The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-12-03

engineers for their opinion. Nsssrs James walksr
Civil Engineer, and Edward Aldrich Captain Of the
Royal Engineers, were named for this service
They seem not only to have examined Mr. Childs'
survey, but subjected that gentleman, who was then
Taking the plans, measurements, and statements Of
Mr.. Childs to be correct. their opinion H. on the
whole, favorable. They think that his estimates
for work are ample, but regard the amount set
small by at least ten per cent that is to say, that it
should be twenty five instead of fifteen per cent.
Of all the works of the proposed navigation, they
regard the Brto, Pacific harbor, as least satisac-
tory. To use their own language:-" Presuming
Mr. Childs statements and conclusions to be correct
the Brito harbor is, in shape and size, unworthy Of
this great ship navigation, even supposing the Pac-
dc, to which it is quite open, to be a much queter
ocean than an ywe have seen or have any informa-
ton Of"
They also object to the proposed size, and suggest
canal twenty feet deep instead Of seventeen, sixty
feet wide at bottom instead Of fifty and the locks
300 feet long instead Of 25O, as being one "more
efficient for the general purposes of trade, by steam
or sailing vessels" This would, of course, be at
SeTe the un.son Of hs Pacific shs
Atlantic be worth doing ut ALL it il worth doing
we'll" They conclude that, judging from the data
without presuming to vouch for their accuracy, tho
work is practicable, "and would not be attended
with engineering difficulties beyond what might
naturally be expected in work Of this magnitude"
that the surveys have every appearah co Of accuracy
and they are satisfied Of the perfect farmers and
csndor Of Mr.. Childs; that tie works are generally
sufficient for the purpose they arc intended to an
swer; and "that the estimates upon, the present
value OF money, are adequste, in . general way,
mentsproduced and the explanations Of Mr. Childs"
OPINION OF BRITISH CAPITALISTS.
We como now to . point not indicated in the
pamphlets before u.s. but upon which We are, never
theless able to speak from authority, vz the refu
sal Of the leading capitalists Of England to engage
in the projected work.
1t is well known that ct least two expeditions or
missions to England have been undertaken by agents
Of the Canal company, ono in 1851, and the second
in 1852 At their 6rst visit, the agents were unable
to present any specific data upon which to solicit
the aid Of capitalists; they, however, made out by.
for answer "Substsntats your statements by facts,
and no difficulty will be experienced in securing the
financial aid which you desire-until then, We can
return you ne definite answer" This reply was not
made public in terms, but the agents, their re-
turn, proclaimed that the great European CAPT.
tasts had engaged to furnish half the capital for
the enterprise" A few, and it is believed only
few persons, considering the precise source whence
to it.
The second expedition was made some months
ago; and this time the agents took out with them
both Colonel Chlds and his surveys. The opinion
OF certain British engineers Gas We have seen,)
procured, and the whole matter re submitted to the
great capitalists who now, for the first time, thought
it sufficiently advanced to merit their serious atten-
ton The result of their examination was commu-
nicated to the company in . letter from Mr. Bates,
head Of the house Of Barring Brothers, in August
last, and consisted Of declension to embark in the
enterprise for variety of reasons chiefly of course
financial
The Dimensions Of the canal were not such a., in
their opinion to meet the requirements Of commerce,
and the work could not be used except BY medium sized
O. That the proposed dimensions were not in confor-
NIFTY with those required b the charter Of the company,
without securing modification of the charter, which, in
the existing state Of feeling in Nicaragua it not likely
g. That aupposing the work not to exceed the esti-
mated cost Of o0o the returns meet the simple
least ST 600 and above its expenses or
this interest and the cenage to be paid to
s226s 200 Estimating the expenses Of repairs superin-
tendence cost Of at $500 600 year.
regarded a too SMALL then the gross returns to
make the work pay must be So, 670 600.
Putting the toll at So per ton (Which regarded as
being too much yet then would require the
nua passage OF nearly 600 tons Of shipping through
the canal while allowing the whole Of the European aud
American trade with the Pacific coasts of both CONT
nens and the Pacific Islands to pass both ways through
the canal 1t would amount to only coo 900 tons.
% But 1t is found BY inquiry and calculation that
little, any. OF the European trade with the Orient
would pass through the canal nasmuch the passage
by the way Of Cape Good Hope is average 1880
g. That even il the distance were in favor Of the pro.
posed canal its small sze would prevent nearly II not
from passing it. and his sbj.etion would eausy
lie against Of the vessels employed in the trade With
Western America-the only trade in which the canal
would prove seryiceabla to Europe
That the heavy toll Of SO ton ships would pre-.
vent such vessels could the canal from doing
inasmuch as on vessel Of 1000 tons the toll would be
or more than the average earnings Of such vessels
on their voyages
That canal Of the proposed size would only Be
used BY email passenger the from which
would net be adequate to pay the current expenses Of
the enterprise
While unhessatingly conceding the immense local
advantages of canal to the Uuited States, these
capitalists confessed themselves utterly unable to
discover how it could prove Of compromising value
to the men who should invest their money In the
terprise. They, therefore, for these and other
sons, declined to meet the views Of the projectors
and their agents.
GUARANTEE OF THE UNITED STATES, ETC.
By the Clayton and Bulwer treaty, qualified
guarantee was extended to this enterprise, in
mon with several others. There was q clause in.
serted with direct reference to this company,
although without mentioning its name. 1t provided
that it should shave priority Of claim, over every
other company to protection ofthe United States
and Great Britain" on condition that il should.
within one year from the date of the ratif ,ation'
of the convention, conclude its arrangements and
d .ss % capital .sS to
fed, and the Publications exchanged July 5, 1850.
No subscription Of stock having taken place, and
evidence OF capital having been presented in the
time specified, indeed in any other time, the
pany forfeited this special protection in July, 1851
o year and q half ago
THE TRANSIT COMPANY.
This company, Of which we have lately heard so
much. derives its privileges from the canal charter,
by supplementary contract with the Nicaragua
government. 1t is, however, entirely dependant
upon it, and if the primitive charter falls, the Tran
etc falls with it, Article VIII of the supplement
tary or Transit grant, is as follows
Article VIII This convention and all the rights
cured by to the company, and conferred by It, shall
whenever the primary charter OF the ed Of Septem
ter ls4p (the canal charter) sha expire by its own IL