THE NICARAGUA CANAL.

Wairarapa Daily Times, Volume 5, Issue 1310, 22 February 1883, Page 3

THE NICARAGUA CANAL.

The Panama Star and Herald of November 23rd says:—" Capiiain S, L. Phelps, who lately passed over the Isthmus pn'his' way to the Unjtecl {states/reports on the Nicaragua Carta} project.-as favorably as ever. The workj' he says, presents no serious difficulties, no cutting,, no masonry of Consequence; but he- does admit there will be considerable dredging..' The outlet at Greytown* he considers, will be easily prepared for navigation by the construction of a breakwater, and dredging the-niouth of the river, The syndicateto push the project through is ' already formed, and counts among its members'some of the ablest financiers in the ; Umted States. The financial matter does not promise serious difficulties, as he estimates th,e probable 'cost

of-the Nicaragua Calial at about oneeight of what the Panama Canal will cost to complete. The effort will be made the moment Congress reassembles in December to obtain a guarantee of 3 per cent, per annum from the United States on the cost of the canal, which is calculated to be not over 100,000,000 dol. A measure to this effect will be one of the first to be considered after both Houses are organised and ready for the serious work of legislating away, the millions now in the Treasury. Great confidence is felt that themeasure will pass both Houses, though there is a doubt expressing in other quarters a,') to how it will be received in the Senate. In the United States thebighestoffioialthe Government are said to 1)6 ii favour of an American guarantee for ai American canal. If the bill on which theNicaraguaprojectors basetheir hop becomes law, there will be a chance fo;American engineers and contractor*,, who complain of the slowness and ineffectiveness of work on the Panama Canal, to show what they can do, The conditions of success in both cases are about equal. The question is, Who will be the first to join the two oceans '{