to raise a further sum of £180,000 by new shares of the same value as those created under the former act; or if the proprietors think it more advisable, they may borrow the said sum on mortgage of the canal and rates.
The means of increasing their funds, thus afforded, did not prove effectual, and accordingly in 1803, a third act was obtained under the title of 'An Act for enabling the Company of Proprietors of the Leominster Canal to raise Money to discharge their Debts, and to complete the Canal, and for explaining and amending the Acts for making and maintaining the said Canal, and for granting to the said Company further and other Powers.' From this act it appears that only £68,582 had been raised under the last, and that sundry new debts had been incurred in the prosecution of the work, amounting to £25,000 and upwards, and that the canal was still unfinished; the proprietors of the new shares already subscribed and paid for, are therefore protected from any disadvantage which might happen from their being liable to additional calls, by reducing the number of shares to the same number as the holders of the present shares, viz, six hundred and eighty-six, and the said six hundred and eighty-six share holders are hereby declared to be the company. The company are empowered, over and above the tolls granted by the first act, to demand the following
TONNAGE RATE.
| For all Coal, Goods, Wares, Merchandize and Things whatsoever, passing through the Locks intended to be made between the River Severn and the Canal Basin | 1d per Ton. |
They have also authority to make a railway from the canal at or near Stockton in the county of Worcester, to the basin at or near Stourport Bridge in the same county; and also one from Milton Cross to the town of Kington. And certain commissioners are appointed to superintend the works from Sousant Tunnel to the Severn, By this act also the proprietors have authority to raise by additional calls £50,000, and by mortgage, if necessary, £30,000; and the select committee may, if requisite, raise a still further sum of £10,000 by mortgage as aforesaid. All debts now due are to be secured by bonds payable with interest in five years.
