54 The Bumming Bird. 



FIRST PROJECT 



Project of subscription for the formation of 

 an anonymous Company, hereafter known as 

 the Interocaanic Columbus Canal Company 

 for the completion of the Canal, known as the 

 Interoceanic Panama Canal Company. 



Capital : forty millions of pounds sterling, 



in two millions of £ 20 shares which are now offered for 

 subscription, payable as follows : 10 shillings on application, 

 10 shillings on allotment, and the balance by calls of 40 shil- 

 lings per share, at intervals of not less than six months, part 

 of the payment in cash, the rest in Shares or Bonds of the 

 Company in liquidation, known as the Compagnie Universelle 

 du Canal Interocéanique de Panama, on the following bases: 



Shares at €5 each; 



Bonds 5 % at #8 16 s each; 



Bonds 3 °/o at € 6 each ; 



Bonds 4 % at £ 6 12 s ; 



Bonds 6 Vo at € 8 16 s 

 indistinctly, excepting those for which a sum has been depo- 

 sited for the repayment of same. 



Bonds with primes (obligations à lots) wholly paid. ê 8, 

 16 shillings. 



Bonds 6 °/oi payment warranted by a deposit of French 

 rents will also be accepted at €8, 16 s , if it is possible to get 

 back the deposit now existing in the hands of the Civil 

 Society. 



The Bonds with primes (bons à lots) which are warranted 

 by sums deposited at the Crédit Foncier, will also be accep- 

 ted at € 4, if the deposit can be returned to the new Com- 

 pany. The obligations with primes remaining in the hands of 

 the liquidation will be annuled. 



From this source, a sum of 38 millions 744.602 francs 96, 

 deposited with the Civil Society, on account of these Bonds, 

 could be had back; as also 388.644 francs 23 cent., due by 

 that Society to the Liquidation of the Panama Company, 

 according to accounts rendered on the 31 of December 1891, 

 if that sum has not been repaid already. 



The Share and Bondholders can subscribe as many new 

 Shares of € 20 as they have of the old stock, in the following 

 proportions : 



For every two Shares, one Share of the new Company; 



For one Bond 5 °/ Q , one ,, ,, ,, ,, 



,, two Bonds either 3 °/ et 4 °/ , one ,, ,, 



,, one Bond 6 °/o* one share ,, ,, ,, 



,, one Bond with primes, fully paid, one share ,, 



