National Co. for Boat Building by Machinery – Prospectus

Prospectus and Company details for the National Company for Boat Building by Machinery which was on Bay Wharf, Greenwich Peninsula, in the 1860s – and lasted six months or so before Mr. Thompson disappeared  – his references to follow in another posting.

THE NATIONAL COMPANY FOR BOAT BUILDING BY MACHINERY (LIMITED)
To be incorporated under the .Joint Stock Companies’ Acts and Liability Limited to amount of Subscription.
CAPITAL £200,000 IN 20,000 SHARES OF £10 EACH. WITH POWER TO INCREASE.
TEN’ SHILLINGS PER SHARE TO BE PAID ON APPLICATION, AND A FURTHER
SUM OF TEN SHILLINGS PER -SHARE ON ALLOTMENT.

TRUSTEES

WILLIAM BROWN, ESQ., Liverpool, late MP for South Lancashire.
JOHN DILLON, ESQ., (Messrs’ MORRISON, DILLON & Co.) Fore Street, Vice President Society of Arts
DIRECTORS
COL. W. H.SYKES, F.R.S., M.P. Chairman of the Hon East India Company. CHAIRMAN
J. KENNEDY ARTHUR, Esq., Somerset .Street Portman Square
PETER GRAHAM ESQ. (Messrs JACKSON AND GRAHAM) Oxford Street
HARVEY LEWIS, ESQ., MP Grosvenor Street, Chairman of the Universal Marine Insurance and Director of the National Bank
CAPTAIN E. G. TINKER, (Messrs GRINNELL, TINKER & MORGAN) Fenchurch Street
VICE-ADMIRAL WALCOTT, M.P. United Service Club and Wington House Ringwood,
CHARLES WHETHAM, Esq (Messrs WHETHAM & Sons) Gracechurch Street

 

INDEX TO TESTIMONIALS
From His Royal Highness the Duke of Cambridge, K.G., &c., &c.
His Grace the Duke of Sutherland
The Earl of Caithness
Lord Alfred Paget, M.P., &c
The Right Hon. Sir John S. Pakington, G.C.B., M.P., &c.
R. W. Crawford, Esq., F.R.G S., M.P.
W. S. Lindsay, Esq., M.P.
Colonel W. H. Sykes, F.R.S., M.P.
Robert Dalglish, Esq., M.P.
Vice-Admiral Walcott, M.P.
William Brown, Esq., late M.P. for South Lancashire
Rear-Admiral Sir Edward Belcher, CB
Rear -Admiral Carnac
Rear-Admiral Elliot .
Rear Admiral Stopford .
Capt. the Hon. Arthur A. Cochrane, C B., R.N.
Capt. Sherard Osborn, C.B., R.N
Capt. Cowper P. Coles, R.N.
George Turner, Esq.
Richard Green, Esq. Ship-builder
J. Scott Russell, Esq., F.R.S. Ship-builder
T. K. Fletcher, Esq. Shipbuilder
Messrs Richardson & Duck Ship-builder
J. Russell, Esq.
C. T. Anderson, Esq.
Lieut.-Col. Anderson, F.S.A., &c.
William Fairbairn, Esq., F.R.S., &c.
Thomas Fairbairn, Esq.
Joshua Field, Esq., F.R.S.
John Penn, Esq., F.R.S.
Professor Wilson, F.R.S., &c.
Thomas Chapman, Esq., F.R.S.
George Appold, Esq., F.R.S.
William Carpmael, Esq., C.E.
Peter Graham, Esq.
E. J. Reed, Esq.
John Trotman, Esq.
John Dillon; Esq.
George Moore, Esq.
H. A. Silver, Esq.

