The cost of the Manchester Ship Canal has already exceeded
the original estimate by five millions, and the thirteen millions already expended will not complete it. The Chairman of the Company, Lord Egerton of Talton, at a meeting held this week, declared that, although he never was more cheerful as to the prospects of the enterprise, they mast borrow two more millions from the Corporation of Manchester, who have already lent three to complete the undertaking. It is believed that the money will be lent, as it seems folly to abandon so much sunk capital; but the risk to the ratepayers is very serious, and the question whether the canal can ever pay is becoming more and more doubtful, as is also the problem whether it will benefit Manchester trade. Heavy tolls will destroy the utility of the work, yet, with light tolls, how is it to yield the £2,400 of profit a day,—excluding Sundays,—neces- sary to secure a dividend of 5 per cent. ? The work is too new in kind to allow of fair calculation ; but the calmness of Liverpool, in face of the threatened competition, appears to be fairly justified. The canal will, it is now confidently ex- pected, if the fresh money is forthcoming, be open before 1893.
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