by this time, £64,000 had been spent on the scheme, of which £8,100 had come from tolls and the rest had been borrowed. the commissioners felt unable to borrow more money, and so a second act of parliament was obtained on 21 april 1769, which formally created the company of proprietors of the calder and hebble navigation. this consisted of all of the 81 people who had loaned money to the original scheme, and these loans were converted into £100 shares. additional shares could be issued, and the company could borrow up to £20,000, with the future tolls used as security. before the act, the scheme had been known as the calder navigation or upper calder navigation, and this was the first use of the calder and hebble title. the act was the first navigation act to include a clause which limited dividends, insisting that tolls should be reduced if the dividend exceeded ten per cent. construction of the initial phase was finished in 1770, at a total cost of around £75,000.