The Sun.
London, England, 1855-02-03 00:00:00

COMPLETION OF THE PANAMA

RAILROAD.

This road, connecting the Atlantic and Pacific Ocean!,
which has hitherto attracted but little notice in England,
is now completed, and at this date the trains are pra•
hably running through from sea to sea. Its effect upon
the commerce of the world, when its advantages are
fully developed, it is difficult to estimate ; but, as itis
the only easy transit for passengers, and the only prac-
ticable one for merchandise, it is evident thatit will open
an important channel of communication between the two
great oceans, and become a source of very large revenue
to its projectors. It extends from Navy Bay, on the
Atlantic, to the Bay of Panama, on the Pacific, its en-
tire length being less than 49 miles. Its gauge is five
feet, its grades easy, the highest for a short distance near
the summit being 60 feet to the mile on the Pacific, and
53 feet to the mile on the Atlantic slope ; the summit
being only 250 feet above the level of the sea. It is well
built, and, in the opinion of engineers who have reported
upon it, is in every respect as good a road as any on the conti-
nent of America. Some of the bridges are of iron, and
it is intended to replace all the wooden structures with
that material. The neutrality of the isthmus it tra-
verses is guaranteed by the Government of the United
States, by speeial treaty with New Granada ; and also
by Great Britain and the United States, by what is
known as the Bulwer treaty. It thus becomes the high-
way of nations. The transit of passengers and mer-
chandise is free. The grant from New Granada is for
49 years, during which period no other road of any kind
can be built without the previous consent of the Pa-
nama Railroad Company. This company was organised
under the aforesaid grant from New Granada, and a
charter from the State of New York. After careful
preliminary surveys the work was commenced in 1850.
In 1852 a smallportion of the road was used for the trans-
portation of passengers and light ft-eight, the remainder
of the transit of the isthmus being by expensive mule car-
riage. For some months past 38 miles have been in suc-
cessful operation ; and the 29th of Jan. had been fixed by
the chief engineer as the day of celebrating the opening
through to Panama. The revenue of that portion of the
road hitherto used, notwithstanding the expensive mule
carriage from its terminus to Panama, has been sufficient
to pay all running expenses, and leave an ample surplus
to pay interest on its bonds and dividends on its stack,
averaging ever eight per cent. per annum. This re-
venue had been derived from a single train each way
daily, six trains in the week. The average receipts have
been more than 13 dollars, or upwards of 31. 10.. ster-
ling per mile for every mile a train has been run, being
more than ten times the average receipts on the best
roads in the United States, er Europe. With such re-
ceipts, the proportion of expenses to income is much less
than on any other road in the world, and when in full
operation, it is supposed that one-fifth of its gross income
will be sufficient to pay all its expenses, without reckon-
ing upon any increase of traffic across the Isthmus beyond
the average of the last three years. The increased rates of
charge for through transit will yield a net revenue ef fully 15
per cent, on its entire cost, whilst the charge to passen-
gers will only be about one-half and formerchandise one-
fifth of the former expense of mule carriage. The amount
expended upon this road, 'to this date, is about six mil-
lions of dollars (1,200,0001.) It is estimated that one
million of dollars more will replace the wooden bridges
with iron, and finish and fully equip the road for expected
increase of traffic, making the entire cost 1,400,0001.
sterling, or seven millions of dollars. Thus has been
accomplished by the enterprise of our transatlantic
brethren, at an inconsiderable cost, in view of its im-
portance, a work which many pronounced an impracti-
cability, and all deemed a hazardous undertaking. A
continent has been pierced, and two great oceans united.
A new highway to commerce has been opened, and when
the current of trade shall flow into its channel, the world
will wonder that this so long talked of union of the At-
lantic and Pacific had not been earlier consummated.