THE PANAMA CANAL THE COMPANY BANKRUPT.

Ashburton Guardian, Volume VII, Issue 2015, 17 December 1888, Page 2

THE PANAMA CANAL THE COMPANY BANKRUPT.

(PEB, PRESS ASSOCIATION.) Paris, December 14. M. de Leieeps was weeping with joy at first, and assured the subscribers that the, Panama Canal loan was safe and its enemies confounded, Later he discovered that only one-sixth had been fcubsoribed. The crowd, surging round the office of the Company, insisted on seeing M. de Lesseps himself. His son announced that his father was sanguine (sic), and nothing remained but bankruptcy or winding up the Company. The announcement caused the greatest excitement, as sixty millions sterling of public money is invested m the affair. Paris, Dumber 15 The Panama Interest Bill being referred to a hostile Committee, M. de Lesseps and three of his colleagues on the Board resigned. Three liquidators have been appointed. The Company suspended payment on Friday. | The Committee of the Chamber of Deputies appointed to report on the Panama Canal scheme recommend the rejection of the Bill introduced by the Government, rendering assistance, and add that the Chamber had no right to legislate on such a matter. The Government refuse to withdraw the Bill, and were supported by M. Peytral, representative for the district of Bouches dv Shone, Who admitted he was acting m the interest of the subscribers of the loan. Ultimately the Government took a division ou the Bill, when the measure was rejected' by 262 to 188. London, December 16. It is estimated that the liability of the Panama Canal scheme is a billion fanes. [Note • billion •ooo.rding to French computation Is a thousand millions. This la eqail to neatly £42,000,000 of English money. Ed.]

(Received Deoember 17, lO.^Qb.iDi) Paris, December 15. The French Government proposed by their Bill to suspend interest on the Panama Canal Company's payments for three months.