The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1843-12-19 00:00:00

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It. SC

THE HARRINGTON DOCK COMPANY

AND
THE DOCK COMMITTEE.

THE DIRECTORS of the HARRINGTON DOCK
COMPANY, having made the following Report to
the Shareholders, and having since forwarded a co .y of it
to each member of the Town Council and Dockcommit-
tee, every one of whom has the means of twin. is accu-
racy, now think themselves called tiron, in j rice to the
Commercial community, to make the sa e statement
public. Misrepresented as to their motiv:. in the recent
negotiation with the Dock Committee, a as to many of
the circumstances attending it, the Direc •rs have hitherto
entirely disregarded such attacks, considering that calum-
nies are always best answered by facts, and that honesty
in purpose and action needs not to be vindicated. Nor
would they even now have come forward, but that they
see a great public improvement loudly demanded by the
Commercial interest, and supported by the strongest tes-
timony of the Dock Officers, in some danger of being de-
feated or delayed by the opposition of a few individuals,
in consequence solely, as they believe, of the ignorance or
misapprehension of the real facts of the case which gene-
rally prevails, and which it is the whole object of the
present statement to remove.

LEWIN MOZLEY, Chairman
Liverpool, 16th Dec., 1843.

REPORT.
TO THE SHAREHOLDERS IN THE HARRINGTON DOCK

COMPANY.
Hitherto it has not been the practice of the Directors
to issue any report of their proceedings, except at the An-
nual Meetings, when they have uniformly had satisfaction
in submitting to the Proprietors the fullest details of their
past transactions.

Events have, however, occurred, during the present
year, of more than ordinary importance, and the Direc-
tors are, consequently, anxious at once to place themselves
in communication with the Proprietary, in order to con-
vey to them a simple statement of facts, and thereby dis-
abuse the public mind of certain misrepresentations, at
present current, in reference to the negociation pending
between your Directors and the Trustees of the Liverpool
Docks, for the sale to the latter of a large portion of the
Estate.

The usual period for closing the Annual Accounts being
so near, any statement as to general management, or
the finances of the Estate, is at present uncalled for; but
the Directors have pleasure in recording their satisfaction
at the continued improvement so far, this year, of the un-
dertaking intrusted to their management.
Many of the Shareholders will be aware, that the Pro-
perty of the Trustees of the Liverpool Docks, adjoining
the north end of the Harrington Esratn, is confined within
very narrow limits; and the inconvenience arising there-
from has, from time to time, occasioned inquiries,whether
your Directors would be willing to negociate for the sale
to the Dock Trust of so much of the north end of the
Harrington Dock Estate as was necessary for the enlarge-
ment of the Toxteth Dock.

No steps of a formal or decided character were, how-
ever, taken until early in the present year, when a Special
Meeting of your Directors was convened for considering
the subject, which resulted in the appointment of a Sub-
committee to examine into the cost of the Estate, its pre-
sent revenue and future capabilities.

On the 7th of February last a Report on these subjects
was read at our Board, fora copy of which see Appendix A.
At this meeting the Chairman intimated, also, the fact
of the inquiries which had been made from him, and the
following resolution was unanimously agreed to :
"That the price fixed for the value of Land to be sub-
mitted, say 127,763 yards, be 335. per yard ; and that
the Chairman be authorized to place himself in communi-
cation with the proper parties,with the view of negotiating
for the sale of the land in question."

Under this authority the Chairman took early means
of communicating with ►the Dock Trust, and, to avoid
any possibility of misunderstanding on the subject, for-
warded, for the information of the Chairman of the Dock
Committe, a copy of the report of Mr. Stewart, as well as
the resolution of the Board of Directors thereon.

For some months the affair remained inactive; but,
early in June, applications were made to our Board, by
some of our tenants, for improvements and extended
leases ; and, about the same time, proposals for the pur-
chase of part of the land at the south end of the estate
were submitted, requiring mature consideration and early
decision.

Under circumstances so urgent, the Chairman addressed
a note to the member of the Dock Committee who had
been the medium of the previous communication, asking
for an early reply. •

The publishedreports of the proceedings in the Dock
Committee, in the months of June and July, will afford
ample means of reference to the discussions in connexion
with the necessity for increased dock space generally, and
especially as respects the intention of that committee to
negociate with the Directors of the Harrington Estate
fora portion of their land.

The result was a formal resolution of the Dock Com-
mittee authorising such a treaty ; and, accordingly, Mr.
Sands, the Chairman, called on your Chairman, and,
finding he was then in London, appointed to meet there,
for the purpose of carrying out that resolution.

An interview took place, on the lith July, at the Bur-
lington Hotel, when, acting upon instructions from the
Board of Directors, your Chairman stated, that tl.e price
of 40,000 to 60,000 yards of the land and strand at the

north end of the estate would be forty-two shillings per
square yard.
The powers of the Chairman of the Dock Trust being
limited to a treaty for the quantity of land offered at a
price not exceeding 31s. 6d. per yard, it was mutually
arranged that a communication should be made to the
Board of Directors in Liverpool for further authority,
and that, pending a reply, the negotiation should stand
over.

