York Buildings Company
Encyclopedia
The York Buildings Company was an English
company
in the late 17th and early 18th centuries.
in 1691 to increase its capital and enable it to buy lands. As might be expected this provided the company with a steady, but unspectacular income from the rents paid by the householders supplied with water. Water supply was its sole business until 1719.
The company was technologically advanced for its time. It tried the steam pump of Thomas Savery
, a precursor of the steam engine
, though this proved a failure. In 1726, a Newcomen engine was installed at York Buildings in 1726, but when the company fell into financial difficulties in 1732, the engines were broken up, cylinders being sold to the London Lead Company
and Sir James Lowther
. However the company continued to operate its waterworks for many years, becoming the final asset of the company, just as it was the first. However the business had been injured as far back as 1731, by the establishmetn of a rival Chelsea Waterworks Company
. The works were leased out in 1746, and the lease was renewed periodically until 1818.
. The new capital was immediately taken up and a 10% call was paid. This fund and borrowings then enabled the company to buy estates costing over £300,000, with a rental of £15,000. The estates purchased were estates, mainly in Scotland
, forfeited after the Jacobite rebellion of 1715
, when the rebels were stripped of their lands.
In January 1720, it proposed to undertake life assurance, though the Attorney-General
advised them that this was ultra vires
. The company's stock rose in price during the year, reaching its peak in mid August, but the threat of a writ of scire facias
depressed the price, which collapsed to the point where the shares became almost unsaleable. In September, the company agreed to 'proceed only according to ancient known and regular methods, agreeable to their constitution and of the encouragement given them by Parliament'. They promised to make a call on their proprietors and did so, but gave each proprietor the option of surrendering half their stock to the company. Most proprietors took this option, with the result that the capital was little increased. The directors were left with £675,000 of stock (10% paid) which they had difficulty in selling. The result was that the company was crippled, and had difficulty in meeting its obligations. In 1721, it raised money by conducting lotteries, the prizes including stock in the company and annuities secured on its estates.
The company undertook various ventures to exploit its estates, including mining copper and lead ores in the Panmure
estates in Forfarshire, starting an ironworks
at Abernethy and shipping timber from there. However these works were not profitable. It also obtained illegal advances from the Charitable Corporation
. Various financial strategems were undertaken to enable it to stay in business.
Eventually, in 1732 its annuitants petitioned Parliament. A new court of directors was elected and supported this. A call was made on shareholders, who were given the £95,000 stock remaining in the hands of the company. This was followed further stock manipulation. On 3 April 1732 George Robinson
, the Member of Parliament
for Great Marlow
, was expelled from Parliament for diverting £356,000 of funds of the Charitable Corporation into buying York Buildings Company stock; the profits of the sale were given to him.
and partly in Scotland. In 1756, an agreement was made as to the respective priorities of various classes of creditor for payment. This was followed by an Act of Parliament
in 1764 for the sale of the company's estates, enabling some of the debts to be paid. The sale of further estates was authorised by another Act in 1777, the sale taking place in 1783. An agreement with creditors was made in 1786, but only led to more litigation until a further agreement was made in 1792, though this was not approved by the court until 1802. This left the company with £10,000, some government stock and its waterworks.
The Waterworks had been in lease for over 50 years. It was sold in 1818 to the New River Company in exchange for an annuity of £250. The company was finally dissolved by Act of Parliament in 1829.
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
company
Company
A company is a form of business organization. It is an association or collection of individual real persons and/or other companies, who each provide some form of capital. This group has a common purpose or focus and an aim of gaining profits. This collection, group or association of persons can be...
in the late 17th and early 18th centuries.
Waterworks
The full name of the company was The Governor and Company for raising the Thames Water at York Buildings. The undertaking was established in 1675 and incorporated in 1690 with a capital of £4800, but obtained a Private ActPrivate bill
A private bill is a proposal for a law that would apply to a particular individual or group of individuals, or corporate entity. If enacted, it becomes a private Act . This is unlike public bills which apply to everyone within their jurisdiction...
in 1691 to increase its capital and enable it to buy lands. As might be expected this provided the company with a steady, but unspectacular income from the rents paid by the householders supplied with water. Water supply was its sole business until 1719.
The company was technologically advanced for its time. It tried the steam pump of Thomas Savery
Thomas Savery
Thomas Savery was an English inventor, born at Shilstone, a manor house near Modbury, Devon, England.-Career:Savery became a military engineer, rising to the rank of Captain by 1702, and spent his free time performing experiments in mechanics...
, a precursor of the steam engine
Steam engine
A steam engine is a heat engine that performs mechanical work using steam as its working fluid.Steam engines are external combustion engines, where the working fluid is separate from the combustion products. Non-combustion heat sources such as solar power, nuclear power or geothermal energy may be...
