By 1845, W.F. Cooke's financial resources were declining rapidly; he had disbursed £71,719 in 1845 alone, compared with £31,279 for the entire period 1836-1844. According to his notes, receipts for the 1836-1845 period amounted to £96,974 excluding sums due on payment of works in hand. The need for extra finance became crucial, a public company had to be formed. Cooke decided to enlist the support of G.P. Bidder whom he had met during the construction of the Blackwall Railway. Bidder procured the good offices of John Lewis Ricardo, the Member of Parliament for Stoke on Trent, the Chairman of the North Staffordshire Railway, and 'a man of extraordinary sagacity and great energy. It appears the objective of Bidder and Ricardo was to purchase part of the patent rights of Cooke's and Wheatstone's inventions with the intention of establishing a company to operate the electric telegraph. To further this plan, Cooke's solicitor, R. Wilson, in August 1845, was instructed to list the various extant patents, licences and contracts.

Inspec keywords: financial management; contracts; history; patents; telegraphy

Other keywords: contract; financial resources; licences; electric telegraphy; patent rights

Subjects: Telegraphy