RICE LAKE STEAM BOAT COMPANY.
At a Meeting held at Cobourg on Monday the 11th of April, 1825, for the purpose of considering the expediency of building a Steam Boat to navigate the waters of the Rice Lake, Walter Boswell, Esquire, in the Chair -
Resolved, That a Steam Boat on the waters of the Rice Lake would conduce greatly to the general improvement of this District, particularly of the back Townships, in facilitating the means of getting the surplus produce of the inhabitants to market.
Resolved, That Walter Boswell, Esquire, Mr. Throop, Mr. Campbell, Mr. Perry, M.J. Boswell, Mr. Bethune, and Mr. Stuart, be appointed a committee to carry the above Resolutions into effect, and to draw the necessary rules and regulations, and to report the same at a Public Meeting to be held at Buck's Tavern on Friday next, at 3 o'clock in the afternoon.
WALTER BOSWELL, Chairman.
At a Meeting held at Buck's Tavern on Friday the 15th April, 1825, Walter Boswell, Esq. in the Chair, the above named Committee presented the following Report.
The Committee appointed to draw the Rules and Regulations for carrying into effect the resolutions of the former meeting beg leave to offer the following suggestions.
That a sum of £1000 be raised in shares of £5 and that no subscriber be allowed to hold more than twenty shares.
The Committee have suggested the raising of £1000, which will probably exceed the costs of the Boat and Engine, because there are some obstructions in the River Otonabee to be removed, and it will be expedient to make some improvements in the roads from Rice Lake to the front, which may be accomplished by applying such a portion of the Company's funds as can be spared in aid of the statute duty.
That as soon as one hundred shares are subscribed for, a meeting of the subscribers be called for the purpose of choosing Directors and a Treasurer. That the number of such Directors should be five, who may appoint a President and Secretary, and that three shall be a quorum.
That the Directors be chosen from amongst those of the subscribers who are holders of four shares at the least, and that each of the subscribers be entitled to as many votes as he holds shares in the said Company.
That the Directors first chosen shall remain in office until the first Monday in January next after the Boat shall commence running and afterwards that they shall be elected annually.
That as soon as a Treasurer is appointed, he may call on the subscribers for 25 per cent on the amount of their subscriptions, and the Directors may afterwards call for the balance in such proportions, and at such times, as they may think proper, giving one month's notice.
That the Treasurer, Directors, and Secretary, shall act gratuitously, and that once in every year a meeting of the subscribers should be called, when the Directors shall report the state of the accounts of the said Company, and declare a dividend of the profits thereof.
That the Engine for the intended Boat should be of eight horse power, and that the Boat should be of as large a size as may be consistent with that power, so as to afford the greatest possible facility for the carriage of produce from the shores of the Rice Lake and the Otonabee River.
Resolved, That the above report be adopted.
Resolved, That Books be immediately opened to receive subscriptions at Cobourg, Kingston, York, Port Hope, and other places where subscribers may be expected to be found.
Resolved, That the proceedings be published in the York and Kingston papers.
Resolved, That J.G. Bethune, Esq., Mr. J. Boswell, C.S. Boulton, Esq. and Z. Burnham, Esq. be appointed a corresponding committee.
WALTER BOSWELL, Chairman.