GENERAL MANAGER.  CAPTAIN JOHN VINE HALL.
AUDITORS.  P. LE NEVE FOSTER, ESQ., Secretary of the Society of Arts. (Another to be nominated by Shareholders.)
SHAREBROKERS. LONDON: Messrs. GEORGE BURXAND & Co., 69, Lombard Street, KC. Liverpool: Messrs. SAMUEL R. & R. HEALEY.  Scotland: THOMAS MILLER, Esq., 72, Princes Street, Edinburgh,
BANKERS:  THE LONDON AND COUNTY BANK, Threadneedle Street, KC.  THE BRITISH LINEN Company, Edinburgh, Glasgow and Branches. THE BANK OF LIVERPOOL.
SOLICITORS.  MESSRS. ELLIS AND CLARKE. Cowper’s Court, Cornhill.
SECRETARY.  GEORGE GRANT, ESQ.
TEMPORARY OFFICES, 16, BISHOPSGATE STREET WITHIN, E.C.
LONDON.
Form of Application for Shares and Bankers’ Receipt attached

This Form of Application and Bankers’ Receipt can be easily detached.
GEORGE GRANT, ESQ., SECRETARY,
The National Company for Boat Building by Machinery, (LIMITED). 16, BISHOPSGATE STREET WITHIN,

Form of Application for Shares  (When filled up by the Applicant, to be forwarded, with Ten Shillings per Share, to the Company’s Bankers, or to the Secretary.)

To the Directors of THE NATIONAL COMPANY FOR BOAT BUILDING BY MACHINERY, LIMITED

GENTLEMEN, Having paid into the hands of the, Bank the Sum of £ ………………..  being Ten Shillings per Share Shares in the above Company, I request you will allot me that number of Shares, and I hereby agree to accept the same, or any less number which may be allotted to me-to pay the first call of Ten Shillings per Share, when the Shares are allotted-and to be registered as a Shareholder in the Company, in conformity with the Memorandum and Articles of Association
Name ………………………………..Profession or Business ……………………………….Address

Dated the ………………………….day of …………………………………1861

FORM OF BANKERS RECEIPT
(This must have a Receipt Stamp affixed; and be forwarded with the Application, filled up, to the Company’s Bankers or to the Secretary of the Company)
Received from …………………….
on account of the NATIONAL COMPANY FOR BOAT BULDING BY MACHINERY, LIMITED, the Sum of ……………………… Pounds ……………………….Shillings, being Ten Shillings per Share on ……………………..Shares of the said Company.
For the …………………………….(Here affix a stamp) ……………….Bank
Dated this …………………..day of ………………….1861
N.B.-This Sheet must be forwarded entire to the Bankers, or to the Secretary of the Company, when the Bankers’
Receipt will be returned to the Applicant. The Receipt must be preserved, as it will have to be exchanged in due time for the Certificate of Shares

NEW YORK November 17th 1859
THIS is to certify, that I have witnessed experiments by which every part of a Boat is manufactured by machinery run by steam, invented and Patented by Mr. NATHAN THOMPSON, Jr., of New York, and after a. critical examination, I am thoroughly convinced, and must acknowledge tha.t Mr. THOMPSON has perfected a system of the most simple and effective character, for the building of Boats of every size. I am confident that it will entirely supersede the present mode of building. Boats by hand labor, from the fact that Mr. THOMPSON can with his system and machinery do ten (10) times the work (of a superior quality as to finish and fit), in the same time that is now done by hand. No matter what combination or capital is employed building boats by the present, system of hand labor in opposition to Mr. THOMPSON’s process can never possibly succeed, for the reason known to all practical men, that hand labor can• never successfully compete with machinery propelled by steam,. And after 30 years’ experience as a professional boat-builder, I most unhesitatingly assert that Mr. THOMPSON has, by patient and inremitting labor for years, of which I have been cognizant, brought to perfection a system for the Building of Boats by Machinery that. must become universal, a.nd give him a world- wide reputation for his genius.
JOHN B WEBB 718 WATER STREET NEW YORK

Some of the advantages secured by it may, however, shortly be adverted to, viz. :-

I.-GREATER STRENGTH AND UNIFORMITY OF CONSTRUCTION.

