THE PANAMA CANAL.

Ashburton Guardian, Volume VII, Issue 1788, 13 March 1888, Page 3

THE PANAMA CANAL.

(London Correapondent " Otßgo Dally

Times. ") Tho Panama Canal la purely a Frßnoh enterp-flaa. From tho fhst it failed to attract the support of other nations — not, aa M. do Loscopa aaauros hia countrymer>, bocauao of national jialousy and political fooliug, but solely brcauße none bnt the French people evo? b-lieved m its practicability. Tha French, however, hava supported M. de Lißßopa wi'.h such eathaiaam tint tha company haa bocomo Rfmoat a untiana? ooncarn, and its ruin might go Vt?iy n?ar towards bringlnK about tho temporary bsnkrnpfccy of the State, i The company'ti a took is held by all ol »BBeB of Frouoh aociety, from tha 400,000 poasanta who have invested thoir Bivin^a iv It to tha fiuauoiai" m'ifnat'n of the capita!. ttotwd«n £30 001,000 and £40,000,000 of French mon-»y has been eu.ik ia this und«r r akirig. and it may be iniajji'iod what a terrible panic would convulse F.-anca from one cod of the c luntry to tho other if it became palpable that tbo whole of thia sum hud baen thrown aw>y. Yet un!oß3 tho Govern ment ronderfi help m 8om : > form or shape euoh a result ae^ms Inevi'ablu ; and when It does c-cjar, it will be, m 'ho opinion of many pt-rams tho hagest financial diaagter of i h« ninoteonth c mtury Wht n the proj c. wai fir^t started ooma seven or el>>ht yearo agf), tho Idoa waa to cut a deep water channel from tho Atlantic to the Pacific at a cat of Bbout twontyoltjihfc taiilions of m>ney, r\nd the oanal was to be ready for use by the b?gianing of (ho preaoat year. Ai matters no* stand ihe total ra >oey Bpent amounts t> about forrj -e lx millions, while at the end ■•f June of last year barely one-fifth of tho work of excavation had beou go' 'hrough. More iver, the idoa of a oealtivel canal has boen abandoued for that of n c/tnal with looks. At the rate a* which the work aud expenditure pr jgr j PB it would seem aa th >Ut<h the c*nal c>uld not be completo.l — if at all — uud-T ab <ot. 'So ye^ra, and at a ojat of 01089 opin 3 0 'jiill'ons ateriinj; In that case tne original Bhiireho'durs would not reap any benefit from tho success of tho undertaking^ f, r, by a cl.use m thu agreemfnt, tho united Stated of Ooluuibia are entitled to enter into poaa-saian of the wt ole w'-rk if its comp-etion is deluyai beyond »89J.