Devon Great Consols
Devon Great Consols was a copper mine near Tavistock in Devon. The lease on the site was taken from the Duke of Bedford in 1844 by a group of investors. Work at the site began in the same year, when it was known as North Bedford Mines or Wheal Maria. It was once viewed as the most productive copper mine in the world.
History
The counties of Devon and Cornwall were at their height of copper production in the early to mid 19th century. While there were many very productive mines in existence for some time, speculation was active in the establishment of new ones. The attraction of copper mining was the ability to make large profits from small investments, but for every new mine which proved successful, there were countless others which failed.[1]
Led by Josiah Hugh Hitchens, a group of investors who were comfortable with the risks in establishing a new copper mine, agreed to fund the project. The group met with the Duke of Bedford's land agent and signed a lease for the property on 26 July 1844.[2][3] Among those investing was William Morris, who was appointed to the mine's board and served as a director until his retirement in 1879.[4]
The 21 year lease for the mine called for royalties to be increased at the time the mine made a profit. In November 1844, a rich copper lode was discovered. In the first six years of operation, the investors extracted and sold close to 90,000 tons of copper; the Duke received £44,000 in royalties, with the investors earning £207,000. 1,024 shares were sold and shareholders received over £200 for each share of stock held; the value of shares in the mine continued to rise over time.[5] The shares were sold in 1844 for one pound per share. By 1864, the total dividends paid to shareholders was £818,824.[6] The mine was considered to be the most productive copper mine in the world circa 1864.[7]
In 1846 the Devonshire Great Consolidated Copper Mining Company was formed to work the site. A four-mile narrow-gauge railway was opened in 1859, linking the mine with Morwellham Quay for the export of ores.[8] The mine was 200 fathoms deep and employed 1,284 people in 1864. Of these 861 were men, 203 were boys; there were 220 female workers.[6]
Copper extraction continued until the 1870s, after which arsenic extraction continued until 1903.[9] The land around the mine is still heavily contaminated.
References
- ^ Harvey & Press 1996, p. 33.
- ^ Spago 1864, p. 113.
- ^ Hervey & Press 1996, p. 35.
- ^ Harvey & Press 1996, pp. 35–36.
- ^ Spago 1864, pp. 113–115.
- ^ a b Spago 1864, p. 115.
- ^ Spago 1864, p. xxii.
- ^
"Devon Great Consols Mine, Tavistock, Devon". Tavistock Gazette. 23 December 1864.
In November, 1859, however, a railway which had been constructed by the company
- ^ "Devon Great Consols". Cornish Mining World Heritage Site.
Sources
- Harvey, Charles; Press, Jon (1996). Art, Enterprise, and Ethics: The Life and Works of William Morris. Taylor & Francis US. ISBN 978-0-7146-4258-1.
{{cite book}}: Invalid|ref=harv(help) - Spago, Thomas (1864). Statistics and Observations on the Mines of Cornwall and Devon. Darling and sons.
{{cite book}}: Invalid|ref=harv(help)
50°32′N 4°13′W / 50.54°N 4.22°W
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