New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-05-07
THE PANAMA CANAL REPORT.

The report Of the Panama Canal Commits
sion i dcath-blow 20 the hopes OF VI. de
LesSeps VI. Brunei. liquidator Of the bank
rupt company in order 10 inspire public con
Gdcncc in the miSmanagod enterprise. appoint
ed an international commission aud empowered
il 10 make an exhaustive investigation Of the
accounts of the contractors and to decide
whether the completion of the canal was prac-
ticable or not. This body Of experts dispatched
10 the Ishmus a committee of five members to
make a thorough examination Of every section
of the proposed waterway, and 10 form .
critical estimate Of the working plans and the
revised calculations Of the engineers. The
committee returned to Paris early in March.
and the final report Of the commission 20 the
iqudator was made public yesterday. The
chief recommendation of the commission
demonstrates the impracticabiity Of complct-
ing the canal. The maritime Powers are in
vtcd 10 guarantee the interest on the invest
mcnt required for opening the canal TO com
mcrcc Undoubtedly such action would re-
store confidence in the enterprise. secure a
waterway Of adequate dimensions and protect
the interests of the original stockholders; but
the maritime Powers will not furnish the guar
antce. The French Government cannot afford
10 undertake the work alone, and the American
and English Governments will not enter into
any engagements Of 50 doubtful and spec
ulative a character.
The estimates contained in the report are
sorry commentary upon the reckless manage
ment Of the original enterprise. The value Of
the existing material and work performed i
represented TO be 500. 900, 900. As the most
recent estimate Of the French engineers on the
Isthmus-onc made for our staff correspondent
month ago-aSsigned TO the material value
of S22OOO.OOO, the work done by the con
tractors must be set down as honestly worth
about Sos, 900, 900. The face value Of the
bonds was about $500, 600, 600, but $3.50
600. 600 probably represents the actual amount
Of money put into the canal For there is only
500. 600 600 10 show in material and work.
About $50. 900. 600 has been sunk in this
wretchedy managed enterprise. That amount
stands for the plumber OF the contractors and
for waste. 1t is most appalling record Of
corruption and incflicency, which furnishes the
strongest possible argument against the con
tinuancc of the present. management OF the
canal. The cost Of completing the work is
estimated roughly by the commissioners at
$50. 600 600 for the lock system, and the
pcrjod required at seven or eight years This
amount is $4,000, 600 in advance Of the re-
cent estimates of the French engineers at the
ISthmus, but $4,000, 900 behind the cal
cuIatons of English and American experts.
The commissioners allow margin Of 20 per
cent for unforeseen expenses and 20 per cent
for the cost Of management and interest. That
margin involves radical reforms in canal adj
ministration. The percentage a cost and
waste from the opening of the work has Been
approximately two-thrds of the whole invest
ment.
With this unfavorable report from the com
mission it is not probable that work will be