The Maritime History of the Great Lakes
St. Catharines Journal (St. Catharines, ON), March 10, 1842


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Report Of The Board Of Directors Of The Grand River Navigation Company - Dec., 1841

The directors have great satisfaction in announcing to the shareholders, that, notwithstanding the obstacles presented in the prosecution of the work, from the scarcity of money, the inability of the Indian Department to meet their instalments, and the fruitless endeavors made to raise funds on the debentures granted by the provincial legislature, they have been enabled to complete the work, to the cut near Brantford called "Bunnell's Landing", and to declare a dividend of 2 1/2 per cent on the sixty-five per cent paid-up stock.

The amount of expenditures, as shewn by the report
of last year was,£36,883 18 7
Expenditure this year on new works, including dredging [Append. No.1] 721 7 5 1/2
Total £37,605 0 0 1/2

Tolls for 1841 [Append. No. 2]£1,130 0 0
Water Rents [No. 3] 302 10 0
From which deduct £1,432 10 0
Cost of Management [Append. No. 4]£415 0 0
Repairs and Contingencies [No. 5] 190 3 6 1/2
Leaving a net gain of £827 6 5 1/2
Which, on £31,255 12s 6d, the amount of twelve installments, or 65 per cent, will yield 2 1/2 per cent, and leave a surplus of £45.

It will be borne in mind that both tolls and water rents have been greatly reduced - on staple articles, viz: wheat, flour and merchandise, one half; and saw mill rents from £20 to £12 10s, each - still the income for the past year has exceeded 75 per cent increase over the proceeding year. The results, although not unexpected by the directors, afford the best assurance to the stockholders and the public, of the real value of the this navigation.

Within the last few years, the public mind has been steadily directed to the necessity of building the most expensive description of cut stone locks, arising from the imperfect manner in which the first stone locks on the Erie, and a part of the wooden locks on the Welland Canals, were constructed. To such an extent has the idea been carried, that from 13 to $17 per yard, has been paid for the re-building a part of the locks on the Erie Canal. On a similar specification, the locks on this navigation would cost from 50 to 60,000 dollars. To remove this undue prejudice, arising wholly from ignorance or inattention to the method of construction, which, if persisted in, must prove highly prejudicial to the improvement of this new country, where so many difficulties exist in procuring capital, the board have much satisfaction in calling public attention to the locks on this navigation. they are composed of wood and stone - dimensions, 106 1/2 feet by 32 feet in the chamber - did not cost over £1,250 each; and the repairs, in the six years since they were built, have not amounted to £5 per lock - the durability of which may now be considered as fully established.

To make this navigation perfect, the towing path should be finished, from Dunnville to Cayuga bridge - the boundary which has been established between the Welland Canal and this Company - and the construction of the lock at Grand River dam, which the directors entertain no doubt will be immediately undertaken by the Welland Canal Company, who will soon be in possession of ample means.

The loan of £12,500, granted by the provincial legislature in 1837, has not yet been made available, but the board rely on the aid of government to effect the object in time to insure the completion of the cut to Brantford the ensuing year.

The directors deem it necessary to call attention to the following statement of the quantity of property passing through the Welland Canal, to and from this navigation, [See Appendix No.l 6,] as exhibiting its value as an appendage, or extension, of that work; and the directors would express a hope, that another session of the legislature will not be allowed to pass, without connecting this improvement with the Welland, under the direction of government.

Five per cent on the capital stock, was called in, in July last - an inconsiderable portion of which has been realized. Another five per cent is now called in, payable on the 5th January next. These two instalments will pay off the debts of the Company; and the directors have good reason to hope that the income will increase in the same progressive rates as heretofore, and yield a fair profit on the investments.

By order of the Board,
Wm. Hamilton Merritt, President
Grand River Navigation Company's Office
Seneca, December 1, 1841

