The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1844-01-02 00:00:00

mritten opinions of some of the best authorities in the
awn, as valuers of property, were directed to be obtained.
Mr. John Stewart and Mr. Rowland declined to act,
shareholders, but the former [tad concurred in the
teport A in the Appendix, and the latter had declared his
anviction, that the Estate was well worth 40s. per yard,
nd that, with proper management and outlay, a revenue
n proportion would he derived. The Board, therefore. -
pplied to Mr. Weightman, than whom, they believe. no
me in his profession is more competent to form a sound
pinion on such a subject ; and Iron) him they shortly re-
-eived the Report C in the Appendix, and which was read
tt a meeting of Directors, on the 11th of October, when
-he following minute was also agreed to:—
The Chairman communicated his further proceedings as
:•egards the negotiations for sale of the Estate to the Dock
Prustees, and produced a Report and Valuation of Mr.
Weightman, the surveyor, whereon it was resolved, •
"That the Resolutions of the 3d of August, empower-
ing the Chairman to sell, at his discretion, the Estate west
af Sefton-street be confirmed ; and that he is authorised
:o communicate to the Chairman of the Dock Estate, or
any other member of that Committee, the Report and
Valuation of Mr. Weightman."
[ On the same day, the Report of Mr. Weightman, with
I 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
he Harrington Dock Estate west of Sefton.stteet, 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 ChArman to communicate
the fact, intimating, also, that the proceedings of the
Dock Committee, in all cases, required confirmation by
the Town Council, and in this instance it would be neces-
sary to apply to Parliament for powers to complete 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 definitely concluded on the part of
the Dock Committee, so far as circumstances permitted,
your Chairman, authorised by the previous resolution of
the Board, gave his distinct assent, andtodk it for granted
that such contract, so completed in every respect, (except
mere form,) would be faithfully tarried out by the Dock
Committee.

No further communication has taken place between the
Dock Committee and the Directors of the Harrington
Dock Company ; and the Town Council, on the 31st
October, confirmed the proceedings of the Dock Commit-
tee, in so far as was necessary for 'them to take prelimi-
nary measures for going to Parliament, by a majority of
31 to ; and it is worthy of 'remark that every Member
of the Town Council who had an interest in the Harring-
ten or Herculaneum boas abstained from voting,on that
occasion. _ _

Throughout these details it will have been observed,
that your Directors were Tether the parties sought than
seeking the negotiation'; and they had, from the first, but
'one object, namely, so 'to conduct that 'negotiation as
justly to protect the Important trust committed to their
care, and, at same time, to forward the views of the
public authorities in a fair and liberal spirit.
And, although they have observed, with much regret,
the unjust imputatiOn and erroneous -statements with
which the 'mind of 'the public has been abused on this
question, a full conviction of their own plain and straight-
forward course throughout the transaction induces the
Directors to meet such statements, net by any observa-
tions•df an irritating character, (however justified by the
provocation,) but by this plain and simple narrative of
facts : relying on their Proprietary'for a right'construc-
tion of their proceedings and a continuance of their un-
limited confidence. . .

LEWIN IVTOZLEY, Chairman.
Liverpool,'December 23, 1843.

APPEgDIX.

HARRINGTON 'DOCK ESTATE.
Copy of Repoit'of 7th 'Feb., 1513.

The Land belonging to this Estate, on the west side of
Sefton-street, is an area Of 127,763 square yards. The
Directors are prepared to treat for the sale of it in one lot.
The Rent absolutely received, during the past year, from
this Land amounts to .1E:3,400 ; of which nearly .000 has
been derived from casual Tenants for depositing Timber
on the Land, for Dock -Dues, &c. _ _

