been obtained, all which had been expended by the proprietors on the work; they are therefore by this act empowered to raise, either by new shares or by promissory notes under the common seal, any sums necessary to complete the undertaking, provided the same shall not in the whole, amount, with the sums already raised, to more than £150,000.
Notwithstanding these enactments, the funds were so unequal to the expenditure, that the debt continued to accumulate, and the proprietors were obliged to apply a third time to parliament; an act was consequently obtained in 1805, entitled, 'An Act for enabling the Company of Proprietors of the Peak Forest Canal more effectually to provide for the Discharge of their Debts, and to complete the said Canal, and the Cut, Railways and Stone Roads, and other Works thereof.' This act having stated that only £69,955 had been raised under the authority of the last act, and that of the whole sum contributed, only £573, 5s. remained unexpended, empowers them to provide a further sum of £60,000 by the creation of new shares, at such prices as to them shall appear most expedient; these new shares having a title to all the benefits secured to the old ones, in proportion to their appointed value.
It will be seen from the commencement of this article, that though the first act directed the canal to be continued as far as Chapel Milton, it only extends to Bugsworth, five furlongs beyond Bottoms Hall, where it crosses the River Goyt; at this point the branch to Whaley Bridge, four furlongs and seventeen poles long, is made under sanction of the first act. The total length of the main line is fourteen miles and seven furlongs; it was executed under the direction of Mr. Benjamin Outram, and opened on the 1st May, 1800.
The work, as originally projected, was designed to supply the country with coal, and limestone for the repair of roads, and with lime for building and manure; but by being connected with the Macclesfield Canal, now in execution, its beneficial effects must be very greatly extended, as thus it becomes one of the lines connecting Manchester with London and the midland counties.
