New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-04-08
THE NEW CONTRACT WITH COLOMBIA
THE PANAMA COMPANY TO HAVE TEN YEARS
IN WHICH TO COMPLETE THE CANAL.

THE PANAMA COMPANY TO HAVE TEN YEARS
IN WHICH TO COMPLETE THE CANAL.
Pals April IN. MonchicOurt. the official iquidaior
Of the Panama Canal Company, has announced th"'
the Colombian Government yesterday signed con
tract pTolongng the canal concession un'il 'c''D"r
81 1894, In order 10 allow time for the formation o
a new company. According TO the terms OF the new
arrangement ten years in which to compl"" the cnA
will be granted TO the company after II Is con
stut.d The official liquidatOr is required TO pay l"
the Republic Of Colombia the sum OF 50lOoo fahc''
the payment TO be- made in three inS'alments. lm'
sum Will be deducted from the ,oooooo francs "a'
WIN he navnblc hv the new company. The plant uci
In The construction Of the canal l. TO remain as ~
present and inventory of the canal propftN 10 "
re ,ahen hy representatives OF The olonban Govern
meni and the canal rOfnpany. The othrr 'iaus'a "I
the previous Colombian conventions are 10 Dc "'''
tained.
This dispatch confirming two others formerly re-
cciycd but which did not mention the CONDITIONS "H
posed by the Colombia Government. sets at resi- All
doult relative TO the serious advaniac" won bN 'h'
French I'm obtaining prolongaiion for twenty months
Of the concession for cutting the Panama Canal The
original concession was granted in 1873 10 II n'"'''
OF the French Navy VI. Lucen Napoleon D"''"p'."
Wyse, who cedcd II 10 company which pla''" ",
de Lesseps at It's head. II Is known also tn'' ,''
companv mismanarcd the enterprise from lis be-
p n ling mainly because spectators ana oohi"'''
(, ceedcd in forcing NJ Wyse whose practical Nho"i
eoce OF the Is!l,nns, which he had explored ~ "h
engineer wouId have prevented many mistakes, ont
Of the direction.
When the company through It's faults was driven 10
cxtremties and In need OF more capital, IL '' i''o
tbe hands Of Rcinach Herr and other nnscruphlo"S
politicians whose assistance was required to place
the Iottery Bond loan Before those nefailo'Is IaS
actions and the Panama scandals were brought Ioi'
thc French Chamber the Org ginal concession oi tN''
vears had apsed and lquidatOr OF the comlah! ""'
onnonied I'm 1880. Lieutenant Wysc was a'Aeu !"
nrncced 10 Colombia and his ini'ucnc" thcTc ~
oht,in from the Government II prolongation oi TWO
y.ors He succeeded but this prolongation 'xphen
y, rcbruary 2s 1888, without having been niiue
.etul by the luidaior In forming another company
and fms compying with the requests OF the COLOMBIAN
Government , ,,r ,ros
t,n. more month, and then another. OF d'iay M''
GRANTED. and now twenty months are obtained i'"S
{. a reasonable time during when nreolla,io@n @ ~ -
raise sufficient c1nitaI 10 continue W. cn' al
con IN. seriously attempted an ciiOrl "Dlcl 's n 90,
,b 5,ss of monthly proOngati0ns OF u" col,''sio'. -
r,, raising of that capital and TN" lorna ION ",
ncu Panama Company VIII b" i'ndcI'n ,Ui ,ro., [
dficult II harmony Is not r-e'.9'i,n'u ',,.t, Of
those In France who believe ia un p i,x'.'in ncnt
rnttinp The canal ana making IA piHins N's'n N','m;
The U0uidator, NJ. MOnchicOurt Is di'Iih.l on rhc
of bI, inaclion during the last Two x,ah, x,,aarhs and
shareholders grouped around VI. " d1Gercnt
oc;o,no for the recOnstltuOn OF the tomlany occ.s
,ennle claim that there Is no chance I0r wv ",iI,d
~ Tho enterprise unless American capai can W ,r,n
In The rescue. and a Franco American ,1npa"s paris
snn,. rnonths ago, "L'Avenir dI 'ahhI W, ,,'"cr
* working hard TO bring about an nsr"cni' Of
aI hoiI.vers I'm the canal, and calls Tor th s"Pi'
French as well as OF cosmopolitan ih''S'o'''