THE PANAMA CANAL.

Temuka Leader, Issue 1265, 15 November 1884, Page 3

THE PANAMA CANAL.

It appears fsays the Home correspondent of the Otago Daily Times) that the cutting of the canal through the Isthmus of Panama is proceeding not only steadily hut rapidly, and there is now what amounts to a positive certainly on the part of its promoters that it will be completed well within the specified time, 1888. Indeed, the last contract for cutting the final section of the canal, has just been signed, and this is to be completed in 1887. The contractors are the New York Dredging Company, who have undertaken the cutting of 30,000,000 cubic metres at 1 franc 45 ceu'imoa per metre. No interest has been taken in England in the loans connected with this undertaking, hut the faith in them in France is simply unlimited, and a further series of 400 tanal obligations, which is to tase place in two or three flays, is already known as certain to be applied for several times over. All doubts as to the actual per. formance of the undertaking has entirely passed away, arid though English people, with what might ho called characteristic obstinacy,‘wilfully ignore the fact, the Americans have wakened up to it, and tire preparing themselves for the changes which it, is likely to cause, They have sent a special Commission to report on the works, and on the probable date of

their completion ; ami not only bo, but they are quietly concluding treat-_*h with the Central American States, with the evident intention of converting thin future highway of the world into an American canal. It does seem deplorable that the same wilful negligence with which the progress of construction of the Suez Canal was viewed is being repeated, and the probability is that when the work is complete it will bo found that.another Eastern question has been raised, anil that the world has to reckon not with feeble Egypt hut with powerful America, whose narrow protective policy gives no guarantee that her control of the Panama Canal would be guided by principles equitable to all the commercial nations of the world.