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'" i, ■ -■ ^« . ,; •'id' vk^MiitidtiAi^i-—*" BRIEF REVIEW OK THE ORIGIN, PROGRESS, PRESENT STATE. AMI f I'TIFRE PROSPECTS UK THE WELLAND CANAL. -»tH*t»t$*fHt**- BY WM. HAMILTON MKRIUTT, ■rt\V///////AMv r. ^. ST. CATHARINES : H. LEAVENWORTH, JOB PRINTER, JOURNAL OFFICE. 1852. li R I E F 11 F. V I !•: W. As few public works in any country liavc, under similar cir- cumstances, been attended with the like success, it is desirable that the public should he placed in possession of a brief narra- tive of the facts connected with the Welland Canal, as recorded, from time to time, in the Journals of the Province. 1823. — The first active movement towards the accomplish- ment of this great National Work, was, in obtaining a survey of the country.lying between the Chippawa river and the waters running into lake Ontario, by Hiram Tibetts, Es(i., who reported thereon. 1824. — On the 10th of May, a jjetition for an act of incor[)o- ration was presented to the Legislature; and on tht; 19th day of June, George Keefer, Thomas Merritt, George Adams, Wil- liam Chisholm, Joseph Smith, Paul Shipman, John Decow, Wil- liam Hamilton Merritt, and others, were incorporated by the name of the "Welland Canal Company," with a capital of £40,- 000, divided into shares of £l2 10s. each. The stock was sub- scribed, and the work commenqed, on . ^ 30th of November, ni the same year. One of the most striking features in the history of this work is, that notwithstanding the want of means, opposition, and end- less embarrassment, its prosecution was not discontinued a single day, until two vessels passed from lake to lake, five years after. The first project contemplated only the connexion of the Lakes by means of a Boat Canal passing up the valley of the twelve mile creek to the foot of the mountain ridge, — ascending from thcnco by a Railway to the Bcav^^l■(Jam, — and tlicncc to the ('hippawa, hy a second Boat Canal tunneled through the high land on the site of the present Deep Cut. 1826. — As i)uhlic attention was soon directed to the impor- tance ol' connecting laktjs Erie and Ontario by a Ship Canal of enlarged dimensions, for which the amount of the original stock was (juite inadccpinte, on the 13th day of April, the act of 4th George IV. was amended by the Gth George IV., and the capital increased to £200,000. Every inducement was held out to capitalists to invest money in the undertaking. As an instance — the 15th clause of the amended act provided, "That it should not be lawful for His Majesty, his Heirs or Successors, at any time to assume the stiid Canal, uidcss it should a])pear from the accounts of the said Com])any laid before the Legislature, that the Stockholders shall have received every year, npon an average, the sum. of twelve and a half per cent, for every one hundred pounds he shall be pos- sessed of in the said concern." REPortT A. — An able Report, which was published by order of the Board of Directors, at the close of the year, is appended hereto, in order to show that the comprehensive views then en- tertained, arc now realized, as well as the reason why the pri- vate Stock was not then subscribed, and the great loss the Shareholders were subjected to in consequence. The present Lord Bishop of Toronto, Dr. Strachan, who was then a member of the Legislative Council, took a warm interest in this magnificent undertaking, from the first, and did all that was in his power to assist and encourage those who were la- boring for its accomplishment. As early as 1825, when the work was in its infancy, bitterly opposed by some, and distrusted and thought lightly of by others, he drew up a [)aper setting forth the inestimable advantages it must produce to the commerce and agriculture of the country, and urging its accomplishment by every effort and at whatever cost. The Directors, partaking those sentiments and opinions, were happy to introduce, with his permission, his eloquent ap- i the peal into their ll(;|)ort ; find the pajwr f li.avo last rofcrnid to, with the exception of such passages us relate to the details of the Company's pioceedini^.s, contains Dr. Strachan's sentiments and his earlv views of the charactiM' and oi)iects of this ijreat work, in his own lan^ua'^e. Thcv iire introduced here, from a conviction that it will be no K-ss ^a'atifyini;- to the venerable Prelate than to his nianv friends, as well as interestin<' to the public, to observe how clearly he predicted, when the Company was strun-gling wilh its greatest diflicultic^s, the inevitable pro- gress and success of the noble work they were engaged in, and the splendid results it nn.ist jn-oduco throughout a country whit-h forms a large portion of the globe. When he remarks, in lan- cuagc which majiv at the time niav have thouLdit extravairant, that the Welland Canal will, in time, yield only in importance to the Canal which may hereafter unite the Pacific with the At- lantic ocean, through the Isthmus of Darien, it is interesting to reflect, that he was then contem})lathig a work which, after an interval of twenty-six years, we now iind engaging the atten- tion of the business world on both continents. 1826. — On the UOth day of .January, a loan of £25,000 was obtained from the Provincial Legislature, to enable the I)ire<'.- tors to prosecute the work until the remainder of the capital stock could bo subscribed in England. On the 24th September, Mr. Gait, Secretary to the Canada Company, apprized the Board, that certain Directors of the Canada Company had consented to act as a Committee, in Lon- don, on behalf of the Welland Canal Company. On the 30th of the same month, a despatch was received from Lord Bathurst, offering, on condition of passing Government vessels and stores free of toll, to advance the same amount to the Welland, as to. the Lachinc Canal, — one-ninth of the cost, — then estimated at £16,300 sterling, which was accepted, and an act passed accordingly. 1827. — A grant of 13,400 acres of land was made to the Com- pany, on the 17th February; and an act was ])assed authorizing stock to be taken by the Government, to the amount of £50,000, on condition that thr. Compdnij should jhiij the public thr intrjrst on the stock so sitbscribcd, nntil one yvar after the Cavdl nuis com- pleted. The liO^islatiire of liOwer Cunadii also aullwM'ixcMl the suhscrij)tion hv thoir Govcniiiiont, of stock to the ainouiit of £25.000. Tliis timelv aid enabled the Directors to ))roseciite the work with vif^or, tlirouuli the year ; still, upon the Jicsport at its close, it a|)i)(.'ars that, althonu:li 81 ])er cent, on all the capital stock siihscribcid, had been jiaid in, there remained JChh,- 870 2s. Od. to be provided loi', to finish the (Janal. j\otwithstanding this large deficiency in the amount ol' means, and the conviction that any fiu'ther application for aid to the Legislature would be fruitless, the J )irectors had no other alter- native but to proceed with the work. The whoh; lino was then placed under contract, and no reasonable doubt of tinishing the Deep Cut, (the most difficult jwrtion of the work,) during tlu? ensuing year, was entertained. Under those circumstances, and after considting with J. B. Yates, Esq., who became lia])le for a large sum of money, the Board determined on calling in the re- maining 19 per cent, of stock, and adopting the most ellicient means to obtain the residue ; and if })racticable, to open tin; navigation during the ensuing season. 1828. — This year, from the Report, it appears that the whole amount of stock had been taken up, and a loan of £50,000 ster- ling obtained in England, so that the cllbrts of the Directors to obtain money, had been crowned with success. Also, that the work was so far advanced on the 25th of October, that within ten days the waters of the Chippawa could have been let through the Deep Cut. Notwithstanding this apparent favorable ])Osition of their affairs, an unexpected obstacle arose, the most disastrous yet experienced. Slips occurred in the Deep Cut of so extensive a character, that it became indisj)ensable to abandon the original plan of making the river Welland the summit, and to bring a supply of water on a higher level, from the Grand river, in order to pass over those slides. J ? V 'I'lie Report of this vear, closed with tho tolh)Vviiirr remarks. "However great has heeii the (UHiciilties siiriiiomited, in coh- struf'ting so t'onni(hihi(! ati iinclertaking to its [iresent advanced state, the wiiole pressure has been honu; hy the Shareholders ; since no aid has been granted by the CIovernm(>nt, or by the Legislature;, — tor which the interest lias not been punctually paid up by the Company." 1829. — From the Report of this year, it apears that .lames Geddos, Esq., one of the most experienced Engineers then in tho State of New York, was employed to assist Mr. Barrett in exploring and estimating the cost of bringing the waters of the Grand river from Barefoot rajjids, (now Caledonia,) to tho Deep Cut, (now Port Robinson.) After receiving the Re{)ort of these gentlemen, one entire day was occupied by the J)ircctors, at the Bank of Up[)er Canada in Toronto, in discussing this import;uit subject, belore the plan of operation was determined on. It was truly a formidable undertaking. The estimates, whi'-h had on former occasions generally fallen short of the ex[)endi- ^ ture, showed £'25, 000 was to be provided for, over the l)alance of money on hand, and no other hoi)t; or source remained of pro- curing it, than from the Legislature. Nevertheless, as the Canal was nearly finished, from lake On- tario to the Welland river, there was good reason to believe that it was practicable to bring water from the Grand river, and that a vessel could be passed thr(»ugh before the close of the season — in which event,, the Legislature could not refuse the grant. The Directors, therefore, after mature consideration, determined on making the attempt, and adopted the following plan. Bounties were offered for the best plan of a wooden Aque- duct over the river Welland, and a Dam across the Grand river. The remainder of the work was laid out in sections of half a mile in length. Every proposal was to be based on the Con- tractor being paid a portion of the money on hand, and the bal- ance after the Company obtained the means from the Legisla- 8 turu. Covenants were inserted in each contract, embracing the above condition ; also, that each section should be finished by the 15th August : it" not, that part remaining unfinished should be let to anv other Contractor ; and that so soon us any one section was tinish(!d, the force employed should be placed on the nearest adjoining section thereto, so that the whole effective force should be nitained until the waters of the Grand river were let into the main (.'anal. The Contractors hired their laboriuL'" men under similar conditions, and thus every man be- came personally