Envy, like a dark shadow, follows closely the footsteps of prosperity;
success in any undertaking, out of the circle of genius, produces a
rival.--This I have instanced in our hackney coaches.
Profits, like a round-bellied bottle, may seem bulky, which, like that,
will not bear dividing: Thus Orator Jones, in 1774, opened a debating
society at the Red Lion; he quickly filled a large room with customers,
and his pockets with money, but he had not prudence to keep either. His
success opened a rival society at the King's-head, which, in a few
weeks, annihilated both.
The growing profits of our canal company, already mentioned, had
increased the shares from 140_l_. in 1768, to 400 guineas, in 1782.
These emoluments being thought enormous, a rival company sprung up,
which, in 1783, petitioned Parliament to partake of those emoluments, by
opening a parallel cut from some of the neighbouring coal-pits; to
proceed along the lower level, and terminate in Digbeth.
A stranger might ask, "How the water in our upland country, which had
never supplied one canal, could supply two? Whether the second canal was
not likely to rob the first? Whether one able canal is not preferable to
two lame ones? If a man sells me an article cheaper than I can purchase
it elsewhere, whether it is of consequence to me what are his profits?
And whether two companies in rivalship would destroy that harmony which
has long subsisted in Birmingham."
The new company urged, "The necessity of another canal, lest the old
should not perform the business of the town; that twenty per cent. are
unreasonable returns; that they could afford coals under the present
price; that the south country teams would procure a readier supply from
Digbeth, than from the present wharf, and not passing through the
streets, would be prevented from injuring the pavement; and that the
goods from the Trent would come to their wharf by a run of eighteen
miles nearer than to the other."
The old company alledged, "That they ventured their property in an
uncertain pursuit, which, had it not succeeded, would have ruined many
individuals; therefore the present gains were only a recompense for
former hazard: that this property was expended upon the faith of
Parliament, who were obliged in honour to protect it, otherwise no man
would risk his fortune upon a public undertaking; for should they allow
a second canal, why not a third; which would become a wanton destruction
of right, without benefit; that although the profit of the original
subscribers might seem large, those subscribers are but few; many have
bought at a subsequent price, which barely pays common interest, and
this is all their support; therefore a reduction would be barbarous on
one side, and sensibly felt on the other: and, as the present canal
amply supplies the town and country, it would be ridiculous to cut away
good land to make another, which would ruin both."
Public-domain text, read in full here on John Shaqi.
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