The Daily Alaska empire., 1928-07-07
Scumt Hobe Held Outtoy 72gw Parties Lostm Arctic R
PANAMA WANTS U. s. CAPITAL BUT TERMS
 OF BRITISH BETTER
By :. L. POWELL (Aocociated Press Correspondent

7.-'Panama prefers to give con sessions to United States firms for obvious reasons" says Minis. ter of Finance Eusebio Morales but British interests make import ant headway because they are more patient and less afraid oi risk.
 The most important concession granted in the last 19 years, in yolving the exclusive right to ex- ploit the mineral resources of a territory 4600 miles square was given to the Panama Corporation Limited, British company capital ized at $10,000,000.
 Since 1909 the Republic of Pan .- ma has granted more than 20 con sessions. many of them to cit zens of the United States. for the exclusive exploitation of the min ,ral. timber, industrial and agri. cultural resources Of the isthmus.
 Early this year a measure was accepted authorizing the construc. ton of highway from some point near the city of Panama on the Pacific side, to Colon and down the coast to Portobello, on the At lantic side.
 It is a project of the first i'm portance. Dr. Morales, in state ment outlining the governments plan, says that the Panama Cor poration is interested, but that nothing has been done toward signing contract. He expressed frank favoritism toward Ameri Icans. ssvs of any American company should present itself showing sim liar interest, it is certain that the government would prefer. the Americans for obvious reasons However, as it is not a question of obtaining immediate profits without risks, it is probable that no American concern will be found willing to make bid for the undertaking. AL least that is the impression American con. cessionaires have left in the coun- try"
 The statement includes he fol lowing general summary of Pana. mas attitude toward the foreign CT seeking profitable concessions on the isthmus:
 From the early days of the es- tablishment of the republic the Panamanian government has been endeavoring with justifiable ardor and even so precipitatedly as to deplore it later. in promoting the economic development and gen eral progress of the country and favoring with special concessions all those promoters who have so- licited them with the promise of bringing foreign capital to incor- porate them in our country and establish new industries.
 Concessions
 Almost all the concession made for the purpose of develop. ing some industry in the country or for facilitating It's development were to American citizens, and it is worthy of note that almost all of them have either been can celled because of noncompliance with requirements or abandoned because of lack of interes. cn the part of the concessionaires This has led us to the deduction. that the greater number of solicitants for concessions of this nature come to the country, not with the firm purpose of establishing them selves in it, but only of obtain ing those concessions and taking them to the United States to try to sell them and reap immediate benefits from them.
 "A notable example of this Is that which occurred with regard to certain works authorized in 1925. It was declared that the government entertained the pur- pose of improving the port f Panama and of constructing ade- quate wharves and warehouses; to construct an automobile road between Panama City, Colon and Portobello. and highway between the provinces tf Chiriqui and Bo- cas del Toro, undertakings which have as their object the upening up Of the rest of the country to universal commerce, the exploita tion of the regions today totally isolated and the promotion of the general welfare of the inhabitants.
 Good Inducements
 The government thought that the most economic manner 10 car rys out this work would be by mak- ing concessions with good induce ments for all capitalists who real ly wish to associate themselves