,AMERl‘CAN JAILROAD JOURNAB. 69
om-are ormew York. "””"’””'iEiE§'{i}i§,'243116"}1{.'£1i'ic$ii'§§g{{é};}'tEt"'}é}}.1mc7g, of so mm...    .......... ..:t2,o77,o(>1 91
From the report of the Auditor recently sub- doing i5 quite ,,,,,,L},,,,. ,,,,,W,,._ rpm, bu,,i,,c,,,, of .0swego.. ..     .. .. . 218,874 28

mittcd to the Legislature, we extract the following
particulars in reference to their business for the
past year.

Balance of Canal Funds on hand,

1st October, 1853 . . . . . . . . . . . . . . $1,287,544 69
Receipts to do. for 1854. . . . . . . . . . . 6,305,057 68

6»

 

1 "$7,592,602 87
The payments during the year have
been . . . . . . . . . . . . . . . . . . . . . . . . . . 4,228,593 83

Balance on hand .. ..   .....l$93,364,008 54
To which add Amount due from
Canal Funds.....  

 

197,062 71
$8,561,071 25

   

Canal Revenues for the year . . . . .. $2,988,665 21
Ilzymc-nts—

To Superintendents
& Commissioners. . $51,131,739 80

For Collection of
Tolls . . . . . . . . . . . . 75,542 93
For miscellaneous

purposes . . . . . . . . 30,583 47
--————~—---———--- 1,237,866 20

Surplus Revenue. . . . . . . . . . . $191,750,799 01
Amount. appropriat-
ed to Canal Debt
Sinking Fund .. . . $itl,300,000 00
Do do. to General
350,000 00

Fund l)ebt.... . . .
—— 1,650,000 00

Balance.... . . ..f.:s1oo,799 01
Amount set apart for the redemp-
tion of $82,500,000 loan—-
Payment of‘ Interest.. $18,691 23
D0. of I’rincipal.. 76,170 49

.——-—-——-n..———..--.

94,861 72

395,987 29
Paid into State Treasury to defray

Expenses of Government  .. 200,000 00

 ..:ii»'194,062 71

The decrease in the earnings for the year is ac-
counted for by the failure of the crops, the cheek
put to the business of the country, and by the un.
finished character of‘ the works. It will be neces-
sary, the Auditor says, to stop the annual appro-
priation of $200,000 to the State, till the revenues
reach their anticipated amount.

The expenditure for repairs, he shows, has in-
creased very considerably and regularly within
the past few years; though he expresses himself
as unable to define the cause of its being so.

Various suggestions are made as to the improve-
ment of the revenues. In the first place, the
present rates of toll charged are said to be in gen.
eral too low ; the reduction made on these in 1852
is considered to have been unwise, the amount
received from forwarders having fal-len short every
year since that date. The Auditor also thinks
that taking off‘ the tolls on Freight carried over
railroads has worked injuriously, and that the old
rates should be re-imposed. Tables of the Freight
carried over the State roads are given,showing
that 1,829,726 tons of Freight have been trans.
ported by these which would otherwise have
probably contributed to increase the receipts of
the Canals.

As to this suggestion, it should be borne in
mind that it is easier to throw off’ than impose a
tax; and granting the legal rigluflof the State to

Deficiency . . . . . . . .

to-u

transporting Freight is not confined to the canals
and railroads of this State. I’ennsylvauia and
all the Atlantic States are either new vigorourlly
competing for the Western trade, or preparing very
quickly to'do so. At such a time, it can hardly
be the wisest policy to 2'-namzse miles in proportion
to lite .9z.mnbcr 15/ competitors. The State of New
York does not lie so direct in the way that trade
vnxust pass through her limits. The cities of New
York and Boston are not by any means the near-
est points on the seaboard to the valleys of the
West. Besides, during the year 1854, the ordina-
ry expenditure has not only been met and the in-
terest been paid on the canal debts, but a very
considerable sum, about 3t'300,000, set apart to
the Sinking Fund for the final liquidation of the
Canal and General Fund debts. If additional rc-
venue be required, which is certainly desirable,
it is surely iuexpedient to go luu:/.'zr:a.rd.'s, and thus
drive the trailic into other channels; even sup-
posing that the railroad interests of the State were
in such a situation as to allow the restoration of
the tolls.
I-:m.AnusMsN'r or rm-2 c.u~m.s.

At the last session of the Legislature, out of
the loans authorized to be made under such
amendment of the Constitution, there was appro-
priated for the enlmgcniont and completion oi‘ the
canals,

For the fiscal year ending Sept.

80th, 1854 . . . . .    ....3-ls'2,250,000 00
For the fiscal year ending Sept.

