The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1881-02-26
(Rcsular Correspondence
PARIS, France, Feb. I, 1881

PARIS, France, Feb I, 1881.
The first general meeting of the Panama
Canal Company took place this afternoon ut
the Cirque oliver, under the presidency OF
NJ. Ferdinand de Lesseps, who looked as bright
and active as ever. and who was received with
enthusiastic applause by the vast multitude
of shareholders who throngcd every corner OF
the spacious building. People belonging to
every class of society were there, rich and poor
being alike animated with the desire OF turn.
he new enterprise TO good account One old
woman IN white cap, who occupied a seat
near the platform, was particularly demonstra
| tive in her expressions OF approval, being evil.
IDENTITY highly delighted al the visions of the
FL Dorado that rose before her imaginative
eye. The event Of the meeting was the read
ing, by NJ. d'Iesseps of his report, in which
he traced the history of the Panama canal
scheme from its very commencement quoting
moreover extracts from a speech made by him
IN France Immediately after the inauguration
of the ship canal in November, 1869. In this
speech the eminent engineer had explained
the principles upon which the Panama canal
ought to be constructed and had pointed out
the mistakes made by Americans, who had
traced certain lines on the maps without, how.
ever, sufficiently examining the country before
hand NJ d'I.esseps related what bad already
been done for the formation of the enterprise,
and alluded to his visits to Panama. He said
that IN. Conoreax and Hcrsent had under
taken the execution Of the work at the contract
price of 512,00O000 francs, and that ,2O6,6O9
shares had been applied for. The committee,
however, only had 100000 shares at 800 francs
each, at its disposal for allotment. In reality
the sum of 60000o000 francs would be wanted
to insure the opening of the Panama canal to
navigation to seven or eight years at the most
Only a capital of 300,0O0000 francs had, how.
ever, been called up, because by completing
the 6O0,000,O00 francs whenever money was
needed by successive issues Of shares, the
profits reserved to the shareholders would
later on, undergo great increase. During the
month OF January seventy engineers and
agents had been sent to the Isthmus OF Pana
ma for the purpose of beginning the work
and orders had been given for the construction
of steam machines, which would enable the
number Of day laborcrs to be limited to 5000
hands.
NJ. dLesseps concluded, amid the repeated
applause of his hearers, by thanking them for
the confidence they had displayed. Two resolu
tons, approving Of what had already been
done, were then read and voted unanimously
the entire assembly rising in obedience to the
! invitation of the president. When NJ. dies
seps had declared the meeting at an end, his
:, admirers again cheered him to the echo, and
one of them, who was seated in one of the
} back rows OF benches, made little speech in
praise of the promoter of the scheme, NJ
d'Lesseps replying with the graceful remark
that this exhibition of kindly feeling had
touched him deeply, and the more so because
nc considered that it argued we'll tor the sue
cess of the great enterprise that they had un.
dertaken in common.