interested in passing a vessel during the navi- gable season, as it was well understood that on this event alone the Legislature could i)e induced to make a further loan. This combination of personal interest ])roduced the anticipa- ted result. Although the season was late — the frost continuing in the ground until the 15th day of April — still the Dam across the Grand river, the Aqueduct over the Wei land, four Locks at the Deep Cut, the cut at the mouth of the Chippawa, and twen- ty-seven miles of Canal, were so far completed on the 9th day of October, as to admit the jiassing of a vessel from Dunnvillc down the Feeder. It is questionable whether, a})art from the want of money, on any (v-casion whatever, an eciual (juantity of work has ev'cr been performed with the same force, in so short a time. The Report states: "It is not the intention of the Directors to recaj)itulate the embarrassing difficulties they had to encoun- ter, during the past year ; but it is just to say, that had it not been for the confidence manifested by the Contractors, the work must have been suspended altogether. By their indefatigable exertions, under great disadvantages, the Canal was filled ; and on the 30th of November, (the anniversary of the day on which the Canal was commenced,) the inhabitants of this District were gratified in witnessing the ascent of two schooners — the Ann & Jane, of York, (now Toronto,) and the 11. H. Boughton, of Youngstown, N. Y. — from lake Ontario to lake Erie." The commercial intercourse thus opened, was not then a[)pre- ciated, as a})pears from the following extra(;t from the Report of the Directors for that year. " It has been their mortification I i I int th( Cn 81 Jo lat .9 liithorto, to find, that while with the greatest proportion of strangers wlio visit the jirovinco, tlie Wellancl Canal seems to possess a particuhir interest, tlie inhabitants ofX^pper Canada, in general, appear to Iiave tlie most imperfect ideas of the stupen- dous nature of this great undertaking — the rapid strides by which it is advancing to its consunniiation — and the immense advan- tajjes to themselves and to their countrv which must follovv^ the successful termination of a work, that it is probable will be thought hereafter, to reflect some degree of credit upon those by whose encouragement and exertions it has been supported." When we reflect on all the circumstances connected with this undertaking, up to this period, its success ajipears almost mar- vellous. The disappointment of the Directors in not procuring money from England, is thus alluded to. "The financial arrangements have been attended with ditliculties, which they had no reason to expect, because they have arisen from a hesitation to fulfil engagements which the Directors considered to be binding and conclusive, and upon which they, therefore, relied. No such failure, however, has occurred with respect to the Stockholders in America ; and they trust, when pains are taken to contrast authentic information with groundless fears and idle reports, any hesitation which has hitherto been exhibited, will bo removed." 1 Notwithstanding the increased expense and delay incurred by removing the Dam from the mouth of the Grand river, — the slides and sinks at the Deep Cut, — and from the Company's limited means, it will scarcely be credited, that this great un- dertaking was so far accomi)lished, for the very moderate ex- penditure of £272,795. (For details, refer to table No. 4.) As a further proof of the want of capital, as well as the little interest felt for the undertaking at this time, only 232 Shares of the capital Stock, amounting to £2,000, was held in all Upper Canada ; and only eight individuals held a sufficient number of Shares to qualify them to become Directors, namely: the Hon. John Henry Dunn, President, Hon. John B. Robinson, W. Al- lan, Henrv J. Boulton, D'Arcv Boulton. and Colonel Wells, of 10- Toronto; George Keefer. of Tliorold, and William Hamilton Merritt, of St. Catharines. They never received or looked for any compensation whatever, for their services as Directors ; and having accomphshed the ohject for which they undertook this thankless and most arduous duty, they retired, richly enti- tled to the following appropriate remarks of their successors, in 1833. " The former Directors arc entitled to all praise for their per- severance and patriotism. We would name them individually, but it is unnecessary. The public knows who arc, and have been, the undeviating supporters of the undertaking, and by whose exertions the present Directors have the satisfaction to announce, that vessels can now pass from lake Michigan to Prescot." 1830. — After a critical examination of the expenditure, by a Committee of the House of Assembly, who reported on the 22nd January, "that, although the transactions in the Books embrace an expenditure of upwards of a million of dollars, they saw very little indeed to censure," the Legislature, by a ma- jority of two, granted a loan of £25,000, which ena])led the Com- J)any to pay the debts incurred the preceding year. Robert Randal, Esq., M. P., was appointed a Commissioner under the above act. lie made a very satisfactory Report, in December, and continued to be a steady supporter of the work. 1831. — On the 10th March, a Loan of £50,000 was obtained, on condition that the Company should furnish individual secu- rity that this sum would complete the whole Canal, Harbors, &c. &c. from lake to lake, without any further grant for that purpose ; and should indemnify the Government against the payment of interest on the said Loan, and one-half the principal of the same. John B. Yates, Alexander Yates McDonell, and Wm. Hamilton Merritt became liable for the amount required. This Loan was obtained on an api)lication for a grant of £200,- 000, to extend the Canal from the Aqueduct to lake Erie, and finish it throughout, in a durable manner. It was at one time adopted by the House, although subsequently altered to the s i; Ol ci 11 aljovG Loan, wliich is to be regretted, as it failed to accomplish the desired object. However, it was a [tartial relief, as it en- abled the Company to avoid the tardy and circuitous naviga- tion of the Welland and Niagara rivers, and tliencc up to Point Abino — a distance of fifty miles — by making a Canal of o*i}ly seven miles in length. 1832. — The Cholera materially retarded tlie prosecution of the work, this year. A greater number of victims fell a prey to this sweeping scourge, on this part of the line, according to the number, than in any other part of Canada. 1833. — Messrs. the Hon. John B. Macaulay, Absalom Shade, and William B. Robinson, were appointed Commissioners this year, — the latter gentleman was appointed ISuperintendant, and was some vears afterwards Chief Commissioner of Public Works, and has at all times rendered tke undertaking the most active and efficient support. Benjamin Wright, Esq., the principal Engineer on the Erie Canal, was employed to report on the work. After a minute examination, w^e find the following extract, in a letter he ad- dressed to W. B. Robinson, Esq., dated October, 1833 : — "I can hardly find words to express what 1 think of the im- portance of this Canal, (the Welland,) and the auxiliary project of improving the Rapids of the »St. Lawrence, to the commer- cial importance of jNIontreal and Quebec. All the Western World, which is to be inliabited by its tens of millions of indus- trious people, is very much inclined to get on to lake Erie ; and when once there, it will show a great want of enterprise in the people of the two Canadas, if tiiey do not compete for this great prize — thev can do it, and will do it successfully. The New York Canal can never accommodate that World, even with all the auxiliary Railroads which can be made. I may be enthu- siastic in my views — I think I am not ; and that Canada ought to be up and doing." 1834. — The Report of tlie Directors of the 31st March, closes >vith the following remarks. "There has been no want of ex- ertion or skill in conducting, or economy in executing this ardu- 12 ous undcrtaNing. The increased expenses and tedious delays, proceeded from causes not within their power to control. The changes made in the line of the Canal, its increased dimensions, alterations of the original })lan, and removal of the Dam after the works had been in considerable progress, involved the Com- pany in great additional expense. The k)sses, delays, disap- pointments and embarrassments against which the Company have struggled, since the extension of their charter for Ship Navigation, and the failure in procuring the Stock in England, can only be known by those who had examined the subject. The Stockholders alone, who are the most deeply interested, view the undertaking in its true light, and are entitled to tlie consideration of the country for the sacrifices they have made, and for the spirited manner in which they have sustained the work. They have laitLout of their cai)ital for many years, and have incurred a positive loss; while the British Government, and Provinces of Upper and Lower Canada, arc positive gainers.''^ The letter of John B. Yates, Esq., to James II. Sampson, Chaii'man of Committee, gives a brief review of the Canal, up to the present period. It proves that any attempt to construct the Locks of any other material than wood, would have caused an entire failure ; because it would have called for an expendi- ture which, at that time, it would have been impossible to meet. It establishes, also, that no work of similar magnitude has ever been constructed for the same money. And in that document Mr. Yates declares that, from his knowledge of the country by which the Canal will be sup])orted, he has every conlidencc in the result, |n'ovided means shall be furnished to complete it. On the IGtli March, the capital was increased to £250,000, and the Government subscribed £50,000 Stock. 