The Ashburton Guardian. Magna est Veritas et Prævalebit. TUESDAY, DECEMBER 18, 1888. THE PANAMA CANAL.
It is not Burprising that tbe mere rumor that the Canal Company was m difficulties should have created so much excitement m Paris the other day, Many thousands of the bourgeoisie and of the humbler classes have invested all their savings m the great worfe which is under the superintendence of M. de Lesseps, and which has come to be regarded m France as a national inter prise, and its collapse would mean serious loss to all, and nothing short of ruin to many. Although the fears excited were for the moment allayed, it is now evident that they were only too well founded, for M. Charles de Lesseps has had to admit that the attempt to raise the new lottery loan upon which depended the obtainment of the funds required for the prosecution of the work has resulted m failure. In view of the faot that sixty million pounds sterling — ' all or nearly all French money — has been sunk m the undertaking (largely it is to be feared m useless machinery and m extravagant wholly unnecessary expenditure), it was only to be expected that the Government would endeavor to avert the total failure of the enterprise. 3 his they did, but unavailingly, for as will be seen the French Chamber by a majority of nearly eighty refused to pass the Bill by which the Government sought to meet the emergency. In consequence of this the inevitable result has followed, the company has suspended and is declared bankrupt, having spent some sixty million pounds sterling and being indebted it seems to the extent of no less than forty-two millions more. No such tremendous crash has ever been known m modern times, indeed there has- been nothing at all like it since the bursting of the famous " fc'outh Sea Bubble." The consequences will be nothing short of disastrous, and mean nothing legs than ruin to thousands of Frenchmen and Frenchwomen. As regards the Canal itself, however, it is not impossible that its construction may be hastened by the disaster, as it is quite on the cards that the United States may now step m, buy up the works, and push them on to completion. It is to be hoped that this will be the case.
Permanent link to this item
The Ashburton Guardian. Magna est Veritas et Prævalebit. TUESDAY, DECEMBER 18, 1888. THE PANAMA CANAL.,
Ashburton Guardian, Volume VII, Issue 2016, 18 December 1888