Sat 13 May 1809
Printed letter explaining that a deed had been prepared to implement the terms for reorganising the Company’s capital agreed in June 1808 and that a Bill had already passed the House of Commons.
Unavoidable delay in execution of the plan. Plan to be modified in some details.
A mortgage or Bond Creditor shall have a money payment of £20 per cent upon the capital of his debt, and one share in the concern, for every £100 of that capital, bearing an interest of £1 10s; which interest is secured to him by a prior lien, upon the tolls of the canal; with a participation in the future profits as in the former scheme.
The half shares to be annihilated and each proprietor to give up half the number of his whole shares and thereby destroying two-thirds of his interest in the concern. No subscription has been made for half shares (now called Non-subscriptions) are provided for. The revenues of the company will be applied first to pay creditor shares £1 10s each; the surplus will be applied in equal dividends amongst other shares; the dividends in respect of Non-subscribing shares will be retained by the company until they reach £12 10s each, after which the dividends will be paid to the shareholders; when the revenues of the company amount to sufficient to pay all persons £1 10s per cent they will be divided equally amongst all.