From the mechanical exactness with which all the timbers, planking, and other parts of the Boat are prepared, and the perfect uniformity which pervades the whole construction, it is evident that much greater strength and durability must necessarily result,- besides which, every part can be furnished in duplicate, and thus, in the event of damage, the deficiency may be readily supplied, without delay or skilled labour, and at a minimum expense. Accidents at a distance, or in places where repairs cannot, under the present system, well be done, may therefore in future be remedied in the simplest and most effective manner.

II.-DISPATCH

Another important advantage possessed by this Company will be the dispatch with which Boats can be produced. For example (and as illustrating the system) a Cutter, thirty feet in length, can be constructed and delivered, perfect in every respect, within a few hours after the order is received at the works, other sizes and descriptions of Boats in proportion. Emergencies often occur both in the Royal Navy and in the Mercantile Marine, which render it of the greatest importance that large numbers of Boats be supplied within a comparatively short space of time. The power to meet such an emergency is an unquestionable advantage. .

Thus a fleet of Boats could be supplied, packed, and conveyed to any distance, and then be fitted for immediate use with but little trouble. In short the most experienced men in this country, as well as in the United States, unite in certifying to the capability of the Machinery to turn out ten times the quantity of work (of a superior quality as to finish and fit) in the same time as is now done by hand labour.

II-ECONOMY.

By the application of machinery to any branch of manufacture not only is greater rapidity and exactness of production secured, but there results in every case greater economy  which forms one of the most important and promising features of the present undertaking.

As before stated, the Directors, having satisfied themselves that the above most conclusive and satisfactory results may reasonably be looked for from the development of Mr. Thompson’s system, can- not but anticipate that great commercial success will attend its operations. For not only may it confidently be anticipated that the greater part of the general trade will fall into the Company’s hands, but also a considerable portion of Government work at present executed by contract, as well as that which at greater cost is now done in Her Majesty’s Dock Yards.

By careful enquiry it has been ascertained that the number of boats of a medium size annually built in the United Kingdom is about twenty-five thousand .. In addition to these the large number of Barges, Canal and Fishing Boats, Lighters, and small Yachts, constantly required, and which would be more economically and rapidly produced by Machinery, must materially extend the field .of the Company’s operations.

IV-PROFITS.
In the event of one-fifth only of the Boat Building Trade of the United Kingdom being at first secured, the Directors have satisfied themselves that large profits will be made, independently of such Government work as may be obtained. By the conditional arrangement proposed to be entered into with Mr.THOMPSON for the purchase of his Patents and Inventions for the United Kingdom, it has been agreed that one-third only of the price be paid to him in cash, the remainder thereof being paid in the Company’s Shares,-upon one half of which no benefit is to accrue until a dividend, at the rate of seven per cent. per annum, has been paid to the other Shareholders,-and by a small royalty on each boat manufactured, the payment of which will be also deferred until the Shareholders shall have received a minimum dividend of seven per cent. per annum. By this arrangement the interests of the Inventor and the Shareholders are rendered identical.
No Shareholder will incur any liability beyond the amount of the shares allotted to him.
The Directors intend to commence operations immediately a sufficient amount of Capital has been subscribed as, in their opinion, will be adequate for the purpose .
Forms of Applications for shares maybe had of, or will be forwarded by the Secretary. Each applicant will be required to pay in to the Bankers of the Company 10s. per share on the number of shares applied for, in exchange for which a receipt will be given; and, on allotment, to make. a further payment of 10s. per share on the number allotted to him. In the event of the Directors allotting less than the whole n urn ber applied for, the amount paid to the Bankers will be applied towards the further payments on the number of shares allotted. Two months’ notice of future calls will be given.

Prospectuses, Appendices, Forms of .Application for Shares, and all necessary information, may be had at the Brokers, and of the Secretary,a;t the Temporary Offices of the Company, No. 16, Bishopsgate Street Within, (E.C.) London.

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