Morning journal and courier., 1882-07-21

| receive the $50 ,O0O cash into the treasury of the State for the use of the State and issu- ing to the university bond for $5O,O 900, pay able fifty years after the date with interest at seven per cent, payable semi annually. This would yield an income of $3, 800 per annum. Of this sum $2, 800 is to be lent to poor bus promising young men, not able to educate themselves who pursue their studies in any of the branches of the University of Athens, or in the medical department of the Univer- sity at Augusta. Not more than $2OO per annum is to be lent to any student. As the University charges no tuition, with proper economy this will supply what is needed by each. The recipients are to be selected der such rules as the Board of Trustees of the | university shall establish. The selections are to be made as impartially as possible from different parts of the State. Each student, as soon as he has made the money, is to pay back to the University the amount, with four per cent. interest. These payments, as they are made from time to time, are to be added to the principal of $5O, 1000, which in few years will cause an accumulation that will in the end make the principal sum very large one. The interest only is to be used as the sum ac-
 
 of the interest on the principal is to be lent to students of the North Georgia Agri- cultural College at Dahlonega upon the same terms as are prescribed in the case of stu dents at Athens.
 The first annual meeting of shareholders in the Panama Canal Company was held re- gently. M. de Lesseps, in the report read, reminded proprietors, who have manifested some impatience to see the digging of the canal commenced, that according to the orig inal plans the period of organization would not terminate before 1882. The results at tained, he said, had only tended to confirm the belief that the canal would be opened within six years from the commencement of the work of excavation. great portion of the geological formation through which the canal will be made had been classed as "hard rock," but more complete surveys have proved that much of it consists of sand, com mon earth and soft rock that may be exca vated without boring. This discovery will permit the company to effect considerable saving in the cost of the work. Returns of the sanitary condition of the Isthmus also show that the death rate among the person nel of the company has not exceeded that among large assemblages of workmen in Eu- rope During the first four months of 1882, the average number of persons employed was 2, 2,O6O, and the number of deaths from age
 accident malady averaged six only per month. The first call on the capital sub- scribed produced sum of about "A, 900, 900 francs, of which 40, 900, 900 still remained un- employed at the end of the year, and the sec- ond call of 125 francs per share on 800, 900 shares made at the commencement of the year was duly met. It was originally pro- posed that of the 600, GOO, ,OOO francs required for the construction of the canal, 3OO 900, 900 | would be obtained by shares and 300, OOO GOO | by the issue of bonds. The ee.ing author ized the board to issue first series of 25O,- | 900 per cent bonds. Of that loan sum
 of GO, ,OOO, 900 francs will be employed for the 1 payment of the last four annuities of the
 purchase of the Panama railway. By tkat
 purchase the company secures an entire mon 1 opoly in the transit across the Isthmus, and
 will be able to utilize the railway, it's wharves
 and quays for the construction of the canal. I