The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-01-24

N-N -" AAN IANSA
dert today sent to congress, with a
message simply of transmittal, the sup
Elemental report Of the isthmian canal
commission. in which it is unanimously
recommended that the offer of the new
Panama Canal Company to sell all its
rights, property and unfinished work
to the United States for $40, OO0, 900 be ac-
cepted.
The senate ordered the report printed
in the congressional record and also as
a document.
The report gives in full the corrre-
~spondence which has passed between
the commission and the Panama Canal
Company at Paris. which includes a
cablegram from the president of the
board dated January 9th as follows:
1.-The new Panama Canal Company de-
clares that it is ready to accept for the
tOtality, without exception, &C it's prop
erty and rights on the isthmus, the
amount of $40, 600, 900, the above offer to
remain in force until March 4, 1903"
The report states that the totally"
mentioned in this message includes Sc
pal cells Of land amounting TO $4,000 acres
which cover nearly ali the ground re-
quired for the actual construction of the
liz IL dlSo lllIluuSS L.tOl DullQluSS
used for offices, quarters, hospitals.
store houses, etc., ais an immense
amount of machinery, consisting of
floating plant, tugs. ~dredges, locomo-
tiVeS. cars, etc. 1t also includes all eX-
cavation work accomplished upon the
main canal line, amounting to about
sc, zoo, 900 cubi yards. The value of the
work already done is estimated al $22,-
S95-O2S, less contingencies at
s4,579,005. leaving an aggregate of $27,-
4I4, 033.
The offer also embraces all of the ex-
listing 10000 shares of the Panama Rail-
road and Canal Company except LOO
shares held BY individuals in Europe
and the United States. Against his
property are mortgage bonds mount
ing to $3.439, 900. OF this aInount the
Canal Company owns 1871. 900. 1t also
holds in it's treasury 81. 064. 900 subject
to sale or cancellation, leaving in the
hands of the public 81. 504. 900. These
bonds pea Az per cent. interest. There
also are outstanding 1896, 900 6 per cent.
sinking fun bonds. The ~ansfer also
will include three passenger and freight
steamers of 1000 tons each.
The railroad company owns an undi-
vided half interest in the islands of
Naos, Culebra. Perco and Flamenco. in
the bay of Panama, the Pacific Mail
steamship Company being the Joint
owner.
Besides it's right of way. terminals,
Wharves and considerable areas of land,
it owns nearly the whole of the town of
Colon. the houses there being construct
ed under leases.
Summing I'D. the commission finds the
total value of the property to be as fol-
lows:
Excavation work done s27, 474. 033: pan
anna railroad stock at par s6,SS6, 800;
maps. drawings, etc. 81. 600. 600: total
eQe oSn 900 AII IN mar cant 20 nr-o-
omissions. 1888. 667: total $40, 600. 900.
The estimated cost of constructing the
Nicaragua canal is $45. $50. 7O4 more than
the cost Of completing the Panama
canal.
The estimated annual cost of main
tenance and operation is 81. 300. 600
greater at Nicaragua than at Panama
The Panama route would be 134.6 miles
shorter than the Nicaragua route from
sea to sea. with fewer locks and less
curvature. both in degrees and miles
The estimated time Cor a deep draft
vessel to pass hroug the Nicaragua
canal was placed at thirty-three hours
these estimates being the time of actual
NAVIGATION and not including delays for
winds. currents or darkness.
IL the passage were made without in
~terruption. abou a day could be saved
bv the Nicaragua over the Panama
route by ordinary steamers handling
commerce between our Pacific ports and
all Atlantic ports. and about two days
nv OF the game class trading
etwee our gulf ports and north Pa
ciic 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 n the west coast OF
South America the Panama route has
he advantage Of about two days and
between gulf ports n the west a
Of South America, the Panama route
has the advantage Of o one day.
The trade Of the western coast of South
America is a very important one. which
has hitherto been In European hands.
The offer received from the new Pet1a-
ma canal company to convey all ffs
property. including all its interest in
the Panama canal to the United States
will make the estimated cost OF two
canals as follows: Nicaragua $169, 964.-
062 Panama 1884, "a. 358.
The transfer would give title to all