The North Cleveland Ironstone Company Limited Collection

BS/NCI/1. Corporate Records
BS/NCI/2. Share Records
BS/NCI/3. Administrative Records
BS/NCI/4. Financial and Accounting Records

The North Cleveland Ironstone Company Limited commenced a lease of approximately 525 acres of ironstone under the Loftus estate in March 1871 and the Articles of Association being registered on the 29th April 1871. The proposed capital of the company being £40,000 in 400 shares of £100 each.

Formed primarily for mining the south portion of Lord Zetland's Loftus Ironstone, the agreement between the landowner Thomas Dundas, the Earl of Zetland and the company's John Marley, John Feetham, John George Swan, Thomas Robert Maddison Plews, E.R. Whitwell and Charles William Bell was initially agreed for a term of 42 years.

Ironstone mining commenced in October 1871, although the mine yielded only around 5000 tons during 187, as a result of time being needed to set up the mine and transport links. The company's registered offices were initially at Bondgate, Darlington before moving to Royal Exchange Buildings, Middlesbrough.

Within a year Plews and Bell had sold their shares to Messrs Swan and Stowell and by May 1872 difficulties became apparent. At a Finance Meeting it was recorded that production would have to increase four fold to make the mines pay. After the company failed to deliver sufficient quantities of ironstone to fulfil contract demands, the overdraft of the company was increased in 1872 in order to meet increasing debts during via an early call on shares.

Swan acquired the rest of the shares in the company in 1872, the lease in turn transferring to Swan, Coates and Co.

The North Cleveland Ironstone Company Limited was subsequently dissolved in 1873.