94 HER OES OF IN VENTION AND DISCO VER Y. 



securities at the price originally given for them. Tnis notice 

 had the effect of allaying the alarm, and the Bill, though still 

 strongly opposed, was allowed to pass both Houses of Parlia- 

 ment in 1 82 1. 



The preamble of the Act sets forth the public utility of the 

 proposed line for the conveyance of coal and other commodities 

 from the interior of the county of Durham to Stockton and the 

 northern parts of Yorkshire. Nothing was said about passen- 

 gers, for passenger traffic was even then not contemplated ; and 

 nothing was said about locomotives, as it was at first intended 

 to work the line entirely by horse-power. The road was to be 

 free to all who chose to place their waggons and horses upon it 

 for the haulage of coal and other merchandise, provided they 

 paid the tolls fixed by the Act 



The company were empowered to charge fourpence a-ton per 

 mile for all coal intended for land sale ; but only a halfpenny 

 a-ton per mile for coal intended for shipment at Stockton. The 

 latter low rate was introduced in the Act through the influence 

 of Mr. Lambton, afterwards Earl of Durham, for the express 

 purpose of preventing the line being used in competition against 

 him ; for it was not believed possible that coal could be carried 

 at that rate except at a heavy loss. As it was, the low rate 

 thus fixed proved the vital element in the future success of the 

 Stockton and Darlington Railway. 



The capital specified by the Act was of small amount, and, 

 as events proved, it Avas altogether inadequate. The share 

 capital was fixed at ^82,000, in shares of ;^ioo each, and, in 

 the event of this not being found sufficient, power was given 

 to raise ;^2o,ooo more by shares. If the shares were not taken 

 by the public, then the necessary capital, within the above 

 limits, might be raised by the issue of mortgages or promissory 



