acres; when first made, this reservoir was 9 feet deep, but the head has since been raised 4 feet higher. The act authorized the proprietors to raise amongst themselves the sum of £75,000, and an additional sum of £30,000, whereof £20,000 should be raised by shares of £100 each, amongst the said proprietors, and £10,000 by mortgage of the tolls and rates.
The money originally directed to be raised having been expended on the works, and some misunderstanding having arisen amongst the shareholders as to their liability to raise the additional £20,000 mentioned above, application was made to parliament for a second act, to set the matter at rest, which was obtained in 1797, and bears for title, An Act for enabling the Company of Proprietors of the Grantham Canal Navigation, to finish and complete the same, and the collateral Cuts to communicate therewith; and for amending the Act of Parliament, passed in the Thirty-third Year of the Reign of his present Majesty, for making and maintaining the said Canal and collateral Cut.
By this act, such proprietors as had not paid the two calls of £10 each, over and above the original £75,000, already made under the first act, were required to pay the same forthwith, and the said calls were consolidated, with their original subscriptions, into shares of £120 each; and the company were empowered to raise £24,000 more, by creating additional shares of £120 each.
By the first act it was determined, that the proprietors should not divide a profit of more than eight per cent, per annum; and that after a fund of £3,000 had been collected, the tolls were to be reduced; but, by the subsequent act, these clauses were repealed; and they are now at liberty to divide the nett receipts, and to raise or lower their tolls, as may seem expedient to the committee.
TONNAGE RATES.
| For all Goods, Wares, Merchandize and Things, passing on this Canal to or from the Trent River | 2½d per Ton. |
| For the same navigating on this Canal | 1½d ditto, per Mile. |
| Limestone | Ÿd ditto. ditto. |
Manure, Materials for Roads, and Goods for the sole Use of Charles Pierpoint and John Musters, Esquires, and of the other Proprietors and Tenants of Estates through which the Canal passes, are exempt from the Toll of Two-pence Half penny per Ton, on passing in or out of the Trent.
