£25 Share. black, pink seal, on vellum. No 12672. The Liverpool and Manchester Railway (L&MR) was the world's first inter-city passenger railway in which all the trains were timetabled and were hauled for most of the distance solely by steam locomotives. The line opened on 15 September 1830 and ran between the cities of Liverpool and Manchester in North West England. The L&MR was intended to achieve cheap transport of raw materials and finished goods between the Port of Liverpool, and east Lancashire. Huge tonnages of textile raw material were imported through Liverpool and carried to the textile mills near the Pennines where water and then steam power enabled the production of the finished cloth. The existing means of water transport, the Mersey and Irwell Navigation and the Bridgewater Canal, dated from the previous century, and were felt to be making excessive profits from the existing trade and holding back the growth of Manchester and other towns. There was support for the railway from the cities at either end, but opposition fromthe landowners over whose land the railway was proposed to pass. The original promoters are usually acknowledged to be Joseph Sandars, a rich Liverpool corn merchant, and John Kennedy, then owner of the largest spinning mill in Manchester. The Liverpool and Manchester Railway Company was founded on 24 May 1823. A bill presented to Parliament was passed in 1826. The capital was £510,000, in 5100 shares of £100 each. Various calls were made on the shares during the construction period. 1829 sawa rights issue, for acquisition of wagons, warehouses, depots and carriages, in 5100 shares of £25; a second capital increase took place in 1831 with 6375 new shares of £25, one of which we offer here. Further shares were issued in 1832 (7968 shares of£50) and 1845 (20125 shares of £40). In 1824 George Stephenson was appointed engineer. The 35 miles (56 km) line was a remarkable engineering achievement for its time. The railway needed 64 bridges and viaducts, almost all of which were built of brick or masonry. The line was built to standard gauge and double track. Stephenson's 'Rocket' won the famous Rainhill locomotive trials in 1829, and the way was clear. The line opened on 15 September 1830 with terminal at Manchester and Liverpool. The L&MR was very successful. The effect on the area served by the line was extraordinary, with new businesses opening and reduced costs for existing businesses (although the canals and turnpikes suffered a serious loss of business). Within a few weeks of opening it ran its first excursion trains, carried the first railway mails in the world, and was conveying road-rail containers; by the summer of 1831 it was carrying tens of thousands by special trains to Newton Races. The line did not start carrying goods until December, when the first of some more powerful engines, Planet, was delivered. What was not expected was the line's success in carrying passengers. Experience showed that unprecedented speed could be achieved. The train was also cheaper andmore comfortable than travel by road. So, at first, the company concentrated on passenger travel, a decision that had repercussions across the country and triggered the "railway mania". Being one of the first railways, many lessons had to be learnt from experience. The L&MR developed the practice of red signals for stop, green for caution and white for clear, which spread by the early 1840s to other railways in Britain and the United States. These colours later changed to the more familiar red, yellow and green. The L&MR was also responsible for the gauge of 4 ft. 8 1/2 in (1,435 mm), which came to be used more or less universally. In 1845 the L&MR was absorbed by its principal business partner, the Grand Junction Railway (GJR); the following year the GJR formed part of the London and North Western Railway. The original Liverpool and Manchester line still operates as a secondary line between the two cities. The L&M, after opening, quickly became famous in many countries in Europe and beyond,with many newspaper articles, books and engravings, and its example, with operational and financial success, gave inspiration to build many other lines around the world. The share we offer here is from the second capital increase. To the best of our knowledge, only three similar pieces are known to us, one of which in a museum. In excellent condition. Rarity 10.
Date: 18 May 1831
Startprice: € 1000