The original shareholders were:[1] The Company of Mineral and Battery Works had the monopoly right: Determined to make England less dependent on foreign goods, Elizabeth I in 1568 granted a patent of incorporation to William Humfrey, (a former Assay master of the Royal Mint), who had worked closely with William Cecil in setting up the first British wireworks at Tintern, Monmouthshire in 1567-8.
Humfrey hired and brought to England a German copper maker, Christopher Schutz, along with his entire workshop.
Initial goals included the production of brass in addition to the iron wire which was necessary for producing the cards required by the British wool industry, which had previously been imported.
In 1583, the wireworks was leased to Martyn and Humfrey Mitchell (surveyor to Windsor Castle) for 15 years and Hanbury agreed to supply osmund iron to them.
This ended with Hanbury and his son-in-law Edmond Wheler being imprisoned in February 1598 in the Fleet and their property being sequestrated that July.
In 1646, the Company accepted the offer of Thomas Foley of Stourbridge and later of Great Witley, Worcestershire to take over the wireworks,[5] probably buying out the existing farmers.
With the competition from the import of foreign cards (which was supposed to be illegal), Foley was able to persuade the company that its privileges were of little value, and that his rent to them for Whitebrook should only be £5.
[7] In 1693, Moses Stringer was admitted to shares in both companies, being esteemed a person "ingenious and propence to chemistry and mineral studies".
[8] However nothing much happened until Stringer recovered the minute books in 1709 and called a meeting at his "elaboratory" and foundry in Blackfriars, which delegated complete power to him as "Mineral Master General".
This was founded in 1717 and invited subscriptions for shares between August 1717 and January 1718 as the "Mercer's Hall Marine Company" or the "Undertaking kept at the Royal Exchange for insuring ships and merchandise at sea".
Ultimately, by agreeing to pay £300,000 off George I's Civil List debts, they were able to obtain a charter of incorporation as the Royal Exchange Assurance.
[11] A pamphlet entitled, The present state of Mr Wood's partnership,[12] refers to it having a lease of mines in 39 counties, which may be those of the two companies.