Tue 24 Jan 1797
Meeting at House of Mr Joseph Sills, 217 Upper Thames Street, London
Approval of the suspension of interest payments on mortgages and bond creditors with the caveat that payment will resume when the tolls of the canal will admit, noting that the proprietors themselves are creditors of the company.
Those that stand in the character of creditors only should receive fullest attention.
Only two thirds of the proprietors advanced fifteen pounds on each share and half shares have not been adopted by most of the shareholders.
All proprietors should take up their half shares.
Tolls insufficient to discharge growing debt. Extension of trade requires an increase in the stock of boats to carry coal. The carrying trade should be under the direction of a separate committee. Several proprietors have built their own boats and let them to the Company.
Trade impacted by the defective state of the upper River Thames.
Boats have also been seized by customs officers on the River Severn on doubtful grounds.
Unusual drought has led to lower water levels.
Resolved that Sir Edward Littleton Bart. James Perry Esq, Thomas Lane Esq, James Black Esq, Edward Loveden Esq, Christopher Chambers Esq, James Perry Esq, Thomas Lane Esq, Brownlow Bate Esq, Lowbridge Bright Esq, and Robert Rolleston Esq. be a committee for the purposes of superintending, directing and managing the trade of this company. And the stock and funds belonging to the same. Any three of the committee to make a quorum and report to the general assembly annually in London.
Printed copy circulated to proprietors is available at https://stroudwaterhistory.org.uk/document/18446/