1836. — The Report of this year alludes to the diminution of transportation, caused by the frost and the snow-storm on the night of the 14th May, 1834, which destroyed a great portion of the crops in the Western country, — an event which should not be passed over, unnoticed. Tables w^ere published, giving items of the trade passing the Canal ; and their oontinuance re- 1 \ i 13 commended, to jtoint out its relative increase, from year to year. The ex])enditnre during the last six years, was £178,724. For a stateme^pt of the description of work performed, refer to Re- port above alluded to. 1836. — From the 27tli January to the 13th of April, a Com- mittee of the Legislative Assembly was employed investigating the affairs of the Company, in consequence of charges of Defal- cation ; and they reported that, although errors existed, no in- tentional fraud had been brought home to any individual oHicer of the Company ; nor did it appear that the misconduct com- plained of, in this respect, had benefitted any individuals con- nected with the management of the Canal. That the Accountants employed, proceeded to balance tl»e Books, from the commencement of their operations up to the present time ; but that the investigation of all the Accounts of the Company, Avould have occupied them at least six months. After describing the balances of different Accounts, they add, — "But it is quite impossible for the Committee to say whether, upon a general investigation of the whole Accounts, these sums would be increased or diminished." " Toronto,' 4//i Jwyie, 183G. "P. G. Beaton, Esq. — Dca?' Sir: At your request, I have examined the .Journal and Jjcdgcr made by y(.)U, from tlie Books of the Welland Canal, and I Imvo no hesitation in expressing my opinion, that the plan you have adopted is a good one, and J should say the best that could have been taken, to ascertain the real expenditure of the w^ork. Of course, I have not examined into the details, but presume, from the appearance of the Jour- nal, with the references to the original Books, that they have been correctly made out, and they appear to balance exact!}'. Of vour own abilities as an Accountant, I never had anv doubt, and I think it would have been fortunate for the Directors of the Company if they had always had you as their Accountant. " Your's, truly, (Signed,) FRA'S IIINCKS." On the 4th May, the Secretary, John Clark, Esq., having desired a more general investigation of the Accounts than Messrs. Ilincks and Youni; were enabled to make, the Board, in 14 conscf[Ucncc, appointed Messrs. Cameron and Murray. Account- ants to tlic Canada Company, and the Bank of Upi)cr Canada, who reported on tlic 8tli June, tlius : — "Toronto, 8th June, 188fi. *'7b the President and Directors of the Welland Canal Company: "Gi:\Tr-KMEN: — In compliance with the request of your Presi- dent and Secretary, and of tlic order of vour Board, of the 4th ultimo, we have, with the assistance of Mr. Beaton, examined the Books of the Company, fj'om its formation to the close of the year 183.5, and now beg to present the result of our investiga- tion, in the accom|»anyiniT concise balance sheet, showing the (expenditure on each particular branch, and the receipts of every descri})tion. ■^^ .U. ^ ^ ^ ^ .tf, 4f, *TC •TT "/V" T^* ^ "Tr Tt* nv '•In conclusion, we have to remark upon the whole investiga- tion, that in consideration of the expenditure of so large a sum . of money, throngliout a period of twelve years, on payment of Accounts kept with upwards of two thousand individuals, that it is very surprising how few errors have occurred ; and we be- lieve that there are few undertakings of a similar magnitude, the Accounts of which have been so correctly kept ; -and the laithful account which the Books allbrd of the monies received by the Company, must reflect the highest credit on the otHcers entrusted with their disbursement. We jiave now to hope, that the result of our investigation will prove useful and satisfactory to the Board of Directors of the Welland Canal Com|)any, and that their minds will be now at rest, respecting imputed Defal- cations in the management of the Company's affairs. (Signed,) "JNO. M. A. CAMERON, .flccovntant to the Canada Co. (Signed,) "C. S. MURRAY, Book Keeper Bank of U. C" From the above it is clear that the system adopted in 1830, by which the House of Assembly appointed a portion of the Directors, who were gentlemen holding no personal interest in the undertaking, produced precisely the result which its op- posers at the time predicted — fruitful and continued contention. The u'niform and most determined o})ponents of the undertaking, who had uniformly voted against any grant, and all pul)lic aid, were selected for management. The appointment of Directors A t sub the 15 * Avas made a party (juestion, and the wholo period was wasted in useless strife. It, tlierelbre, became evident, that tlic system of management must be clianged. On the 29th of November, a Committee of the House of As- sembly, consisting of jMessrs. Jonas Jones, Chairman, Cart- wright, Chisholm, Rykert, liockus, Robinson, Xortoji, McKay, and Richardson, report — '' That, from a ])ersonal inspection of the whole line, they arg. impressed with the im})ortanee of tiio work. Considering the oljstardes to Ix; surmounted, it bus as- tonished the Committee to see how mnch has been accomplished. They recommend making the Welland Canal strif;tly a Public Work, on such terms as will combine tlie principle of ultimate indemnification to the private Sharebokbirs, with a due regard to the interest and convenience of the public.'' The reason assigned was, that the Shareholders had received no equivalent for their outlay, while tlie public were amply re- munerated. In proof of wbicb, they remark in their Report of the 17th December, that the revenue at the Ports of Fort I'iiic; and Chippawa, had increased from £31, (when the Canal coni- mericed in 1824,) to £1,008, in 1835. That it is impossible to estimate the value of the erections, and the land on and abov<; it, which already has added thousands and thousands of pounds to the value of the #i*ovince, far exceeding the ])rincip.'d and in- terest of the outlay. 1837. — On the 4th March, 7th Wm. 4th, cap. 92, was passed, which converted all Loans heretofore made to the Company, by the Provincial Government, into Stock, and authorized a further subscription, on the part of the Government, of £245,000, to complete the Canal in a durable manner, with stone Locks. The sale to the Hydraulic Company was cancelled, and the land re-purchased, — the rents having increased to about £1,000 ; and the Canal was placed under the control of the Government, by the appointment of three out of the five Directors. This Act appropriated the income to be derived from the Canal, firstly, towards the payment of interest on future loans : secondly, in the payment of dividends to private Stockholders until it reached 10 six por cent. ; and thirdly, the remainder to be applied to tlie j)ayinciit of interest on the previous advances by the Govern- ment. The cost of manaifement was to be sustained out of the cai)itai, until the Canal was finished. 1838. — On the 12th of Fel)ruary, the Report [Letter B.] ap- j)ended hereto, was laid before the liCgislature. It is alluded to, to show the striking difference of opinion which existed at the time, between the Directors appointed 'l)y the Government, and those appointed by the Stockholders. The publication of this Report, created a distrust in the minds of the Shareholders, re- specting the future manngement of the Canal, which, led them to petition, for the first time, that the Government would assume the entire work. This year, the Directors report an excess of revenue over 1837, of £5,010. Amount of Toll received, £11,704. Hy- draulic Rents, £1,077. Total, £12,781. Cost of administration and interest, £0.920. Leaving a dividend on the private capital, of 5 per cent. The Superintendant, W. B. Robinson, Esq., also reports the clearance of 1,348 Vessels ; and anticipates a large addition to the receipts. 1839. — On the 10th May following, the 4th and 5th Victoria, cap. 48, was passed, authorising the purHiase of the private Stock. 1840. — On the 30th January, an Address passed the Assembly unanimously, praying that the Royal assent would no longer be withheld to the act of 1839, for the reasons assigned in the Re- port, which recommended the property to be re-placed under the control of the private Shareholders. The Royal hssent was obtained, in this year, and the Legislature authorized a grant of £500,000, to complete the work. It was pleasing to witness the change in public opinion, which took place respecting this undertaking. Every grant had been heretofore closely contested. In 1834, Mr. Justice McLean, the Speaker of the Legislative Assembly, and always a promi- nent supporter of the Welland Canal, carried the bill by his tlic ) 17 cnsting vote ; and without individual security, it could not have been passed. In 1841, on a division, only two out of eighty members op- posed tliC grant. From this period the interest of the private Shareholders in the work ceased. 1842. — This year the Government assumed, the entire contro], and commenced the eidargement, under the superintcndance of the Board of Works. The exj)enditure the last six years, was £ 114,407 — averaging about £19,078 per year. Sec Table 1. 1843. — This year, the aforementioned act was amended, by the act appended hereto, [Letter C] under the provisions of which, Debentures were issued to the private Shareholders, for the amount of the capital paid in. The Welland Canal Company have been reproached, from time to time, because the expenditure exceeded the estimates ; but a comparison with any similar work, will prove whether this accusation is well founded or not. Hiram Tibbetts, Civil Engineer, made out an estimate to im- prove the channel, in the manner heretofore pointed out, for boats of twenty tons burden, at £10,000. In 1825, Samuel Clows made an estimate for a ship Canal, with wooden locks, from the mouth of Grand river to lake On- tario, (41 miles, 8 feet water,) at £179,556 13s. 7d. N. Ro- berts, Geddes, and F. Hall, corroborated portions of the above. In 1829, the increased expense of raising the summit to Grand river level, by Messrs. Barrett, and Geddes, was estimated at £54,000. The Port Colborne cut, by Mr. Barrett, at £42,34(). In 1836, Committee report, that, from the Reports of Judge Wright and Mr. Hall, and from their own inspection, to make stone Locks 24 feet wide and 110 long, they will not venture to estimate less than £200,000. In 1838, N. H. Baird and H. H. Killaly, Civil Engineers, es- timated the cost of rendering the Welland Canal a permanent and efficient work, — locks 24 feet wide, 110 feet in length, and 8 feet water, £200,949 5s. 5d. c % IB Although the original estimate for the Ship Canal exceodiMl the expenditure by the Coin})any more than douhle, it did not materially exceed the cost by the Government purchase of 1843. However, in order to provide a remedy, the Legislature passed an Act to prevent any work, in future, exceeding the estimated cost. The ir)th clause- of the act of 1841, which created a Board for the management of our Public Works, provided, that no con- tract should be entered into, or any money exj)ended on any work on which any public money had been, or shall be appro- priated, unless the work can be completed for the sum so appro- priated. Under this act, we have the following estimate of the Hon. H. H. Killaly, Chief Engineer, for the com))letion of the Wellanjl Canal in a permanent and fully sufficient manner, with cut stone Locks, 120 by 26, and 8 feet inches water on the sills — £450,000, Sterling — to be expended as follows : £50,000 in 1841, £150,000 in 1842, £150,000 in 1843, and 100,000 in 1844. In 1843, the Locks were enlarged to 