Page:Rivers, Canals, Railways of Great Britain.djvu/568



The debts of the company continuing to increase on the further progress of the work, and by unforeseen high prices, they applied for a third act in 1804, entitled, 'An Act for enabling the Company of Proprietors of the Rochdale Canal, more effectually to provide for the Discharge of their Debts, and to complete the whole of the Works to be executed by them, in Pursuance of the several Acts passed for making and maintaining the said Canal.' By this act the company had the power of raising £70,000, in addition to the sums before granted, by creating new shares and parts of shares, or by any other means most convenient. This, however, did not answer the end proposed, for in 1806 we have a further act, entitled, 'An Act for enabling the Company of Proprietors of the Rochdale Canal, more effectually to provide for the Discharge of their Debts, and to amend the several Acts passed for making and maintaining the said Canal.' From this act it appears that the works had already cost £328,900, but were still unfinished, though the canal was partially opened. For the completion of the whole, £143,050 was still required, which sum the present act orders to be raised amongst the shareholders, by calls of not more than £25 on each share of £100; or if this mode should not be approved, the company may issue promissory notes of £25 each, bearing interest at £5 per cent, and when the dividends or clear profits of the company shall amount to £5 per cent. the, holders of these notes shall be entitled to an equal division of all the surplus profit. Additional demands for tonnage and wharfage may be made according to the following

SCALE.
None of the Articles to remain longer than Ten Days.

The last act obtained by this company bears date in 1807, under the title of 'An Act to alter, amend, explain and enlarge the Powers of the several Acts passed for making and maintaining the Rochdale Canal Navigation.' It refers to the mode of