The Sun.
London, England, 1840-12-02 00:00:00

CALEDONIAN CANAL.

1 ( Front a Supplement to last night's Gazette )
\Vn ereas the Select Committee appointed to consider and
report to the Hon. the 11Juse of Cominons wltat atcps it is
advisable to take isith respect to the present state of the
Caledonian Canal, and to whom the letter front Mr.
Munro respecting the Caledonian Canal, and the Trea-
sury Minute thereon, and the correspondence on the sub-
ject of the transfer of the Caledonian Canal to a Joint-
stock Company were referred, have reported :-
Ist. That it is expedient that the Lords Commissioners
of her Majesty's Treasury be empowered to grant or lease
the Caledonian Canal and its appurtenances for a period
not exceeding ninety-nine years, without any annual re-
turn or rent therefor.

2d. That before the execution of such lease, and before
application shall be made to Parliament for a Bill to in-
corporate any Company to whom the canal may be so
leased, such Company shall pay to the Lords Commis-
sioners of the Treasury (in lieu of making the deposit of
10 per cent. ref:paired by the Standing Orders of the
lloJse of Commons in the cases of railways) the sum of
43,0001., to be applied in discharging the several debts
nowowirig on account of the said canal.

3d. That the works specified in the report of Mr. Wal-
ker, and other works contingent thereupon, or which shall
he requisite for the completion or repair of the canal, ac-
cording to the true intent and meaning of such report, shall
bo executed at the sight and to the satisfaction of any en-
gineer to be appointed by the said Lords Commissioners of
the Treasury ; and such engineer shall report to the Trea-
sury from time to time on the progress and completion and
sufficiency of the whole works ; and thereafter and during
the currency of the lease such engineer shall also report
whether the canal and works are maintained in a good and
sufficient state of repair ; and the Company shall be bound
to maintain and repair the same during such period in the
manner to be pointed out by such engineer, and to his
satisfaction.

4th. That any Bill to be passed by such Company shall
contain the usual clauses for compelling payment of the
sums to be subscribed by the individual original partners
thereof, as well from such original partners as from the
persons who may thereafter become partners either as sub-
scribers or as assignees, and also fur authorising the for-
feiture of the shares of defaulters ; and in case of failure
or delay on the part of the Company to complete the canal
and works within the period of three years atter the passing
of the Act ; or in citse after the expiration of such three
years the Company shall at any time fail adequately to main-
tain and repair the canal and other works, all the compul-
sory powers and remedies for the recovery of subscriptions,
and also for the recovery of the rates and duties payable on
the canal and other works, shall be available to the Lords
Commissioners of the Treasury, who, on any such failure
or delay being certified to them by the engineer acting un-
der their appointment for the time, shall be entitled either
to insist summarily against the said Company for the ful-
filment of the obligations and stipulations contained is
these resolutions, or to enter ins possession of the canal
either temporarily or permanently as they shall think fit ;
and in any such case to apply all the sums and arrears due
by the individual partners of the Company, and all the
rates, duties, revenues, and other means of the said Com-
pany, and the reserve fund hereinafter mentioned, towards
the completion or maintenance and repair of the said canal
and other works, as such engineer shall report the same to
be necessary, and according to his directions; and if any
sum beyond the available funds of the Company shall ba
so necessarily expended by the Lords Commissioners of
the Treasury upon the completion and repairs of the said
canal and other works, such sum shall be recoverable by
the said Lords Commissioners from the said Company,
and the individual partners thereof, according to the extent
of the interest of each in the undertaking.
sth. That such Company shall not be entitled to de-
clare or to pay any dividend to the Shareholders exceed-
ing 10 per cent. in any year upon the share or interest of
such shareholder in the canal, until a reserve fund of
50,000/. shall have been accumulated and set aside, nor to
declare or pay any dividend exceeding 15 per cent, in any
one year, until a reserve fund of 100,000/, shall have been
accumulated and set aside; which reserve fund shall be
applicable, as far as may be required, to defray the expense
of the completing and maintaining the said canal and other
works, or of any causualty that may occurr on or in rela-
tion thereto, or any extraordinary expense which may be-
come necessary thereon, or to the ordinary expenses of the
said canal and other workr, in case the tolls, rates, and
duties, and other means and revenues of the said canal
should at any time prove inadequate thereto ; but such re-
serve fund, in so far as not so applied, and in so far as the
same shall at the determination of the lease be certified by
the engineer, then acting under the appointment of the
said Lords Commissioners of the Treasury, to Le free from
any liability to be so applied, shall belong to the Company,
and
tthhee ]case
ir be devisable among the partu,Ts thereof, according to
respective rights and interests at the termination of
funds, in ; and in the meantime the interest of such reserve
so far as not necessary and not applied to the
works, shall hteehtohpleadierdzat.ensntuoally along'
completion or maintenance of the said canal and other
the6tsha.id Shareholders,
with their dividends to
pn:rt
mile,exceend nltehael:es
putaken upon sailing or steam_
rveegssisetlesrshtnanll
present
srealtsehsa
loi f
use twopence
the
at e
apme-r
tugs belonging to the said Company, in which case they
shalln
exceeding the sum of one
p
such rates shall from time
nyp pay anr
ton additional
per
mile rate;
andnot
to time be regulated by the said Company, subject to the
approval of the Lords Commissioners of the
it shall not be lawful for the Company to raise theury ; and
same
without the consent of the said Lords Commissioners.
7th. That all ships of war and other ships, transports,