Handwritten Clarence Railway report

Made:
1840-07-09
part of archive:
Leonard Raisbeck Archive

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This item has undergone conservation work to facilitate digitisation, the string binding was removed.

Details

Extent:
1 item
Identifier:
RAIS/4/9/3
Transcription:
Clarence Railway Office
80 Old Broad Street London
9th July 1840
Sir

At a Meeting of the proprietors of the Clarence Railway Company held yesterday at the George and Vulture Tavern, Cornhill, London it was unanimously resolved “That the sum of not less than five pounds per share be subscribed as recommended in the report of the subcommittee of Subscribers; and that a list be immediately prepared, but that no part of the money So raised be applied to the uses of the Company unless £10,000 of the £15,000 is subscribed: each person so subscribing to receive a Company's Bond for the Amount bearing interest at 5 per cent per annum”

I have the honor to subjoin a copy of the report, together with the substance of Mr. Jackson's letter to the Committee, which were read at the Meeting, and am directed to express the hopes of the Committee that you will be pleased to allow your name to be added to the list of subscribers which amounted to nearly £4000 from individuals at the Meeting: and should you feel disposed to make any further advance beyond the subscription of £5 per share the Committee will be happy to receive the same -
I remain
Sir
Your most obedient servant
Charles Brusan Secretary
P.S. The favor of an Answer is requested at your earliest
convenience.

[Page 2]

At an adjourned Special Meeting of the proprietors of the Clarence Railway, held at the George and Vulture Tavern, St Michaels Alley Cornhill London on Wednesday the 8th Day of July 1840-

Henry Blanshard Esq. Having been unanimously called to the chair -

The Secretary read the advertisement in the Durham Advertiser of the 26th June 1840, and also the report of the sub Committee of shareholders, appointed by a resolution, passed at a Meeting held on the 17th day of last Month R.W. Jackson Esq. (the Company's Solicitor at Stockton ) then read a letter addressed to the Committee, which he had written at the request of the Subcommittee and in which he explained his views of the future prospects of the undertaking.

The following resolutions having been duly moved and seconded were put from the Chair and passed unanimously -
1st-That the report of the subcommittee with the accounts now laid on the table be received and entered on the minutes of this days proceedings-
2nd-That R. W. Jackson Esquire's letter to the Committee be also received and entered on the minutes of this days proceedings
3rd- That the sum of not less than £5 per share be subscribed, as recommended in the report of the subcommittee: and that a list be immediately prepared for receiving subscriptions.

[Page 3]

but that no part of the money so raised be applied to the uses of the Company: unless £10,000 of the £15,000 be subscribed. Each person so subscribing, to receive a Company’s Bond for the amount bearing interest at 5 per cent per annum.
4th. That the report of the subcommittee be printed and circulated among the shareholders: and that the substance of the letter from Mr Jackson be appended thereto -
5th That the thanks of this Meeting be given to Thomas Gainsborough Esq. and the other Gentlemen forming the subcommittee of Shareholders for the time and attention they have given in entering minutely into the general affairs and situation of the Company and for their report now submitted to the proprietors -
6th That the thanks of this Meeting be also given to H. Blanshard Esq. for his impartial Conduct in the chair this day, and to the Committee of Management for their able and zealous Endeavours for the interests of the Company
H. Blanshard, Chairman


Report of the Subcommittee of ShareHolders
At the special general Meeting of the proprietors of the Clarence Railway held at the George and Vulture Tavern the 17th day of June 1840.
It was resolved
That this Meeting are of opinion, that it would conduce very much to the Welfare of the Company, if a certain number of the proprietors, not being Members of the Committee of Management would give their assistance to

[Page 4]

them; and it is therefore requested that the following Gentlemen will permit themselves to be nominated for that purpose viz. Messrs. Baildon, Wheeler, Sangster, Delannoy, Barry, Samuel and Gainsborough -
In conformity with the above resolution the parties appointed have as a special Committee met the directors on various occasions and received from them a detail of the present position of the affairs of the Company: from which we learn that the original Capital and loans since raised have been expended and that the works are still in a state which require a further advance of Money -
Your Committee are of opinion that the sum of fifteen thousand pounds will meet the urgency of the Case and enable the directors to complete the Works without further advance of Money -
Your Committee are sensible that the patience and Confidence of the proprietors have been sorely tried, and that pecuniary assistance having been rendered on two former occasions this additional appeal may be viewed in an unfavourable light nevertheless your Committee venture strenuously to recommend the advance required viz. Five pounds per share from the belief that the protracted anticipations of Eventual success are now on the even of being realised -
Your Committee come to these conclusions from representations that have been made to them
Your Committee consider it their duty to state -

