The Humming Bird. 55 



On the day of subscription, the bearer of two Panama 

 Shares will deliver them to the new Company, in exchange 

 of a receipt of € 5 each, or £ 10 for the two, to be deducted 

 from the total amount due for the share of the new Com- 

 pany. Then he will have te pay ten shillings on the day on 

 application, ten shillings on allotment, and sixteen shillingsand 

 five pence, instead of € 2, on each call, every six months. 



The same will be done with the Bonds 5 per 100, 3 per 

 100, 4 per 100, 6 per 100 and the Bonds with primes, fully 

 paid. As a compensation for the acceptance of the Panama 

 Shares and Bonds at the prices fixed above, the Share and 

 Bondholders forsake, of their own free will, the amount of 

 the dividends due since the last three years, as well as 

 their Shares and Bonds, which will be destroyed. 



The Bonds with prime in the hands of the Liquidation will 

 be annuled. 



The Liquidation will deliver immediately to the new Com- 

 pany, after its formation, all the assets existing, either in 

 Paris or in Panama, including the Shares of the Panama 

 Railway Company, the whole becoming the absolute property 

 of the new Company. 



By this mean, all the assets of the Panama Co will remain 

 in the hands of the original Panama Bond and Shareholders, 

 who are certain to make good alltheir losses in a specified time. 



By the following calculation which ,has been done with 

 care, it is easy to see that although every thing remains in 

 the hands of the Panama Bond and Share holders, the new 

 Company will be able to realize a sum varying between 500 

 and 600 millions of francs, perhaps more, a sum which is 

 quite sufficient to resume work and complete the Canal. 



Besides, the total amount of cost for the Canal being redu- 

 ced to one milliard of francs, it will become again a good in- 

 vestment, and the holders will receive a good revenue from 

 the date of the opening of the Canal, and will keep in their 

 own hands a property, which will be one day so valuable, 

 that it is quite impossible to have an idea of its magni- 

 tude. 



Table representing the value of the Panama Shares 

 and Bonds received in payment by the new Company. 



600.000 Shares at £ 5 € 3.000.000. 



250.000 Bonds 5 per cent at € 8.16s. . . 2.200.000. 



600.000 Bonds 3 per „ at#6. ... 3.600.000. 



477.387 Bonds 4 per ,, at # 6. 12. . . 2.912.060.11 s 



438.802 Bonds 6 per ,, 1st série at € 8.16 3. £61. 457. 12 



258.887 Bonds 6 per ,, 2d série at £ 8.16 2.275.205.12 



Total. ... € 17.856.723.15 



