Origins
The promoters wished to give access to the minerals of the Lanarkshire Region to Edinburgh, and they obtained an Act of Parliament to build the canal in 1817.
Priestley, writing in 1831 reported:
The primary object of this navigation was to effect an inland communication between the cities of Edinburgh and Glasgow; to the former of which it must be essentially serviceable, in consequence of the increased facilities afforded to the transit of lime, coal, stone, &c. which abound in its course. This undertaking was designed by Mr. Thomas Telford and Mr. Baird, who estimated the cost at £240,468, 17s. 2d.; of which sum £198,650 was subscribed before going to parliament. The first act of parliament ... is entitled, 'An Act for making and maintaining a navigable Canal from the Lothian Road, near the city of Edinburgh, to join the Forth and Clyde Navigation near Falkirk, in the county of Stirling.' The company of proprietors consisted, at the time the first act was obtained, of three hundred and eighty-four persons, amongst whom were the Lord Provost of Edinburgh, Sir William Forbes, Sir John Hay, and Sir John Marjoribanks, who were incorporated by the name of "The Edinburgh and Glasgow Union Canal Company," with power to raise £240,500, in four thousand eight hundred and ten shares, of £50 each, and a further sum of £50,000, either among themselves, by the admission of new subscribers, or on mortgage of the undertaking.
The estimate of cost was evidently inadequate, because a second Act authorised borrowing of £48,100, a third Act of 1821 authorised an increase in share capital of a further £50,000 and a fourth authorised a further £60,000.
Read more about this topic: Union Canal (Scotland)
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