150 feet by 26 feet 6 inches ; and after an investigation by Mr. Power, Civil Engi- neer, that the work could be done under the above appropria- tion, the summit was reduced from the level of the Grand river to that of lake Erie. In 1845, the whole of the above appropriation was expended, and £178,306 provided for. In 1847, £82,876. In 1848, £l02,- 068. In 1850, £134,066. Making in all, £997,316— all of which were sanctioned under the Acts referred to in Statement No. 2. From the above it will be seen, that even an act of Parlia- ment proves no security against an excess of expenditure over estimates. This clause remained a record of the folly of the Legislature which passed it, and has very properly been repealed. Having traced the origin and progress of this undertaking up to the time it became a Public Work, the amount of public WEALTH created by the construction of this Canal may, in some measure, be appreciated by contrasting the prices of transport- ation before and since it was opened. Then, the price of con- 10 veying a ton of produce from lake Erie to Montreal, was £3: for a ton of merchandize upwards, £6 12s. 6d. Mw, it is reduced to jCI 5s. down, and £l Os. up. This immense saving in the cost of transportation, all goes into the pockets of the grower and consumer, and far exceeds any estimate ever made by its most sanguine supporters. In fact, a barrel of Hour is trans- ported from lake Erie to Ontario, for one-haif-pentiy less than the mere cost of towing. The increase of Customs, caused by the increased consump- tion created by this canal, which has been often noticed, far exceeds the amount paid for interest, without refereticu to the increase of tolls — and it is morally certain, from the continued increase this year, that the Canal never will, ?h fact, cost the Public a stnrrle farthing; but, on the contrary, will become one of the most fruitful sources of rev7 do. Lower ( uiada, 1,106 do. Now Rniiix^irk, 40 do. iNow York, .'i,,''»7() do. England, X.', 1 1 1 Forfeited Stock, .... Loaned by the Province, from 18'2G to 1831, do. do. Britiish Government, - mres, £ 1(I7,.')(I0 do. -^...IIOO U do. 3,7 rJ 10 do. 13,8r) {) do. r.ou do. (i!i,';-,>r» do. :ju,i:j7 10 r.4o 100,000 .w,.'.')") 11 2 Tolls in J 830 and 1831, £3,007 14 H'i 1H.T.>, 2,V.i-2 9 8 •• IH-Mi, 3,018 J 7iJ •• ih:u. 3.719 1 1^ •♦ 18:<5, 3,807 .'■) 11 1 •• 1831), r>,o:)9 3 i> £^rj0,8J0 155,.^i:. 11 ;» £406,39;") II 2 Land and Hydraulic Rents, .... Excliani;o, ....... Bank of Upper Cannda Loan Account, Donation of tlio Catliolic Bishop of Quebon, Georfje Kcofcr, J. Davis, S. Siuitii, ... BAI.ANCK SUKKT I'OIl 183G. Lands and Hydraulic Rents, - 4r)3 I [i Interest, - " - - - - 1 0:2 11 I Issues of Welland Canal Notes, ' - Various other small items, .... £23,243 IG 4 CM 7 9^ 7,l.jtj ].-> .'» 1,370 2 3 2.') 2,ir.7 4 2 _ ;-).",-) If) G 8,11.'') I.-) 2,954 IS 7 £4;-), 1 2;; ir» o £401,519 2nd. Amount derived from Tolls, from 1837 to 1840, inclusive. To!lsofl8:]7£5,.'')2l 4 4 Hydraulic Rents, £G97 14 10 £fi,2I8 19 " 1838 6,723 4 11 ' " .3.30 12 11 7.or)3 17 *' 1839 11,710 9 7 •• r,112 2 10 12,822 12 " 1840 19,129 12 2 •• 1,098 6 1 20,127 18 i> 2 o 10 5 3 3rrf. Expended under the Act of 1837, 7tli William IV., frojn 1S37 to 1843, - ■ ■4G,323 .68,141 8 Total Expenditure to 1843, £.'305,986 13 10 From the above data we have the following results: 1st That no Work of equal magnitude in America, has been constructed at less cost, or with more rigid economy. 22 The Reports of the Directors, in 1829, after the two first ves- sels had passed through from Lake to Lake, contains the fol- lowing remark. "To show the Government and the Stock- holders that their money has been economically expended, the following statement is presented: — " Total Cost of the Welland Canal. "Amount paid Contractors, on the Estimate of the Engineers, £243,000 " Awards and Real Estate, .... 4,853 " Duties to (xovernmcnt, and Interest to Bank U. C. 8,804 Thomas Proctor, Ag-ent, New York, - - 3,428 " Contingencies, including Salaries, &c. making near fi\'e per cent, on the outlaj^ ... Total, 12,710 - £272,795 To 1836 — during a period of six years, To 1842 — during the same period, - £178,724 114,407 293,191 From 1824 — covering a period of nineteen years, - £505,986 2nd. The extent of the Works is thus described, in the Re- port of 1835. Length of Sliip Canal from lakes Erie to Ontario, - - 28 miles. Fron» Tort Robinson to month of river VW'liand, - - - 9^ From river Welland to Fort Erie, Ship Canal and Towing-path, 18 From Port Maitland to Dunnville, Harbor and Towing-path, From Dunnville to Cayuga, Boat Canal from Junction to Dunnville, - 15 - 2U| 100 Embracing in all, a Navigation of one hundred and six miles in length, with an ascent of 358 feet, surmounted by forty wooden liOcks ; besides the erection of three Harbors — Ports Dalhousie, Maitland, and Colborne — an Aqueduct over the river Welland, 365 feet in length and 24 feet in width, (the best wooden struc- ture in America, designed and built by Marshal Lewis) — a Dam and Embankment over the Grand river, near one mile in width, and fifteen feet deep in the channel — and one and three-quarter miles of the deepest cutting in America, averaging from thirty to fifty-six feet — together with 13,400 acres of Land, in Wain- fleet, — and" innumerable situations for Hvdraulic Power — the rents of which exceed £l,000 per annum." Srd. In Appendix to Journals of the House of Assembly, (vol. 2, page 155, 31st January, 1839,) we find recorded an Estimate of the progressive increase of the Income anticipated by the Di- I 23 rectors ; and by reference to Table No. 2, we find the actual amount realized in those years, which presents the following result. In 1839, Estimate, £10,000 Amount received, £12,823 1840, " 12,500 " 20,228 1841, " 15,000 " 20,792 1842, " 18,000 " 24,976 The amount actually realized having exceeded the Estimate, in this short space of time, £23,319. The Directors remark: "The estimated progressive increase of Income, is founded upon the receipts of the Erie Canal ; and we can see* no good reason why the geographical position of this Canal should not realize the same result." The monied value of the Income, in 1842, represented a capital of more than £400,000. This fact is alluded to merely to prove, that the private Share- holders had no reason to dispose of their property at less than its value — the full amount of principal and interest, which was secured by the Act of 1837; and that it was richly worth all it cost. COST OF CANAL. TABLE No. 2. Statevient of the several Amounts paid to the Welhi.nd Canal Compan;/, hy the Provincial Government of IT. Canada, under the Itk William IV., cap. 92, in 1837, which converted all Loans into Stock Act 7th Geo. 4, cap. 20, in 1826, - - - £25,000 8th " 17, 1827, - - - 50,000 1830, - - - 25,000 1831, - - - 50 000 1833, - 1834, - 1837, ■- - - 68,144 11th " 11, 1, St William IV., 18, 3rd " 54, 4th " 39, 7th " 92, 7,500 50,000 Amount of Debentures to private Shareholders, in 1843, £275,644 117,800 Am't for which the Province has issued Debentures, to date, *£393,444 * £172,54;2 less than its cost. (Seo Table No. !.) Statement of the several Legislative Grants, under the Board of Worh, from 1841 to 1851. Act 4 and 5 Vic. cap. 28, in 1841, £500,000 9 10 and 11 11 63, 1846, 280,000 2 11 34, 1847, 50,000 9, 1848, 08,155 9 1851, 97,017 £995,172 12 4 Total amount of the Provincial Debt incurred by the construction of the Welland Canal, £1,388,616 12 4 24 In the Public Accounts, there also appears to be deducted for management and repairs: — Am't bro't up, £40,574 6 3 In 1848, 15,132 16 3 1849, 6,249 13 11 1850, 7,011 17 8 1861, 11,000 In 1843, £297 2 8 1844, 19,419 3 6 1845, 5,961 8 4 1846, 2,740 16 8 1847, 12,155 15 1 Am't carried up, £40,574 3 Making a total of £7 9,968 14 1 Which is not included in the appropriations, and forms no part of the Public Debt. TABLE No. 3. Statement shoioing the amount exj^ended hy the Board of Worls, in each year, {including £120,579 18s. 9d. 2)aid the 2^rivate Shareholders,) up to 1st January, 1852, and the interest accruing thereon. Year. Amount expended each year. Amount on which Interest was payable. Amount of Interest at 4 per cent.* Amount paid to the Shareholders. Interest ate per cent. Total Interest. 1842 1843 1844 1845 1846 1847 1848 1849 1850 1851 34,286 141,393 219,979 158,449 102,146 77,233 76,774 67,453 59,225 32,763. 176,219 393,198 551,647 653,792 731,025 807,799 875,251 934,478 967,241 1,393 7,048 15,728 20,000 20,000 20,000 20,000 20,000 20,000 7,235 7,235 7,235 7,235 7,235 7,235 7,235 7,235 7,235 3,098 9,227 13,861 18,468 22,515 26,070 8,628 14,283 22,963 30,333 36,462 41,096 45,703 49,750 53,305 Total amount of Interest paid, £302,523 * 4 per cent, is estimated until it reached £500,000 — the appropriation under 4 and 5 Vic. being negotiated at that rate of interest — and 6 per cent, on all paymentB thereafter. TABLE No. 4, Shows a statement of Tolls collected on the Welland Canal from 1841 to 1851, both inclusive. Year. Gross Revenue. Brought forvvard£l35,378 6 5 1847 - 30,549 1848 - 29,064 1849 - 34,741 18.^0 - 37,92r> 1851 - 51,075 Year. Gross Revenue. 1841 £20,792 3 11 1842 24,975 11 8 1843 10,159 6 1844 20,134 12 11 1845 19,886 10 5 1846 27,410 1 6 Carried forward,£l 35,378 6 5 17 8 7 3 18 8 17 7 1 9 Total am't rec'd £318,714 17 8 25 3 3 11 8 avenue. ! 5 8 3 8 7 9 5 Those Tables are designed to show the actual Expenditure and Receipts in each year, that the difference between the amount of Toll received, and the Interest paid, during that pe- riod, may be ascertained. From which it will be found, that, notwithstanding the great increase of the cost of the Canal over all estimates, and the additional time occupied in finishing the work, the income from 1841 to 1851 exceeds the expenditure, £1G,291. No Interest is calculated on the £275,644 Stock held by the Government, under the provisions of the 7th Wm. IV. 1837, nor the deduction for management, &c., under Table 2, from 1843 to 1851, amounting to £79,968, for the reasons assigned by the Committee, in ;1836. FUTURE PROSPECTS. TABLE No. 5. Estimate of the Income and Expenditure of the Welland Canal, from 1851 to 1860. ESTIMATED INCOME. For 1852, £58,500 Brought forward. £43.5,685 1853, 70,200 For 1857, - 145,566 1854, 84,240 1858, - 173,180 1855, 101,090 1859, - 209,616 1850, 121,305 18G0, - 251,538 # Gross Income nine years, for Can-ied forward, £435,035 £1,21.5,235 E(pial, for one year, to ESTIMATED EXPENDITURE. £275,644, Amount of Government Stock, Table No. 2. 117,800 « Private Shareholders, " 4. 2,780 " in 1844, - " 3. 