Day Log/1838-07-28

On this date, an act that the company had laid before Parliament to seek additional powers to raise capital, was passed. The act empowered the company to raise a further sum of £12,000 in shares of £25 each, and to borrow on mortgage, the sum of £4,000 - but only after the share allotment had been subscribed to, and at least half paid. As an alternative to the mortgage option, following the issue of the £12.000 trnache of shares, it could alternatively issue another £16,000 shares..