47057
The Calder and Hebble Navigation, a canal in Halifax, Calderdale, West Yorkshire.
By the beginning of the 18th century, the Aire and Calder Navigation had made the River Calder navigable as far upstream as Wakefield. The aim of the Calder and Hebble Navigation was to extend navigation west (upstream) from Wakefield to Sowerby Bridge near Halifax.
Construction started in 1759, with Smeaton acting as engineer. By 1764, the navigation was open as far as Brighouse, some 16 miles (26 km) from Wakefield. Having borrowed £56,000, factions arose within the Commissioners, with some wanting to stop at Brooksmouth, where the Rivers Hebble and Calder meet, and others wanting to raise more money and complete the scheme. The second option gained most support, and a new committee was set up, who asked James Brindley to take over from Smeaton in 1765.
The Commissioners felt unable to borrow more money, and so a second Act of Parliament was obtained on 21 April 1769, which formally created the Company of Proprietors of the Calder and Hebble Navigation. This consisted of all the 81 people who had loaned money to the original scheme, and these loans were converted into £100 shares. Additional shares could be issued, and the Company could borrow up to £20,000, with the future tolls used as security.
The Navigation prospered, with dividends rising steadily from 5 per cent in 1771 to 13 per cent in 1792. Under the terms of the Act of Parliament, tolls were reduced when the dividend exceeded 10 per cent, and the first such reduction occurred in 1791.
The Manchester and Leeds Railway company, which had approached the Calder and Hebble in 1836, but had been rebuffed, opened their line between 1839 and 1841. It followed the line of the canal and that of the Rochdale Canal. A year later, with canal shares having lost 66 per cent of their value, the canal company approached the railway, who agreed to lease the canal for £40,000 per year for 14 years, commencing on 25 March 1843.
The Aire and Calder Navigation objected to the lease, and in 1847, the Attorney General and the Solicitor General ruled that it was illegal and must cease. Soon afterwards, the Aire and Calder offered to lease the canal itself, and the agreement started in September. After the Aire and Calder's lease expired in 1885, the Navigation Company again took charge, rebuilt many of the bridges, and established the Calder Carrying Company. Shareholders continued to receive dividends until the canal was nationalized in 1948, and the canal was used by commercial traffic until 1981.
Information Source:
en.wikipedia.org/wiki/Calder_and_Hebble_Navigation
47057
The Calder and Hebble Navigation, a canal in Halifax, Calderdale, West Yorkshire.
By the beginning of the 18th century, the Aire and Calder Navigation had made the River Calder navigable as far upstream as Wakefield. The aim of the Calder and Hebble Navigation was to extend navigation west (upstream) from Wakefield to Sowerby Bridge near Halifax.
Construction started in 1759, with Smeaton acting as engineer. By 1764, the navigation was open as far as Brighouse, some 16 miles (26 km) from Wakefield. Having borrowed £56,000, factions arose within the Commissioners, with some wanting to stop at Brooksmouth, where the Rivers Hebble and Calder meet, and others wanting to raise more money and complete the scheme. The second option gained most support, and a new committee was set up, who asked James Brindley to take over from Smeaton in 1765.
The Commissioners felt unable to borrow more money, and so a second Act of Parliament was obtained on 21 April 1769, which formally created the Company of Proprietors of the Calder and Hebble Navigation. This consisted of all the 81 people who had loaned money to the original scheme, and these loans were converted into £100 shares. Additional shares could be issued, and the Company could borrow up to £20,000, with the future tolls used as security.
The Navigation prospered, with dividends rising steadily from 5 per cent in 1771 to 13 per cent in 1792. Under the terms of the Act of Parliament, tolls were reduced when the dividend exceeded 10 per cent, and the first such reduction occurred in 1791.
The Manchester and Leeds Railway company, which had approached the Calder and Hebble in 1836, but had been rebuffed, opened their line between 1839 and 1841. It followed the line of the canal and that of the Rochdale Canal. A year later, with canal shares having lost 66 per cent of their value, the canal company approached the railway, who agreed to lease the canal for £40,000 per year for 14 years, commencing on 25 March 1843.
The Aire and Calder Navigation objected to the lease, and in 1847, the Attorney General and the Solicitor General ruled that it was illegal and must cease. Soon afterwards, the Aire and Calder offered to lease the canal itself, and the agreement started in September. After the Aire and Calder's lease expired in 1885, the Navigation Company again took charge, rebuilt many of the bridges, and established the Calder Carrying Company. Shareholders continued to receive dividends until the canal was nationalized in 1948, and the canal was used by commercial traffic until 1981.
Information Source:
en.wikipedia.org/wiki/Calder_and_Hebble_Navigation