The Story of Proud Preston (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1882 edition. Excerpt: ...gas. It was the first town in which a cotton mill (that of Messrs. Horrocks, Jacson, and Co.) was so lighted, and where a church (our Parish Church) was so illuminated. The Gas Company was formed in 1815. Our shops and streets were lighted in 1816. On the establishment of the Company its subscribed capital was 2000, which was gradually increased as the demand arose for a further supply of illumination. In 1839 it was 30,000. The Company then obtained their first Parliamentary powers, which authorised them to increase their capital to 60,000, in 3,000 shares of 20 each, with power to borrow 10,000. The extension of the town necessitated further powers, and in 1835 a second act was obtained. It gave them power to create additional capital to the amount of 60,000, and to borrow a further sum of 20,000. A third act of Parliament was obtained in 1865, which gave them power to create stock and shares to the amount of 120,000 additional, and to borrow 30,000 more. The town and neighbourhood, --for the Company had power to supply not only the borough of Preston, but Fulwood, Lea, Ashton, Ingol, and Cottam, Walton-le-dale, Ribbleton, and Penwortham--were still insatiable, and, in 1881, another act was applied for and obtained for the creation of new capital to the amount of 120,000, and power to borrow 30,000 more. The area of supply was increased by the addition of the township of Broughton. The new capital was not allowed to be apportioned to the shareholders, as at the previous creations of new stock, but had to be sold by auction, the Company receiving, in augmentation of its capital, the premium which the shares realised; that is, the amount at which they sold beyond the nominal value...