THE PANAMA CANAL.

Taranaki Herald, Volume XLVI, Issue 11021, 11 September 1897, Page 2

THE PANAMA CANAL.

The British Consular officers at Panama and Santa Martha describe in their last reports the present condition of tho work on the Panama Canal aorosa the isthmus and of the railway connecting the Atlantic with tho Pacific. The now canal company, formed iv T aris in 1894 to continue and complate a ten-lock canal rising to a maximum altitude of 133 ft. Biu. in place of the original sea-level scheme of M. de Losseps. has made good progress with the small capital at its disposal, and the reduced canal trough, or cunette, in tha Emperador and Culebra sections is now assuming definite proportions. Although tho end in view was the final completion of the canal, it could hardly havo beon supposed that tlm great undertaking could havo term mated and tho canal opened for maritime traffic wi th only two and a half millions sterling, of' which only about half was to be spent on tho canal proper. The work is. of a pureiy experimental character in order to demonstrate that a lock canal is feasible. It consists of a watorcourse !)B|ft wido at the surface, with hilf that dep.h of bed. About sixty millions sterling have been raised since the inception of the scheme Bixtaen years ago for the purpose of, the canal and have been spent in one way or another. The railway from Colon to Panama was constructed in 1855 by a company registered in New York, of which Air Aspinwall was the loading spirit. Tho concession expires in 1966, and co^ta tha company -250,000d01. a year. During ten jvars preceding* IS?3 tha company paid an avorug.i dividend of 7A pur cent, por annum ; but during tlu> la>-r. four } f oars the net biirnings h.ivo boon applied to the purchaso of three large ooean-goiug steamers. The trnifio fiom tho Pacific to tho Atlau.ic hus decreased roaoally. But there is an increase in tha ttafllo from .the Atlantio to the Paoifia, owing to the improved arrangements with steamship companies on the Pacific coast. Last year Eearly 280,000 tons of goods and 103.000 passeugors were conveyed by tho railway.

AUCKLAND SHAREMARKET. Mr J. C. Davie9, Sharobroker, Auokland, telegraphed to us on Friday eveuing :— Sales took placo to da> at the following pricos :— \

a r Kuranui Caledonian ... New Albumin Oh^nemuri ... Waihi Consols Great Barrier Ejheridau ,M, M Gvaaa frarling. Wnihi Extondud Waihi South Bunker's Hi 11...1 1... Four-in-llaud HaurakiNorth(paid)... Progress Castle Xlock... Staffa Auckland Gas (old) ... New Zealand Inaurauco I d. a. d. 3 7 1 3 a ft 1Q G 2 3 2 3 1 0} 0 5 2 0 1 7 2 1 0 9 0 6 302 2 70 0