The act was passed on the 17th March, 1818, in the 58th George III. and is entitled, An Act to enable the Gloucester and Berkeley Canal Company to vary and alter the Line of their Canal; and for altering and enlarging the Powers of several Acts passed for making and maintaining the said Canal. This variation of the main line had the effect of shortening it one mile and three quarters. The estimate for this deviation, commencing in Sir Samuel Wathen's land, near Branwood, which was one mile, six furlongs and eight chains in length, was made by Mr. John Upton, and amounted to the sum of £49,230.
Although the preceding acts authorized the company to raise £280,000 for making the canal, yet, at the passing of this act, they had only raised and expended £112,000; and, from the great difficulty they had already experienced in obtaining the above sum, the company was apprehensive that, without additional powers, they could not raise the remaining £168,000; this act enables them to raise that sum by the creation of new shares, which shall not be granted at less than £60 per share. But they are also further empowered to raise any part of the above sum of £168,000 on mortgage, bond, or by granting annuities. By this act the company are authorized to charge for all goods, which shall remain upon any of the whath belonging to this company above forty-eight hours; the sum of sixpence per ton per diem.
In the prosecution of the work it was found desirable to construct the canal so as to admit vessels drawing 18 feet water, instead of the original proposition of limiting it to 15 feet; it was also found expedient to erect a breakwater in the Severn, near the outer harbour of the canal, in order to facilitate the entrance of vessels. These alterations made a considerable addition to the expenditure, an act was therefore obtained in the 3rd George IV. to enable them to borrow the additional sum of £150,000, either by the admission of new subscribers, or in any way authorized by the preceding acts. This act is entitled, An Act for enabling the Gloucester and Berkeley Canal Company to raise a further Sum of Money to discharge their Debts, and to complete the said Canal; and for amending the several Acts passed for making the said Canal. Here it may be remarked, that the Exchequer Bill Commissioners advanced to this company, on security of the rates,
