PANAMA CANAL LOAN.

Te Aroha News, Volume VI, Issue 326, 19 December 1888, Page 5

PANAMA CANAL LOAN.

Paris, December 1 h. The Committee of the Chamber of Deputies, appointed to report on the Panama Canal scheme, recommend the rejection oi the Bill introduced by Government, rendering assistance, and add that the Chamber had no right to legislate on such matters. The Government refused to withdraw the Bill, and were supported by M. Peytral, representative of the district of Bouches-du-Phone, who admitted he was acting in the interest of subscribers to the loan. Ultimately the Government took a division on the Bill, when the measure was rejected by 262 to 188.

London, December 15. It is intimated that the liability of the Panama Canai scheme is a billion francs.

Paris, December 14. M. de Lesseps, weeping with joy, first assured the subscribers to the Panama Canal loan that it was safe, and that its enemies were confounded . It was discovered that only one-sixth had been subscribed. The crowd surging round the office of the Com* pany insisted on seeing M. de Lesseps himself. His son announced that his father was sanguine that nothing remained but bankruptcy or the winding up of the Company. The announcement caused the greatest excitement, as sixty millions sterling of public money is invested in the affair. Charles de Lesseps states that if the Panama loan is a failure the money will be returned to investors.

Paris, December 15. The Panama Interest Bill having been referred to a hostile committee, M. de Lesseps and three of his colleagues on the Board have resigned. Three liquidators have been appointed. The Company suspended payment on Friday.