THE PANAMA CANAL.

Temuka Leader, Issue 1721, 7 April 1888, Page 4

THE PANAMA CANAL.

IfM. de Lesaps, in a report submitted to the Panama ''anal Company ;it Paris on February 291 h, says the Company bs>B been compelled to borrow money, through the i!lt»il) of the opponents if the oanal, at a higher rate of interest than ho expected ; and thnt is the only reason for tho increased coi»t. Owing to heavy mini h* c>m hurdlv ensure the completion of tho canal by 1889, but, by an mrangomeht of lock*, ves-ela of large tonnage may pass through the canal in 1891. On Jin. 1 there were on hand 110,000,000 francs. M. de Lesaeps w.is absolutely coufi lent ccnc.rning the completion of the canal. The third i*sue of bonds, of 100 francs each, to the amount of G00,000,00Q frar.es, is to bo proceeded with. In the French Chamber of D putirs on March 5, a Bill was laid on the tab's which proposes to authorise the Pvana Canai Company to issue a lottery Joan of 240,000,000 francs. It was supported by a number of deputies of diffarmt political views. The pregnable urges the necessity of furnishing M. do Lesseps with moans to continue the const ruction of the eanal, and to prov* the enterprise f?asible. It Btalea that the time is ripe to fix public opinion upon the ultimate prospects of tho cuial, i«nd settle the question one way or the oilier. The 3ill proposes that the bonds shall not boar less than 3 par csnt interest ; that the prize-money shall not excer-d one per cent of the capital borrowed ; th'tt lite nomm-d amount of bonds Bhali not be under 309 francs, ind that rednmption of the loan and piize-mom-y shall bo guaranteed in Suto securui-i". Th* Company are to deal only with J?reoch firms for all implements, supplies, »tc, uocess-uy to coup'eie the can. I.