THE PANAMA CANAL.

New Zealand Herald, Volume XXVI, Issue 9324, 29 March 1889, Page 5

THE PANAMA CANAL.

[from our own correspondent.] London, February 8. The affairs of the Panama Canal Company are nob progressing favourably, as far as the interests of M. de Lesseps are concerned, though that gentleman has by no meant* lost heart, and apparently cherishes a vaguo hope that General Boulanger may be able to do something for him. A formal application was made last werk to the aria Civil Court for an order for the dissolution of the company, and the appointment of a judicial liquidator, with- full powers to dispose of the property in the best interests of tho company. The application was a friendly one, but the Court reserved its decision until Monday. The subscription list of the shares of the Panama Canal Completion Company was to remain open till last Saturday, but it has not yet been closed. M. de Lesseps repeated the estimate of the chief engineer of the company, that the canal could bo coinplesed for 4-50 million francs, but this sum does not include interest on the new shares and loans. He also proposed to modify the present plans by suppressing tho two upper locks. This will facilitate navigation, bub will require the cxcavation to be carried lower, and prolong the period of execution. M. do Lesseps announced that when the Commission of Inquiry was sent out to the Isthmus after the formation of the company, ho would acoompany ib. On Monday the Tribunal of the Seine gave its decision, and formally decreed the dissolution of the Panama Canal Company, appointing M. Brunei to the office of liquidator, with full power to realise the assets as he thought best. The subscription to the new company which M. de Lesseps tried to form came in so meagrely that this project may be regarded as doomed. The best hope of M. de Lesseps lies in the resumption of negotiations with the Credit Fonder. It is understood that this step is being taken, and doubtless we shall have some fresh announcement in the course of a day or two.