Pages 38 and 39 of the Robert Stephenson & Co Ltd minute book no.1

[Page 38]

At a meeting of the parties interested in the Steam Engine Factory held at Forth Street 20th of 3 Mo 1824 present Robt Stephenson, Edward Pease & Thos Richardson.
The circumstances of the concern and its pecuniary resources, the orders in hand, & the general Economy of the Establishment have obtained consideration & whilst its product of profit has for the past 2 years been disappointing, yet the state of the banking account & the orders for Engines being such as to offer some degree of encouragement -
It is resolved that any conclusion as to the closing of this concern as some of the partners have expressed a wish to retire from it is for the present deferred to be resumed at our next or future meeting; & seeing the importance of this manufactory & the responsibility of some of the parties who reside at a distance is so materially involved, it is pressed upon our partner R. Stephenson to yield us the utmost extent of personal inspection as well as his weekly transmitting such information as his opportunities & his talents can suggest for maintaining his own reputation & securing if possible profitable returns.
This meeting conscious of a willingness to remunerate the managers of the concern liberally provided there

[Page 39]

were profits resulting which warranted liberality, yet past experience has been so disappointing; it is recommended to R Stephenson & Mr Longridge that the consideration of their salaries for the present meet our present circumstances.* [Underlining and asterisk in faint pencil, as is the note below, in Michael Longridge’s hand]

* This should soon be settled
Mich Longridge
Dec 22 1834