REPORT. TO THE HONORABLE, STATE OF NEW-YORK: Albany, January 22d, 1851. The Commissioners of the Canal Fund: } The Auditor of the canal department, in compliance with the statute, respectfully presents a statement of the receipts and payments on account of the canals and the canal debt, and the balances of the funds on hand, the depositories of the same, and the condition thereof, for the last fiscal year. The balance of canal funds on hand on the 1st October, 1849, consisted of: Total balance at the close of the year,...... $1,031,511 71 Of this balance there is deposited in banks,... Invested in Bank Fund stock,... .. Due from the General Fund,. $817,483 39 209,431 33 4,596 99 $1,031,511 71 CONDITION OF THE CANAL FUNDS. During the year, the sum of $185,216.72 has been received for that amount of the Bank Fund stock on hand at the beginning of the year; and the sum of $72,059.31 has been received in Bank Fund stock for the debt due from the Watervliet Bank, which closes the account with that bank. The sum of $130,500 invested in Comptroller's bonds at the beginning of the year has been realized in money. The amount of the loan to the city of Albany remaining unpaid at the commencement of the year, $30,000.75 has been paid. Of the deposites in banks, $817,483.39, (see Doc. No. 55 annexed) the sum of $656,220.31 is represented as available, and the sum of $161,263.08 as unavailable, at the close of the fiscal year. The Canal Bank of Lockport has paid the sum, $4,621.18, due from it at the date of the last report. The legal proceedings for the collection of the moneys due from Walter Joy's Bank of Buffalo are still pending. Confidence is yet entertained that the sum will finally be secured. Judgments have been obtained against the sureties of the Canal Bank of Albany, John K. Paige, Thaddeus Joy and Edward Artcher, but no expectation is entertained that any considerable portion of the debt can be collected from them. No dividend has yet been paid by the receiver from the assets of the bank. The debt of the Lockport Bank, $23,450, though not diminished since the last report is considered undoubtedly secure. The debt of the Brockport bank, $3,715.50, being a total loss, will not be reported hereafter as constituting any portion of the Canal Fund. The deposites classed as available are believed to be entirely safe, being with institutions of good standing and credit, and secured by personal obligations in which full confidence is placed. REVENUES AND EXPENDITURES OF THE FISCAL YEAR. Statement of the revenues of the State canals, and the expenses of collection, superintendence and ordinary repairs during the fiscal year, ending the 30th September 1850. (Art. 7, sec. 1, of the Constitution.) For expenses of collection of tolls, viz: By collectors of tolls,.. $48,904 57 "Surplus revenues,"...... Carried forward, $2,650,206 49 For the General Fund, to pay the ne- The "remainder of the revenues" of the fiscal year, applicable to the completion of the Erie canal enlargement, Black river and Genesee Valley canals, $2,650,206 49 1,850,000 00 $800,206 49 COMPLETION OF THE CANALS. From the foregoing statement of the revenues and expenditures of the year, the surplus applicable to the completion of the canals, appears to have been $800.206.49, to which is to be added the sum of $7,969.16, paid out of the tolls of the previous year for extraordinary repairs, and now restored to the fund for the completion of the canals, making the sum of $808,175.65 to be applied to that object. In my last report the surplus was estimated at $942,000. There is, therefore, a deficiency of anticipated means of $133,824.35. The appropriations previous to 1850, had exceeded the revenues applicable to meet them, by the sum of $202,425.78. The Legislature last year appropriated $944,000 of the surplus revenues to the completion of the canals, which exceeded the estimated amount for that object, after supplying the deficiency of the revenues of the previous year to meet the appropriations, by $202,425.78, and exceeded the actual means after supplying such deficiency, by $338,250.13, leaving that sum to be supplied from the surplus of the current fiscal year to meet the appropriations already made. |