CANAL DEBT. The following statements relative to the Canal Debt, are taken from the Annual Report of the Commissioners of the Canal Fund, dated March 4, 1845. 6TATEMENT Of the Canal Debt, showing each description of stock, the amount redeemable in each year, and the annual interest on the same. The amount due in 1837, is Erie and Champlain Canal stock, and pays no interest. STATEMENT Showing the amount of debt outstanding, on account of each canal, on the 30th Sept. 1844. Erie and Champlain canal debt, separate from the stock issued for the en Of the sums received and paid by the Canal Fund Commissioners during the fiscal year ending Sept. 30, 1844, and the balance in their hands at end of said year. Balance in hands of Commissioners Sept. 30, 1843,.. Received during year ending Sept. 30, 1844, $2,689,260 31 4,066,939 90 6,756,200 21 3,493,353 75 $3,262,846 46 STATEMENT Of the disposition of the balance of $3,262,846.46, in the hands of C. F. Com'rs. Sept. 30, 1844, as per last statement. Amount deposited in banks, available,.. Amount deposited in banks, unavailable,. Due from Treasury for loan to U. S. Deposit Fund,. Loan to the city of Albany,... Invested in Chenango canal stock,. Investe in canal stock, under Chap. 314, laws of 1844,.. Total,... Of the sum last named above, the sum of $1,193,551.60 belongs to the Sinking Fund for the payment of canal debts generally, under chap. 114 of the Laws of 1842; and the sum of $1,814,481.49, to the fund set apart for extinguishment of the old Erie and Champlain canal debt. The residue belongs, in various amounts, to other funds for the payment of the debts of other canals. STATEMENT Of Canal Revenue and Expenditure, during the fiscal year ending September 30, 1844. REVENUE Of the State Canals from all sources annual in their nature. Nett tolls, after deducting expenses of collection,... Rent of surplus waters, $2,180; interest on current reve nue, $2,326.60,.. $2,344,741 50 4,506 60 Total revenue for year ending September 30, 1844,... $2,349,248 10 EXPENDITURES On all State Canals, and for all charges on their account. Interest on debt, other than original Erie and Champlain canal debt, ... $1,031,123 16 Paid to General Fund, for support of Government,.. 200,000 00 444,344 98 Tolls repaid, $172; rent for Oswego canal waters, repaid, $6,530.65, To owners of Albany basin, $3,669.37; to Weighmasters, $4,724.21, To Canal Commissioners, for improvements, repairs, and salaries, ...... 71,613 58 8,393 58 6,702 65 Printing, $3,176.90; expenses of Manhattan Co. transfer office, $1,965, 5,141 90 Salaries of clerks in Canal Department, $4,282 21; sundries, $6,368.53, 10,650 74 Total expenditures for year ending Sept. 30, 1844,... $1,777,970 59 Surplus of revenue over expenditure,... $571,277 51 As the canal revenue thus exceeded the whole expenditure, including annual interest and payment to the General Fund, by more than one-third of the annual interest on the canal debt, so much of the mill tax as went to aid the Canal Fund is discontinued. CONTINGENT DEBT. The contingent debt of the State, that is, the stock of the State loaned to rail-road and canal companies, is as follows: If the above named companies perform the conditions of their loans, the State will have nothing to pay on their account. Besides the above loans of stock, the Legislature, in the years 1835, 1838, and 1840, passed acts authorizing the loan of State stocks to the Canajoharie and Catskill Rail-road Company to the amount of $200,000; to the Ithaea and Owego Rail-road Company to the amount of $315,700; and to the New-York and Erie Rail road Company to the amount of $3, 000,000-in all, $3,515,700, redeemable at different times from 1858 to 1865. The two first named of these companies failed so entirely to fulfil their loan contracts, that the Comptroller sold their roads, with all their appurtenances, in 1842, at public vendue; and the stock loaned to them has become part of the actual debt of the State. The New-York and Erie Rail-road Company, however, though it proved unable to pay the annual interest on its borrowed stock, yet, from the great importance of the work, the Legislature was induced to interpose, at an early day, and save the work from sale. THE STATE CANALS. Considering the State canals as public property, producing income, their cost being taken as capital and their tolls as revenue, the Comptroller, in his annual report, dated January 20, 1845, makes the following statement, as applicable to the preceding year: The annual interest on $30,461,303.84, the cost of all the State canals, and the enlargement of the Erie canal, at 54 per cent, which is the average interest on the present State debt, is.... The nett revenue from all the State canals, for the year ending 30th September, 1844, after deducting the cost of collection of tolls and of the maintenance of the canals, is.. Excess of revenue over $5 per cent on the cost of canals, $1,675,371 71 1,803,768 51 $128,396 80 This shows that the entire canal system of the State pays interest on the cost of the canals of about six per cent per annum. This favorable result is produced mainly by the revenue of the Erie canal, which yields $2,154,234.79, while all the other canals produce only $243,990.81. REAL AND PERSONAL ESTATE. The annexed statement shows the aggregate valuation of real and personal estates; the number of acres of land assessed in the whole State; the total amount of State, county, and town taxes, for the year 1844; and the rate of the entire taxation on each dollar of assessment. REAL AND PERSONAL ESTATE. Aggregate valuation, as corrected by the Board of Super. visors, Amount of State and county taxes,. $599,891,923 00 The general average rate of taxation on each dollar of the assessment, is 7 mills and 7 hundredths of a mill; while in several counties the rate of assessment on the dollar is 10, 12, 13 and 15 mills, and in the county of Hamilton, nearly 33 mills on the dollar. The following is a comparative statement of the valuation of real and personal estate, and the rate and amount of taxes, from 1835 to 1844. Comparative Statement from 1835 to 1844. |