Appendix
(No. 1)
Statement of Expenditure - 1841
Estimates

Maurice Pickard - embankment west end of dam No. 2,£20 3 1 1/2
John Read - embankment west side of cut at dam No. 3, 13 10 9
Thomas Dalton - embankment west side of cut at dam No.3, 7 13 0
John Read - embankment raising and turnpiking road from Fishe's mill, upwards, 25 11 3
Maurice Pickard - making road at William Nellis', 11 1 10
Robert Wern - making road at William Nellis', 3 13 1 1/2
Philip Brady - embankment for tow-path, at Seneca, 17 14 11
Philip Brady - general work, 16 4 3
John Williams - raising embankment at Donaldson's island, 65 3 0
Thomas Dalton - excavation, making road, and gravelling dam No. 5, 53 1 3
John Dalton - excavation, and raising embankment, at Sim's cut, 33 3 11
£267 0 10
Sundries, Viz:
Expenses of Directors,£5 0 0
Paid William Doyle, bill of Board of Surveyors. 4 12 11
" William Doyle, expense of Directors, 2 0 0
_________
11 12 11
Paid this year rest of Ridge farm, 7 10 0
" Hamilton Journal for printing, 1 7 1
Paid Thadeou Smith, interest on his account,£1 6 6
" Henry Douthitt, do. 1 18 0
__________
3 4 6
Paid Damages, steam boat Indian Chief, 44 7 6
" John Byrns, cooking stove for dredge, 4 10 0
" P.G. Beaton, services, 4 0 0
" Henry Douthitt, account of dredging, 1833, 21 6 0
" William Dorstadder, for scow, 8 15 0
" William Fearman, account of work, 1 18 6
" James McLean, assisting survey at Brantford, 2 15 0
" William Willet, do. do. 2 5 0
" James Stewart, bill of works, 1 5 6
" Thomas Dalton, do. 4 7 9
" Peter McPherson, do. 2 0 4 1/2
" Maurice Pickard, assisting survey, 3 0 0
" Peter Framer, bill of works, 1 11 6
" Alexander McKenzie £2 5 6
" Alexander Kennedy, timber 9 9 0
" George Motley, work on damn No. 1 3 0 0
" Philip Brady, 36 days work, at 4s 3d 7 13 0
__________
22 7 6
Damages
" Joseph Young, damages to crops 6 17 6
" John Y. Nellis, do. do. 6 5 0
__________
13 2 6
___________
428 7 5 1/2
" Dredging account for 1841, 293 0 0
Total expenditures on this work,£721 7 5 1/2

(No. 2)
Toll Returns
April, £253 10 2 Amount brought up
May, 378 12 11 £822 11 3 1/2
June, 36 2 1 August, 51 14 8
July, 54 6 1 1/2 September, 97 15 5
Am't carried up October, 97 11 3
£822 11 1 1/2 November, 60 7 4 1/2
Total £1,130 0 0

(No. 3)
Mill Rents
17 Saws, at £12 10 each,£212 10
6 runs of Stone, at 12 10 " 75 0
2 Shingle Mills, at 6 5 " 12 10
1 Turning Lathe, at 2 10 " 2 10
Total £302 10

(No. 4)
Cost Of Management
Lock Tending
Lock No. 1 William Kerrott 7 mo at £ 7 10 £52 10
" 2 William Fearman, 7 " 3 15 26 6
" 3 Andrew Sims, 7 " 3 15 26 5
" 4 George May, 1 " 3 15 3 15
" " Gustavus Bingham, 6 " 5 0 30 0
" 5 Ronald Mc Kennon, 7 " 3 15 26 5
___________
£165 0
Engineer,£200
Clerk, 50
____
£250 0
__________
Total £415 0

(No. 5)
Repairs And Contingencies
Paid Hamilton Journal, printing,£1 19 9
" William Dockstadder, 7 days work, 1 17 6
" Alexander Scobie, account of sundries, 2 3 9
" Charles Hannah, do. do. 4 5 6
" Jacob Whorly, bridges, 1 10 0
" Ephraim Curry, bridge, 15 15 0
" Dennis Lamb, and others at sundries, in March, April and May, 54 6 3
" Maurice Pickard, and others, in March, April, May and June, 108 5 9 1/2
___________________
£190 3 6 1/2

(No. 6)
Quantity and description of Property, passing through the Welland Canal, and this Navigation
Scows, No. 255 Flour, bbls, 4,628
Wheat, bushels, 94,502 Whiskey, " 329
Paster, tons, 219 Salt, " 2,066
Timber, cubic feet, 691,641 Pork, " 253
Pipe Staves, 11,219 Merchandise, tons, 72
Sawn Lumber, 2,415,959 Shingles, M. 47


Media Type:
Text
Newspaper
Item Type:
Clippings
Date of Original:
March 10, 1842
Local identifier:
GLN.4771
Language of Item:
English
Donor:
Peter Warwick
Copyright Statement:
Public domain: Copyright has expired according to the applicable Canadian or American laws. No restrictions on use.
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St. Catharines Journal (St. Catharines, ON), March 10, 1842