In order to form a better opinion as to the practicability of the railroad, a deputation of gentlemen interested in the project proceeded to Killingworth, to inspect the engines which had been so long in use there. They first went to Darlington, where they found the works of the Stockton line in progress, though still unfinished. Proceeding next to Killingworth with Mr. Stephenson, they there witnessed the performances of his locomotive engines. The result of their visit was, on the whole, so satisfactory, that on their report being delivered to the committee at Liverpool, it was finally determined to form a company of proprietors for the construction of a double line of railway between Liverpool and Manchester. The first prospectus of the scheme was dated the 29th October, 1824, and had attached to it the names of the leading merchants of Liverpool and Manchester. It was a modest document, very unlike the inflated balloons which were sent up by railway speculators in succeeding years. It set forth as its main object the establishment of a safe and cheap mode of transit for merchandise, by which the conveyance of goods between the two towns would be effected in 5 or 6 hours (instead of 36 hours by the canal), whilst the charges would be reduced one-third. On looking at the prospectus now, it is curious to note that, while the advantages anticipated from the carriage of merchandise were strongly insisted upon, the conveyance of passengers—which proved to be the chief source of profit—was only very cautiously referred to. “As a cheap and expeditious means of conveyance for travellers,” says the prospectus in conclusion, “the railway holds out the fair prospect of a public accommodation, the magnitude and importance of which cannot be immediately ascertained.” The estimated expense of forming the line was set down at £400,000,—a sum which was eventually found quite inadequate. The subscription list when opened was filled up without difficulty. While the project was still under discussion, its promoters, desirous of removing the doubts which existed as to the employment of steam power on the proposed railway, sent a second deputation to Killingworth for the purpose of again observing the action of Stephenson’s engines. The cautious projectors of the railway were not yet quite satisfied; and a third journey was made to Killingworth, in January, 1825, by several gentlemen of the committee, accompanied by practical engineers, for the purpose of being personal eye-witnesses of what steam-carriages were able to perform upon a railway. There they saw a train, consisting of a locomotive and loaded waggons, weighing in all 54 tons, travelling at the average rate of about 7 miles an hour, the greatest speed being about 9½ miles an hour. But when the engine was run with only one waggon attached containing twenty gentlemen, five of whom were engineers, the speed attained was from 10 to 12 miles an hour.