She ||umnuu(( ^ivd. 



PANAMA. 



Prorogation for the Completion of the Panama 



Interoceanic Canal. 



I^^INCE the issue of Part i, Vol. iii., of the Hujnming Bird, 



I^P a treaty has been signed between Mr. Monchicourt, 

 Liquidator of the Panama Canal Co., and the Columbian 

 Government, by which the latter has agreed to a prorogation 

 of twenty months, thus giving ample time to the Company 

 to promote and form a new Society for the completion of 

 the Canal. 



So far so good, as I never doubted that the Columbian 

 Government would protect, as much as possible, the interests 

 of the first subscribers ; but I am sorry to see that one of the 

 clauses of the treaty mentions that a total sum of four millions 

 of francs be paid to Columbia by the new Society, the first 

 payment of 500,000 francs to be made by the Liquidatioii in 

 the course of next month. 



Knowing as I do, the great difficulties existing in the 

 formation of a new Society, I am afraid that the said clause 

 will be a great obstacle to the formation of a new Companv, 

 and I really believe that Columbia has made a mistake in 

 introducing that clause in the treaty. 



The interests of Columbia were to facilitate by all means 

 in its power the promoting of a new Company, and by makino- 

 such terms, I am afraid that the result will be quite the 

 reverse of what that country expects. 



I know of one Company, with a capital of twenty millions 

 of francs, which is willing to resume work in Panama, but 

 it cannot do so if that clause is maintained, because the twenty 

 millions which it possesses are required in their entirety, for 

 the disposing of the principal obstacle standing in the way of 

 the Canal, I mean the removal of the Culebra. This done 

 B 



