On February 17, Sir Isambard explained his plans at the Institution of Civil Engineers, and on the next day a meeting was held at the City of London Tavern, under the presidency of Mr. William Smith, M.P., more than a hundred persons being present. Resolutions authorising the formation of a company were passed unanimously, and the share list was opened. In the course of an hour one-third of the subscriptions was filled up, namely, 1250 shares; and before the end of the day the number of shares taken was 1381. Borings were then commenced in order to ascertain the nature of the strata through which the Tunnel would pass. A bed of gravel was found over the clay, which gave Sir Isambard great anxiety. A large pipe or shaft was sunk on the side of the river, and in it the water rose to within three feet of the surface of the ground, and fell about eighteen inches with the tide. ‘It is manifest (Sir Isambard writes) from this that unless the Tunnel is enclosed in the stratum of clay, it would be unsafe to drive through the bed of gravel. The Tunnel must, therefore, begin with the substantial clay.’ However, the result of thirty-nine borings in two parallel lines across the river, to the depth of from 23 to 37½ feet, seemed to prove that there was below the gravel a stratum of strong blue clay of sufficient depth to ensure the safety of the Tunnel.[8] A report to this effect was made to the shareholders at their first general meeting in July, and it was also stated that the works would be completed in three years. The first operation connected with the works, was the constriction of a shaft; and for this purpose land was bought on the Rotherhithe bank, about fifty yards from the river. On March 2, 1825, the ceremony of laying the first stone of the shaft was performed. Mr. Smith, our chairman, attended by most of the members of the Court of Directors, and a very numerous cortége of friends invited on the occasion, proceeded from the Tunnel Wharf to the ground, where they were received among the cheers of a great concourse of people. Mr. Smith addressed the assembly in a very eloquent speech suitable to the occasion, and performed the ceremony of laying the first stone. From this day dates the beginning of the work.[9] The mode in which Sir Isambard decided to construct the shaft was one not uncommonly adopted in the construction of wells; but to apply it to sinking a shaft fifty feet in diameter was a novel and bold undertaking. The brickwork intended to form the lining of the shaft was built on the surface of the ground, and the earth being excavated from within and underneath the structure, it sank gradually down to its final position. The brickwork was 3 feet thick, bound together by iron and timber ties, and there were built into it 48 perpendicular iron rods, one inch in diameter, fastened to a wooden curb at the bottom, and to another curb at the top of the wall, by nuts and screws.