The Panama Canal.

Poverty Bay Herald, Volume XVI, Issue 5573, 19 September 1889, Page 2

The Panama Canal.

A New York telegram states : — PI. B. Slavin, President of the American Contracting and Dredging Company, leaves for Paris by the steamer Saale. Slavin visits Paris for the mirpose of closing a contract wifh the afoial people for the completion of the remaining work on the Panama Canal. The amount involved is said to be about 200,00<>,00<klols. The successful negotiation of a contract on so stupendous a scale will, it is said, secure for the new Canal organisation being perfected in Paris the cdnh'dence of the French and American public and ample funds to assure the su^aess of the great scheme. In an interview before his departure Slavin said :— " It was considered a disgrace in France that the work should have gone so far and then stop for ever. There were also rights and a , plant which without the resumption of work would be utterly useless. The old company issued 350,0()0,000dols of bonds, 22o,0()(),000dols of which were taken, the balance remaining in the treasury. The Avork of completing the canal, 1 believe, will cost within 200,000,000d015. "There are seventeen miles on the Atlantic Coast and five miles on the Paciiic Const already finished. That leaves twenty two miles yet to be done, most of which is cutting, upon which there has already been considerable woi*k done. The canal can be completed in four years from January Ist. '"One tiling is sure : If Americans undertake to finish the Panama Canal, yon can bet all your money that it will be completed, and within the time I have mentioned. The superior methods of Americans were demonstrated when the dredging was placed in their hands. The great rapidity with which improved American methods of dredging accomplished the work opened the eyes of the Frenchmen. The same advanced methods applied to the entire work of cutting out the canal, will insure the same proportionate rapidity in finishing it. " The commencement of this new undertaking on the part of American engineers excited much surprise in Wall-street, and it was applauded as another signal advance in American enterprise. The promoters of the new company are believed to be largely the brokers who floated the bonds for the old company.and felt it incumbent upon them to do something to offset the shock to French credit by the failure of the original company.