, though this proved a failure. In 1726, a Newcomen engine was installed at York Buildings in 1726, but when the company fell into financial difficulties in 1732, the engines were broken up, cylinders being sold to the London Lead Company
London Lead Company
The London Lead Company was an 18th and 19th century British lead mining company. It was incorporated by royal charter. Strictly, it was The Company for Smelting Down Lead with Pitcoal.-Origins:...
and Sir James Lowther
Sir James Lowther, 4th Baronet
Sir James Lowther, 4th Baronet, FRS was an English landowner, politician and industrialist. He obtained immense wealth from coal mines in northern England, which he extensively developed and modernised.-Early life:...
. However the company continued to operate its waterworks for many years, becoming the final asset of the company, just as it was the first. However the business had been injured as far back as 1731, by the establishmetn of a rival Chelsea Waterworks Company
Chelsea Waterworks Company
The Chelsea Waterworks Company was a London waterworks company founded in 1723 which supplied water to many central London locations throughout the 18th and 19th centuries until its functions were taken over by the Metropolitan Water Board in 1902....
. The works were leased out in 1746, and the lease was renewed periodically until 1818.
Forfeited estates
By 1719, procuring the incorporation of a company had become difficult, with the result that it was cheaper for speculators to buy up the patent of an existing company than to obtain a new one. In that year, its new proprietors resolved to raise a joint stock of £1,200,000 to buy forfeited and other estates in Great BritainGreat Britain
Great Britain or Britain is an island situated to the northwest of Continental Europe. It is the ninth largest island in the world, and the largest European island, as well as the largest of the British Isles...
. The new capital was immediately taken up and a 10% call was paid. This fund and borrowings then enabled the company to buy estates costing over £300,000, with a rental of £15,000. The estates purchased were estates, mainly in Scotland
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
, forfeited after the Jacobite rebellion of 1715
Jacobite rising
The Jacobite Risings were a series of uprisings, rebellions, and wars in Great Britain and Ireland occurring between 1688 and 1746. The uprisings were aimed at returning James VII of Scotland and II of England, and later his descendants of the House of Stuart, to the throne after he was deposed by...
, when the rebels were stripped of their lands.
In January 1720, it proposed to undertake life assurance, though the Attorney-General
Attorney General for England and Wales
Her Majesty's Attorney General for England and Wales, usually known simply as the Attorney General, is one of the Law Officers of the Crown. Along with the subordinate Solicitor General for England and Wales, the Attorney General serves as the chief legal adviser of the Crown and its government in...
advised them that this was ultra vires
Ultra vires
Ultra vires is a Latin phrase meaning literally "beyond the powers", although its standard legal translation and substitute is "beyond power". If an act requires legal authority and it is done with such authority, it is...
. The company's stock rose in price during the year, reaching its peak in mid August, but the threat of a writ of scire facias
Scire facias
In English law, a writ of scire facias was a writ founded upon some judicial record directing the sheriff to make the record known to a specified party, and requiring that defendant to show cause why the party bringing the writ should not be able to cite that record in his own interest, or why,...
depressed the price, which collapsed to the point where the shares became almost unsaleable. In September, the company agreed to 'proceed only according to ancient known and regular methods, agreeable to their constitution and of the encouragement given them by Parliament'. They promised to make a call on their proprietors and did so, but gave each proprietor the option of surrendering half their stock to the company. Most proprietors took this option, with the result that the capital was little increased. The directors were left with £675,000 of stock (10% paid) which they had difficulty in selling. The result was that the company was crippled, and had difficulty in meeting its obligations. In 1721, it raised money by conducting lotteries, the prizes including stock in the company and annuities secured on its estates.
The company undertook various ventures to exploit its estates, including mining copper and lead ores in the Panmure
Earl of Panmure
Earl of Panmure was a title in the Peerage of Scotland. It was created in 1646 for Sir Patrick Maule, a former Gentleman of the Bedchamber to James VI and loyal follower of Charles I. He was made Lord Maule, Brechin and Navar at the same time, also in the Peerage of Scotland...
estates in Forfarshire, starting an ironworks
Blast furnace
A blast furnace is a type of metallurgical furnace used for smelting to produce industrial metals, generally iron.In a blast furnace, fuel and ore and flux are continuously supplied through the top of the furnace, while air is blown into the bottom of the chamber, so that the chemical reactions...
at Abernethy and shipping timber from there. However these works were not profitable. It also obtained illegal advances from the Charitable Corporation
Charitable Corporation
The Charitable Corporation was an institution in Britain intended to provide loans at low interest to the deserving poor, including by large-scale pawnbroking. It was established by charter in 1707. Its full title was "Charitable Corporation for the relief of the industrious poor by assisting them...