172,486 " in 18.52. £13.5,026 £.568,710 467,261 Sui-plus Expenditure over the Guarantee Loan. £1,035,971 at 6 per cent., ... - £62,158 500,000 under the Guarantee Loan, at 4 per cent. 20,000 £1,535,971 Annual Management and Repairs, Leaving an average yearly gain iVf D 6,000 £88,1.58 £46,868 2Q The calculations on the future prospects of Income, are based on the same principle as the estimates of 1839, although more clearly delined — the ratio of ])rogress sustained on the Erie ('a- nal, for fifteen years prior to 1819, — and on the Provincial Works of Canada, for the five years they have been in opera- tion, which is found to average 20 per cent, per annum. In 1851, the tolls were estimated at £48,750, upon the assump- tion that oiie-half of the Western trade between lake Erie and the Atlantic, could be attracted through this Canal. (See Re- port of Commissio.ier of Public Works, 1850.) This relative proportion of Trade has not been realised, although the income has reached £51,146, making an increase of £13,531 over the ]>receding year. From this data we may, with some conlidence, rely upon the estimates for the future keeping pace with the past. The estimate of the cost of management and repairs, is from the returns of Samuel Keefer, Es(juire, (Jhief Engineer of Pubhc Works. — Sec Fweport for 1850, page 19. The Guarantee Loan of 1841, was made by the Imperial Go- vernment, for the express purpose of completing the Welland and St. Lawrence Canals ; consequently, only four per cent, in- terest should be charged on the amount of capital expended. The revenue of this Canal has now reached so large an amount, and has from year to year been so steadily increasing, that the Income may be calculated with an approximation to certainty. Any necessary amount of capital can, therefore, be commanded, on the security of the work itself, in the monied mark(its of Europe or America, and at the lowest rates of in- terest, if the Government desire to negotiate a new loan. The one million payable at six per cent, matures from 1846 to 1872, and offers a favorable opportunity to negociate for a reduced rate of interest. Howevei*, even if no such reduction is made, the Canal will, in a few years, pay for itself. RECAPITULATION. The preceding Narrative proves from oflicial records, that at the com- mencement of this undertaking, every inducement was held out to foreign residents to become Shareholders — (see Act and Report of 1825,) — that the whole amount of capital was paid in, piior to 1829 — that the hazard incurred from withholding the anticipated siuppoi t, was pointed out, in 18;3G — that the justice and policy of Jiaying tln^ private Shareholders the full amount of interest so so(jn as the Canal yielded a sufficient revenue to meet the ])iiyment, was fully iicknowledgcd by tlie Legislature, in tlij.t year, and secured by tlic Act of 18;}? — (see 18:39, above,) — that in 1842 the revenue had increased U £24,970, slmwing the Canal was realiv wortli more than it cost — th;it in 1848 it was pur- chased fnmi the private Sharcliolders, by the luiblic, at £'172,542 less than the amount expeiuled upon it — (see '.rabies 1 and 2,) — in the same year, the private Shareholders received Debentures, i)a}a}>le in 18(3^, for the amount of their cnpital, under the provisions of tiie 2d clause 7ih Vict. Cap.- 34 — and in 1652, the tolls having realized the sti])u]atr'd amount, they received Debentures lV)r the back interest, under tlie Olh clause of the same act, from the time the cai)ital was [laid in uj) to 1843. By this arrangement the Government has gained the dill'erence be- tween interest payable half yearly on the Debentures which slnnild have been issued in 1843, for the back interest ♦hen due, and the inte- rest on Debentures now issued. In addition to which, they are pro- vided with an ample fund from the Canal, to pay it. The private Shareholders have been kept regularly advised of the progressive in- come of the Canal, and, with few exceptions, the stock remains in the hands of the original Stockholders. 28 The Locks, Aqueduct, Culverts, and every otlier structure, liave been built f)f the most durable materials, and in the best manner. J"'or a minute descrij)tiou of its length and distances between leading points, reference is made to tiie foregoing — under year 1837. Its dimensions fit piesent are, 45 feet in the bottom, 9 feet deep, ^vit]l a slope of 2 to 1, leaving a surface of 81 feet ; but it can be easily deep- ened to ten feet, as that depth is provided for in tlui summit level. The Locks Nos. 1 and 2, below St. Catharines, those at Port Col- bornc^ and Port Maitland, and the one erected this year, at Allanburgh, are 45 feet wide by 200 long, between the mitres. The remahider from Thorold to St. Catharines, are 26-^ feet by 150. When the dimensions of the principal Lock at Allanburgh are increased to correspond with the Acpicduct, the largest Steamers now navigating the St. Lawrence may approach to within four miles of each other, between the two Lakes. There are 33 Locks in all, with Waste-weirs on each level. The Aqueduct over the river Welland is 316 feet long, 45 feet wide, and 10 feet 8 inches in depth, in order to serve either the Grand river or the lake Erie level. An additionnl Towing-path is about being made between Thorold and St. Catharines; and it is contemplat<;d lighting those Locks with Gas, which will enable vessels to pass from lake to lake, in one day and night, without a moment's interruption. These trifling improvements, with a never-failing supply of water fur- nished by lake E lie, Avill make this Canal stand unrivalled not only for its utility, but for beauty and brilliancy. It is truly a monument of which every Canadian may feel justly proud — not for commemorating heroic deeds, or any particular victory or feat at arms; but for commemorating the establishment of a fountain, from Avhich will flow never-failino- sources of wealth for all time to come — for Avhich, be it remembered, Ave arc indebted to the early enterprise of the private Shareholders. S(; t(.) an CO Co tli WM. HAMILTON MERRITT. St. Catharines, 20th Aur/mt, 1852. A VVK NO I X. foud [REPORT A.] WELLAND CANAL COiAIPANY. DIUECTOKS' REPORT. 7\) His Excellcncij Sir P. Mailland, K. C. B., Lieutenant Governor, n as might be retjuisite to make the necessary arrangemtints for obtaining the re([uired subscriptions. This mission was entrusted to Mr. Solicitor (leneral lioulton, late Vice-President of the Company, who resigned that office, on his recent departure for England, and with whom Mr. McGillivray, anothe]' of the Directors, being about to I'eturn to England, is now* as.so- ciated. The dehiy which has taken place in subniilting the object of their mission to the public, in the Krilish metropolis, has arisen from the necessity of procui'ing correct ma[)s of the country through which the Canal is to pass, and proper sections, reports aiul estimates of the work itself, for the information of those who might desire to become subscri- bers. In the mean time, the Canal is rapidly advancing; for the Direc- tors, under the impression that more Stock than they require, would readily be taken in London, and assured at all events, it Avould be taken in New- York, if an appeal to foreigners should become requisite, did not think it necessary to delay entering into contracts till the subscription was full. In offering half the Stock of the Welland Canal to the Merchants and Capitalists of the first commercial city in the world, the Di; ^ctors act i SI . with confidenco upon Iavo facts: first, tliat the other money has been ah-eady taken up by the Merchants and Capitalists in New-York and tho Canadas, who are well aciiuainled vvitli the country which this Canal is intended to unite, and wlio, althounh in the habit of obtaining six per cent, for their money, [the legal inteitst in these countries,] consid( r tliis as a far more profitable method of (employing their capital. Tho second fact presents itself on veviewing the map of tiie country, by which it will be seen, that the Canal 7nt(st be the avenue of greater wealth aiul commerce than any other now on the face of the earth. In order to render this mighty undertaking familiar to the British public, the Directors beg to be indulged in giving a short review of the causes which led to its commencement, and to the astonishinu; results which must follow its completi(jn. In March, 1807, the Senate of the United States of America passed a resolution requiring the Secretary of the Treasury, Mr. (nillatin, to report to them, at their next session, on the subject of Roads and (Canals. In obe .ijpleled, Would be of e(jual duration with the world, and oi ;ht, therii re, to be accomplished at any cost, and at any trouble, not grudging' ilie mos' Uberal sujiphes, or negl«;cting to apply them N\ilh unremitting iilti'nlii and perseverance till the object is attained. Such a Canjil, said thi has been estimated at £250,000, but it is more than j)n)hable it will cost more than live times that sum ; and yet it w ill be cheap, for of its vast productiveness there can be no doubt. Already- the trade with the Western States is great, notwithstanding the dillieulties w jiich it has to encounter; but the rapidity of its increase, from the growth of ])oj)ula- tion, when these difficulties are removed, it is not ea.sy to conjecture. Through this Canal must the whole commerce of the Westi'rn countries for ever pass, whether destined to the St. Lawrence, or to the Hudson — to New- York, or Montreal. Once afloat on lake Ontario, a Canal around the raj)ids of Oswego, will present a fair competition between both markets, and the commo- dity will reach the one where its price is highest. This alone is the in- terest of the producer, and indirectly of the consumer; and by such a communication only can justice be done to the inhabitants of the Unitx.'d States, living on the banks of the Canadian Lak(^s. To this it was an- swered, that to cut a Canal around the I'alls of Niagara, in order to ad- mit the productions of the W^estern Slates into lake Ontario, would be to commit suicide, as it were, on the commerce of New- York. For once afloat on the bosom of Ontario, every thing would proceed to Montreal, where the best Market will generally be found. But were the Markets equal, or even a little better at New-York than at Montreal, the commo- ditii;s passing through the Canal would proceed to the latter, as they would reach Prescott or Ogdensburgh, only 120 miles from the Cana- dian Market, in the same vessel as they could the mouth of the Oswego, where the proposed Canal from Ontario to the Hudson is to commence — a point nearly 400 miles, or more than three times that distance, from New-York. Moreover, produce can be conveyed from Prescott to Mont- real in thirty hours, and from Oswego to New^-York it must take at least eight days. These arguments were decisive with the Merchants of New- York, who were the principal supporters of the Canal, and who, as might have been expected, were little disposed to hazard the loss of a trade so lucrative and immense, by allowing it even a chance of passing through another channel. It was, theretbre, determined to extend the Caiud at once to lake Erie, so that after the productions of the vast countries west of the Falls of Niagara would be once uidoaded from the vessels on the Lake into boats on the Canal, there might be no danger of their being diverted from the New-York Market, by the temptation arising from the greater facility of conveyance to Montreal. There were doubtless other considerations which had great weight with the Legislature of the State of New-York, in persuading them to E 34 adopt the prcsfMit liiic of {';iiu»l, in prcferciu'c to tlui nuilc by lakt- Onta- rio. Th«! public niinti wiis in(l«'<'(l too enliolitencd on the subject of On- nals, to n'liii(|uisli tlu; oiki proposed bciwccn lake Krie and (h(^ tide waters of the lludson; but assistance from otiier States and the (tovcrn- nient, had been asked and refused, and therefore the expense; of tiie more mao-niticent work ap[>eare(l far beyond their abihlies. Some were even afraid that a Boat Canal through so vast an extent of country, would ex- haust the revenues of the State; and it was not without much apj>re- hension that the attempt wa.i made, on a very reduced scale of forty-tivo feet wide at the top, with four feet water; to extend from the Hudson at Albany, to Buffalo and Black J{ock, on lake iOiie, a distance of MG5 miles. 