United Commercial Syndicate

The United Commercial Syndicate took over the management of the Wilts and Berks Canal in 1891 from the 1876 Company. Under the management of W.J. Ainsworth, the Syndicate attempted to revitalize the struggling waterway through significant infrastructure investment and new operational strategies.

Financial Management and Investment

The Syndicate raised funds through several channels to support their efforts:

• Loans and Mortgages: They raised £4,489 by mortgaging Coate Reservoir and the annual water payments from the Great Western Railway (GWR).
• Lord Wantage: A major benefactor, Lord Wantage, advanced £10,000 to the Syndicate and provided the £4,489 for the mortgage, which was later transferred to him as security.
• Debentures: Additional capital was raised through 5 percent debentures.
• Infrastructure Spending: The Syndicate spent approximately £16,000 on dredging and lock repairs, which successfully put the section between Semington and Swindon into "substantially efficient working order".

The Fast Boat Experiment

In an effort to boost commerce, the Syndicate formed its own separate carrying organization. They operated a service of twelve regular fast boats. However, this venture was a failure:

• Lack of New Trade: The service did not create new business; instead, it simply took existing trade away from original boatmen.
• Financial Loss: The independent boatmen lost £840 in less than two years, and the Syndicate’s own carrying concern lost £843.

Operational Decline and Bankruptcy

Despite the initial repairs, the canal's condition deteriorated quickly. By 1894, the canal had silted up to a depth of two feet, reducing boat capacity from 35 tons to just 18 tons. By 1897, the Syndicate was practically bankrupt and convinced the canal could not be a commercial success.

The Struggle for Abandonment

The Syndicate spent years attempting to legally divest itself of the canal:

• Warrant of Abandonment: In 1897, they applied for a warrant of abandonment under the Railway and Canal Act of 1888 to seek relief from their liability to maintain the waterway.
• Opposition: Their application faced heavy opposition from Swindon traders, who viewed the stagnant water as a "noisome" health hazard, and from landowners who relied on the canal for watering cattle.
• Technical Failure: A Board of Trade enquiry in 1900 ended in failure for the Syndicate due to a technicality regarding a provisional agreement they had made to keep the North Wilts branch open.

Dissolution and the 1914 Act

The Syndicate’s involvement finally ended with the 1914 Act, which authorized the transfer of Coate Reservoir and the Swindon portion of the canal to the Swindon Corporation for £10,000. The Act mandated the winding up of the Syndicate once its financial affairs were settled.

In the final distribution of funds, Lady Wantage (widow of Lord Wantage) received £7,000, which was significantly less than the total principal and interest owed to her husband's estate, which amounted to over £16,000. The Syndicate was also required to pay £2,500 to road authorities for bridge transfers before it could be fully dissolved.

More

Visit to the Public Records Office

United Commercial Syndicate took over the canal in 1890[1891], and although the Memorandum of Association document mentions acquisition and repair of canals and associated structures such as railways, tramways, roads, quays and wharves, it is not clear whether they were involved in business other than the canal. The first list of shareholders held at the PRO shows no-one apparently directly associated with the canal, all being from London or Essex. The Company had a nominal Capital of £50,000 divided into 500 £100 shares, and 43 shares were taken up by 31st July, 1890.

A document dated 11th February, 1891 authorises the transfer of some canal shares (numbered 170-192 and 193-209; the figures are suspect as they have been altered on the document and are difficult to read) to the Syndicate.. by January 1895, 214 shares had been taken up and four of the shareholders were from the area of the canal:

• Adam Twine of Wootton Bassett
• Edward Ormond of Wantage
• Henry Gerrish of Abingdon
• William J.Ainsworth of Swindon

It will be noted that Adam Twine was also a Director of the Canal Company. Mr Ainsworth was General Manager of the Canal for many years. Several letters are to be found asking for information from the Syndicate which should have been submitted to the Companies Registration Office automatically and this suggests that the administrative side of the Syndicate's activities was not always as efficient as it might have been. During the period from 1900 to 1914 the number of shares taken up seems to have been constant at 214, but additional local names such as Mr Turner of Swindon and Mr James Hiskins of Trow Lane, Lyneham re-appear on the list of shareholders (both were Directors of the Canal Company).

The Balance Sheet of the Syndicate dated 31st May 1910 includes the entries:

• Investment (including Wilts & Berks Canal A/c) £21,797.11s.10d
• Loan to Wilts & Berks Canal Co. (with interest) £3,756. 4s. 3d

A further Balance Sheet dated 31st December 1915 has the same entries with the note:

'There has been no audited balance sheet since May 31st 1910 since which date business has been suspended pending obtaining the Act of Parliament dealing with the Wilts & Berks Canal'.

In a letter dated 31st October 1918 the Companies Registration Office attempts to inform the Syndicate that if it is not carrying on business it will be dissolved, and if no reply is received in one month a notice will be published in the London Gazette, striking the Company off the Register. The letter is, however, stamped with the famous Post Office mark:
"Undelivered for Reason Stated
Return to Sender"

The reason, scrawled in ink on the back, reads "Not known at 34-35 High Holborn" (according to the PRO the last recorded address of the Syndicate). We must assume that the letter was never delivered or that the Syndicate did not reply within the month, as the final document states that the United Commercial Syndicate (Company number 31911) was dissolved under Section 242 (5) of the Companies (Consolidation) Act 1908 (8 Edw. 7, Ch. 69) by notice in the London Gazette dated 30th May, 1919. The Act of Parliament which abandoned the Canal itself was dated 31st July, 1914.

Neil Rumbol.
February 1977