[1] The earliest canal building was undertaken as a local enterprise, usually by a merchant, manufacturer or mine owner needing to ship goods, such as the Bridgewater Canal, built by the Duke of Bridgewater to ship his coal from Worsley to Manchester.
Despite the high cost of construction, the price of coal in Manchester fell by 50% shortly after it opened, and the financial success was attractive to investors.
[clarification needed] The expensive American War of Independence ended in 1783.
[clarification needed] There was a dramatic rise in the number of schemes promoted.
However, there were a number, including the Herefordshire and Gloucestershire Canal, which never paid a dividend.