. Various financial strategems were undertaken to enable it to stay in business.
Eventually, in 1732 its annuitants petitioned Parliament. A new court of directors was elected and supported this. A call was made on shareholders, who were given the £95,000 stock remaining in the hands of the company. This was followed further stock manipulation. On 3 April 1732 George Robinson
George Robinson (swindler)
George Robinson was an English stockbroker and swindler in the 1720s and early 1730s. A banker in Lombard Street, he was appointed the circulating cashier of the Charitable Corporation...
, the Member of Parliament
Member of Parliament
A Member of Parliament is a representative of the voters to a :parliament. In many countries with bicameral parliaments, the term applies specifically to members of the lower house, as upper houses often have a different title, such as senate, and thus also have different titles for its members,...
for Great Marlow
Great Marlow (UK Parliament constituency)
Great Marlow, sometimes simply called Marlow, was a parliamentary borough in Buckinghamshire. It elected two Members of Parliament to the House of Commons between 1301 and 1307, and again from 1624 until 1868, and then one member from 1868 until 1885, when the borough was abolished.-History:In the...
, was expelled from Parliament for diverting £356,000 of funds of the Charitable Corporation into buying York Buildings Company stock; the profits of the sale were given to him.
Liquidation
In 1740, the affairs of the court became subject to court proceedings, partly in the Court of ChanceryCourt of Chancery
The Court of Chancery was a court of equity in England and Wales that followed a set of loose rules to avoid the slow pace of change and possible harshness of the common law. The Chancery had jurisdiction over all matters of equity, including trusts, land law, the administration of the estates of...
and partly in Scotland. In 1756, an agreement was made as to the respective priorities of various classes of creditor for payment. This was followed by an Act of Parliament
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
in 1764 for the sale of the company's estates, enabling some of the debts to be paid. The sale of further estates was authorised by another Act in 1777, the sale taking place in 1783. An agreement with creditors was made in 1786, but only led to more litigation until a further agreement was made in 1792, though this was not approved by the court until 1802. This left the company with £10,000, some government stock and its waterworks.
The Waterworks had been in lease for over 50 years. It was sold in 1818 to the New River Company in exchange for an annuity of £250. The company was finally dissolved by Act of Parliament in 1829.
The estates
Among the forfeited estates handed over to the York Buildings Company were:- Edzell CastleEdzell CastleEdzell Castle is a ruined 16th century castle, with an early 17th century walled garden. It is located close to Edzell, and is around north of Brechin, in Angus, Scotland. Edzell Castle was begun around 1520 by David Lindsay, 9th Earl of Crawford, and expanded by his son, Sir David Lindsay, Lord...
- BelhelvieBelhelvieBelhelvie is a small village and civil parish in Aberdeenshire in Scotland. The parish has a population of 3,802, of which 1,653 are in the village. It was the site of a suspected water pollution incident in 2006.-Notable people:...
Kirk, part of the estate of James Maule, 4th Earl of PanmureJames Maule, 4th Earl of PanmureJames Maule, 4th Earl of Panmure , was a Scottish peer.Born in Monifieth, Scotland, James Maule lived at Ballumbie and became the 4th Earl of Panmure in 1686 on the death of his brother, George Maule, the 3rd Earl. he married Margaret, the daughter of William Douglas, Duke of Hamilton... - Callendar HouseCallendar HouseCallendar House is a mansion set within the grounds of Callendar Park in Falkirk, central Scotland. Its present form, in the style of a French Renaissance château, dates from the 19th century, although at its core is a 14th-century tower house...
, Falkirk - Widdrington CastleWiddrington CastleWiddrington Castle is a Scheduled Ancient Monument and the site of a former medieval tower house and castle at Widdrington, Northumberland, England of which only earthworks now remain. The location is within a mile or so of the North Sea....
estate of William Widdrington, 4th Baron WiddringtonWilliam Widdrington, 4th Baron WiddringtonBaron William Widdrington succeeded to the title 4th Baron Widdrington of Blankney on the death of his father in 1695....
in Nortumberland.
See also
- John Theophilus DesaguliersJohn Theophilus DesaguliersJohn Theophilus Desaguliers was a natural philosopher born in France. He was a member of the Royal Society of London beginning 29 July 1714. He was presented with the Royal Society's highest honour, the Copley Medal, in 1734, 1736 and 1741, with the 1741 award being for his discovery of the...
. Desaguliers advised the company on steam technology. He was chaplain to James Brydges, 1st Duke of ChandosJames Brydges, 1st Duke of ChandosJames Brydges, 1st Duke of Chandos, MP, PC was the first of fourteen children by Sir James Brydges, 3rd Baronet of Wilton Castle, Sheriff of Herefordshire, 8th Baron Chandos; and Elizabeth Barnard...
, one of the investors.