"Several other reports are in course of preparation. One on the Glen's Fall feeder, a second on the Canal Appraiser's ice awards at Rochester in 187_, and a third on the W. C. Stevens contract assigned to Denison, Belden & Co., for dredging the Albany basin, dated December 31, 1866, will be submitted at an early day. "Though we have given this investigation our most unremitting and exclusive attention, we not only have not exhausted the subject, but there are many matters falling within the range of our inquiry which we have only been able to touch incidentally. Among these we regret that the subjects of 'ordinary repairs,' the lateral canals, and the present system of appraising canal damages are included. "As we have been able to examine only a limited portion of the work done on the canals since 1868, of course we have found it impossible to extend our inquiries beyond that year, though we have abundant evidence that the mismanagement of the canals dates from a much earlier period. But the results of our investigation--incomplete as any investigation made in so short a time must necessarily have been--will, we think, suffice to indicate with tolerable distinctness what have been the more mischievous errors in the management of our canals, and some of their more obvious correctives. "We propose to-day to submit to you such of the conclusions as we have reached, with all the testimony we have taken, reserving for a later day some further recommendations which are under consideration. "Introductory to such conclusions as we are now prepared to submit to you, it is proper that we first invite your attention to the character of our canal property as an investment, and show precisely how it stands upon the books of the State. The total revenues from our system of canals at the close of the last fiscal year, including gains resulting from the management of the sinking fund, amounted to $138,507,129.91 Total payments for canal purposes up to same period, including construction 167,003,357.91 -------------- Excess of cost over earnings $28,496,228.00 "This sum of $28,000,000 and upwards represents the premium which the people of this State have paid in taxes during the last fifty-odd years to secure and encourage the use of these waterways for purposes of transportation, the equivalent of an annual subsidy of over $560,000. The tolls received from all the canals during the fiscal year ending September 30, 1875, amounted to $1,902,990.64 There were expended for repairs and maintenance during the same period $2,247,297.01