[Page 5]

that if this amount be not immediately raised the Works must be stopped and the Company will become liable for damages for breach of contract and the whole of the
[1] Railway costing above half a Million of Money, must fall into the hands of the
Exchequer Loan - Commissioners, to be sold to satisfy the Claim for debt and interest: but your Committee seeing the Works are so near completion and believing that the sum of Fifteen thousand Pounds will be sufficient to fulfil the present Contracts and to set the Company in a safe and satisfactory state – with a certain prospect of a considerable increase of revenue from the West Durham Railway, by the Byers Green Branch as well as a similar increase of trade by the Stockton and Hartlepool line are persuaded that the proprietors will see it to be their interest cheerfully to join the Directors and Committee in making the necessary advance
In making this appeal your Committee wish it to be understood that any amount now raised must be appropriated solely to the Completion of the Railway and not to the liquidation of any personal claims which May now exist -
Your Committee Considered it right to request that the accounts shall be rendered in mercantile form so as to exhibit in a more Clear and comprehensive view the Workings and pecuniary affairs of the Company
The accounts so prepared are now laid on the Table for your inspection
Your Committee would further state that in their various interviews with the directors they have experienced a perfect willingness on the part of the directors to furnish every information

[1] The word ‘Note' is written in the margin at this point in the text.

[Page 6]

in their power as well as a ready compliance with the general Wishes of your Committee -
Thomas Gainsborough – John Delannoy
Francis Baildon - Fred. Barry
Samuel Sangster - Lyon Samuel

Copy of Mr Jacksons letter -
------------

To the Committee of Management
of the Clarence Railway -
London 7th July 1840 -
Gentlemen -
In compliance with a wish expressed at your meeting (into which I was introduced on my accidentally calling at your Committee Room, on Tuesday the 30th of last Month) I beg leave now to lay before you in Writing the sentiments I entertain and then verbally expressed relative to the prospects of the Clarence Railway – As you were then assembled for the purpose of examining the statements of the Company’s accounts preparatory to their being submitted to the Special General Meeting of the proprietors on the 8th inst. It is of course unnecessary for me on this present occasion to trouble you with any detailed remarks upon them – I will not however, withhold the expression of my general approval of them more particularly as the results corroborated the favourable opinion I had myself formed of the ultimate success of the undertaking – since I had the honor of the appointment of the Company’s solicitor, now two years ago, I have given my best attention to their interests, and no sooner did I become satisfied with the real merits and prospects of the Railway than I determined upon embarking largely in it: and I consider myself fortunate in being now the possessor of many of its shares -
While on the one hand I must admit that the proprietors have hitherto been [2]disappointed in the period of return for their outlay : yet on the other, I foresee that by the end of next year, they will have the satisfaction to witness an improvement in the
revenue, much More marked than that which has already taken place in the last few years. And the following facts and prospects warrant this Conclusion _
In the year 1834 the receipts were only £2,206-12 while the annual excess beyond that sum in the five subsequent years up to last December, was as follows:-
In the year 1835 the excess over the year 1834 was £ 1,149-9-6
“ 1836 it was 4,571-7-7
“ 1837 it was 10,048-17-11
“ 1838 it was 15,429-15-5
and “ 1839 it was 20,211-19-10
The revenue in the last year being 22,418-6-0
Nothing can be more satisfactory and Convincing to my own mind than these results: and when I review the works now in actual operation and the plans which are in progress and contemplation for further and extensive traffic on the line, I have no hesitation in recording my belief, that the time is approaching very fast when every part of the Clarence Railway and its Branches will be made available to a considerable extent and that its present [3] revenue will at the least be doubled.
To complete however some of the Works, (already in a state of much forwardness,) and to repair and perfect other parts of the line so as to encourage and accommodate the new and growing traffic upon it, and thus to realise the contemplated improvement, I am given to understand a further sum is wanted I beg here to state for myself that I shall be perfectly ready and willing to contribute any sum proportioned to my shares or concur in any measure which the proprietors generally may determine upon to raise the necessary means for the important objects in view –

[2] The word ‘Note’ is written in the margin at this point in the text.
[3] The words ‘suppose it amounted to 48,000_C’ are written in the margin at this point in the text.

