The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1902-01-29
Panama VS. Nicaragua Route.
Report of the lsttmlan canuI
Commission.

report of the isthmian canal commits
sion, in which it is unanimously rec
ommended that the offer of the new
Panama Canal Company, to sell all OF
It's rights, property and unfinished
work to the United States for $780,
600, 600, be accepted. The senate or
dered the report printed in the Con-
gressional Record and also as docu-
ment. The report gives in full the cor
respondence which has passed be-
tween the commission and the Panama
Canal Company at Paris, which IN
cludes a cablegram from the presl-
dent of the board, dated January 8, as
follows
The new Panama Canal Company
declares that it is ready to accept ior
the totality, without exception to IFS
property and rights on the isthmus,
The amount Of $40, 000, 600, the above
offer to remain In force up to Marcn
1908. .
The report states that the totality''
mentioned in this message included
Gffty-six parcels OF land, amounting to
90 600 acres, which cover nearly all
the ground required for the actual con-
struction Of the canal. It also IN
cludes 2, 43I buildings used for officers
Quarters, hospitals, store houses, .etc,
also an immense amount Of machinery,
consisting OF floating plant, tugs,
dredges, locomotives, cars, etc. 1t
also includes all excavation work ac-
eompIished upon the main canal line,
amounting to SO, 100, 900 cubic yards.
The value Of, the work already done
is estimated at so, 695, ,028, less con
singencies estimated at s4,579,OO5;
making an aggregate Of S27, ,44,0S5.
The offer also embraces all OF the
existing 1900 shares of the Panama
Railroad and Canal Company, except
], 100 shares held by individuals in
Europe and the United States.
Against this property are mortgage
bonds amounting to S3,439, 900. Of
this amount the Canal Company owns
sS7l, 600 It also holds in the treas
ury 81, ,064, 600 subject to slae Or can
collation., leaving in the hands Of the
public Sl,5A, 900. These bonds bear
41-2 per cent interest. There are
also Outstanding 1896, COO 6 per cent
sinking fund bonds. The transfer
also viii incIade the passenger and
freight steamers of 1000 tons each.
The railroad company owns an undl-
-vided interest in the Islands of Naos,
Culebra, Perico and Flamenco, in the
Bay of Panama. the Pacific Mail
Steamship Company being the joint
owner Besides its right of way,
terminals, Wharves and considerable
areas Of land, it owns nearly the whole
of The town of Colon, the houses there
being constructed under leases.
Summing up the commission finds the
valne of the property to be as follows:
Excavation work done, 7,474, ,053;
Panama Railroad stock at par, Sc, SS6, :
800: maps, drawing, etc, 81, 200, 600.
Total. $50, $50, 333.
Add 10 per cent to cover commits
sions, 1883, ,66S, Total, $40, 600, 600.
The estimated cost Of constructing
the Nicaragua Canal is $40, $50, 7G4
more than the cost Of completing the
Panama Canal The estimated annual
cost of maintenance and operation is
81, 300, coo greater at Nicaragua than
at Panama. The Panama route would
be 139. S miles shorter than the Mica
ragua route, from sea to sea, with few
-er locks and less curvature, both IN
degrees and miles. The estimated
time for deep duraft vessel to press
through the Nicaragua Canal was
placed at SO hours, as against y hours
for Panama. these estimtes being the
time OF actual navigation and not in
cluding delays for winds, currents or
darkness. IF the passage were made
without interruption ABOUT day
could be saved by the Nicaragua over
the Panama route by ordinary steamers
handling commerce between our Paci-
fc ports and all Atlantic ports, and
about two days by steamers OF the
same class trading between our Gulf
ports and North Pacific ports. The
time advantage Of the Nicaragua route
would be less in the case of fast, high
powered steamers, the use Of which is
increasing. Between Atlantic ports
and the west coast Of South America
the Panama route has tee advantage
of abca5 two days, and between Gulf
ports and the west coast of South
America the Panama route has the ad-
vantage of about one day. The trade
OF the western coast of South Ameri
ca is very important one, which has
hitherto been in European hands.
The offer received from the new Pana-
ma Canal Company to convey all Its
property, including all its interest in
thee Panama Railroad to the United
Staes. will make the estimated cost of
the two canals as follows:
Nicaragua, sl89, 1854, 062; Panama,
Sl34. 2:533 2:3. .356.
TIE transfer would give title to all
the land now held by both the Pana
ma Canal Company and the Panama
Railroad Company. which covers near
ly ali lands required for the construc
ton of the canal. The land held by
private parties at Nicaragua must be
acquired and its acquisition may prove
Ihe advantages of the two canal
routes have been restated according to
the findings OF the former report.
There has been no change in the views
OF the commission with reference to
90 +l,n coroIrSionS then reach