New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-11-17

the many bubble schemes that from time 10 time nave
been palmed upon guible capitalists
WORK BEGUN on THE CANAL.
On the 2th Of April 1859, the first sod was turned on
the Port said The line selected for the canal was nearly
direct @ me Vov and The excavation was Tor.
mdabe from the climate aud the desolate aspect
come I'M removing the 600 cubic meters OF earth
which divided the seas The company was oFgiZeu on
basis Of capital OF ti0O00OOO, represented ny 4OoOV
shares O sOO each In 1853 France alone had subscribed
for 500 600 shares and this furnished the project with
onpos,tton continued 10 disgust NJ. De Lesseps, but
the work wac, nevertheless vigorously prosecuted and
Nav s6 the entire expenses OF the work had reached
s21 s72 go This great expenditure represented the i'm
mense supplies required for the labor employed me cost
Of the drsd achines aud workshops, &c BY May
1862 t expected the waters OF the two seas would
az this time employed. The Egyptian Government
however had stipulated that fonr-hths OF the aDoTers
should natives and agreed to furnish Them In Jan
nary lsg Islmae Pacha declared the system OF e0rree
or compulsory labor retarded the deveopment OF the
country though this as he explained aferward, dd not
refer to the natives employed by the COMPANY VINO re-
ceved payment for their services Yielding To British
influence the Viceroy entered upon course which
uperled the whole undertaking. In 1868, anticipating
that the canal wond be abnna9neg ~ yena.i0n, tne
pended delay Of six months was fixed for the accet-
auce Of these conditions Nubar Pacha representing
the Porte. arrived in August Paris and undertaking the
pretensons OF the Porte proposed the reduction OF the
number OF native wOTkmen TO 6O the increase OF their
wages 70 Two francs per S g tho 81 e WHeS
Canal lie offered to pay all expenses Incurred ana 70
canal TO SueZ Directors rejected THIS
proposition, and Nubar Pacha called some Of the ablest
French lawyers to his assistance III defining the claims OF
a Gs Sa decision his lawyers u in his favor
was sustained by the voluntary approval
Of 81 OF the leading members OF the FrenGn paT fnoe
feeling highly excited by these events; The honI-
ie,r at length indicated that Napoleon III was deter
mined TO sustain NJ. DE Lesseps. ,-,,..
The decision of the Emperor awarded an indemnity OF
TO the Company and conceded the iresh-water
canals to the Egyptian Government Inc history Oh inc
OF daily progress The moment the canal adj
mtted OF traffic. the conveyance Of goods ana
commenced. During the ADysslnian war the BRUSH
Government forwarded extensive supplies over this
route and the Company realized large sum IRON inc
go. lStsS,Ii cceSG1lrrcIlL REVOLUTION
During the present decade we have seen the ron pro
dncton Of the United states increase from $4,000 10
sion Of SOS 10 Sl50O0O as It's annual product
France and Germany exhibit SIMILAR gfeat h mJrs n
people, they have In the more important branches OF h
dusiry successfully competed with England, which
makes desperate effort TO retain the control she has
hitherto exercised over the commercial world England
annually exports $5OO,OoooCO worth OF goods manuiec
own materials She cannot without mperng her exls-
tencc allow her rivals 10 obtain the raw materials
cheaper than herself and the following data Is concu
svey favor of the canal route for the transit OF the
large portion brought from the East ,.,..,..
via the Cape Of Good Hope by the route taken by ne
best sailing vessels is about 1900 miles, VIA the Med
terranean and Canal IL Is about 5000 miles, gain ia
distance by the latter 10 from Calcutta. 1900 miles
by tho Cape route to Bombay the distance Is H. miles
from bombay $500 miles. The advantages accruing 10
the Mediterranean and Black Sea ports would IL APP
parent very great should England continue to favor
the Cape route. Tho existence OF the Overland route
also renders IL evident that Engands interests WIN I'M
trade with the East via Suez IL folOWs also
that as steam has conquered sea as ON lana, inc
five and o half millions OF tunnage which form tho
shipping OF England will bo largely unela-
poyed. , .
MARINE AcTIvITY-THE WORLDS TRADE.
The movements OF tho various steamship companies
are the best indication OF the competitive rnc 10 which
we have referred In this city the Mediterranean and
Oriental Steam Navigation Company has been organized
for the purpose OF establishing communication with ports
pf the Mediterranean, India and China In France the
Imperiaes adapting many OF their steam
aims FOR the Snez Canal traffic. In England many
hps are M course construction, while Russia has
docks warehouses at Port said for the vessels
nj tbe Great Commercial Company OF Odessa which will
,a bet ween that port and the extreme East The pow
,rIuI COMPANY known the Australian Lloyd have offer
al 10 carry free samples of the national products with
vie 10 the OF Austrian trade tho Indian
.eas The Italian Government has recommended tho
.hipowners TO prepare TO profit by the opening
NJ tho EGYPTIAN BOspnorus. Spain IL organizing
steamship line between Barcelona aud the PHILIPPINES
A a general summary of the commercial movement, NJ
DE Lsseps estimates the tunnage Of Liverpool a GOO00
uarsees and the trade around the Dardanccs
OOO and claims that the trade OF the Canal Will he
900 900 at tho lowest. alordng from tunnage alone
annual return OF S20OO0O0. When tho population of
india China and Japan arc coDtrasted with that OF |
he new route apparent The imports and exports OF
lhpa which were IN 1856 had increased $780,
w. 900 IN lSs. This an instance VI the imnense DO