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Plymouth, Devonport Tramways Act 1882 (P388-4)
Notes by SJT, July 2003:
The act, dated 24th July 1882, authorised the formation of The Plymouth, Devonport & District Tramways Company. The proprietors were John Freeman, Paul Wallace Sharp(e) and William Fairmaner. The company had an authorised captial of
£125,000.
The first prospectus raised in October 1882 lead to only a small subscription (only 1653 shares at
£10 each). A second prospectus and circular was issued in February 1883, which included the following statement:
"One great feature of this undertaking to which considerable importance should be attached, is, that by a Special Act of Parliament obtained, THE COMPANY HAS THE RIGHT TO USE STEAM OR MECHANICAL MOTIVE POWER instead of horse, and is fully expected that by means of this A CONSIDERABLE SAVING WILL RESULT IN THE WORKING EXPENSES OF THE LINE, as compared with other tramways worked by horses."
Sir Henry Peek purchased 400 shares at a total cost of £4000, and at a Directors meeting on 17th February 1883,
£40,000 had been raised, shares were allotted and construction commenced.
Peek later claimed in court that the company had fraudulently misrepresented it's right to use steam; it did not have absolute authority to use steam when it pleased.
The company went into liquidation in 1885.
Source:
Prospectus-Markers and the Public
The Plymouth Tramways Case:
It's consequences and the need for legislation
(Plymouth Local History Library)
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