Proposed Ship Canal From ...
The Times, 1824-06-19T00:00:00

-FAD V FRT IS ?E4E- -v,,- 1- Atanumerous and respectable Meeting of Landowners Aler- chants, Bankers, and others, held the gth day of June, i824, at the London Tavern, Bishopsgate.strect; Sir T. B. Lethbridge, Bart. M. P., in the chair: Resolved unanimously, That it is theopinion of this meeting that a junction of the English and Bristcl Channcls, by reans of a ship- canal, will be of essential advantage to the commercial interests of the country, and at the same time promises an ample remuneration for the expense of its execution. - That the capital of the company be for the present limited to one million, and the sanme be divided into shaes of 1001. each. That a subscription be new entered into, and that books be after-' wards left at the banking-house of Mlessrs. Bosanquet and Co.,Lom Lard-strcet, for the purpose of receiving future subscriptions, and that a deposit of 11. be paid upon each share at the time of sub- scribing. That the subscriptIonAbook be headed as follows, viz.-" We wlhose names are hereunto subscribed, authorize the application of the several sums subscribed by us in defraying the expensms already incurred and to be incurred in the surveys, plans, engineering esti- mates, and other charges necessaryfor preparing to apply to Parlia- ment for an act for making a ship-canal front the English to the Bristol C!janncl, and the further cxpenses to be incuzrred in such applicatirego Parliament; and that in case we shaUl decline to take the shares set opposite to our respective namnes, the residue of the deglsit now paid by us shall be forfeited to the Company." w t whenever 1,0001. shares shall be subscribed for, i;lr. Telford be employed to survey, and report lils opinion upon the best line and probable expense of a ship-canal from the Bristol to the English Channel at Seaton-bay, capable of navigating vessels of all descrip- tions, ot 120 tons, andof 200 tons burden, register mneasurement. That --- -- -uy auu wu tneir numbers from sub. mscnbers of five shares and upwards, for the purpose of discharging expenses already incurred and to be incurred, and of auperintending the survey, and defraying the expen6es thereof out of the monies subscribed, and that thiree be a quorum. That when the survey shall be complete, and .Afr. Tdlfbrd's re. port daliveredt, the committee now appointedtdo caU a generalmeet- ingof the subscriliers, in order that tlhe same may be considered, and that suclt general meeting may then adopt such ulterior mea. sures as m.ay then appear proper. That the books do remain open till the 30th day of Juneinstant. That the resolutionis of this day be inserted in such iiewspaper, in town and country, as the comnittee shall think fiL. TTIOS. B. LETHBRIDGE, Chairman. Resolved unanimously, That the thanks of this meeting be given to Sir Thos. B. Lcthbridge, for his able and impartial conduct in the chair. At a meeting of the committee held at the Crown and Ancior Tavern, on Saturday, the 12th of June inst., the following state- ment was agreed to be published:- The committee beg to submit, for the information of the public, a short statement founded upon the best data which they have been ahle to collect from the most authentic sources of information, for the piurpose of exhibiting the pro1able retirns to the proprietors, upon the execution of the canal, and which will clearly demonstrate that a most amjple remuneration cannot fail to result to those who emrbark theircapital in the undertaking. The length of thle canal, according to the plan laid down by the late Alr Rennie, was 41 miles, aaid it is not probable that any variation of the line, in con. sequlence of the survey about to be made by Mlr. Telford, can make. a matenial alteration in that respect. '1 aking also Mr. Rennie's es. timate as a basis, andl adverting to the difference of prices, and to the proposal to substitute a canral for ships of 200 tons, instead of 120 tons, as formerly suggested, the expense of the execution of the canal is estimated at abeut 1,200,0001., upon a calculation which the committee believe to be not only fully adequate to meet the exi- gencies, but to be made up on a liberal scale. The charg of vwear and tear, repairs, management, and other incidents, when jhe canal shall becomplete, are taken at 1,0001. per Mile per annum, making an an- nsual expenditure of about 42',0001. Front local and other informatien collected at various times and at several periods, and particularly when a boat canal was in agita- tion in the year 182-2, the Committee are of opinion that this amouht would be more than provided for by the tonnage upon lime, lime- stone, clm, stone, bricks, tiles, and general merchandise ior the in- ternal trade, which will be carried on by means of the canal. The annual expenditure being thus provided for, there will remain for the benefit of the subscribers the amount founded upon the following estmate:- From returns moade to the House of Commons in the present ses- sion, upon the inotion of Sir T. B. Lethbridge, it appears that the amount of tonnage which passed rouna the Land's End in 1823 was 1,030,430 tons; of whiclh it furtherappears,thathad the canal existed, 554,000 tons would almost of necessity have passed thlrogh the ca- ial, and probably great part of the residue, from interest, conve- nience, or other causes. From local and other information, collected in the southern parts of England, it appears that there was a consumption of coals in 1811 amiouiting to 1,400,000 tons per aniinn, which has since consider- ably inceased, but of whlicl the corntnittee arc satisfied with assun,- ing that only 500,000 tons will pass the canal. Besides thesc, thc tonnage upon copper. iron, and smdries, not otherwise ir.cluded, may be taken, on a mioderate scale, at 100,000 tons. From these sources a tonnage of 1,154,000 tons will use the canal, which, at Id. per ton per milc, upon the average, would produce an annual revenue of 201,9601. applicable to a dividend among the pro- prietors, and amounting to above 16.& per cent. The charge of ld. per ton per mdce woald fall so short of the ex- penditure necessary in navigating round the Land's Ead,as to make t a matter of certainty that the canal would be preferred. In these remarks the Com.nittee contemplate that the country is in a state of peace; but it is obvious that should war at anv tinne take place, the traffic upon the canal would be increased in a very consi- derable degree. rMturu,yfDT NTFJP C'ANAL FROMV TIrF ENGLISH TO THE BRISVTOL CHIANNEL.