COLOMBIA. 



177 



which, from a commercially legal point of view, 

 were still English or American property, be- 

 cause sold on credit and not paid for. This 

 heing the case, all merchants residing abroad 

 and selling goods to Colombians on credit are 

 advised to put a clause into their invoices 

 with the reservation, Propiedad reservada hasta 

 el pago ("property reserved till paid for"), 

 which, according to section 750 of the Colom- 

 bian Statute-Book, exempts such property from 

 seizure during or in consequence of political 

 troubles. The annual income and expenditure 

 of the Federal Government in time of internal 

 peace, and before the late rising, was about 

 $6,000,000 per annum. 



Railroads. There were, besides the Panama 

 Railway, in 1884, the following lines in opera- 

 tion: Sabanilla - Barranquilla, 28 kilometres; 

 Cucuta-Villamizar, 36; Buena Ventura-Cor- 

 doba, 20; Puerto Barrio-Zabaletas, 32; Ji- 

 rardot-Tocaima, 29, and Honda-Magdalen a, 5. 

 Adding thereto the 75 kilometres across the 

 Isthmus, we arrive at a total not exceeding 225 

 kilometres, or 142 miles. 



Telegraphs. The length of lines in operation 

 in 1883 was 3,771 kilometres, and the number 

 of messages forwarded, 288,876. 



Commerce, The total foreign trade of the 

 republic was as follows : 



IMPORTS INTO COLOMBIA FROM! 



EXPORTS FROM COLOMBIA TO: 



AMERICAN TRADE WITH COLOMBIA. 



The foregoing statement shows the sudden 

 decline that American trade with Colombia 

 experienced in consequence of the political dis- 

 turbances. 



There entered Colombian ports in 1883, alto- 

 gether, 923 sailing-vessels, of a total tonnage of 

 40,462, and 588 steamers, aggregating 668,713 

 tons. 



The Panama Canal. The report of American 

 naval officers on the condition and prospects 

 VOL. xxv. 12 A 



of the Panama Canal, published in April, 1885, 

 clearly showed that the canal could not be com- 

 pleted within the time originally set, nor at any- 

 thing near the estimated cost. When the com- 

 pany was formed it was calculated that the 

 amount of excavation to be made would be 75,- 

 000,000 cubic metres. In March, 1885, it was 

 officially stated at 11 1,000,000, and the Director- 

 General of the work expressed the opinion that 

 it would be 120,000,000. The estimates of cost 

 were much further out of the way. The limit 

 set was 600,000,000 francs, or $120,000,000. A 

 vast amount had been expended in prepara- 

 tions. The outlay already made in April, 

 1885, was $74,000,000, and less than one tenth 

 of the excavation had been made. The un- 

 completed contracts would call for an expen- 

 diture of more than $50,000,000. The parts 

 not yet contracted for would, according to 

 Lieut. McLean, call for over $50,000,000 more. 

 This took no account of the great Gamboa 

 dam, the cost of which is estimated at $20,000,- 

 000. This is of itself a gigantic project, the 

 difficulty of which has not been accurately cal- 

 culated, and the cost of which will unques- 

 tionably far exceed the estimate, even if it can 

 be successfully carried out. Lie"ut. McLean, 

 who shows an inclination to be careful in his 

 calculations, expresses the belief that the total 

 cost of the canal, even if the work does not 

 extend far beyond the limit of time set by the 

 managers of the company, will not fall below 

 $350,000,000. The condition of the work, the 

 appliances on hand and in expectation, the 

 force employed and likely to be employed, in- 

 dicate, from the report alluded to, that the en- 

 terprise could, if ample funds were at com- 

 mand, be carried to completion in less than 

 five years from April, 1885. But the financial 

 element in the problem is the most important. 

 The company secured its original subscriptions 

 to stock by estimates that have already proved 

 fallacious, by the most glowing representations 

 and promises, and by the payment of interest 

 at 5 per cent, on the shares during the prog- 

 ress of the work. Further funds to be raised 

 by the issue of bonds will bear interest ; and 

 long before an income can be counted upon, 

 the company will be carrying a load of interest 

 amounting to millions of dollars a year. 



Two interesting questions were raised at the 

 time by the financial outlook. Can the money 

 necessary to complete this vast enterprise be 

 raised on the credit of the company ? Is there 

 any probability that the business of an inter- 

 oceanic canal at Panama will pay a profit on the 

 enormous investment ? One of the numerous ex- 

 perts employed to work up the scheme in Paris 

 in 1880 calculated on a traffic of 5,000,000 

 tons, and 15 francs a ton for transit was thought 

 low enough to attract vessels to the Isthmus 

 route. This would give a revenue of 75,000,- 

 000 francs. Five per cent, would go to the 

 Colombian Government, and the cost of man- 

 agement was estimated at 6,000,000 francs. 

 This would take out nearly 10,000,000, leaving 



