Page:Rivers, Canals, Railways of Great Britain.djvu/25

Rh River Don, at or near the South End of the Bridge over the same, (adjacent to the Royal Burgh of Inverurie) in the parish of Kintore, all within the county of Aberdeen, North-Britain.' 

By this act the company were authorized to raise £20,000 in £50 shares, no person to be holder of less than one share, or of more than forty; and it was further provided that in case of need £10,000 more might be raised amongst themselves, by the admission of new subscribers or by mortgage: it appears, however, that the original projectors of the work did not meet with the anticipated success, for in the year 1801, an application was made to parliament for an additional act for raising money to complete the undertaking.

In their application the proprietors stated, that of the £20,000 which they were authorized by their former act to obtain, only £17,800 had been subscribed, all of which had been expended, and several debts incurred.

A second act was passed in the 41st George III. cap. 3, (24th March, 1801), in consequence of the company being unable to raise more than £17,800 under the former act, and had for its title,  'An Act for better enabling the Company of Proprietors of the Aberdeenshire Canal Navigation, to finish and complete the 'same,'  which was to be effected by creating one thousand new shares of £20 each, bearing an interest of five per cent.

But the proprietors were compelled to apply for a third act, which was granted in the 49th George III. cap. 3, (13th March, 1809), entitled,  'An Act for better enabling the Company of Proprietors of the Aberdeenshire Canal Navigation to raise the necessary Fund to complete the same.'  By this act the company were empowered to raise a further sum of £45,000, upon promissory notes, under the common seal of the company, bearing interest, with a power in the holders to become shareholders of £100, in the ratio of the amount of their respective notes; or, at their option, they are empowered to raise the said sum by mortgage of the rates authorized to be collected; or by the granting of annuities.

The tolls which were granted by the first act, (and which have not been altered by any subsequent act), are recited in the following page:—