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' To the President and Directors of the Wetland Canal Company: Gentlemen — In compliance with tlio request of your President and Secretary, and of the order of your Boiird of the 4th ult., we !iave, willi the assistance of Mr. Beaton, ex- amined the Books of the Company, from its formation to the close of the year 18135, and now beg to present the result of our investi<>;ation, in the accompanyinjj; concise Balance Sheet, showinc; tlie expenditure on each particular branch, and the receipts of every des- cription. [See Balance Sheet, at the close of tliis Report.] In order to arrive at the desired object, vi/. : — tlie expenditures of all the monies recei- ved by the Company — we found it necessary to make a set of Books, which we herewith present, and wliich, when taken as a part of the (Company's Books, gives a comprehensive Abstract of the whole transactions of the Companj'. Our Journal corresponds with the Cash Journal of the Company, and contains the de- tail of all expenditures, which may be seen at a glance. We took up each item of receipt separately, commencing with Capital Stock; and in following up this plan it was neces- sary to open accounts in our Leger, with all the parties through whose hands any part oCtliG Coinpniiy'ti Ciindi^ pnsse 11 (» G 11 1!) () 132 18 1) 3 19 4 23 S mate of Nov. 1832, wliicli slioiild have boen passed to tlie debit of tlic parties, iind were only deducted Iroiu the estimated amuiiiits due tliem, and thereby deprived INIr. Chirk nf the credit he should have had for such advauces; a detailed list of which will be found in our Journal, page 47; and said balance we have transferred to the credit of (.'ash Account. We liave examined various statements presented to a Committee of the House of As- sembly, by Messrs. Ilincks and Youn^, Accountants eni|)loyed b}' that Committee toex- amine the accounts of the VVelland (!anal Comjiany, as we have been informed by Mr. IJeaton, and many of the items remarked upon l)y them, will be found in our General Cash Accoiuit; but they, ])y their ])laii to nud;e the IJooks balance, found it necessary to make many entries whicii we have had no occasion to notice. We hare also examined and compared the Balance Sheets of the Company, vhicli were laid before the Leiiishiture, for the years 1820 to 1834, inclusive, with the JJooks of the Company, and found them all to au;ree, except in a few instances in the year 182!): some unimportant (liscrepaiiiies wcic noliet'd, and ((U'l'ccted in the year following ; aiul we consider that durinj; the w hole ])eriod to which we have alluded, a correct Abstract of the expenditure, from the Books of the Company, was laid before the House of Assem- bly, as shewn in the Journals of that branch of the JA-gislatiu'e. We observe that the follow ing persons have had sums over-credited in their accounts, vi/ : — John Donaldson, ...... John ^^inclair, ...... Thomas Merritt, Jun. ..... Daly & Co. William Orderly, ...... L. A. Coiistantine, ...... Johnston Orr, ...... Which, shoidd the Board deem it proper to brinptthem forward, we are of opinion oni^ht to be placed to Su.spense Account-, as it is very jjrobable that it will be attended w ith dilU- culty to convince the parties of errors in their nrrounts, Avhlcli occurrcMlso lony .sinco. We also have to observe, that the only error Ave have discovered in the accounts pre- vious to the year 1830, is in that of (Jliver Phelps, in the old lieijer, folio 157, wh(;rein it appears that the debit side is ti'reater than the