THE PANAMA CANAL.

Gisborne Times, Volume VIII, Issue 517, 13 September 1902, Page 2

THE PANAMA CANAL.

After nearly half a century of controversy, manipulation and financiering tho dreams of the groat French engineer and promoter, Ferdinand de Ecsseps, appear as if they are about to be realised in the completion of the Panama Canal. Out of the wreck and ruin of the fortunes of DeLesseps and several thousand Frenchmen, who sunk fifty million pounds in tho venture, there will rise by the assistance of American diplomacy and American capital one of the greatest achievements in the history of the world. On July 26 a draft of tho treaty agreed upon between the Ministers representing the United States of America and the United States of Colombia was sent forward for tho latter’s ratification. And it is within the view of the negotiators possible for the inauguration of the work of completing the canal under the direct supervision and control of tho United States, to begin within the next year. Under the terms of the treaty the United States pays eight million pounds to the French Canal Company for a full surrender of its rights, including the present Panama Railway. It also provides for tho payment of ,£1,500,000 and an annuity of JG1.20,000 to the Columbian Government for a full surrender of throe miles of property on either side of the canal and authority over fivo leagues of the sea at either entrance. Tho United States must immediately spend Hi!,000,000 for the installation of proper machinery and employment of labor in completing the canal, which must be clone within six years. There is also provision for opening up South American mineral resources, the expansion of South American trade, and for the adequato fortification of the canal by the United States, and last, hut not least, tho reconstruction of a greater part of tho work already taken, so that the waterway will be 47 miles long, have a draught of 35 feet with a width at tho bottom of 150 feet, instead of a 30 foot draught and 70 foot bottom as provided by the French plans. Tho engineers say that tho scheme of overcoming topographical conditions has already been solved, and that with the proper machinery thero will ho no difficulty in constructing tho canal and providing an adequate water supply capable of floating tho largest warships. Indeed tho plans will provide facilities for transporting larger vessels than will probably ever be built. With tho width provided it will bo possible for four steamships of thirty feet beam to pass each other in the canal without fear of collision. It is estimated that tho cost of completing the canal will bo in tho neighborhood of H'26,000,000. Tho importance of this groat undertaking to the colonies in the Pacific and especially Now Zealand can hardly he estimated. Ships coming from Europo will save some 4,000 miles, which means the length of tho journey will be decreased by at least one half, and should not with steamships take more than three weeks. Another consideration which will result to commerce will be the cheapening of freight rates, and by bringing our produce nearer to the markets of tho world. Already some 2,500 men are at work, and it is hoped that with tho well-known restless energy of tho Americans, that the canal will be open for traffic well within the stipulated time.