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 were ordered to make semiannual reports to the public. After ten years an abstract record was to be published for the inspection of the legislature, and if the profits were found to exceed fifteen per cent, the excess above this amount they were to turn over to the state treasurer. The act of incorporation also stipulated that the company's charter became void if work was not undertaken in five years; if the work was not completed in fifteen years, all rights, so far as the residue was concerned, were to be forfeited. The state of New York promised to give, as a free gift, to both the Western and the Northern companies, $12,500 as soon as both had invested $25,000 in the work on which they were starting.

On December 22, 1792, the act was amended as the lessons of the season seemed to indicate that there was necessity. The principal amendments were that the locks built on the company's works should have a breadth of not less than ten feet at the base and should have a length of not less than seventy feet between gates. The company was to be