The Forrest City times., 1892-02-05
THE NICARAGUA CANAL.
A short Review of the workings of
 the Project

| A Short Review Of the workings or | the Project
 Ex-Senator Warner Miller. presi- dent of the Nicaragua Canal Construc- tion company addressed special meeting of the New York chamber of commerce on the subject of the Nica- ragua canal early in December.
 Regarding the enterprise itself Mr. | Miller said that the construction com pany had already expended between S4. 900. 900 and $5 900. 900 in the pros- ecution of the work; that this money had been raised by the sale of the stock of the construction company; that the present company-the Maritime Canal company of Nicaragua-had not yet put it's securities on the market be- cause the company did not believe the time hed arrived when they could be marketed to advantage That time will probably arrive just after congress shall have voted to guarantee the con- pany's bonds
 Mir Miller dwelt upon the thor oughness of the surveys says the Chi cago Herald. and plans and estimates which had been made saying that in the judgement of very able engin- eers. who have been upon the ground and seen the work done no great public undertaking has ever been SO thoroughly planned and organized in advance of the actual beginning as has the Nicaragua Canal"
 He says that the cost of the work as estimated by the company's engineers is $65, 900. 900. including $10. 900. 900 as a factor of safety" This estimate was submitted to board of consulting engineers who somewhat raised the probable cost of the canal by increas-, ing the factor of safety. or adding larger percentage for contingencies of administration. He gives 1t as his own opinion, after going over the whole ground. that the cost of carry ing the work to the most thorough and perfect completion. including interest on the money expended during the time of construction, will not exceed $100, 900, 900. or about the same as the cost of the Suez Canal the stock of which is quoted at 300 and over.
 Regarding revenue. he says it is the opinion of experts who are best able to judge that within five years after the completion of the canal there will be not less than To- 900. 900 tons of freight passing through it annually. Even If this estimate should prove too large by one-half the revenue. he says would pay the interest on bonds and all expenses of the canal and leave handsome profit to the stock. He does not say what tonnage toll the company expects to charge. but in various documents that have hereto fore been published by the company g ton has been named as about the proper figure.
 With government guarantee the company could probably dispose of $100. 900. 900 of bonds at par. which would make the annual interest charge xS. 000 900. Probably that is about the charge Mir Miller had in mind, though he did not say so. as he was not talking to the chamber about government guarantee. With busi- ness of 5. 900. 900 tons annually this would leave $7,000. 900 for mainten- ance, operating expenses sinking fund. and dividends Operating ex- penses ought not to be great but maintenance may prove to be heavy charge in that tropical region where rain falls in torrents for number of months every year. It is doubtful. therefore whether stockholders would fare very we'll on an annual business of 5. 900. 900 tons. However if Mir. Mill Ter is not mistaken in the opinion that the canal would quadruple the popu- lation of our Pacific slope in ten years the. business of the canal would be twice 5. 000 900 tons within that time. and the revenue would be something handsome.
 But government guarantee is what the company will not be likely to get from the present congress. The guaranteed bonds of the Pacific rail- roads are approaching maturity. and they will be forced upon the attention of congress and the country Our experience with them has not been such as to encourage a house chosen largly as a protection against extrav- agance in venturing upon another ex- pertinent of the kind.