New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-04-15

politioaf - ~ r'tlls esnimeics-
nent ofshoslflifies bstween France and
Germany IN political interest in the
measure ceased Under these circum-
stances the question Of its future history
must necessarily be simply and solely in
it's true character as . commercial under
taking. :.
After the completion and opening of
this canal there were not wanting many
competent judges to declare that. prac-
tically, this new highway between the
East and West would not be employed by
merchant vessels; that so many delays,
difficulties, stoppages and costs would be
involved in the passage through the canal
that the trade with India would still be
conducted by the Cape Of Good Hope or
by the overland route, via Alexandria.
Such has not been the result. It was
stated, among other objections, that the
canal would be filed with the shifting
desert sands; that there were rocks and
shoals at or near the point Of junction
of the canal with the Red Sea, upon which
vessels would be wrecked or stranded.
The former of these has not transpired,
and the latter is proved not to exist. No
accident has yet befallen any vessel during
the transit from sea to sea, and the course
of trade, SO far as steamships are con-
cerned, is being rapidly diverted into the
Suez route. All the steamers which
run from England to the East Indies now
pass through this canal, leaving only the
sailing vessels of small. tonnage to
take the route around the Cape, and this
on account Of the cheapness of freight
carriage in comparison with the prices
prevailing among the steamers. So inn
portant has this route become in the mat
ter of transportation Of mails and pas
sengers, that there are now building in
England several screw steamers expressly
for this trade. Therefore, it may safely
be predicted that in the course of few
years the entire trade between England
and the East Indies will be conducted by
steamers through this canal, supposing it
to remain open and available for transit
purposes.
That such q supposition is not possible
it is stated that 1.-THE banks Of the canal
have have not crumbled down; no diff
Guilty has been found in steering through
the trough, the flow of water from one
sea to the other is regular and plentiful,
the bed of the channel has not been
destroyed by lie wash caused BY the
motion of screws or ebaddle-wheels, the
depth of the water in the shallowest por-
ton of the canal is now twenty-six feet
and the danger of Port Said being
blocked up by the formation of sand
banks, whether imaginary or not, is very
remote one." The great trouble that now
seems to environ this grand enterprise is
that which has affected other works of
similar nature, and the most formid-
able of all the difficulties which
it has yet met. It is now financially
embarrassed, one cause of which may be
attributed to the fact that the disastrous
result of the late Franco Prussian war has
paralyzed French speculation by the over
throw of the empire, and the exacting of
the terrible indemnity from the French
people by the Prussians. This war has
also prevented the anticipated trade which
would have been carried on by the French
steamers and sailing vessels to the East
Indies through this route. Consequently,
there has been falling off in the financial
exhibit of receipts for tolls which NJ. de
Lesseps estimated would be the revenues
of the canal. His statement was: EST
mated receipts, e1,OO0,OOO, from which
was to be deducted for estimated work
ing expenses GOO, 600; estimated repairs,
s2O0, 900, leavinga balance of 96OO, 900,
which would suffice to pay dividend Of
five per cent on the active capital of
s12, OOO, 900.
Now, according to the official statement
published by the company, the actual
receipts for 1870 amount to 6,3S7, 2O4
francs or e255, 488, or to only about one
fourth Of the estimate of M. de Lesseps;
and even this amount includes consider
able sums realized by the sale of stock,
etc. The total expenditure, including
working expenses, has been less than the
estimate, being about .233, 900, leaving
balance of e22, 900 for the government.
With this slim surplus the shareholders
of the company have very poor prospect
for dividend ON their stock, so the
strong probabilities are the company will
be obliged to succumb to movement for
its transfer to those who have the ability
to carry it through al the difficulties in
which at nreSent IL ia involved The