New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-01-10

is ncladod as part of the working expenses snch
items swelling this amount under that head to
42,0O0.000 francs per year, or SS400,000 Then
follows an estimate Os the business of the canal
when opened. quote from this paper a@an 'Mr.
Lavasseur. who several times afiirms i'll his remark
able writing that his valuations very Moderate,
at last fixes at 7.2f9 900 tons the certain traffic tor
the Panama Canal from the first year. Then
follow some quotations from American and other
authorities. going to show that G,000,O0O
tons woIld now seek u canal at the
Isthmus. without counting in the SpanISh-Amerran
Republics. The winding up-al in itac9, Is: sand
ejaculation of 6,000.000 of tons in 1850 is 'an'a-
mount to 5000 900 or o. 100000 of tons in 1SS6.'
This showing quite OverpOWcrs me. bc"au'c. II re-
liable We can bud the Nicaragua Canal. take from
De LeSseps only the United States trade. which he
puts at one half the whole. and have 4,0OD,Ooo or
800 600 tons OF tonnage to pay rs-ra,e dividends
at a charge of 81 per ton Bat 1t is all bOSh. Mr.
Nimmo. statsticlan in the Treasury prepared very
valuable tables, and showed that about 162o.cCo
tons could be relied upon as canal traffic When
examined his report found his deductions were I'D
error because he did not know OF the influences at
work now to force the trade of the west coasts OF
the two Americas from its natural cbanDels-hnu-
ences that could not be effective when canil is IN
operation. Correcting his IN this regard
reached the conclusion from his tableS-the best
authority know of-that between 3.OO0OOO and
1000. 600 of toll-paying tons per year would now
pass canal IN Central America one IN exist
ence.
HOW TO EARN DIVIDENDS.
"But NJ De Lesseps would saws to this. VERY
we'll; the Panama Commission allows me 10 call a
cubic metre of wafer ton and to measure snip by
taking the product of Its greatest length. oreahth
nd draf in
found one ton can charge 10 francs for each
which really gives me 40 francs per ton carrying
capacity. For 1000 600 this gives calling 40 francs
SIS. $24 900, ,OOU Ths is all l want to pay divi-
dends OH my 6oO. 900, ,O00-ranc canal and leave
100000 francs for my direction aud beneticiares,
aud a equal amount for founders shares
"What do you mean BY beneGclarIes !"
before touch upor that scheme of bene-
fcares let me follow the pamphlet q little further
aud turn over to tue second page, where ii ID an
estimate of receipts and expenses calculated for
business Of 5000. 600 and of 5000, 900 tons per
annum and q charge of 10 francs. 1t is made to
appear that the figst estimate will Weld
dividends on each share as follows: 5.0OO.OOO
tons-rrgular share. G4 francs % CEN
times founders share, 10 frducs; value of
regular share. 1,G06; founders share. 1928;
6OOO 600 tons-reGuar ar shares. 50 francs % cen
times: founders share. ~; value OF regular share
2.OSs. founders share $500. Inasmuch as the
rernlar shares cost 500 francs and receive per
cent interest in the interval. an advance in I've
years TO 6O6 TO 2OsS francs may be regarded as
a rather good thing. The traffic of the Suez Cfaai
is now dragged IN to serve as basis on winch To
buld up the siupendoIs results that are TO OeGune the
unwarv Lamb! for you must knew tins is
no game of bankers against bankers. OF the rch
against the rich bn: bankers leagued together
TO pluuder the poor 1t is the careful fellow, who
by sefdenlal has saved SEQ francs from lis pttlncc
of Q or francs per day that in Wall Street par
lance is the lamb.
"Iquote: The Snez trqfflc from the first winning
year 1870 up to 1850. became ten-fold larger IN
ten years exactly and ftytivtone-hundrethsl'
Now what are the facts In july lasI SIcz snrrcs
month or two had been run up from some $50 francs
TO over / 900 francs. Tacy h d advanced IA l,"U0
francs when this pamphlet was Issued. bnt have
since flllen. Ii part of the game 10
build up Panama by running up Sucz.
To understand the innocent chararter
of the last quotation gave YOU We INNS; recal! that
the Su,z Canal began ju>!ncss N $50 when ~ a
q very imperfect condition. The larger India -np
nsed II with dihl;y or could not pass II at al. lad
soIno TWO or three years elapsed brf re ihe canal
came 10 be TeGar .et as = reliable ciAnnrl.
The course Of trade has not c"ni"'mri
10 the consequent changes made necessary
Thu, 1871. 1872 and 1873 were rather experiment
tal years ID the canal history. Ii Is not ron" for
sailing vessels; none pass II unless competed bN
c,rcunst,rces and IF nor, than 200 cra't p,~e-
ing through the canal only twenty-five were N'lier'.
Hence with ine successful operation Of the canal
change from sail TO steam became necessary and re-
ouired time The trade t,elf. ia th@ interval Vas
n materially Increasing but VISA .apt'ns Itself 30
the charge created by the canal. Thus th"r"
was a progressive ircrease Of canal tn~i-
nes, from 1870 to 1s77. but vory sail
m 1878. 1876 aud 1877. ync, the max nam Wa
reached. and the suits for ISIS aud 1870 show
falling off as the foil w!nc iabie viii I Hbii