LOOK BACK IN TIME: 20th November 1852

The Isle of Wight Observer, published on 20th November 1852, carried a notice that an Act of Parliament was intended to establish a new railway on the Island. It also published the piece below about changes to the intended route of the new railway.

Shareholders were expected to receive 5 per cent for the first seven years with “a much higher dividend” after that time. Who would have thought that 170 years later the Island’s small railway would lose £ millions every year?

ISLE OF WIGHT RAILWAY
Guaranteed £5 per Cent.

The Directors desire to announce that, in deference to the unanimous wish of the Inhabitants of Ventnor and Bonchurch, they have decided to carry the Line to Ventnor instead of Niton. The Line will now be carried from both Ryde and Cowes to Newport, and, passing Godshill, will proceed to Ventnor.

Messrs. Fox, Henderson, and Co. have agreed to make this Line, paying for land, and all expenses after the Act is obtained, for the sum of £240,000, and to maintain it in good repair, and work it for seven years, paying to this Company £12,000 per annum, together with half the surplus profits.

They have also agreed to invest as much money, in the names of the Trustees of this Company, as will be sufficient to pay all the said annual payments during the whole period of the seven years; and, therefore, the Shareholders can rely on regularly receiving £5 per cent. interest on their Shares, with half the surplus profits, every six months during the seven years. At the expiration of that period the amount of traffic will pay a much higher dividend.

It is expected that the Line will be made and opened within twelve months from the date of the Act.

Temporary Office,

8, Parliament Street, Westminster.