Costs overran, and to complete the Haddiscoe cut, the additional ?0, 000 authorised by the Act was raised by taking a loan from the Exchequer Bill Loan Commissioners.
12.
The company were unable to repay any of the loan made by the Exchequer Bill Loan Commissioners, and in 1851, the Board of Public Works took control of it.
13.
An inventive counterfeiter, Chaloner had taught Aubrey Price how to counterfeit the new exchequer bills by altering the denominations after removing the old ink using a liquid that Chaloner had invented.
14.
In 1696 he was counsel for the defence of Charles Duncombe against a charge of falsely endorsing exchequer bills, and four months later he was elected treasurer of the Middle Temple.
15.
Norman became an exchequer bill commissioner in 1831; was renominated a commissioner in 1842, when the business was transferred to the public works loan commissioners, and served till 1876.
16.
In 1842 Stephen was on a commission on forgery of exchequer bills, and in the same year became commissioner of bankruptcy at Bristol, with Matthew Davenport Hill as his colleague.
17.
With funds running low, a decision was taken to borrow the additional ?0, 000 which the enabling Act allowed and so a request was made to the Exchequer Bill Loan Commission for this amount.
18.
With income failing to match expenditure, the Exchequer Bill Loan Commission could not be repaid, so they took over the navigation in 1842 and sold it to the railway contractor Sir Samuel Morton Peto.
19.
The canal did not make a profit, and when the Exchequer Bill Loan Commissioners refused to make a loan to fund the work, the likelihood of a new canal at the lower end receded.
20.
The Exchequer Bill Loan Commission was set up under the powers of the Poor Employment Act of 1817, with commissioners given powers to award loans to public projects which would provide employment for those without work.
