produce fertiliser. Other cargoes included stone for building, roofing slates, timber and bark. At its outset, the Earl of Powis had been one of the principal shareholders in the canal; he and his son, Lord Clive, were both landowners and owners of quarries and mills along the canal. The first dividend of 2.5 per cent was paid in 1805 and thereafter, a dividend was paid in most years while the canal remained independent at rates up to 5.5 per cent. Volumes of limestone carried rose from 14,082 tons in 1806 to 44,592 tons in 1814 while carriage of slack coal rose from 6,757 tons to 11,560 tons over the same period. There was a significant drop in volumes with the end of the Napoleonic Wars but trade had picked up again by 1820. Western extension A lack of capital and income prevented completion of the canal and Garthmyl remained the terminus for 20 years but by 1812, Newtown was experiencing significant growth and there were calls to extend the route southwards, either as a canal from Garthmyl to Newtown or as a canal to Bryn-derwen and a tramroad beyond that. A meeting of the shareholders held in October 1813 narrowly voted to press on and Josias Jessop was asked to survey the route. His initial estimate was £28,268 although some of the committee later thought that he had forgotten to include the cost of puddling and lining the canal. The company agreed to put a Bill before Parliament to obtain the necessary powers but factions developed within the shareholders with some fearing that they might lose their investment if the canal were completed. Heated meetings were held in September 1814 and January 1815 at which neither side was entirely successful but on 3 February 1815, the company agreed that the new section would effectively be built by a separate company with its own committee and accounts. The old company would be known as the Eastern Branch with the new company responsible for the Western Branch. Any profits that the Eastern Branch made above 5 per cent would be used to fund the extension and on completion, the two branches would be jointly managed. Surpluses from the Eastern Branch would continue to be transferred to the Western Branch until it was able to pay a 5 per cent dividend at which point the two companies would be formally amalgamated. This was