The Republican journal. [volume] (Belfast, Me.) 1829-current, 1897-07-29
The Panama Canal.
What the New COMPANY is noing

ing a visit to Washington, d. c., last
week IN the interest of the Panama canal,
was frequently asked as to the present
condition of that enterprise, and has re-
ferred inquirers to an address made by
Gerardo Lewis of Panama, delegate to the
recent Pan American convention at the
Philadelphia Commercial Museums. in
which he said;
1.-The work of the Panama canal is be-
| ing carried on at the present time by the
new Panama Canal Company, organized
! in October, 1894. The company has a
capital of f65, 600, 900, divided into IS, 600
shares of FOO each, of which 50, 900, free
OF all charges, representing the sum of
| f., 900, 900, have been given over to the
Colombian government in conformity to
the legislative acts of Incorporation.
''The capital f65, 900, 900 at the present
time is three quarters paid in, and has
been made up by the subscriptions from
organizers of the old company and from
certain individuals condemned to make
restitution, public subscriptions and sub
scriptions under the liquidation of the
old company.
1.-The whole capital of f65. 900, 900 bears
20 interest. 1t must be entirely devoted,
first, to the administrative expenses of the
company; second, to the carrying on Of
the work on the canal, and third, in pay
ment to the liquidation of a sum of f20,
600, 900 for the acquisition of the Panama
canal shall be found impossible.
LAS soon as half the capital, say f32,
800, 900, shall have been expended, a
commission of engineers chosen half by
the new company and half by the liquida-
ton, will be sent to the spot to examine
the work which has been done and decide
whether or not it will be worth while to
attempt the completion Of the canal.
The new company has, therefore,
really one object, which is to make a de
cisive experiment on which will depend
the fate of the whole enterprise, at least
so far as it concerns the future participa-
ton of French capital
The liquidation has made free trans
Ter to the new company, first, of the con-
cesson with all rights and duties entail
ing thereon; second, work already done,
of installation, of material and of all the
fixed property in the isthmus; and third,
of IS, 800 shares of the Panama railroad
These transfers have been made in
consideration that the new company shall
share, half and half with the creditors OF
the old company, the net profits Of the
enterprise, after payment of per cent.
interest on the capital, necessary for the
completion.
1.-The new company began work in No
vember, 1884, on chosen locations where
the demonstration of the possibility OF
completing the canal was the most useful
TO make. mat is to say, on the summit
OF the Caiebra, on the line OF water shed
between 1he TWO oceans. The depth OF
excavation necessary Tor the passage OF
the maritime way reaches Its maximum at
inns polnt-about ~ to 81 metres accord
ing to the adopted plan.
ne excavation mas been carried on
from the summit OF the Cordlllera four OF
hVe Kllometres on the Atlantic slope and
ana snort distance on the Pacific coast,
SO mat to-day the central ridge is attack
ca Tor about SIX kilometres in length.
four great mechanical excaYatois, ~ To-
eomouVes, from DO TO COG cars, and a
large ADDITIONAL equipment are in use
lhere'
AL different points there have beer
piaeeu Transporting cabies on an Amen
can system winch has already WORKED
very successfully II the chicago canal
ms apparatus mas demonstrated its Su-
PenorlIy also III the work at I'nama, IL
sPlte OF serious MISTAKES ID SettnA up
"hich' however II would be easy To cor
reet- lneSe GanleS Oh the LldgerWooe
system az caile'' 70 oo lhe most import
anu work IN the deepening OF the french
anu II ~ the intention OF me company t
employ more extensively IMAM az present
ili'' lles u y 'ileIlcdh consli ucJoh, WhoSt
9iHPio "H'' 'tiedI oPtldtiHh is wei
hl NOV,
NC "llio''hV VI excavation since WOlF
was resumed amounts ,,i % l'"2Q 0oo cublC