HENRY C. TAYLOR. 175 
only as much as the Nicaragua canal, it is to be remem- 
bered that the working expense of railroads is over fifty 
per cent. of their gross revenues, and of such an abnormal 
railroad as this is they would probably be much greater. 
If these twelve and a half millions represented the total 
revenues, from four to five millions is as much as could 
be expected for net revenues from a ship railway. Now 
judging by the small percentage of gross receipts needed 
for the working expenses of the Suez canal, embar- 
rassed by the drifting sands and burdened by a costly 
home administration, we may reasonably expect a half 
million of dollars to cover the annual working expenses 
of a completed Nicaragua canal, leaving a net revenne 
of twelve millions, or sixteen per cent, on the cost of 
construction. 
Of the final cost of de Lesseps’ sea-level canal at Pana- 
ma, if there could be anything final about it save utter 
failure, nothing can be known, except that it will bea 
fabulous amount. A fresh debt of one hundred 
twenty millions, of dollars has lately been incurred. 
This loan was offered to subscribers at forty-five per 
cent. (450 francs for a 1,000-frane bond), but the cost of 
placing this loan will, it is believed, reduce the amount 
to thirty-nine per cent.; or to about forty-seven mil- 
lions for the one hundred twenty millions. It is 
believed, with good reason, though the debts of the 
company are difficult to ascertain, that about one-third 
of this amount is already owing to contractors and 
others for work already done. So that without consid- 
ering interest on its enormous obligations, the company 
will have but a small portion of this new loan to apply 
to work upon the canal. These obligations now amount 
to a sum little short of three hundred millions of dollars, 
and with this huge debt staring them in the face, I can 
say without exaggeration, that the great difficulties and 
expenses of excavation are all still Reson them, and the 
59 
