PANAMA CANAL.

Star (Christchurch), Issue 6437, 5 January 1889, Page 3

PANAMA CANAL.

.■ -♦ — -- — : - The - New. Subscription, y Scozxen in Paris. [Per Pbess Association, j There was a scene of excitement at the | office of the Panama Canal Company on Dec. 13 j the crush of people to obtain shares was greater than on the day previous. At 4 p.m. Comte de Leaseps appeared, and mounting a table said :— " My friends, the subscription iB safe, and our adversaries are confounded. We do - not need the help of financiers ; you have saved yourselves by your >wn exertions ; the Canal is made." *£ ere De Leßseps wa3 so overcome that he wept. Cheering, weeping, and with many congratulations, all present shook hands with him. When the excitement had partly subsided, the news went round that iIO,OOO bonds had been subscribed for in Paris, and the same number in the Provinces. Marseilles alone took 86,000. An official of the Company, who replaced De Lesseps announced that the subscription lists would be kept open till Saturday, at noon. Large numbers immediately renewed their subscriptions, the receiving clerks b'ding completely over-taxed. Next day another exciting scene occurred !at the Company's office. When a call for De Lesßeps was made, his son appeared and announced that only 180,000 bonds j had been subscribed for, and the Company wouldtheref ore begin returningthe deposits on the 14th. Referring to his father's remarks on the 12th, he said, "My father is younger in spirit than I; his remarks were made on the strength of a hopeful report made to him." The result is bankj ruptey or the winding up of the Company. Panama shares touched 137 francs 50 cents daring the day, but closed at 156 francs 25 cents. There was some talk of an American syndicate, representing a capital of 65,000,000d015, taking up the Canal enterprise. De Lesseps and his colleagues resigned their posts on Dec. 15. The Tribune of the Seine appointed M. Hue Bandelot and M. Normandie as judicial liquidators. Of the Committee appointed by the Chamber of Deputies to consider the Canal Bill, seventeen are opposed to it, two in favour, and three reserve their opinions. The debate in the Chamber of Deputies on Dee. IS, on M. Peynal's Bill authorising the Company to suspend payment of interest on its bonds for three months, was long and excited. Pathetic appeals for aid were made on the one hand, and bitter denunciations of the mismanagement on the other. M. Paul de Caseagnac defended the Company, while M. Gieraud, who had opposed it from the beginning, assailed the enterprise and its managers mercilessly. The Committees advertise that the report on the Bill was adopted by 262 to 118. Great uneasiness existed at Panama in regard to canal matters. The floods caused by the overflow of the Chargres river were reported to be subsiding on Dec. 15, but railway communication ib still interrupted. ■ ■' ■