To The Editor Of The Patriot
Sir - As several persons are now on the look-out for Welland Canal stock, I give you the result of a close calculation, as regards the value of debentures, now in progress of issue by the Receiver General. The debentures for all the stock paid up, are worth £86 for every £100.
The second set of debentures, which will issue a payment of back interest, whenever the tolls on the canal shall amount to £30,000 per annum, will vary in value, as follows, viz: -
If the tolls amount to£30,000, in 1842, every £100 back interest will be worth £94 3 7 ½
|In 1843, ||88 15 6 1/4|
|In 1844, || 83 13 7 1/4|
|In 1845, || 78 17 6 1/4|
|In 1846, || 74 6 11 ½|
The increase of tolls last year, exceeded the expectations of very body and this year, notwithstanding many draw-backs on the commerce through the canal, the receipts exceed those of last year, by a thousand pounds.
I sent you this statement, to enable shareholders to form an estimate of the value of their stock, before they sell to purchasers whose interests may cause them to undervalue it.
There is little doubt but the debentures for back interest will issue in 1848, if not before that period.