Isle of Man Mining Company

The Isle of Man Mining Company, also referred to as the Foxdale Mining Company, was a mining company formed to operate the Foxdale Mines on the Isle of Man. ^[1]

History

At what date mining operations in the Foxdale district of the Isle of Man commenced is not known,^[1] but it is said that the lodes were worked by a London company early in the eighteenth century,^[1] and according to handed down traditions and the remnants of ancient workings the operations must of resulted in considerable success, so long as the primitive machinery used to purge the mines of water was of use.^[1]

Queen Victoria Memorial, Foxdale Isle of Man, which was paid for and built by the Isle of Man Mining Company is said to be the oldest memorial to the reign of Queen Victoria.

^[2]

By 1827 the mines in the Foxdale area were being worked by Michael Knott, of Kendal, Cumberland, who had secured a lease to search for metallic ore across the whole of the Isle of Man with the exception of the area around Laxey and the Bishop's Barony.^[1] Knott only achieved limited success and engaged the services of a mining agent in Mold with a view to selling his lease.^[1] Knott's interest was sold to a group of businessmen from Chester and Liverpool, who formed a private company, the Isle of Man Mining Company, originally divided into 16 equal shares but then reduced to 14 equal shares. The shareholding of the company remained as such until it was brought within the operations of the Joint Stock Companies' Act, resulting in it eventually being registered as a limited company with 2,800 shares of £25 each and a capital of £70,000 in 1853, which were again changed into 14,000 shares of £5 each in 1881.^[1]The Company's offices were situated at St Werburgh Chambers, Chester and No 6, Queenstreet Place, London.

Originally the Company's main area of operations were to the east of Foxdale in which a rich vein of ore was worked.^[1]

The various mines under the Company's ownership continued to provide a rich yield, resulting in a profit of £14,267 in 1885 which equated to approximately 20% of the capital of the Company.^[1] The Company continued to achieve a profit throughout the remainder of the 19th Century, although the amount declined in part due to a stagnation in the price of ore.^[3] In 1900 the ore risings for the year amounted to 3,610 tons yielding a profit of £10,800 an increase of £2,000 on the 1899 operation and producing a dividend of 7.5%.^[3]

However the yield from the mines began to decline significantly and by 1910 the sale of ore was failing to cover the expenses of coal, labour and other sundries.^[4]Indeed so acute had the situation become that the directors decided on stopping the operation unless the men agreed to a reduction in wages.^[5]

Despite the men accepting reduced terms and conditions yield continued to dramatically reduce, and in April 1911 a decision was taken by the directors to wind up the company.^[6] An extraordinary general meeting was held by the directors at the Law Association Rooms, Cook St, Liverpool on the evening of Thursday 6 April 1911 at which a liquidator was appointed for the purpose of voluntary winding up the Company.^[7]

The Isle of Man Mining Company ceased operations on Friday 28 July 1911.^[8]

See also

• Great Snaefell Mining Company
• Queen Victoria Memorial, Foxdale Isle of Man

References

Sources

Bibliography