'I'ho commencement of this stupendous work excited the most earnest attention of the inhabitants of Upper Canada. It was likely to deprive them of the advantayo of becoming- the carriers of all the produi-e of all the extensive countries belonuing to the United States, west (.>f tlu.' FjiIIs of Niagara, and to divert much of their own produce to Xew-York; and although they beheld in the C'anal a pledge of jxuiceable intention on the part of the American peo[)le, and a relinquishment by, at least the State of New- York, of any hopi- of ever conquering the Canadas; ;ind were moreover lilled with adMiiration at the magnitude of the woik, it was nevertheless attended with feelings of regret that the resources of the Province were t(.x> feeble to enable them to impiove their own greatly superior natural advantages. But in the state and with the prospects of the Colony, at that time; — recovering slowly and with dilliculty from the cniel effects of an un- natural and desolating war, in which the inhabitants had suffered most severely, the produce of the soil remaining on tlu; hands of the cultiva- tor, without a Market, and the extei>sion of commerce rt-slricted by the shackles of a Colonial system, the child of a darki'r age — ii seemed hope- less to attempt any competition with their powerful and enterprising neighbors. So soon, however, as the more liberal policy of the enlightened States- men who now direct His Majesty's councils began to be developed, and a prospect was opened to the Colonies of a free commerce with all na- tions, and of receiving greater privileges and advantages in the ports of the Parent State, as well as in those of each other, a new spirit was in- fused into the Province, and encjuiries were made to ascertain what natu- ral facilities offered themselves for the improsement of Internal Naviga- tion. Accordingly, in 1821, an act Avas passed by the Legislature, ap- pointing a Board of Commissioners to report upon tl.is interesting subject. It is due to the memory of the late Mr. Nichol, formerly an active and very intelligent member of the Legislature, to remark, that his zeal in the cause of Public Improvement occasioned this measure to be brought forward at an earlier period than it otherwise would have been ; and that so long as he lived he persevered very faithfully in carrying it into effect. The n.\iinit)liew- York Canal. No sooner was one section finished, ami the water intro- duced, than the tolls did more than repay the interest of the capital ex- })en(led; and in prosecuting the work, it was found that, contrary to usual experience, the estimates of the Engineer almost always exceeded the actual expense. These matters of fact induced some active spirits who had a more im- mediate interest in connecting the waters of lake Ontario and lake Erit;, to examine whether a more favorable line could n(jt be discovered than that which had been adopted by Colonel Nichol and the other Commis- sioners. It had indeed been conjectured, that there were more conve- nient routes f(jr a Canal, and accorditigly surveys were made at ditl'erent points; but owing to the ignorance of the persons employed, or the great- ness (jf the expense attending a minute examination, they all came to nothing. At l(!ngth several enterprising gentlemen, living on the banks of a small creek, -which runs into lake Ontario, called the Tweloe Mite Creek, the source of which is very near the deep river Wellaml, which ct»mmu- nicates through the Niagara river, above the Falls, with lake Erie, were induced to believe, from carefully observing the valley of the Greek and its gentle declination towards lake Ontario, that it alf«5rded singular faci- lities for Canal navigation. One of these gentlemen, W. H. Merritt, Esq., possessed of great zeal and energy, and to whose exertions in forwarding the Canal, the Province will ever be indebted, entertaining this idea, ex- amined the course of the Creek, and was so much encouraged with the fa- throuo'h a ravine in the mountain ridge, and entering the river Welland, through a deep clay bank which divides it from the mountain ridge, and in which, for a dis- tance of one and thrtse quarter miles, the Canal is to be cut from thirty to fifty-four feet six inches, which is the greatest deptii at any one point. This c/ff/? cut is already under contract, and it is ascertained that the bank consists wholly of clay. It is silso a peculiar advantage possessed by this line, that in passing through the mountain ridge, and in a consi- derable part of the descent from thence into lake Ontario, the Canal fol- lows the direction of the natural ravines, where no excavation will be re- quired, and where it will only be requisite to form embankments in Avhich to construct the Locks, whilst the width of the ravine is such as to form ample reservoirs; and the slope is so eas}- and r-^gular, tiuit one of these reservoirs will, in almost every instance, be interposed between each two Locks, throughout the descent, and the sloping banks of these ravines, and the abundant and inexhaustible supply t>f water, afi'ord an almost unlimited power for Hydraulic machinery, which it is intended to connect with the falls at the different Locks, and which, it is hoped, will soon afford a considerable revenue to the proprietors of the Canal. The difference of level from lake Ontario to the river Welland, is about three hundred and thirteen feet, requiring about thirty-five Locks, — and this is the first section to be cc»mj)leted. 37 The second great section of the Canal consists of tlie river Welland itself, ■which, for a distance of nearly thirty miles, resembles a Canal more than a running stream, having scarcely a perceptible current, and beino- from twelve to thirty feet deep, so that it will only be requisite to construct a towing path along its bank. The Canal opens into the Welland about eight miles ab(ive its entrance into the Niagara river, at the village of Chippawa; and by that route, on constructing a towing path from the o[)ening of the Canal to the mouth of the Wellaiul, an Inland Navigation around the cataract of Niagara, is in fact accomplished ; because, from the mouth of the Welland vessels can sail up the Niagara river into lake Erie; but below Fort Erie there is a strong current in the river, and be- sides avoiding this impediment to the navigation, in case of vessels as- cending, there are other important advantages which will be attained by the intended opening of the Canal into lake l^rie through the (Irand river. Therefore, in addition to the towing path from the Canal to • the mouth of the Welland, there is another towing path to be con- structed, ascending the course of the river fur a distance of eleven miles — which may be described as constituting the second great section of the Canal. The third great section is a cut of about twelve miles, from the Wel- land to the Grand r\ver, through a Hat, swampy tract of country, called the Canborough or Wainfleet marsh — the surface of which is about eight feet higher than the level of lake Erie. It was at iirst proposed to cut the Canal on a level with the surface of this ti'act of country, and to sup- ply it with water from a feeder from the Grand river above the rapids; but the present and the more improved plan is, to cut an excavation through the Canborough Marsh to the depth of sixteen feet, whicii will render lake Erie at once the summit level, and the feeder of the Welland Canal throughout its whole extent. At the mouth of the Grand river there is a Harbor to be construct- ed; and it will thus be seen that the Canal has two f)ntlets for vess(.'ls ascendinfj from lake Ontario; one throui>h the Niagara river into the eastern extremity of lake Erie, and opposite to the entrance of the Ame- rican p-rand Erie Canal; and another throuoh the Grand river into lake Erie, at a distance of forty miles nearer to the central and western shores of the Lake; besides, with such reduction of distance in Lake sailing, the route by the Grand river oilers other important advantages to vessels from the upper parts of lake Erie. From the Grand river to Fort Erie, the navigation on lake Erie is dangerous, and at Fort Erie there is no good Harbor; nor is it ascertained if the new American Harbors at liuf- falo and Black Rock will resist the severe gales of wind which are fre- quent in the fall of the year, and the heavy surf which rolls on the beach at that end of the Lake, where the coast is nnich more exposed to its violence than at the mouth of the Grand river. Tiie prevailing winds on the Lakes are from the westward; and by a glance at the map it will at once be seen, that a gale of wind from that (juarter sets on the beach at Buffalo, with an uninterrupted sweep of above two hundred miles: 38 wliereas, tlie mouth of the Grand river, partially protected by licad lands on each side of its own bay, is fnrther slieltored from the gales of wind, by Long Point, which projects nearly thirty miles into the Lakci. Another circumstance is to be noticed, peculiarly advantageous to the Canal entering at the mouth of the Grand ri\er, and which arises I'rom th(; form of lake Erie, the prevalence of westerly winds, and the gradual though scarcely perceptible flow of the current towards the outlet of the Lake into the Niagara river, where the current being at length contract- ed as into a funnel, an accumulation of ice from the Lake regularly takes place every spring, and effectually blocks up the channel; tlius forming a barrier which prevents the opening of the navigation at Buffalo and Fort Erie, for a certain time after the ice has disappeared in