RECEIPTS AND EXPENDITURES FOR THE YEAR. The actual amount of the revenue of the Erie and Champlain Canal Fund from all sources from the 30th September, 1834, to the 30th September, 1835, is as follows, viz: From tolls, after deducting the expen ses of collection,.. Vendue duty,... Salt duty,.. 148,280 62 6,146 57 3,750 00 1,307 50 96 00 The actual amount expended during the year has $1,893,694 79 Thus showing the nett revenue of the Erie and Champlain Canal Fund, after paying all charges upon it, to amount to the sum of.... $1,156,185 94 ESTIMATE OF RECEIPTS AND EXPENDITURES FOR THE CURRENT YEAR. Revenue. Canal tolls, exclusive of the tolls to be paid to the proprietors of the Abany basin,.. $1,300,000 00 3,750 00 -$1,452,000 00 In addition to the above income of this fund, the following revenues arising from investments of its surplus moneys, should be added, viz : Interest upon $75,000 loaned to the city of Albany, at 5 per cent,.... Interest upon $87,000, 5 per cent stock, issued for the construction of the Cayuga and Senaca canal,.... Interest on $53,074.64, 5 per cent stock, issued to Delaware and Hudson canal company, 4,350 00 2,653 73 Which expenditures being deducted from the estimated income, as above given, will show an estimated surplus for the current year, of......... $763,600 00 $875,995 32 CANAL DEBT AND REDEMPTION OF STOCK. The Commissioners have continued their exertions to purchase canal stocks with the surplus funds in their hands, and during the year ending on the 30th of September, 1835, have obtained and cancelled stock issued for the construction of the Erie and Champlain canals, to the amount, exclusive of premiums, of $706,943.49. In the last annual report, the amount of Erie and Champlain canal stock unpaid on the 30th September, 1834, was stated at $4,934,652.68. The following statement gives a description of this stock, the amount of each kind redeemed during the year, and the sums outstanding on the 30th of September, 1835, viz: Six per cents of 1837 outstanding 30th of September, 1834,....... $1,177,708 48 Redeemed during the year ending 30th September, 1835,..... Outstanding 30th September, 1835, . Five per cents of 1837 outstanding 30th September, 1834,........ Redeemed during the year ending 30th September, 1835,... Outstanding 30th September, 1835, Six per cents of 1845, outstanding 30th September, 1834,....................... Redeemed during the year ending 30th September, 1835,.. ... Outstanding 30th September, 1835, 273,340 73 $904,367 75 $851,298 82 71,670 70 779,628 12 $850,000 00 201,276 85 30th September, 1834,... ..... $2,055,645 38 Redeemed during the year ending 30th September, 1835,......... Outstanding 30th September, 1835, 160,655 21 Total amount of Erie and Champlain canal stocks unpaid 30th September, 1835, From this amount deduct the means in the hands 648,723 15 1,894,990 17 $4,227,709 19 of the commissioners at the close of the fiscal year, and applicable to the payment of this debt, 3,406,809 72 And there will remain a balance of the Erie and Champlain canal debt, as yet unprovided for, of, $820,899 47 The tolls for September, in consequence of the arrangement made with the collecting banks, giving them the use of the money for fifteen days after the close of each month, are not embraced in the receipts of the fiscal year which closes on the 30th of September. The receipts for toll from the first of September to the close of navigation will probably amount to between six and seven hundred thousand dollars. The receipts from auction and salt duties for the same period will be about one hundred thousand dollars. These sums, with the interest on the deposites of the surplus moneys, would nearly provide for the balance of the debt, were it not ne cessary to draw upon the fund for the repairs of the canals, and for the payment, on the first of January, of interest on the canal debt. These drafts will diminish the means in the hands of the Commissioners about one hundred and fifty thousand dollars. It may be estimated however, that on the first of July, 1836, the Commissioners will be enabled to set apart a sum sufficient to pay the Erie and Champlain canal debt. The auction and salt duties will, after the period referred to, be restored to the general fund. This arrangement will diminish the revenues of the canal fund about three hundred and fifty thousand dollars annually. At the time the Commissioners commenced purchasing stock, in January, 1833, the canal debt amounted to the sum of $7,001,035.86, and the surplus funds in their hands on the 30th September preceding, amounted to $3,055,247.65. The amount of stock redeemed and the sums paid therefor, since that period, are as follows, viz: Notwithstanding the increasing expenditures for canal repairs, and the payment of nearly three millions of dollars within the last three years for the purchase of stock, the Commissioners have now in their hands a surplus of $3,406,809.72; [showing an excess beyond the amount in hand when the purchases of stock commenced, of about $350,000. The Commissioners have paid in premiums, in order to obtain the stock which has been cancelled, the sum of $213,974. The stock could not be obtained without paying the highest market price; and the alternative was presented, of having the surplus moneys accumulate in the banks until 1837, and then of paying the whole amount of the stock of 1837, ($3,489,000,) on the first of July of that year; or of paying a large premium for the privilege of redeeming the stock several years before it had been made payable. The Commissioners adopted the latter course, and in January, 1833, offered a premium of 9 per cent on the 6 per cents, and 6 per cent on the 5 per cents of 1837, with the addition of the in |