West Wheal Seton was one of a number of mines around Camborne that were struggling to survive the mining depression of the 1870s. One after another, neighbouring mines were falling victim to low metal prices and their engines ceasing to pump. As a result, West Wheal Seton had almost closed in 1875, as it battled to keep its workings from flooding. However, it survived and the four-monthly account of December 1875 to March 1876 showed a recovering position. Sales of copper ore (from which metal the mine had made considerable profits in the 1840s and 50s), brought in £6,811 while tin ore sales amounted to £1,778. Meanwhile the outgoings included labour costs of £5,065, lord’s dues to Gustavus Basset of £487 and £2,571 in merchants’ bills.
Here are the details of those bills which provide a picture of a mine’s outlay at this time.
Williams, Portreath and Co. £755 (coal)
William H.Rule, Camborne £516 (coal, powder, grease, oil, tallow)
Camborne Trading Co. £412 (coal, tallow, wood)
Williams, Perran Co. £134 (wood)
C.R.Gatley £109 (candles)
J.C.Lanyon & Sons £107 (iron and steel)
Cornwall Candle Co. £90 (candles)
Harveys of Hayle £63 (pitwork, stamps, coal)
Cornwall Blasting Co. £50 (gunpowder)
John Mayne, Pool £28 (leather and tallow)
The mine relied on local capital even at this relatively late date. Of the 600 shares, 41% were held by individuals and companies in the Camborne-Redruth district and another 23% by investors in the rest of Cornwall. Just over a third of the shares – 36% – were held by non-Cornish based shareholders.
The largest shareholder was William Rule of Camborne, owning almost 20% of the shares in West Wheal Seton. As long as he could profit from his sales of merchandise to the mine he would presumably resist the mine’s closure. West Wheal Seton staggered on for another 15 years as a losing venture before the inevitable closure came in 1891 when its shareholders finally panicked and deserted the sinking ship.