Part& the Land, namely, 45,330 yards, is let to Tenants
from year to year, or on short Leasesos.t Rents amounting
to £2';549. 13s. 11d. per annum, being an average of Is.
lid. per square yard, the Rents varying from 7rl. to 2s. 3d..
per yard. At the lest-named rate 'there is 8,420 yards
let, and, in some cases, the Tenants 'have expended con-
siderable sums themselves, although only short leases
have been granted.
The average ofls. id. per yard will be increased to
Is. 4d. at the least, on the determination of the lease in
Ottober, 1845, of the only lot which is let as 'low as v7d.
per yard, for whichlot considerably more than-double the'
present Rent could now be obtained.
The Directors; having had other objects irrview, have
invariably declined to grant Leases, except for very short
terms. Had they been willing to grant Leases of longer
duration, so as to, enable the Tenants to make such Build-
iags and Erections as were required for the purposes of
trade, they know, certainly, Vliat a much larger quantity
of the Land could have been let, and higher Rents ob-
tained.
There is not any situation to be found snore desirable
for Shipbuilders' Yards, audit the• Land was in the hands
ef an owner desirous only of 'deriving a fair return for a
number of years on an investment of this description, and
• who, therefore, spas disposed to grant a Lease for such a
time as would -justify a Tenant in laying out his money in
such an establishment, it is believed that a considerttble
F !quantity of the Land could be let for that purpose;
The Directors believe that they take a very moderate
• view of the subject when they state, as their opinion, that-
the Land could be let-at an average Rent of.ls.
yard per annum, provided' Leases of moderate duration
were granted. The entire area would -be somewhat re-
.duced by the requisite approaches, and therefore theymill
assume a rate of Is. 4d. per yard as the average Rent of
the whole, or-£6,500 per. annum.
Some expense would have-to be incurred in putting the
'Land into a proper state for a Tenant toadopt it ; but to
compensate for this, there is an income derived from Dock
'Dues, and for affording sh,-,lter for • River Crafr. The
amount derived from these-sources, during the year 1842,
was £229. 17sAd., and this amount- way reasonably be
expected to increase by then-more extended occupation of
the Land, which would necessarily increase the Dues
arising from the-use of the Basins.
The Tenants -who occupy, Land adjacent to the Basins
have a proper proportion of the water space measured-off
to them, which-is charged for.
The statements herein made, it is believed, exhibit a
very moderate, view of the return which may reasonably
be expected by, letting the Land on. Leases, and afford, it
is contended, reasonable grounds for, assuming, that a
Purchaser would obtain fully 4 per cent., per annum upon
the purchase of an estate of .this description, which will,
in all probability, materially increase in value.

EXTRACT FROM LETTER;FROM THE ,DBPUTY CHAIR
MAN OF THE HARRINGTON DOCK COMPANY TO TEL
CHAIRMAN IN LONDON.

Liverpool, July, 1843:

The Board have authorised tine to say, they decline
moving from the price 0f,425. per yard for 40,000 to
50,000 or 60,000 yards of Land.and Strand adjoining the
Dock Estate, and this you.will consider as their resolu-
tion. There is not any.anxiety on the part of the Direc-
tors to part with the whole Estate; but as your note of
.yesterday requests their .decided views as to it, I am de-
sired to state, that if the Dock Trust open any negotiation
with you for the whole Estate, the price will be 40s. per
yard.
As it would appear from your nate that Mr. Sands is
not authorised io buy the vvhole,it seems likely the smatter
may remain for.negotiation sometime. You should en-
deavour to press decision as far as consistent, as other
parties are urgent to know our views for the balance, pro-
vided me close with the Trustees for the,50,000 or 6000
yards.

MR. WEIGHTMAN'S REPORT.

Fenwick-street, October 11, 1843.

Sm.—Agreeably to your request I have surveyed the
Land belonging to the Harrington Dock Company, to the
westward of Sefton-street, and, after giving the subject
my earnest consideration, i am of opinion that it is worth,
if offered for Sale in one Lot, the price of Us. 6d. per
square yard ; the total quantity appearing, from the plans,
to be nearly 28;000 square -yards.
In forming the above estimate of its value, I have con-
sidered that the situation of the land is unquestionably
equal to any now to be obtained in Liverpool for Ship-
building purposes and other Manufacturing Works con-
nected with the Mercantile Marine, and is also well
adapted for Timber Yards.
The Estate possesses a frontage to the River of 640
yards, and another valuable front to Sefton-street upwards
of 400 yards in length, the latter of which might, with-
out detriment to the general value of the Estate, be used
for Building purposes, and upon which, at a comparatively
small outlay, Sheds might be erected for the reception of
cotton and other goods intended for inland transit, by
which means the revenue of the Company might be greatly
enhanced, the 'northernmost part of the Land being only
1600 yards fro& the Wapping Station of the Manches-
ter and Liverpool Railway, while the Clarence Dock is
about 2800 yards.
Under considerable disadvantages a portion of the
Land is now in permanent occupation, in extent 43,330
yards, at rents averaging 13id. per yard. This is a corn-
paratively low rate, but, under the circumstances, indica-
tive of the increasing value of the property ; some of the
tenants having expended large sums of money upon very
short leases, and I have, therefore, no doubt that, if the
proprietors were more anxious for present revenue than
ultimate benefit, and inclined' to grant leases of sufficient
extent to justify any considerable outlay on the part of
the occupiers of the Land, would speedily be tenanted at
an average rental much beyond the preseut rate ; but that
the refusal to grant such leases has hitherto acted as a
prohibition to the fair and remunerative occupation of
the property.
But to bring into full operation the capabilities of the
Estate would require a considerable further outlay on the
part of the Company, and for which due allowance must
be made, in estimating the value of the property upon
the basis of a rental to be derived from its permanent and
entire occupation. Assuming, then, such an improved
average rental as I. think might be obtained for the land
under judicious management, joined to a liberal outlay
for the purpose of rendering the whole of it avilable,
taking into con,ideration the further source of revenue
derived from Dock Dues, which appear to be rapidly
ir.crecsi.z,, and then ulAkipg due allowance for the nec(o-