Page:A History of Horncastle from the Earliest Period to the Present Time.djvu/145



HE Horncastle Canal, connecting for commerce the town with the river Witham, and so with Lincoln, Boston, and the sea, though now a derelict, was formerly of much value. Its history is here given from its earliest inception.

Horncastle having been for some centuries the chief market of an important agricultural district, an association was formed towards the close of the 18th century, with the title "The Company of Proprietors of Horncastle Navigation, in the County of Lincoln." This was, in the year 1792, incorporated by an Act of Parliament, which gave a list of the names of the original members, and secured to them, and to their successors, perpetual possession of the same, and a common seal. The canal was to be 11 miles long, extending from the junction of the two rivers, Bain and Waring, which traverse the town and meet at the point where now stands the public swimming bath, to the Witham at Tattershall; and passing through the parishes of Thornton, Martin, Dalderby, Roughton, Haltham, Kirkby, Coningsby, and Tattershall.

The company had at first a capital of £15,000 in £50 shares, no member being allowed to hold less than one share or more than 20. The surveyors for the undertaking were Messrs. Robert Stickney and Samuel Dickinson.

When about two-thirds of the work was completed this capital was exhausted; and in the year 1800 a second Act of Parliament was obtained, which authorised the raising of a supplementary sum of £20,000 in shares of £50; additional members being enrolled, and mortgages raised on the tolls. The whole profits of the concern, for several years, were absorbed in paying off the debt thus contracted, so that no dividend accrued for the shareholders until the year 1813. The channel, from Horncastle to Dalderby, was an entirely new cut, the rest being the river Bain deepened and straightened in its course. It was adapted for the passage of vessels of 50 tons burden; and in the whole length of 11 miles there was a fall of 84 feet.