§ Mr. Wellesley Polerose to call the attention of the House to the. Petition of the Royal Canal Company in Ireland. [See p. 278.] He said he thought it necessary to make the House acquainted with their affairs, and accordingly entered into a history of their proceedings since its establishment in 1789. From the advantages likely to be derived from the plan, he had on a former application been in favour of assisting them in the prosecution of their design with a grant of 70,000l. This sum, however, was not advanced, in consequence of the representations made by the "Grand Canal Company." It was not till their last application that the Irish government had an opportunity of knowing the state of their affairs. On that occasion, the answer given by the lord lieutenant was, that no relief could be afforded, till the circumstances of the concern, from beginning to end, were laid before the Directors-general, that they might form an opinion on the subject. On this, the whole underwent an investigation by that Board, in consequence of which, the Petition came to the House, which he now wished to have referred to a Select Committee. It appeared that the Company had been allowed by their charter to create a stock, to the amount of 300,000l. to raise loans to the amount of what they expended of their capital, but not to raise by loan a sum exceeding such expenditure, and they were prohibited making a dividend but on their clear profits. The sum expended of their capital did not at most exceed 172,000l. but they had borrowed 842,000l. Their income was, 15,000l. annually, and their yearly expences were 11,000l. Thus it would be 557 seen the annual surplus of their revenue was 4,000l. and as the interest of their debt made an annual charge of 49,000l. the returns of the undertaking were 45,000l. worse than nothing. The debentures, of the loan borrowed of the benchers, which were 100l. were now selling in the market at 92l. each, and if the undertaking were carried to the extent proposed, those most sanguine did not think that in Is years, and after expending 300,000l. the returns would exceed 30,000l. annually, in addition to the present revenue. His principal reason for wishing the subject referred to a Committee was, that the failure of the undertaking would greatly distress many of the share holders, who were for the greater part widows, or persons in low circumstances. He concluded by moving, "That the Petition of the Royal Canal Company of Ireland, together with the Report of the Director-general on the subject to the Lord Lieutenant of Ireland, be referred to the consideration of a Committee to be appointed to examine the same, and report their observations thereon to the House."
§ The motion was agreed to.