80th,1855 ....     2,250,000~00

Total....     . ..s4,6oo,ooo 35
There was expended during the last fiscal year,
in addition to the old appropriations upon the

Cayuga and Seneca . . .. . . .  .
Locks of the Champlain . . . .
Black River.... .. .. 
Genesee Valley . . . .

139,270 99
49,890 00
67,788 00
94,238 47
Total unexpended Balance. . $3,577,058 65

The following is a statement of the contracts
entered into for the above object.
ESTIMATED COST‘.

At Contract

aura».

noun nu-n .

coon o--u IIIOIII

 

At Engineers’

1 Prices. Estimates.
Erie .......... ..s;3,55o,o5-3 44 $84,631,784 95
Oswcgo . . . . . . .. . 440,197 25 — 508,608 25
Cayuga do Seneca 235,311 45 200,305 07
Champlain . . . . .. 07,294 10 80,452 19
Black River  131,910 00 144,030 00
Glencsee Val1ey.. 104,075 00 123,350 00

Total.. .. &M,5€l8,741 84 $5,778,580 46
Showing that the work thus far has been con-
tracted for at $1,239,788 62 less than engineers’
estimates, being an average of over 21.4 per cent.
Reference is made to the Canal loan of‘ last
year. On that oII‘cred in June amounting to $91,-
000,000 a. premium oi‘ $175,706 25 was realized.
On the loan of 31st August for the remaining $1,-
250,000 the premium received was {$167,248 52.

run UANAL near we run HINICING norm.
The total amount of the canal
stock debt as it existed on the
1st day of Oct., 1853, amounted
to ........... . . . . . . ....tfi;17,001,269 16
There was borrowed during the
fiscal year ending on the 00th
September, 1854-, for the en-
largement and completion of
the canals, under article 7 of
the Constitution, as amended. . 2,250,000 00
Totalldlllitvilhl UGO! 
Debt due J an’y 1st,1854. . $120,000
Debt due July 1st, 1854. .500,000

can» on

several canals, out of such new appropriations:
For the enlargement of

the Erie . . . . . . . . . . . . fiii’l04,091 02
For the enlargement of
the Oswcgo . . . . . . . .. 40,880 37

For the enlargement oi‘
the Cayuga do Seneca.
For the enlargement oi‘
the locks of Cham-
plain.... 
For the completion of
the Black River . . . . .
For the completion of
the Genesoe Valley...

r15,146 84

Icon

25,467 44

 

.-...-.-

There has been expended during the
present fiscal year upon such
canals: '

For the enlargement of
the [Erie .......... ..s-2t’s,713 87

For the enlargement of
the Oswego..  .. .. . 81,547 35

16,185 17

$521,588 37

For the enlargement of
the Cayuga «St Seneca.
For the enlargement of
the locks of Cham-
plain..... 
For the completion of
the Black River . . . . .
For the completion of
the Genesee Valley...

noo-

15,006 06

--—-.--— 401,402 48
cunt of appropria-
..     3,577,058 05

..  $4,500,000 00
Of such unexpendcd amount there belongs to

the appropriations made to the several canals, as
follows, to wit:

Unexpendcd am
tion . . . . . .

no on

 

Total....  ..... ..

.....__.....—_..—

520,000 00

Balance of debt not yet due.3l4l.8,73 ,2(i‘.l 

01' such debt there will become due July 1st,
1855, the loan made in 1848 to supply dclleiencies,
amounting to 3t‘l,3xl~l,8'l‘.) 34; and on the first day
of Januai-y, 1850, there will become due of the 5
per cent. stock debt, issued for the Erie Canal en-
largement, the sum of‘ $4,000,000.
In the Sinking Fund, for the re-

demption of the canal (lubli the
. balance on hand, September, 30th,

1853, was . . . . . . . . . . . . . . . .. .. .. ..:it251,507 92
Received during the fiscal year oom-

mencing October 1st, 1853, from

the revenues of the State canals..1,300,000 00
From the proceeds of

taxes,under chap.651,

L. of 1853, in repay-

ment of’ loan to the

Canal Fund. . . . .. .. . $621,467 47
Interest on such loan. .. 35,678 30

-—-——- 657,145 86
For interest on deposits. . . .. .. . 10,000 00

Total..... .........i’52,218,053 78
During the fiscal year ending Sept. 80th, 1854,
payments have been made thereon as follows:
For redemption of canal stocks . . . . . $479,025 00
Expense of 'I.‘ransf’er Oflice.   . 2,229 66
Interest on debt . . . . . . . . . . .. .. ..  .1 792,011 00
Debts accruing prior to Jan. 1, 1846,
ch.———L. of 1850..... . . . . . . .. .... . 10,980 86
Balauceouhand....  ....  .. . 933,551 26

 

   

000 out-

   

Total....«..-..  .-...-.....:1l~'2,218,653 73
The Sinking Fund will be equal to all charges
upon it prior to Jan’y 1, 1856 ; there will then be