The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-11-06

Nathaniel Mckay Expresses Confidence in
the Complete Success of the Work.

the Complete Success of the Work.
New York Special
Nathaniel Mckay has just returned from Paris,
after having several interviews with NJ De
Lesseps in regard to the future prospects of the
Panama canal. When asked to-day in regard to
its completion as well as the financial condition
of the company, he said:
II have but one answer to that question, which
have already given over a year ago, that the
canal would be completed, and have more con-
fldence IN It's completion to-day than had be-
fore. 1t is a matter of time, money and the en-
durance of the men employed in its construc-
ton. Owing to the climate in which they have
to work, together with the machinery to do the
digging, work is necessarily slow. l learned
from NJ. De Lesseps. when in Paris,
that they had contracted for sixty
Few excavators. and they are now
under construction in Holland and France.
Each of the excavators will excavate 1000 cubic
metres per day. Part of the machines have
this month. They will excavate 8, 600, 900 metres
per month when they are all in operation, and
they will carry the material in a chute 100 feet
each side of the canal. They are ali of new de-
sign, with buckets, and can work at any angle
''These machines. with the American Dredging
and Constructing Company. of which II. B.
Slavin is president, and Eugene Kelly is treas
urer, are the largest contracting parties on the
canal, with their seven dredging machines, which
excavates 1,000,0 900 cubic metres per month.
ago. Another American company, the Franco
American Trading Company, has just closed an
arrangement with Messrs McKechney &
Callahan, practical railroad builders, to
carry on the work of 5000, 900 to 5000 900 cubic
metres of excavation OH the Pacific side of the
canal. These contractors are to use American
and French dredges, and to commence opera
tions at once. When all the machines are at
work on the canal, together with the vast
amount of excavating which is being done by
hand and horse, l can reason why it
should not be completed in very short time.
las to the money which is required for its
completion, M. De Lesseps will procure all that
he requires to do the work, either by loan on the
lottery system, which was granted in 1868 to the
Suez canal, giving the company the power to
issue their stock. having premium attached,
the purchaser who is lucky enough to have pur-
chased the right number gaining the prize.
The same law will be passed by the gov
eminent of France for the Panama
canal. In the event of the failure of the govern
ment in granting such power the company has
the right to issue such stock or bonds for the
completion of the canal they require, and
there are stockholders in France, Holland,
England and Spain that will cheerfully accede
to the requirements of M. De Lesseps and come
forward with their subscriptions for all the
money that he may require to complete the ca
nal There are now some 400 600 holders of the
canal stock in Paris, Spain, Holland and Eng
land
In London and Paris against this canal project
by spectators, men with grievances, but
when it is completed it will be the worlds high
way of commerce; thousands of tons of freight
will pass through it every day from Oregon,
California and the Gulf of California Central
and South America Japan, China and
Australia The wheat and breadstuffs alone ex-
ported in 1884, were $50, 953, 66l all other arti-
cles amounted to $37, 52S, 240 The imports were
$780, ZIG, 013, from the ports of California alone.
all Al
through the Panama canal to foreign countries.
San Francisco is now the third seaport in the
United States in magnitude OF tonnage for for
eign countries-884 $50 tons of shipping entered
the port of San Francisco in 1884. The fleet of
grain ships earn over $15 600, 900 yearly and 80
per cent. of this is earned by foreign shipping.
The grain trade of Oregon alone will amount to
over 1000 tons per day, which will pass through
this important highway The magnitude of the
wheat crop of the Pacific coast, and the abun-
dance of this product governs the price in every
city on the globe
Il have made no illusions to the imports and
exports of Japan, Australia. Honolulu, British
Columbia, which enters the ports the Allan
tic but they will all pass through the canal, as
we'll AS the thousands OF cargoes that now go to
and from Europe now by sail round Cape Horn,
1890 miles to Liverpool. The distance from San
Francisco to Liverpool through the Panama
canal is but 1860 miles. Provided steamer
makes 200 miles per day, there would be thirty
remember that these statements of grain, lum-
Der, wool, fish. and other merchandise which
will pass through the canal from California and
the Pacific is very small compared with that
which will come to the United States from
Europe in future years Oregon is as yet in its
infancy for imports and exports. The same may
be said of Alaska as we'll as Central America,
for these materials pass now through the straits
of Magellan.
when the canal is completed the United
States will derive more benefit from it than any
other country in the world. as we are ten days
nearer to the markets of Japan, China aud Aus
tralia, as we'll as the islands of the Pacific, than
any other nation in the world. There is an evil
dent disposition among our people to extend our
foreign trade There is no better way to do so
than by creating outlet for our surplus pro-
duction to South and Central America. Without
any short means of communication like the Pan
anna canal it is useless to try to enter into com
petition with European commercial houses. The
South American commission, sent out by the last
administration, has just returned. and is prepar-
ing report They will doubtless take into CON
sideration the question of the Panama canal as a
means of quick and cheap transportation. In
congressional circles this question of advancing
our foreign trade with South and Central Amer
lea excltes great deal of interest. Several con-
gressmen have already taken the matter in hand
Among others represented, r. w. TOwnshend, of
Illinois, had taken quite an active part"