On the 19th of July your Chairman received, in Lon-
don, a letter from the Board, for an extract from which
see B in the Appendix, and, on meeting Mr. Sands that
day, by appointment, intimated to him the confirmation
of his previous instructions as to price.
The Chairman of the Dock Trust not having authority
to exceed the price offered by him, the negociation at that

after much discussion, that if the Dock Committee should
revise their resolution, and desire to treat for a purchase
of the whole Harrington Estate, west of Sefton-street, a
less price per yard than the rate asked for the portion
then required would be accepted.

Shortly after these interviews a scheme was brought
out, having for its object the formation of new Docks,
Sheds, and Warehouses, by a Joint Stock Company, who
should purchase the whole of the Harrington and Hercu-
laneum Estates; and the subject received, as it well de-
served, the early and serious consideration of your Di-
rectors ; but the pending negociation with the Dock
Trustees had its due influence on the minds of the Di-
rectors, and naturally induced them to pause before they
entertained the idea of any new appropriation of the
estate.

At a Meeting of the Board, held on the 3d of August,
the following minute and resolution were agreed to :

" The Chairman reported the result orh is interviews
with Mr. Lace and the Chairman of the Dock Committee
relative to a sale of the whole or a portion of the Harring-
ton Estate, and, having re-considered their former reso-
lution, fixing a minimum price on the land, the Board
now resolve unanimously,

That the Chairman be empowered to negotiate for a
sale of the whole or any part of the Harrington Dock
Trust; and that, until all negociation with the Dock
Committee be concluded, it is not advisable to entertain
Mr. Lace's proposal." _

In possession of this full authority, and seeing the ne-
cessity, in consequence of Mr. Lace's plan, of coming to
some conclusion one way or other with the Dock Trust,
your Chairman considered himself warranted in commu-
nicating, for the information of the Chairman of the Dock
Committee, that the Directors were willing to sell at the
price fixed on the 7th of February, or on such terms as
the opinions of competent surveyors might decide ; and
that they were equally prepared to treat for a sale of
40,000 to 60,000 yards, at 355. per yard.
The discussion which thereupon ensued in the Dock
Committee naturally attracted the attention of your Direc-
tors; and the various unfounded statements hazarded
during the debate, as regards the cost, value, or useful
application of the Harrington Estate, created an anxious
desire on the part of the Directors to refute the erroneous
impressions which were spread abroad by the circulation
of these statements through the medium of the press.
As the most direct means of effecting this object the
written opinions of some of the best authorities in the
town, as valuers of property, were directed to be obtained.
Mr. John Stewart and Mr. Rowland declined to act,
being Shareholders, but the former had concurred in the
Report A in the Appendix, and the latter had declared
his conviction, that the Estate was well worth 40s. per
yard, and that, with proper management and outlay, a
revenue in proportion would be derived. The Board,
therefore, applied to Mr. Weightman, than whom, they
believe, no one in his profession is more competent to
forma pound opinion vu such a subject ; and from him they
shortly received the Report C in the Appendix, and which
was read at a Meeting of Directors, on the Ilth of Oc-
tober, when the following Minute as also agreed to :

" The Chairman communicated his further proceedings
as regards the negociation for sale of the Estate to the
Dock Trustees, and produced a Report and Valuation of
Mr. Weightman, the Surveyor, whereon it was resolved,
' That the Resolution of the 3d of August, empowering
the Chairman to sell, at his discretion, the Estate west of
Sefton-street, be confirmed ; and that he is authorised to
communicate to the Chairman of the Dock Estate, or any
other Member of that Committee, the Report and Valu-
ation of Mr. W( ightman.' "
On the same day the Report of Mr. Weightman, with
a letter, for which see Appendix D, were forwarded for
the information of the Dock Committee.
At a meeting of the Dock Committee, on the 26th of
October, a Resolution for the purchase of the whole of
the Harrington Dock Estate, west of Sefton-street, at
31s. 6d. per yard; and also for the purchase from the
Corporation and Mr. Leigh of a large tract of Land at
the north end of the town, was passed by a majority of
11 to 5, and soon afterwards Mr. Sands, the Chairman
of the Dock Trust, called on your Chairman, to com-
municate that fact, intimating, also, that the proceedings
of the Dock Committee, in all cases, required confirma-
tion by the Town Council, and, in this instance, it would
be necessary to apply to Parliament for powers to com-
plete the purchases. He also made certain proposals as
to the terms of payment, which were approved of so far
as your Chairman had authority.
To the contract, thus definitively concluded on the part
of the Dock Committee, so far as circumstances per-
mitted, your Chairman, authorised by the previous reso-
lution of the Board. gave his distinct assent, and took it
for granted that such contract so completed in every re-
spect (except mere form) would be falthfully carried out
by the Dock Committee.
No further communication has taken place between the

Dock Committe and the Directors of the Harrington
Dock Company; and the Town Council, on the 31st of

Dec, 19, IS-13.