the rest of the Lake, and after the opening of the Grand river — which, as it flows into the Lake without obstruction, carries away the ice beibre it, with the first freshet in the spring. This difference of time betwixt the open- ing of the navigation of the Grand river and river Niaij-ara, has seldom" been less than three weeks, and in some seasons has been five weeks; but estimating it at a shorter p(n-iod, it gives to the Welland Canal the advantage of being open before the American Canal, for three weeks of the niost important part of each season. These general inductions are deemed suflicicnt fcu' this place: the de- tails and estimates are in the hands of the Directors, who will most cheerfull)" submit them to the inspection of any person who may be dis- posed to examiiiC them : they have been drawn \\p and calculated by an Engineer of great intelhgence and professional knowledge, on whose accuracy the Directors, from long experience, have the most perfect re- liance. From the whole it is seen at how little expense the Canal may be constructed, and how much the bounty of nature; assists in its furm- ation. It was happy for Upper (\anada that the Canal undertaken in the State of New- York, and now almost completed, is on a scale so very small,- and is nevertheless attended with immense profit; for this ex- ample encouraged the Colonists to attempt what, perhaps, they never Avuuld have dared even to imagine — a Canal of similar dimensions. This attempt led to a minute examination of the route — the facilities of which appeared so gi'eat that their views gradually expanded, aiul they began to consider a Canal on a far greater scale as ]iossible, and not greatly beyond their resources. The more they examined the country through Avhich it must pass, the more easy of accomplishment did it appear; and from considering it possible, they began to think it advisable, and even to desjnse the more humble attempt they had formerly conceived. It was, therefore, equally fortunate that a Canal of similar dimensions with that of our neighbors was at first proposed, and that it has been enlarged from a conviction arising from the existence of local advantages which will render it infinitely more profitable, convenient and important. Such are the causes that led to the project now going forward, of uniting the great Lakes of Caiuida by a Skiop Navigation. 39 In touching upon the mighty results which must attend or soon fol- low the compleiion of the Welland Canal, the truth will assume the ap- pearance of the most extravagant exaggeration to those who do not make themselves acquainted with the singular Geography of North America. We, therefore, desire all those who are astonished at our remarks, and feel inclined to pronounce them erroneous, to take this preliminary step, by placing a Map before them, and estimating the wonderful water^ ca- pabilities which present themselves, and the immense countries which can approach the Sea only by the 8t. Lawrence. Moreover, to judge correctly, those conversant with the largest and most productive of Eu- ropean Canals must divest themselves of prejudices in their favor, and only take into account the facilities of communication which they otter, when compared to those Avhich will be opened by the Welland Canal. Darbj'', one of the most faithful of Geographers, who never published a Map till he had traversed on foot the country Avhich it represents, esti- mates the valley of the St. Lawrence, above the Falls of Niagara, exclu- sive of the Lakes, at 180,700 square miles; to which we may add the valley of the Ohio, containing 220,000 square miles, when the Canal now cuttino- between that river and lake Erie shall be tinished. Thus the commercial intercourse between the Sea and upwards of 400,000 square miles of fertile land, must pass through the Wc'lland Canal, or the smaller one belonoino- to the »State of New-York. When this fact is considered, the first idea that strikes us, is the impossibility that the produce of countries so vastly extensive can pass through these two Ca- nals, and the necessity that soon must arise for opening other communi- cations to meet the" increase of commerce : but as no other can be made with any prospect of success, except by the straits of Niagara, the Wel- land (Janal need fear no competition. The reader will have a more distinct conception of the magnitude of the intercourse that must soon be carried on through tluise two Canals, bv supposing Great Britain, Spain, France and Germany to be so situa- ted that all thi-.r intercourse with other nations must come through one narrow valley, admitting only two or three convenient Roads or (Janals — such a supposition gixes a vivid image of what must be the case at the straits Avhich divide lake Erie from lake Ontario, and will enable us to form some (Estimate of the ships and boats that must pass through tliese C'anals, bearing the riches of the Western World to the Atlantic Ocean. Nor are these countries in a state of nature, and without inha- bitants; they are indeed thinly peopled, in proportion to their ext(Mit; but nearly three millions are scattered over them; and from the kiKjv/n rajiidity of the increase of population in new countries, the period is at hand when the quantities (;f ])ro- to France, and to his name a menu- meat of imperishable renown. The Duke of Bridgewater's rank and wealth would not have preserved his name from oblivion ; but he will always be remembered, as the man who embarked his fortune in con- structing the first Canal in Great Britain, regardless alike of popular prejudices, of friendly remonstrances, and of prophetic threats of ruin. And in our times, and in our immediate neighborhood, it is probable that the name of Devvitt Clinton will always remain associated with the grand Erie Canal of the State of New-York, when the names and the measures of other contemporary Chief Magistrates of States and of Na- tions, will be consigned to the same forgetfulness which hcis already swallowed up so many of their predecessors. The Directors of the Welland Canal Company profess not to be in- sensible to the honor conferred upon them, in being chosen to begin so noble a work as a Canal for Ship Navigation around the Cataract of Ni- 4n agara; and as their services are gratuitous, the honor of conducting the undertaking is their only reward. It is one of those rare measures whicli, though of innmense magnitude, is of comparatively easy and absolutely certain accomplishment. The natural advantages of the ground, com- bined with the inexliaustible supply of water, are sueh as no other Ca- nal ever iiad, and such as can be found for no other Canal; and when finished on the intended scale, it will be one of tlie grandest works ever eflected by any country or by any nation. No work in Europe, or in Asia, ancient or modern, will bear a comparison with it, in usefulness, to an equal extent of territory: and it will yield only to tiie Canal which may hereafter unite the Pacilic with the Atlantic Ocean, through the Isthmus of iJarien. But each undertaking has its own peculiar advantages, and the Wel- land Canal will possess stime advantages e\en over the projected Canal of Darien. The PacitJc is already accessible by navigation around the Cape of Good Hope, or Caj)e lit)rn ; but the interior Sea-s of North America, which contma more than half of the fresh water in tliis Planet, and the fertile and extensive shores of which are destined to be peopled by an active, an intelligent, and an enterprising race — boasting their de- scent from Elngland, and preserving and perpetuating her language and her institutions — these interior Seas can be approached in JShips only through the Welland Canal. Such is the importance, and such will he the splendid and immense results, of the woik now offered to the notice of tlxse eiiterpri.sing and enlightened capitalists who raav be disposed t(j contribute to its comjile- tion ; at the same time that ihey secure for themselves a participation in its advantages, and a sliare of the liberal prolits which it may reason- ably and speedily be expected to produce. -AAVMWWWiVA [B.] Keport of the Directors of the Welland Canal Company. To Sir Francis Bond Head, Baromt, C. H. Lieut. Governor, dec. d'c. dr. The Directors of the Welland Ganal Company have the honor to for- ward herewith, their Balance Sheet for the year 1837, and Docu- ments explanatory thereof, numbered 1 to 8, together with certain other papers, A. to G., and to Report that, In consequence of the effective condition in which the works of the Canal had been placed, by the former Board of Directors, no interrup- tion to its navigation has occurrcnl during the past season. Although the amount of Tolls collected has fallen short of the two preceding years, [D.] the tonnage has greatly increased, [B.] compared with the year 183C. An increase is observable on Lumber, Pork, Salt, Fish, Wheat, Corn, Barley, Rye, and Coals — a decrease on Bricks, Flour, Flax-seed, Fruit, Merchandize, Gypsum, and Tobacco. 44 The docreaso on Mercliantlize has been above £1,000: whence it may be presumed, that, luul no peculiar commercial diflicuUies existed, the Tolls of the past would have exceeded those of any preceding year. From the statements of E. and F. it will be perceived, that the ave- rage annual cost of Administration, is 'I'iie average annual cost of Repairs and Improvements, The annual Interest on £6G,U4 8s. lOd. [A.] - £3,085 12 6 13,085 7 3,968 8 9 9 6 6) Of £21,039 6,999 8 9 G Deduct the average amount of Tolls, £4,009 Rents, L',000 Average annnal loss, ...... £14,010 2 3 It appears, then, that the Canal cap only bo maintained in its present condition, at an average annual loss of £14,000. The Report of the Engineers employed, as directed by the 1i\\ Wm. IV. chap. 92, not yet having been received, the result of the permanent construction of the Canal, as regards its Finances, cannot be positively stated; but it may not unreasonably be assumed, that such permanent construction will insure an increased Trade, wilh a comparatively small annual expenditure for repairs. It does not, however, ensue, that the loss to the public will, therefore, be less; because the interest on the sum which may yet be required to complete the Canal in a permanent manner, together with the cost of Reuairs, may, and probably will, ex- ceed £14,000. There have already been £320,200 of public money expended on the Canal — for a large portion of which, interest is now paid by the Receiver General. The private -Stockholders have not received any interest for their money, amounting to £117,800. When tills enormous expenditure is considered, in connexion with the very small advantage derived by the Province therefrom, it may well be questioned whether it will be more wise to let the Canal go to decay, using it only as a source of water pow(!r for driving Mill-machinery, or to embark in