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{{main|Bolckow Vaughan}}
In 1864, the firm of [[Bolckow Vaughan|Bolckow & Vaughan]] was formed into a [[limited liability company]] with a capital of £2,500,000, and with Bolckow as its first chairman.<ref>[http://www.dmm.org.uk/company/b007.htm Durham Mining Museum: Bolckow, Vaughan & Co. Ltd.] This shows that the date in the Dictionary of National Biography ([[s:Bölckow, Henry William Ferdinand (DNB00)|Bölckow, Henry William Ferdinand]]) used in earlier versions of this article is inaccurate.</ref><ref>{{citation| author = Pitts, Marianne| url = http://www.caerdydd.ac.uk/carbs/news_events/events/past/conferences/pitts.pdf| title = How are the mighty fallen: Bolckow Vaughan Co. Ltd. 1864–1929| date = April 2007}}, alternative link [http://www.edwards.usask.ca/special/5ahic/papers/5AHIC-19%20FINAL%20paper.pdf via www.edwards.usask.ca] {{webarchive|url=https://web.archive.org/web/20130927155525/http://www.edwards.usask.ca/special/5ahic/papers/5AHIC-19%20FINAL%20paper.pdf |date=27 September 2013 }}</ref>
By 1868, Middlesbrough was producing four million tons of iron per year, and the town's population had risen to 40,000. It became a centre of such importance that, in 1853, the town received a charter of incorporation, Bolckow becoming the first Mayor of the new [[municipal corporation]], with Vaughan following him two years later.
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