New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-04-07

way out to the main bar, great results have been
accomplished, and there are strong reasons for
believing that the harbor work will be completely
successful
The force employed on the Nicaragua Canal has
been temporarily reduced, 50 that there Is, less
work actually in progress at Greytown than eX-
pected TO see but much has been accomplished,
many buildings have been erected, large II not
fully equipped plant has been supplied, ana
good beginning has been made in several directions
In addition TO the main jetty and the shorter one
now building on the opposite side OF the channel
nine miles of railway have been put in OPERATION
in eight months through swampy land telegraph
lines have been constructed. the main cut OF the
canal has been carried 1000 yards from the
lagoon, and the surveys of the entire line have
been completed There are too many points here
to be adequately considered in a preliminary let
ter; but there is one which Mr.. Menocal has en-
phasized in the course Of f long and very candid
conversation with me. This relates to the reduced
expense of every branch Of the work yet under
taken The estimates have not been exceeded in
any instance.
For example, the average cost of the harbor
dredging is seven cents cubic yard. This is 20
per cent less than the estimate. The cost of the
railway to be constructed was estimated at 10000
miles of the worst section through swamps. The
cost of the breakwater has been less than the
estimated expense. The telegraph line has been
cheaper than the estimate. The expense of clear
ing the line Of the canal is also well within the
limit.
There may not have been any reduction in the
cost or the surveys, In winch force OF siAR
officers and 125 men has been employed since
1887. This has amounted TO 100000. The
work has been thoroughly done, as many as eighty
miles having been surveyed for each one of actual
canal line. In consequence of this survey numeF-
Gus changes have been made in the original line,
by which the expense of construction will be ma
terially reduced. In Mr.. Menocaps Judgment. for
every dollar expended in this way 800 will be
saved in the end :,
These statements / repeat upon Mr.. MenocaPs
authority, because they have direct bearing upon
the chief question involved in the construction o.
the Nicaragua Canal This is the cost Of the
enterprise, which has been estimated at S65,0OO,-
600. The Nicaragua Canal, if it can be completed
for that sum, will return larger dividends than
the Suez Canal. The projectors go further, and
assert that the tolls will yield per cent on an
investment of S150.000,000: but it is hardly
prudent to follow them. What is incontestable
is that canal costing less than $4,000, 900 will
be highly remunerativc enterprise II the eX-
pense Of every branch of the work is averaging
less than the estimates-and this is the chief
engineers emphatic asSertion-there is Mt least
fair probability that the canal be constructed
at cost which will leave margin for investors
dividends. This conclusion, however, requires to
be limited by two conditions: First. that the bonds
Of the company are not sold at ruinous discount
like the Panama Canal stock: and. secondly, that
the contingent expenses, which cannot now be
taken into account, do not outrun the engineers
allowance of 25 per cent as was the case in that
enterprise J. n F.