New-York tribune., 1886-07-30
PANAMA CANAL PROSPECTS.
FAVORABLE REPORT BY NJ. DE LEssEPs.
EpGrNG HIMSELF To OPEN THE DITCH IN 1889

p EDGING HIMSELF To OPEN THE DITCH IN IooV
WITHIN THE ESTIMATED COST.
PARIS, July 29.-A meeting OF the Panama
Canal Company was hold hero today at when NJ ue
esseps presided In his report he said that the drec-
tors are updaunted described the financial position OF
the company and stated that at the present moment
not single section OF the future canal whoh
not contracted for The sanitary condition is satisiao'
tory The assurance of tho completion OF the canal ne
said had senced the opposition tn America "hch hau
caused the company some uueasness Ihere adVcr
sares seeing that they were unable to prevent the
canal from being built. had now resolved to dement,
by 1t and will henccforth bo useful auxHlaHes'
The same cannot bo said OF speculntors In France
These opponents though operating In France arc cn"J
foreigners Ther attempts tOdoprecAtc the shares nan
failed happily because the shareholders ara 100 hhho'
GUS and crperenced 10 deceived. Therein lies the
company's force the whole secret OF It's power NJ 40
Lesseps cited statements OF NJ Lcvasseur and tho Amer
leans Admiral DAVIS and Engineer Kelly and tho
Dutch engineer OF the Vanuehus estates to prove hat
the receipts Will amply suince to pay arge interest o"
all the capital probably or per cent on cApital OF
two thousand millions OF francs. or, In other wori' do
trac Of 1850 900 tons, and earn thererom revenue
OF los. 100000 francs.
q, m. preseut loan " dc Lesscps said: "Thc gem
eral favorable reception given to this type OF new
bonds proves that were right In adopting H.
The conditions are cmipenty advantageous. bnt "a the
sub,cr.b-rs TO this loan will be mainly our own share
aud hDllera li IA air tut~ LlNf Hl"iii Ft' ~
Them" The speaker then proceeded 10 show that the
lIriruftics OF the Panama cutorpr4e hnve been de-
hbcrately overirAwn Experience has shown. he 'a''
that the sides OF tho proposed cut arc less rocS '""
had been imagined and might be made more s'p'"R'
Il was pointed that 1T, mistake To Judge OF INC
duration of tue wOrk OF construction by IN" nature {"
tie material already exclyatci and tho aScertAined
difficulty OF handling u, because thc irto or eItrac
ton increases with improved machinery and increased
t,fnil,r, with the methods OF work" From the data
o' construction Of tho Sucz Canal NJ de LesSep'
reckons that tie monthly output OF excavation on '"o
Panama route, whicn IN l--1 was ''9'o"o metres
and lO-9OOO IN 1--6, should rcach 2oooooo
netre. ,nonthin l--7 AMI 5000. 900 metrcs month
IN $50 ami up 20 completion OF the work 100 june
l,~3 It equally iaIAcl''. ur o"n,."e' We, y"
ton .,a.ttlon transportation. etc 1Le rest Of the
eyt,s,.e 10. merely Tor mel AMI aalrs ~ su'l the first
and iArI excavations a11'rnrd ""ti'"s "i th' t"a
amount cxpcn ri aud tho ia-, 5000 D'o meite' ont.
pnt cost % e.laf ~-s than tie list =. oo"ooo r" u
vii be Win tie Panama Cana. li"Ii the n"c"s1ary
than haf the expense has beer dcii~yri.
IN reference 90 tie allegations ta' tne c'hahy @ 'uu
AMI interei ouid exceed the Si-oo"ooo 10 he bor-
for a max mum 'Atdcu"n "n'.n =" - w" - 80, ',,,-.
ccrd- the forecasts aud thato company can constantly
modify the contracts The with and drnth ~ 20 ~
cavttion' confr. Ior and mo other details of he
mauucr OF construction within tho control of the
company. which can imlt them within dehnu'e "i-
NJ lie Tes.ep. pledges hinseltto opon the CANA IN
lie states that II unforeseen dhrut", "rs 1'o7"h'
can Dee atoptcd 10 insure The realization or 10" pledge
The -url anal he reminds the company. was IT'D HAr
manner openrd Al tho nc hNr bat with 'F in7trhi
of .i,ht me re-. ~ drptn Among The unforeseen dW
clitir- Iikcv To- compel modify our programme.
continues N dc Ie--ops. t- ono which may hcIrh-1
and may decrease our rVpcu-r> the Con-rrsf oi l7''
and ourselves counted ohf aiming loans easily Al nor
mai rates Tuo attack. Of spccuIAtpf', however, nave
compelled us TO borro~ ut usn~c Ta,e- than W. rr-
pectrd u obtain. Thi- t.c wnte 10 must De- regretted,
must De recognized. In reality, however, th" "lFhN-
age offered by the Issue Of tho prr1nnt o"HE'l"n7
a that tho only burdrh our budget viii De
for the henrnt of own shsr"hodrr'.
Al the same time that from th- late the ch ges
on these loans murt Augment %" cost "l lhr cana
NJ dc Lesseps dec that lc II certain thai 'n year
hence the m 4chiucry Accumulated by tne company VIII
soAs.crt It, power tnat 40 dpnt vi" rchAn oi ic sue
cess o. tue iAkug A-A -pe linen oi the 'hrp'1
10 store he mentions tho primary disappointment *
prrirucrd in -ltvcu's American dredging mAcnines
when they were hrt put 20 "ors on the coon Hdr oi
the Istuu- aud eventual expected success ~ tho
same machines VI. de Irssrp- announces tnAt ther"
viii soon held meeting ~ the cOu-u ting commission
o consider various schrnes Tor moluylne Tue pan "l
construction, ami that Al ihe next ~hhu'i
meeting OF the Shareholders they Will lave
placed before them tho rcsults OF The com
piny's works in fu Tor the period already
pa-eIud Viii be then enabled win tic opinion of the
commis.ion TO decide Tor then-rIves Ia couclnson.
be AVS that the OF the
a reply opponents OF the oAnsl enterprise, - wei
strengthcn tho cOnniruco oi tho contractors "Ne
reckon says he your hdsity. as you may reck in
o u our devotion"
". dc Ie-.cp.'s report was adopted 10y unanimous
amid loud appliance. The Colombian Minister was
present al the meeting.