The committee conceive it necessary before they proceed to state to the board what works, in the opinion of the committee, ought to claim the first attention of tlie company, to make some remarks which they believe not irrelati^'e to the subject. -- An opinion is entertained by some, that since the company is permitted by the act of incorporation, to divide a clear 15 per cent. on all their expenditures, the liigher the expence, the greater will be the profit to the stock-liolders ; and that, therefore, the improvements should be made in the completest manner, that is, on the most expensive scale : -- This appears plausible in theory, but may and will probably be found fallacious on actual experiment, and injurious to the interest and reputation of the company -- Injurious to its interests, if the tolls, after deducting the current expences, should not amount to such an interest, as money can from time to time be improved at, and as the legal interest only of the sum above stated, wliicli supposes a complete improvement in all its parts (without estimating the expence of clearing Wood Creek) amounts annually to £2765. It will easily be discovered, from computation founded on probable data, that the tolls on all the Produce, if the toll and freight was equal to the expence of carriage by land, would not in the present state of the country produce sucli an annual revenue ; but the tolls and freight ought to be less, and after some years, considerably less than the expe ice of land transportation, for if not, the improvement of the navigation would have no beneficial object to tlie coinmunity. The time will doubtless arrive, and the country is rapidly progressing to the point when the quantum of produce shall be so extensive, as to support the expence of the most complete improvement of the entire internal navigation in all its parts, as contemplated by the act of incorporation, when this happens it will decidedly be the interest of the compan}', and equally that of the community ; also, to prosecute the works in tlie most complete manner, for under such circumstances the greatest per centage, on the aggregate expenditiu-e, permitted by the act maj