The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-01-20

Fund No. p oil the LIST Oct,
Reed during year ending
seth Sept, 1855, for in
teIest.. ...-......... S3,SUS w
379,979 40
To meet the requirements OF the constitution,
there was needed as additions to this fund
For payment of interest on loans under
sec. 3, art. Of constitution. ....... S211 27i SO
For annual contribution for payment
of principal OF loans Of 1854. 1910 40
For annual contribution for payment of
enlargement loans Of 1865 ......... 1910 40
For annual contribution of loan for re-
Gemption of canal revenue certif.
Gates ACKNOWLEDGEMENTS. 50,7so 80
Total. -. Observation-Disclosures. s4l4 1896 Is
The canal revenues being insufficient to meet
Fund to that amount, making total deficiency in
the Sinking Funds Of "a 1856 ,S96 So, which has been
provided for by five per cent ioan awarded on the
18th December, 1866 OF $500 000 the credit Of
the Sinking Fund under sec. 3, art Of the cOnsti.
tuition az amended.
PREMIUMS ON LOANS.
The premiums received upon loans made in the
fiscal year ending. September 30, 1884, were stated
in the last annual report from this department at
pages AZ and 40, to have been as follows
1854, Oh. -. ~ DOC, ooo-sl757 oe Is
On loan awarded, August 81,
1864, of................ 1886, OOO- 1877 ,246 50
On the loans Of the last fiscal year the premiums
received have been on enlargement loans, as fol-
lows:--
On loan awarded February
20, 1866, of. 81 ,Oo0, OOO-s13l $50 Of
On loan awarded June Il,
1855, of................ 1850 900 234 500 90
On loan for the redemption
Of canal revenue certifca-
ties, awarded June 20,
1855, Of. Observation-Disclosures. SOC, 900 259,405 90
Making an aggregate of ... .s9es ,2a7 50
Since the commencement of the present fiscal
year, the following loans have been made, VIII
Enlargement loan awarded Oct.
~, 1900, ior .....-...'. 81 ,ZoO,ooO
Loan to supply deficiencies in sinking ~
Fund awarded Dec ls 1856, for s..
100000 g per cert loan) at q premium
Total Of premiums. ............s 81 ,2O4,7 SO
The amount loaned under sec. 3, art Of the
Port, is S. 900, which has been taken at pre-
MUM Of $9l3,342, being an average OF fraction
over 10 ss-lcO per cent The enlargement loans of
the last fiscal year were taken at q premium
averaging l6 26l00 per cent, evipcing most clearly
the public confidence in the credit of the State,
utility Of its canals and their ability to cancel their
Indebtedness from their revenue; does ii mill.
tate against this deduction to state that their being
used as securities Tor banking purposes enhances
their value for the that it is their intrinsic
merit and undoubted reliability which makes them
30 valuable, and causes them to be selected aud
ESTIMATED REVENUE AND EXPENSES.
The canal revenues for the present fiscal year are
estir ated as follows:--
From tells from all the canals. SO 100 900
From rent Of surplus waters. ......... 800
From interest on current canal revenue. 5000
By chap. 62s, Laws OF 1855, the following appro
piiaions have been made for the fiscal year For
expenses Of collection, superintendent and ordi-
naly repairs Of the public works, salaries of the
Canal Commission ers State Engineer and Survey.
mr. no And 0ffh n time r1n
end incidental expenses OF the Canal Department
aud Canal Appraisers. 100000 90
For the payment Of interest and to pay
the principal Of the Canal Debt, as 1t
existed on the LIST day Of June, 1s46 100000 90
For payment toward the Sinking Fund
Furd Debt. .................... $4,000 90
be made under the constitution, for
the enlargement OF the canals, or 30
much thereof as may be necessary. :. 100000 90
For Sinking Fund under sec. g. art. of
constitution. ..............- 49,. 279,2s1 90
For General Fund Debt. .............. zoe, 900 90
This appropriation was made before opportunity
had been afforded to determine or even to form an
opinion understandiDgly to the effect of the sys-
tenn of keeping the canals in repair by contract
to have upon the expenditure for that purpose TIL
experience Of the past season of navigation, and
the result of recent lettings, which will be reported
by the Canal Commissioners, are deemed to demon
siIate that the sum OF 5000 ,000 appropriated for
collection, superintendent, repairs, &C.. Is at least
$l50,0O0 to 100000 more than will be needed for
that purpose and in view Of the results OF the re-
cent ettii q the Auditor would respectfully recon
mend that the act relative to keeping the canals In
repair by contract be 30 amended rs to authorize
and require the letting Of the uncompleted as we'll
the completed sections Of all the navgable canals
and that the whole be placed under the control and
supervision Of the Commissioners and Resident En-
gineers, under the belief that If this recommends
ton tbal be adopted, the sum Of 100000 per
annlm will lie found amply sufficient to cover the
whole cost Of collection, superintendent and re-
pairs f all the canals.
The appropr ations for the fiscal year commencing
on the Let Of October, 1856, should be made in ad
vance o. that period.
in closing the report the Auditor desires to express
the conviction entertained Of the ability Of the canals,
economically and judiciously managed, to defray, by
means of their own revenue the cost Of their super
vision and management, together with the interest
upon their debt incurred and authorized, and within
reasonable period the debt itself, including such
srms rs may be equitably due from them to the &C.
rcral fund for advances from It for their original
construction If applied to those purposes only; and
tie equally strong conviction that IL they are not
MANAGED or lf their revenues are OtherWse aDplied