October, confirmed the proceedings of the Dock Commit'
tee, in so far as was necessary for them to take the Pr.e;
liminary measures for going to Parliament, by ea"Prit
of 31 to 12 ; and it is worthy of remark, that ever;gem—
k,.r
i
of the Town Council who had an interest in the Harring!
ton or Herculaneum Docks abstained from voting ou

that occasion.
Throughout these details it Will have been observed, t1i.14
your Directors were rather the parties sought than Beene"'
ing the negociation ; and they bad, from the first, btt%)
object, namely, so to conduct that negotiation asjusuidr
protect the important trust committed to their care, 1111,10
at the same time, to forward the views of the Yu
Authorities in a fair awl 'leral spirit. t,
And, although they have observed, with much regi,rieth
the unjust imputations and erroneous states:oOn this
which the mind of the Public has been abused °,,;(- ht-
question, a full conviction of their own plain andP,t7the
forward course throughout the transaction, inutl—ha-rIP
Directors to meet such statements, not by any or the
tions of an irritating character, (however justified .1 of
provocation,) but by this plain and simple flatlet
facts ; relying on their Proprietary for a right oa
cst"'
tion of their proceedings, and a continuance of their
limited confidence

Liverpool, 1843.DeeembeLrEl3W,1N M MOSLEM, Cbaintlan'

APPENDIX

HARRINGTON DOCK ESTATE

Copy of Report of 7th Feb., 1843. . f
The Land belonging to this Estate, on the west sicultro
Sefton-street, is an area of 127,763 square yards': 00
Directors are prepared to treat for the sale of it +ll
lot. frolo
The Rent absolutely received during the past 3r,e9oosr has

this Land amounts to £3,400, of which neitrlyl.--et
P been derived fiom casual Tenants, for de °siting
on the Land, for Dock Dues, &c.is ttO
Part of the Land, namely. 45,330 yards, ~,ntS
Tenants from year t(„Lyear, or on short Leases,
at
amounting to £2,549 13s. Ild. per annum, he'n?Ang
as
average of Id. lid. per square yard, the Rents I,l"rate
from 7d. to 2s. 3d. per yard. At the last-name" "nts
there is 8,420 yards let, and, in some cases, the Teea.,b
have expended considerable sums themselves,
only short leases have been granted. a 0
The average of ls. lid. per yard will be increase ip
ls. 4d. at the least, on the determination of the leaseq.
October, 1845, of the only lot which is let as low 59 "he
per yard, for which lot considerably more than double
pres ,nt Rent could now be obtained. : be"
The Directors, having had other objects in vie"' hat
invariably declined to grant Leases, except for verY 5"%,.
terms: had they been willing to grant Leases of 1015
duration, so as to enable the Tenants to wake 6 IS
rpese
Buildings and
Erections as were required for the P
of trade, they know, certainly, that much larger gents
tity a feten.o
tity of the Land could have been let, and higher
obtained. altbosla

There is not any situation to be found more the
for Shipbuilders' Yards ; and, if the Land was 1O fait
hands of an Owner, desirous only of deriving a, this
return for a number of years on an investment of
description, and who, therefore, was disposed to grlog
Lease for such a term as would justify a Tenant in 'allot
out his money in such an establishment, it is believed tat
a considerable quantity of the Land could be let for
puThrpose.
that
view eDirectors believe that they take a very'. orr—thst
'
view of the subject when they state, as their opinio,- -r
the Land could be let at an average Rent of Is. fid
ati
Yard per Annum, provided Leases of moderate durcra_
were granted. The entire area would be somewhat rewili
ced by the requisite approaches, and, therefore, el tof
assume a rate of ls. 4d. per Yard as the average Ben
the whole, or £8,500 per Annum. oing the
Some expense would have to be incurred in Pu"-, to
Land into a proper state for a Tenant to adopt it ; bpi,
compensate for this, there is an income derived froie
Dues, and for affording shelter to River Craft. 184 r,
amount derived from these sources, during the ye ably be
was £229 17s. 6d., and this amount may reasona".o of
expected to increase by the more extended occupatluari..
the Land, which would necessarily increase the dues
sing from the use of the Basins.
The tenants who occupy Land off
have to the —5 g
have a proper proportion of the water space measu►.
to them, which is charged for. 'bit a
The statements herein made, it is believed, e.%11 , bly
very moderate view of the return which may reason`l dt
affort a
be expected, by letting the Laud on Leases, a"
it is contended, reasonable grounds for assuaging'
upon
Purchaser would obtain fully 4 percent. per effllu,9,'
the purchase of an estate of this description, yruic.'