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Receipts AND EXPENDITURES POR 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 expenses of collection,..
$1,404,711 94 Vendue duty,....
211,037 24 Salt duty,..
118,364 92 Interest upon surpľus moneys deposited in banks, .....
148,280 62 Interest upon surplus invested in stocks, 6,146 57 Interest upon loan to Albany, ...
3,750 00 Rents of surplus water, .
1,307 50 Miscellaneous receipts,
-$1,893,694 79 The actual amount expended during the year has been as follows, viz : For interest on canal debt, .... $260,957 08 Repairs of the canals by superintendents,..
403,473 90 Payments to Canal Commissioners, . 52,109 05 Salaries of weigh-masters, &c....... 4,781 30 Printing for canals,..
2,871 73 Tolls refunded,
176 12 Costs of suits for penalties, .....
Thus showing the nett revenue of the Erie and Cham
plain Canal Fund, after paying all charges upon it, to amount to the sum of......
Estimate of Receipts AND EXPENDITURES FOR THE CURRENT
Canal tolls, exclusive of the tolls to be paid to the
proprietors of the Abany basin,.. $1,300,000 00 Vendue duty,
100,000 00 Salt duly,....
50,000 00 Rents of surplus water, ........ 2,000 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,.... 3,750 00 Interest upon 887,000, 5 per cent
stock, issued for the construction of
the Cayuga and Senaca canal,.... 4,350 00 Interest on $53,074.64, 5 per cent
stock, issued to Delaware and Hudson canal company,
2,653 73 Interest on $27,106, 5 per cent Oswego canal stock, ..
1,355 30 Interest on 86,652.95, Crooked Lake canal stock, at 5 per cent,.
332 64 Interest on $841,000, loaned to sun
dry banks, at 5 per cent, ........ 42,050 00 Interest on $1,515,284.38, loaned to sundry banks, at 41 per cent,....
83,103 65 Interest on 81,000,000, the average
amount in the banks which receive deposites from the collectors, at 41 per cent,,....
45,000 00 Interest on deposites in the general
depositing banks in Albany, at 31 per cent,...
Showing the estimated income for the current year to be,
Expenditures. For interest on loans,....
$177,000 00 For repairs, including superintendence and lock tending,
400,000 00 For the collection of tolls, including all - expenses of collectors' offices, ..... 25,000 00 For payments by the Canal Commissioners for improvements, ....
150,000 00 For the salaries of weigh-masters, the
pay of their assistants, and the expenses of the weigh-locks,...
4,800 00 For printing, including blanks, circu
lars, and ail other printing for the canals, ....
2,800 00 For salary of 2d Deputy Comptroller Canal Department, ....
1,500 00 For clerk hire in canal-room,..... 1,500 00 For incidental expenses of the Com
missioners of the Canal Fund,..... 500 00 For costs in suits instituted for the re
covery of penalties for violations of
Which expenditures being deducted from the estima
ted income, as above given, will show an estimated surplus for the current year, of........
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,....... 273,340 73
Outstanding 30th September, 1835,
30th September, 1834, ........ Redeemed during the year ending
30th September, 1835,......
Outstanding 30th September, 1835,
779,628 12 Six per cents of 1845, outstanding
30th September, 1834,.. ... 8850,000 00 Redeemed during the year ending
30th September, 1835, ........ 201,276 85 Outstanding 30th September, 1835,
648,723 15 Five per cents of 1845, outstanding
30th September, 1834,......... $2,055,645 38 Redeemed during the year ending 30th September, 1835,........
160,655 21 Outstanding 30th September, 1835,
1,894,990 17 Total amount of Erie and Champlain canal stocks unpaid 30th September, 1835, ...
$4,227,709 19 From this amount deduct the means in the hands
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 3012 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