in Middlesbrough. The inscription reads: 'John Vaughan 1799–1868 Mayor of Middlesbrough 1855 discovered ironstone in the Cleveland hills founder of the iron trade in Middlesbrough. Partner of Bolckow, Vaughan & Co. who built one of the first iron works in Middlesbrough in 1840.' Knowing of earlier attempts at extracting ironstone in Cleveland, Vaughan suspected a more abundant supply of ironstone could be found close to hand. He instructed his mining engineer,
John Marley, to study Cleveland's geology. On 8 June 1850, the two of them walked the
Cleveland Hills and quickly found a plentiful source, in the shape of the main seam of Cleveland Ironstone "above sixteen feet" (about five metres) thick. Bolckow and Vaughan moved rapidly: within 12 weeks, they had signed agreements with the landowners, started the first mine, built a tramway to carry the ironstone, and delivered the first load of seven tones to Witton Park. From that moment, their business grew swiftly. They opened more mines at
Eston and added blast furnaces at Middlesbrough. The combination of Vaughan's technical skills and Bolckow's financial skills was effective and long-lasting. The partnership grew into steelmaking giant
Bolckow Vaughan & Co., Ltd., formed with capital of £2,500,000 in 1864: the largest company in existence at that time. ==Wealth==