[Page 7]

The Byers Green Branch which opens exclusively to the Clarence Railway a new and valuable coalfield (where many collieries are in progress of being Won) is one of the Works indispensably requiring a further expenditure upon it – That ranch may, and indeed for the purpose of receiving the Coal of that district, ought to be completed in less than [4] three months: and as 150,000 Tons of Coals are annually for Ten years guaranteed to be sent along it and down the Clarence Railway, that quantity alone is capable of producing an increase of revenue to the Company of upwards of £7,000 a year It is, however more than probable that the collieries so guaranteeing and the other new collieries in that district will send down the line nearly double that quantity of Coal thus producing a proportionate increase of revenue. I will now advert to the Chilton Branch – That has, hitherto been almost wholly unproductive but from the progress now making in that neighbourhood, a large additional receipt of tolls may, I think, also be looked for from that source – The Completion therefore of that Branch and the thus opening out to the Clarence Railway the valuable adjoining Coal fields, are points well deserving the earliest consideration of the proprietors.
I now invite your attention to the Simpasture Branch And here we must regard with much interest the contemplate near approach of the decision of the Court of Common Please, as to the right assumed by the Stockton and Darlington Railway Company to levy excessive Tolls on Coals passing their line on to the Clarence – The advantages which some of the Coal owners in the Auckland Valley even now experience by using the Clarence will be still further enhanced (even should the judges decide against the view contended for by the Clarence Company) when by means of the Stockton and

[4] The word ‘Note’ is written in the margin at this point in the text.

[Page 8]

Hartlepool Railway (which will be opened early in October next) the coal can be conveyed to the port of Hartlepool – Applicable to the Simpasture Branch is the feasible and important plan in contemplation of making it and the Northern line of the Clarence Railway to Coxhoe a distance of ten or eleven Miles, available for the traffic from the Great North of England Railway to Newcastle- upon-Tyne &c It is now believed that the Great North of England Railway company will not carry their line further North than Darlington, from which point the traffic can be very easily continued along the Stockton and Darlington Railway to Simpasture and thence on the Simpasture Branch and Northern line of the Clarence to Coxhoe – There occurs then a distance of only eight Miles to the Durham Junction Railway at Rainton not intersected by Railway but from Rainton there is at this moment by the Durham Junction, Stanhope, and Tyne and Brandling Junction Railways, a continuous locomotive Railway Communication in Daily use to Newcastle - A Railway from Coxhoe to Rainton to fill up this intervening space of eight Miles is now in serious contemplation and plans have been lodged and other requisite steps taken for applying to Parliament in the ensuing session for an Act for the purpose should parties be found in the meantime to support it – It is perhaps difficult to make any very accurate calculation of the amount of revenue which the Clarence Company might recieve from this source: but it must be self evident to all that the use of ten or eleven miles of the Clarence Railway as a link of as a link of Communication from London

[Page 9]

Birmingham, York, Leeds &c to Newcastle-Upon- Tyne and all the important Towns in the County of Durham must be very considerable and lucrative _ As there are now actually travelling on the Midland Counties and North Midlands Railways after the rate of 400,000 passengers annually, I cannot I think render myself liable to the charge of over statement if I compute that when the Great North of England Railway is opened it will bring to Darlington for proceeding northward at least 150,000 persons annually ; and this would then produce to the Clarence Company a large sum on Money. I strongly recommend therefore this subject to the serious attention of every Clarence Railway proprietor -

.. By the Stockton and Hartlepool Railway joining the Clarence, and the Clarence the Darlington Railway at Simpasture and the Darlington the Great North of England at Darlington, a Continuous line of Railway will be formed from the rising town and port of Hartlepool and the old established Sea bathing place, Seaton, and twelve miles of the Clarence may thus also be brought into early use for a Considerable traffic of passengers and merchandize. The important and populous towns and districts in the County of Durham which can thus be reached by the Clarence Railway and the certain increase in travelling which will take place throughout the county on the opening of the Great North of England Railway to Darlington in the latter part of this year confirm me in the Conviction that the Clarence

[Page 10]

Railway is destined at no long period hence, to satisfy its proprietors that they have not waited for their harvest in vain -
It therefore appears to me, that the Clarence Railway proprietors have a vital interest in now Coming forward and meeting the present appeal to their purses with promptness and liberality, since I am fully impressed that they were never called upon under nearer or brighter prospects than now await the undertaking -
I remain Gentlemen
Your faithful and obedient servant
Ralph Ward Jackson
------------------------------
Gentlemen who subscribed their names at the
Meeting -
Henry Blanshard Esq. E. M. Noble Esq.
John Blacket Esq. F. S. Stokes Esq.
Ralph Ward Jackson Esq. William Wood Esq.
John Labouchere Esq. Henry Garrett Key Esq.
Joshua Milne Esq. Thomas Gainsbrough Esq.
Henry Vansittart Esq. Francis Baildon Esq.
William Morrice Esq. Samuel Sangster Esq.
Benjamin Stubbing Esq. Lyon Samuel Esq.
Joseph Thompson Esq. John Delannoy Esq.
William Wilson Esq. Frederick Barry Esq.
John Barrow Esq. Samuel Ball Esq.
James K. Forbes Esq. James Mackenzie Esq.
Frederick Cobb Esq.
------------------------------

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