Richmond daily palladium. [volume] (Richmond, Ind.) 1876-1904, 1898-11-10

1aenr OF Nicaragua they found will
. ingness to listen to the propositions
which were brought OF course. any
proposition involves the recognition of
the Maritime coInpany's concession dur
ing the life Of the contract. but it was
clear that in order to insure the build
ing Of the canal there must be coneeS-
sion behind that concession. As result
of the negotiations. contract was .
few days ago drawn mp. and it is this
which was formally ratified the other
day by the Nicaraguan government.
The important clauses in the contract
may be summarized as follows: First OF
all, the government OF Nicaragua rec
ognizes the validity Of the Maritime
company's contract 70 the 9Th of Octo-
Der, 1899. Next, the representatives of
the American syndicate are authorized
to arrange with the Maritime company
If they can upon basis that Will be
mutually satisfactory. otherwise the
concession TO the American syndicate
lakes effect on and from the 10th of Oc-
sober. 1899. The concession 10 build
the canal on the line of the project ap-
proved by the executive committee of
the syndicate Is conceded with the fol-
owing essential conditions:
First. -Perpetuity of ownership of
the canal
Second. The Nicaraguan govern
ment declares that no concession here
tofore granted opposes, conflicts with or
preJudices the present concession.
Third.-The company Is TO be organ
lied with capital Of not less than
500, 600, 600 Of stock, of which the
government is to receive S per cent, the
company TO have the right to issue any
further amount of stock and any amount
of bonds that it elects.
Fourth. b.-UntramIneled control of the
canal is conceded by the government
TO the company, this meaning, among
other things, that the company shall
have the exclusive right TO police the
canal and is guaranteed against inter
ference III any way by the government
Fifth. h.-Exemption from taxation II
forever conceded and import duties are
waived during the construction of the
canal and afterward for every article
requisite for the maintenance, exten
sion, repair aud operation of the canal
Sixth.-A free land grant of 1,000
600 acres is made by the government OF
Nicaragua TO the company, and an OPP
tion of / 900, 600 hectares further at 81
per hectare.
Seventh. An arbitration clause il
conceded, two arbitrat0rs TO be appoint
ed, one by the government and one by
the company, who appoint their umpire
In case of nonagreement to appoint um
pire the president Of the Swiss republic
shall be requested to appoint such um
pire, his dec isiou TO be final.
Eighth. The time for the construc
tion of the canal is to be ten years aftel
the organization of the company. anG
other periods for coz truction of differ
ent sections in IA -. factory condition
Fines for delays are - be moderate ana
all subject TO force najeur.
Ninth. h.-The right TO transfer of this
contract wltnCut the consent of the Nj
caragua government is guaranteed 50
long az the contract is not transfer red
10 a foreign government.
Tenth. The contract may be annulled
if the company is not organized in the
time fixed, er if tn, re / failure to make
the loans contracted fsr, or if there j.
abandonment of The work for three con
.secutiye~ yeax.--=. IAa--sAsher important
ity or the cssss~s -is.s forever Ia71in
tanned that flee ports shall be acknowi-
edged, and that ships, cargo and every
thing passing through the canal Is to be
free from all taxation. This in sub
stance is the concession and the contract
which the Nicaragua congress has con
frmed The concession is believed to Ii
entirely free from any occasion for OBJ
lection ON the part of the American gov
eminent 1t, in fact, may ultimately
prove to be of the highest Importance
and value to the government
The syndicate Will strictly conform te
the terms of the contract IN representing
entirely American capital and Amer
can interests. Although by the terms OF
the contract it does not become alive
until October 10, 1899, yet as 1t does
gain vitality ON that day it Is fair {
presume that the syndicate will during
| the intervening time make thorough
preparations for accepting the response
| bilities eff the contract then. lt Il posi-
| BILE that in the year arrangements OF &
| satisfactory nature may be made WITT
| the Maritime company, but by the term'
| of the contract, if they are not made, tbs
/ concession takes absolute effect upol
| the 10th of October next.-HOlland II
Philadelphia Press