February i, 1891] 



THE HUMMING BIRD. 



11 



immediate purchasers in the United States or in 

 Europe, where the demand is constantly increasing. 



It may seem a fancy Revenue these eight millions of 

 pound sterling ; but it is not so. They only represent 

 a revenue of eighty pounds for ten thousand square 

 yards, and our experience tells us that all the Land- 

 lords of our acquaintance, in Central America, who 

 have made plantations of these same plants get much 

 more than eighty pounds- sterling for each ten thou- 

 sand yards cultivated. Some of them make a profit 

 of two hundred pounds sterling, and more with 

 Coffee trees cultivated in the same space. 



I will also mention that Mines must be very 

 abundant in the state of Panama, as it is well known 

 that before the Conquest Indians made use of gold 

 for all their Ornaments, Idols, and even now, some 

 of these gold Ornaments and Idols found in old 

 graves find their way to Panama where they are sold 

 to Travellers. 



I know a gentleman living in Panama who bought 

 so many of these Antiquities, that he had them 

 melted in several large lingots which he forwarded to 

 the United States and to Europe. 



This convinces me that very good gold Placers 

 exist in the vicinity of Panama. 



But it is better not to rely too much on Mines, 

 when I have shown that very large and sure profits 

 can be made of the land which borders the Canal. 



Now that I have made manifest to all that there is 

 every possibility to terminate the Canal in a few years, 

 and to pay a good dividend to all the Share and 

 Bondholders of a new Company, which could buy 

 the Assets existing at less than half the cost, by pay- 

 ing half of the price of the Issue of the Bonds 3, 4, 

 5, and 6 percent., the possessors of which are the real 

 Owners of the Canal, and who would probably accept 

 the offer. I must again appeal to all the Bondholders, 

 and tell them that if no Company appears during the 

 year 1 891, it only remains for them to ask from the 

 Liquidation that all expenses should be discontinued 

 altogether in Panama, and reduced to the strict 

 necessary in Paris, and realise as well as possible the 

 assets existing, either at Paris or Panama, and divide 

 à priori all the sums cashed to that effect. 



But meanwhile, the Bondholders could very well 

 claim the distribution of the 740,000 or more Bonds 

 with prime, actually in the hands of the Liquidation, 

 which are their property, and which have nothing to 

 do with the New Company if such appears. 



Therefore, I repeat to all the Bondholders, be firm, 

 keep by you all your bonds, and one day or another 

 you will get a better price for them than the price 

 quoted actually on the Paris Bourse, although I am 

 happy to say that, since my first notice was published, 

 a rise of about 50 to 60 per cent, has taken place in 

 the prices of all the Bonds ; but this is nothing, and 

 I can see the day when they will be quoted at a very 

 distinct price, nearer their real worth. 



If a serious Company understanding well its own 

 interest is willing to purchase at the very moderate 

 price, which I have mentioned before, of 400 millions 

 of francs, each Bondholder would be entitled to re- 

 ceive — firstly, his part of the 740,000 Bonds with 

 prime in the hands of the Liquidation ; and secondly,* 

 half the price of Issue of their Bonds, which means — 



For each Bond 5 per cent. 218 frs. 75 cents. 



„ „ 3 » 142 frs. 50 „ 



„ „ 4 „ 166 frs. 50 „ 

 >) » o ,, 



emitted at 450 frs 225 frs. 00 ,, 



For each Bond 6 per cent, 



emitted at 440 frs 220 frs. 00 ,, 



These sums, as I said before, would recuperate 

 only part of the loss undergone by the original Sub- 

 scribers, who paid double that price and have not 

 received Dividends since January, 1889 ; but it would 

 be better than 17 to 20 per cent (if so much) that 

 they may expect from the Liquidation after the 

 realisation of all the Assets. 



One way or the other, I am quite willing to repre- 

 sent the Bondholders near the Liquidation, and de- 

 fend their interests if they ask me to do so. 



In that case, they can depend that all my acts will 

 be to defend their rights, being certain that even 

 the Liquidation has no right to dispose of the pro- 

 perties without the consent of the Bondholders. I 

 have greatly to reproach to the said Liquidation to 

 work so much in the dark, and not to publish in some 

 leading journal Monthly Reports of what it is doing 

 in favour of the Bondholders. 



There is no time to lose, and I appeal strongly to 

 the Six Hundred Thousand Bondholders of 

 the Panama Canal to reply to my invitation. 



If they do so, I will let them know in the next 

 number of this journal what can be done at once. 

 Meanwhile, a Committee chosen from the principal 

 Bondholders ought to be formed, and meetings pro- 

 moted for the defence of our mutual interests. 



If necessary, I am willing to leave off my house of 

 business in London and go to Paris, where a large 

 room could be let for the meeting of the Committee 

 and the receiving of all Bondholders, who would 

 have free access to the Meetings. 



I am so sanguine about the result of this move 

 that I am willing to subscribe one thousand francs for 

 the fund of our Defence Committee, and 1 beg from 

 all genuine Bondholders to follow my example, as we 

 require some money if we want to do good work. 



The sums subscribed should be deposited at the 

 Bank of France, or any other of the leading Banks of 

 Paris ; and monthly accounts of the expenses of the 

 Committee sent to the Subscribers. 



My attention has just been drawn on the following 

 notice published in The Petit Journal of Paris, on 

 the 29th of December last, which I reproduce here- 

 under : 



" Nous avons déjà dit que M. Wyse, mandataire de 

 la liquidation de la Compagnie de Panama avait pu 

 obtenir du gouvernement colombien la prolongation 

 de la concession du canal moyennant la promesse 

 que la Colombie recevrait 10 millions espèces à payer 

 en cinq ans, plus cinq millions d'actions, plus que la 

 nouvelle Compagnie à constituer pour l'achèvement 

 des travaux prendrait à sa charge l'entretien de la 

 force armée. 



Ces conditions sont quelque peu draconiennes. Il 

 est évident que l'appétit du gouvernement colombien 

 a été excité par les promesses que lui ont faites les 

 auteurs de projets qui se sont rendus dans l'isthme et 



