ABSTRACT
The Wigan Coal and Iron Co. Ltd. (WCI) was formed during an early phase of company promotions 1 following the introduction of limited liability for British registered companies in 1855. The iron and steel industry took early advantage of the scope which limited liability provides for raising capital from the general public, 2 but this does not seem to have been the principal factor motivating the promoters of WCI to incorporate. The company did issue partly paid-up shares to the vendors of the amalgamating concerns, and calls were from time to time made on the outstanding balance, but the nominal value of the issued share capital was never increased from the original £2,193,100. WCI was one of the nations's largest companies during the early years of its existence 3 while in 1905 it was ranked forty-second, 4 but most of the companies judged to be larger, at the later date, were formed after 1865. 5
