other work was done on the mine.