credit side, by .C!)") 10 4, which Messrs. Hincks and Younii; carried forward as a balance to the debit of that ac<'ount, but which we think, should not remain so ; as we perceive, by a meuKn'andum of iMr. Black's, in the Estimate Book of 1S28 to 1830, page 70, that "Mr. Phelps repaid Mr. Black certain sums which had been advanced him, which we su])j)ose was intended to even ]Mr. Phelps' account ; but as there is utill some (had)! in our minds, respe( tint;- whether it wa.s actually liquidated or not, we have carried it to the debit of Outstandini!; Debts, where it may be readily seen, and finally disj)osed of, w hen the true state of it is ascertained, which we suppose can be done by explanation of Mr. Black. Mr. Beaton proposes to adopt the plan of opening an account for Estimates in the Leger, which w ill be made Dr. to parties respectively, for the estimated amount of work and labour done by them, and they, (tln' jjarlies.) will be made Dr. to Cash for payment.s which may from time to time be made to them by the Secretary; and by this means dis- crt'pancy between the (Jash Book and Petty Leger of the Secretary, ami the (irand Le- ger of the Company, Avill be prevented — which ]dan we very nnich approve, and highly recommend. We would also, in noticiig- what Mr. Beaton thus proposes, take the op- portunity to mention, that we have been most ably assisted by him in the investigation of the Company's Books ; indeed, the whole of the labour has been performed by him , and we cannot, in justice to him, refrain from nmking mention of his services, as they have been very valuable and extremely necessary in getting the allairs of the Company, so far as the Books are concerned, most satisfactorily adjusted. In conclusion, we have to remark upon the whole investigation, that in consideration of the expenditure of so large a sum of mcmey, throughout a period of twelve years, in payment of accounts kept with upwards of two thousand individuals, that it is very sur- prising how few errors have occurred ; and we believe that there are few undertakings of a similar magnitude, the accounts of which have been so correctly kept — and the faitn- ful account which the Books afford of the monies received by the Company, must reflect the highest credit on the Officers entrusted with their disbursement. m fhj a si ta( nal of bel a[ P. «1 wen' Jltirkof (iiiiul ill jf Cash B of As- IbyiMr. General ssary to V, Hvhu'h }()()k,s (it ir l.S-J!): iij;- •, and slract kI" ' Asseni- Xi (■I ;^ iccounis, , 10 '(*' ■-'•v' •) '•-* a J^ > 6 i 9 ) 4 s- i 1 onuhtlo withihlU- ^mro. units pre- vherein it 1 Messrs. but wliieli k's, in the •k eertaiii <>ven Mr. hvv it was )ts, where 'i^ seertained, ites in the V,: nt of work ^1 ■ payments ^# means dis- n (irand Le- and highly akc tho op- vestigation ed bvhini, ili: :es, as tliey ^f a Company, )nsideration ve years, m is very sur- ndertakin^s nd the faith- must reflect 3 We have now to liope, lliat the residt of our investigation will prove useful and satis- fadorvto ill'' iioard iA' Directors of the Weliand Canal Company, and that their ininds will Ik- now at rest, respecting imputed Defalcations in the management of the Conipa- iiv's alliiirs. _ , ,. .. (Signed,) c. s. uy s anairs. , i, „ W'c have the honour to he, Gentlemen, your very obed t serv Is, (Signed,) j1\0. M. a. CA^lKkOX, .Iccoi/iilfait to the (Juiiadu Company. MIJKJIAY, lioo/c Keeper Bank of IJ. Canada. p. S. W(! would be;; leaver to suijctest that, now as a correct account of the Tolls of the years 1.s;K», IS:U, ISivriuid ls:{;{, will be found in the l5ooks which we herewith present, all the accounts inllu! Hooks of the Company respecting the Tolls during these years, should be cancelled or expunged. (Signed,) J. M. A. C. * C. S. M. »r. AVc'llnml Camil Company's Balance Slioef, fiiuM Tin: foitMATKix OF Tin: compa.w, to the close Of Tin: \E.