THE PANAMA CANAL.

Dunstan Times, Issue 982, 11 February 1881, Page 3

THE PANAMA CANAL.

' The success of the Panama Canal scheme has taken everybody in England completely by surprise. A million and a quarter shares have already been applied for ; and fresh requests for permission to join are continually pou ing in. Spain is not popularly supposed to have a large pecuniary surplus. Yet the Spanish people linds funds for an undertaking-which reminds it of its old South American empire. A demand from the Peninsular for 60,000 shares means more than a French demand for hundreds of thousands. Surprise after this would scarcely he capable of increase were requests for an allotment to arrive from Turkey or Honduras. At first the bust friends of the project hardly dared to hope for more than that the subscriptions would ho sufficient to encourage preparat'o’is for the works. At present it is cnfidently anticipated that subscribers will be fortunate if they receive one share for every three they ask. M. de Lesseps has been happy in the time at which he has launched his scheme on the world's money markets. They are full of the accumulated savings of industry, and there is a dearth of opportunities for their employment. Men were never more eager for an opening for investment, yet they continue suspicious and mistrustful of plans not recommended by the character of their pro moters. Without the existing plethora of ra mey the Panama Canal could not have been started. Still mure certainly the superabundance of money would have been useless for the purpose except for the guarantee of sagacity and honesty offered by the name of M. Ferdinand de Lesseps. Jtl. de Lesseps has never been accused of mercenary self-seeking. When his magnificent work was laboring under a mountain of apparent impossibilities, blind enthusiasm -was the worst charge laid against him. That imputation he is aei. muted to have refuted by results ; and men believe him on his own word capable <>f accompanying his pledges in the future as in the past. The manner in which, by his personal ascendancy, he has overcome at least half the reluctance of the American public, is a confirmation of the power of his star and hia genius. His skill in securing an actual Minister of the United States for the ostensible head of his Company is an additional testimony that ho has lost none of the diplomatic talent which, when he was still unknown, triumphed over doubt and fear and dislike.—European Mail.