THE PANAMA CANAL.

Ashburton Guardian, Volume VII, Issue 2056, 6 February 1889, Page 3

THE PANAMA CANAL.

A Paria despatch to the London •' Standard" of January Bth Bays the Panama Canal difficulty has been temporarily averted, all tho oontraotora having consented to receive shares In the Panama Company aa a guarantee for the earns comtug dae to them m the near future. The shares of the new Company will be secured exclusively for the present stockholders. Circulars had been sent to provincial towns Inviting them to secure subscriptions to the new Company before the meeting on the 26th January. The money will be plaoed In the Bank of France, and returned If Insufficient; The ■hares wilt be of 500 francs each, and will bear 5 per cent Interest no til the Canal Is open, then they will be entitled to 5 per cant Interest on the net profit. Do Lesseps will be ohalrman of the Company, !J?he new shares will take precedence of all those already Issued. The contractors at wprk on the Oollebra section of the work deny that they have made excessive demands, and express their willingness to continue operations till Febrnary 16th at their own expense, thus sflhrdlng time for the neoessary steps to be taken for the reorganisation of the Canal enterprise. Late accounts from the Isthmus say heavy rains have fallen, and fche entire line of railway is submerged, communication wltb Colon Is oat off, and an amount of damage to bouses and property bad been done. The canal suffered materially, an immense quantity of valuable material being under water, but not within the present deoade had there been no extensive fl >odj.