\n i- Cr. Polio 7 8 •J 10 11 \1 13 11 lit 20 21 i;'2 Q.l '2fi To Vnlps Si McTiitvrc, " W. II. .McrnU," " J!iif:iiii|iic't Si Co. •' KlllCf! Si Co. ■' A;:i'ncy, . . - " Cijntiiij;opiL'ios, " Knlininlcs, '' Awurili^i by Arbitriition, " Inti/rc?!, . - - - " ;\'. liliii'liinorn, " Kiitriiii'i.'i'.s, " KlmI Iv-tatc, '■ Saliirics, •' Cnsli, " I'ruiit mill I/Oss, - " Kluielioiisos, " Sli'iiiii DiiMlgp, " inncfi nt Port ColDornr, " (lu. nt Si, C-itlKiniics, " Stpnrn Bo;it Ci\ri)liiir', - '■ Cnlloctnr? ot'Tiill. U!.iJ, " (!r;\iiii KiviT Claims, " I)o!it<_T.ill, Kl.iJ, " Si li'r <'arl\vri^;lit, '' I'liruiirdiiii;, lo.ll, " Hi'litH Ibr lio. mill Toll, loJl, " !Sii:si)Uiisu Account, 1 1 1 I'" olio : 111 -v n ! 1 1411! 12 ■1 1 4 tl|l;) •'■' i 7 4 (i '^ 10 l,oni» f) 1 10 !i,'ir).'.|iii ;i 1 17 ■.',-i\,MiH;\ n:il D! 3,!I1H 7 0(| ft iii.i).'((;| 7 'ii; ii.-J in ' " n,7ji li 1 )t ■i.io: 7 01, !) t;,'.i.ij !i i;ii i\ l::;i M ■A )) C,711 17 i \ )) ;)::0'1-J ^7 7(;ii 4 7 u il-llO £'Jl|l0 \yj i 2.i(i 10 i;3' 7!)0]1() "! &onli4 ^:i; 10 , •■Zy'lH Hi "1 7111 ('.'.Ijllfl l;U, T!y Capital Stock, l!ank ot'l'. Canada, l!rili:ili (iiiverriniciit, Donations, Kxclmniri', Toll Si I'VirwariliiiL', 11 J.oan.'i I'roni (iovoriiniuMt, Ronis, . - . - Toll, K!;!!. - - - - 'I'oll, lli.i.'i, - - - - (Icii. Keifler, Sen, .lani('.-i l)avi>!, - - . I.ancl.s anil llyiiraulic Rents, Toll, lii:ii. Toll, li);i.J, Hank ol'U. Cnnaila l.oan account, (juo. Simtli, ,. . - £.2r)0,840| 0| .) 3 lil »2 SJiJ^rjlllI i! i&l o| ;),li07114 8? ioo,ooo| 0| 100 ;>,7r.t| i| 74 0,807 ,'(111, 1 G0| ,')| 7 l.'<18 4it| 7 'i.lfl-i 7 3,0181 I 1,370 9 7l 3 .■C1.J 1,833 13 Hi £131,833 13 114 The folloivinc; Letters are from the .Accountants appointed hi; n Committee of the House of Asscmblij, to investigate the Books of the Weliand Canal Company. P. G. Beaton, Esq. Toronto, Ath June, ISSG. Dear Sir — At 3our request, I have examined the Journal and Leger made by }ou, from the Books of the Welhuid Canal, and I have no hesitation in expre.ssing my opinion, that the plan you have adopted is a good one, and I sliould say the best that could be taken to ascertain the real expenditure on the work. Of course, I have not examined into the de- tails, but presume, from the appearance of the Journal, with the references to the orio;i- nal Books, that they have been correct!}- made out, and they appear to balance exactlj-. Of your own abilities as an Accountant, I never had any doubt — and I think it would have been fortunate for the Directors of the Company, if they had always had you as their Accountant. 1 remain, dear Sir, yours, truly, FRA'fcs HINCKS. P. G. Beaton, Esq. Toronto, 4th June, 1836. Dear Sir — I have examined the statement of the Accounts made by you, of the affairs of the Weliand Canal Company, and I concur fully in the opinion expressed by Mr. Hincks, of the plan adopted by you, as I think it an excellent one to arrive at a correct knowledge of the expenditure of the monies received by the Company, The references made to the Journal, leave little doubt as to its correctness. It gives me pleasure also, to add my testimony to your abilities as an Accountant. I remain, dear Sir, yours, truly, J. YOUNG. > ■ Ji r^ ^ :?^- ^ r it ^ ^^ V. >' k-^' 1^^- \ I' ^ - *■■■ i .ij»*