Here is some edited info from an article published in 1972 in the Transactions of the Historic Society of Lancashire and Cheshire, volume 124, which might be of some help.
The article is called The First Scheme For Docks At Birkenhead And The Proposed Canal Across Wirral, by W R S McIntyre.
In 1828, a report by the civil engineers Thomas Telford, Alexander Nimmo and Robert Stephenson proposed a seven-mile ship canal across North Wirral.
It would start in the River Dee near Hilbre Island and cut across the top of the peninsula to Wallasey Pool, where docks and warehouses would be built. The aim was to enable shipping to avoid the uncertain and often treacherous entrance channel to the Mersey used by vessels heading for Liverpool.
The report was commissioned by William Laird
and Sir John Tobin, who had bought land along Wallasey Pool. Laird
had already established his boiler works there, later turning to shipbuilding. Tobin was a wealthy merchant and shipowner.
But when Liverpool Corporation learned of the canal scheme, it saw it as a threat to its own dock trade. So it bought up the land from Laird
, Tobin and others at a hugely inflated price. Laird
had paid £80 an acre, but received £726 an acre. In all, the corporation paid out almost £258,000 for the land, a sum it had to borrow by issuing bonds.
There was astonishment at the windfall made by Laird
and Tobin. Tobin blamed Laird
for selling out, saying he then had no choice but to do likewise. Telford suspected the canal scheme had simply been a device to push up the price of the land. However, no skulduggery was ever proven.
In any event, the canal project - which would have cost £1,200,000 in its original form - never went ahead. There was a vague promise from Liverpool Corporation to develop the Wallasey Pool land as docks, but it later decided it already had enough dock space in Liverpool. In fact, it had simply snapped up the land to stop Birkenhead building its own docks.
The Wallasey Pool land was left empty until 1843, when William Laird
's son John and a group of other developers bought it back from Liverpool Corporation and it formed the basis of what eventually became Birkenhead docks. The corporation was by then happy to dispose of the land because it was still burdened by the original purchase debt.
You can obtain a copy of the full McIntyre article from the society - see its website.
As for why Corporation Road was given its name, I don't know. Birkenhead was incorporated as a borough in 1877 and I thought that is when the road might have been named.