To this it must be added, that in urging these views Mr. Stephenson was
strongly influenced by commercial considerations. He had no desire to
build up his reputation at the expense of railway shareholders, nor to
obtain engineering _éclat_ by making “ducks and drakes” of their money.
He was persuaded that, in order to secure the practical success of
railways, they must be so laid out as not only to prove of decided public
utility, but also to be worked economically and to the advantage of their
proprietors. They were not government roads, but private ventures—in
fact, commercial speculations. He therefore endeavoured to render them
financially profitable; and he repeatedly declared that if he did not
believe they could be “made to pay,” he would have nothing to do with
them. He was not influenced by the sordid consideration of what he could
_make_ out of any company that employed him; indeed, in many cases he
voluntarily gave up his claim to remuneration where the promoters of
schemes which he thought praiseworthy had suffered serious loss. Thus,
when the first application was made to Parliament for the Chester and
Birkenhead Railway Bill, the promoters were defeated. They repeated
their application, on the understanding that in event of their
succeeding, the engineer and surveyor were to be paid their costs in
respect of the defeated measure. The Bill was successful, and to several
parties their costs were paid. Mr. Stephenson’s amounted to £800, and he
very nobly said, “You have had an expensive career in Parliament; you
have had a great struggle; you are a young Company; you cannot afford to
pay me this amount of money. I will reduce it to £200, and I will not
ask you for that £200 until your shares are at £20 premium: for whatever
may be the reverses you will go through, I am satisfied I shall live to
see the day when your shares will be at £20 premium, and when I can
legally and honourably claim that £200.” We may add that the shares did
eventually rise to the premium specified, and the engineer was no loser
by his generous conduct in the transaction.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account