expenses, the result of which may be \iltimately benehciaJ, but which, in the mean time, must involve us in Financial difficulties of the gravest kind. JBy order of the Board, J. S. MACAULAY, President, W. C. C. Welland Canal Office, > St. Catharines, \2th February, 1838. J 8 9 G their [C] An Act to Repeal a certain Act therein mentioned, and to make further * provision for enalUng the Provincial Government to purchase the Stock held bij jirivate parties in the Welland Canal. [9th Decembkh, 1843.] WnEREAS, in and by a certain act of the Parliament of this Province, passed in the fourth and lifth years of the rcion of her present Majesty, intituled "An Act to authorize the Stock held by private parties in tha Welland Canal to be purchased on behalf of the Province," after reci- ting that it was desirable to place the Welland Canal under the exclu- sive control of the (lovernraent of this Province, and for that ])urpose to provide for the purchase from the private Stockholders in that work, of the stock by them held, and which amounted to the sum of one hundred and seventeen thousand eight hundred pounds, it was, amongst other things, enacted, that it should and ought to be lawful for her Majesty's Receiver General, upon an order to that effect from the Governor, Lieu- tenant Governor, or person administering the Government of this Pro- vince, to issue such number of Debentures as might be required, to the several Stockholders in the Welland Canal, for a sum equal to the amount of Stock held by him or them'; and that such Debentures should be made redeemable in twenty years from their date, and should bear an interest of two per cent, per annum, on the amount for which they might be issued, f )r the first two years, three per cent, for the third year, four per cent, for the fourth year, five per cent, for the fifth year, and si.K per cent, for the sixth and following years — which interest and principal sum should be chargeable on 'and payable out of the public revenues of the Province : And that whene\er the tolls collected on the said Canal, should annually amount to the sum of thirty thousand pounds, it should be lawful for the Governcv, Lieutenant Governor, or person administering the Government, to authorize and direct the Receiver (}e- neral of this Province to issue other Debentures to the original Stock- holders, or their legal representatives, for such sums as would make up six per centum interest upon the amount of Stock by them subscribed and paid for, from the time the same should have been actually paid — which Debentures were to be made payable in twenty years from the date thereof, and were to bear interest at the rate of six per centum per annum, payable half yearly, out of the pubhc revenues of this Province — and that nothing in the said act contained should be construed to com- 46 pel any Stockholder to accept Debentures for the Stock held by him as aforesaid, or in case of refusal to receive the same, to deprive him from being paid from the Tolls and revenues of the Canal, according to the laws then existing having relation to the said Canal: And whereas, by a certain act of the Parliament of Upper Canada, passed in the seventh year of the reign of His late Majesty King William the Fourth, intituled "An Act to provide for the permanent completion of the Welland Canal, and for other purposes therein mentioned," provi- sion is made for raising, by way of public Loan, the sum of two hundred and forty-tive thousand pounds, for the purposes of the said act; and that the Tolls received upon the said Canal, after deducting the amount re- quired for the charges then made thereon, by law, for so much thereof as might be necessary, should, in the first place, be applied to discharge the interest which should accrue upon the said sum of two hundred and forty-five thousand pounds, and the remainder of the income received by the said Company should be divided among the private Stockholders, until it should equal six per cent, on the amount of their investments: And whereas, by reason of ditiicullies arising from the state of the Pro- vincial Finances of Upper Canada aforesaid, a small part only of the said sum of two hundred and forty-live thousand pounds was aciually raised, and the Canal was, therefore, not completed by means of the said Loan : And whereas, the said Canal is in progress of completion, by means of other and larger sums of money received for that purpose, than the sum provided to be raised under the said act: And whereas, therefore, the circumstances contemplated by the said act under which the said pri- vate Stockholders were to have received dividends from the income of the salu Canal, have not arisen, and cannot now arise ; and it is, there- fore, expedient to repeal the said provision for the payment of such divi- dends : And whereas, it is represented to be for the interest of the pri- vate Stockholders aforesaid, that the said first in part recited act should be repealed, and other provisions enacted in lieu thereof : Be it, therefore, enacted, by the Queen's most excellent Majesty, by and with the advice and consent of the Lefjislative Council and of the Legislative Assembly of the Province of Canada, constituted and assem- bled by virtue of and under the authority of an act passed in the Parlia- ment of the United Kingdom of Great Britain and Ireland, intituled "An Act to re-unite the Provinces of Upper and Lower Canada, and for the Government of Canada," and it is hereby enacted by the authority of the same, — That the said first in part recited act, and the said act of the Parliament of Upper Canada, in so far as the same relates to the division of the income of the said Canal, or any part thereof, amongst the private Stockholders, shall be and the same are hereby repealed, ex- cept in so far as the same repeal any former act or acts of the Parlia- ment of Upper Canada, or of this Province. IL And be it enacted, That there shall be charged upon the Consoli- dated Revenue Fund of this Province, for the benefit of the private Stockholders in the said Welland Canal, the sum of one hundrad and th( go pri 47 seventeen thousand citfht hundred pounds, currency of this Province, with interest thereon, from the first day of January, in the year of our Lord one thousand eight hundred and forty-three. III. And be it enacted. That it sluili and may be hiwful for the Go- vernor of this Province, in Council, to direct tiie Receiver General of this Province to issue such number of Debentures as may be required, to the private Stockholders in the Welland Canal Company, not exceed- inor the said sum of one hundred and seventeen thousand einht hundred pounds, currency, at a rate of interest not exceeding live per cent, per annum, if the said Debentures and interest shall bo payable in England, or not exceeding six per centum per annum, if the said Debentures and interest shall be payable in Canada; and that the Debentures, or other Securities to be issued, shall bear date the first day of January, in the year of our Lord one thousand eight liundred and forty-three, and the interest thereon shall be payable from thence, on the first day of Janu- ary next succeeding the issue thereof; and from thence half yearly, on the first day of July and the first day of January in each year, until the principal sum shall be paid ; and such principal sum shall be made pay- able in twenty years from the date of the said Debentures, IV. And be it enacted, That it shall and may be lawful for the Go- vernor of this Province, in Council, to direct the issue of the said Deben- tures to the private Stockholders, according to their respective claims; and such Debentures shall bear the rates of interest above mentioned, and shall be payable either in London or in this Province, as such pri- vate Stockholders shall respectively desire, and at such place therein, as the Governor and Council shall direct and appoint: Provided always, that nothing in this act contained, shall be held to invalidate or make void any Debentures heretofore issued, under the said first, in part, recited act. V. And be it enacted, That it shall and may be lawful for tlie Gover- nor of this Province, in Council, to direct the substitution of the Deben- tures to be issued under this act, in lieu of the said Debentures already issued, upon application of the party holding the same. VI. And be it enacted, That so soon after the completion of the Canal as the Tolls received thereon, for any one year, shall amount to the sura of forty-five thousand pounds, currency of this Province, there shall be charged on the Consolidated Revenue Fund thereof, an amount equal to six per centum per annum on the private Stock subscribed, from the time the same has been paid in, for the benefit of the private Stockliold- ers aforesaid, or their legal representatives. VII. And be it enacted. That it shall be lawful for the Governor of this Province, in Council, at any time after such receipt of Tolls, to di- rect to be issued to such private Stockholders, or their legal representa- tives. Debentures for the amount of their respective claims, bearing in- terest, and payable in the same length of time after their issue, and at the same places respectively, as if the same were issued under the fore- going provisions of this act, to the private Stockholders aforesaid, for the principal sum invested by them. 48 VIII. And he it enacted, That in case any Certificate or Certificates, or other documents, have been issued to any of the said private Stock- holders, or their legal representatives or assigns, signifying that they, or any of them, are or shall be entitled to receive the back interest men- tioned in the said first, in part, recited act, or Debentures therefor, those who shall lawfully hold such Certificate or other document, shall be en- titled to the same payments or Debentures, and to none other, that they would be entitled to, under this act, if such Certificates or other docu- ments had never issued. -•^ ^\.^V»^ ' FJrrata. — Pagfe 13, after the words "increased or diminished," < ii the 20th line, add — Amount expended at this period, £451,519. [See Table No. 1, first part.] Page 16, 24th lino, add — Reference is made to Table No. 1, part .3rd, for a etato- mont of the Estimate of Toll for this year, and tlie amount realized. Page 17, line 13, add — The relative amount of the cost of the Canal, and the amount paid, is shown in Table No. 1, first part, and Table No. 2. NoTK. — The increase of Toll, in the downward trade, (which is the most certain index of the improved prospects of the Canal,) has been obtained for the four first months of the present year, up to 31st July, .... £17,114 4 3 For the same period, in 1851, 14,286 8 8 Showing & gain of - - Equal to about 20 per cent. C 2,827 15 7 'atcs, ftock- 2y, or Imen- Ithose |)o cn- they Idocu- nh line, part.] a stato- ind the certain )ur first 4 3 8 8 15 7