58 The Humming Bird. 



A sura which I consider more than sufficient to cover all 

 the expenses and to pay an interest of 3 0/0 per annum on 

 all the sums subscribed, either in cash, or in Shares and Bonds 

 of the old Company. 



For the payment of the said inte:est, the Company will 

 require a sum of about € 3.000.000; but I think that by 

 investing judiciously part of the money received, and not 

 immediately necessary, a good income could be made out of 

 it, and reduce considerably the sums to pay as interests. 



It is also probable that a combination exists, by which in 

 investing part of the capital, as received , and laid by for the 

 last payments, enough could be made to pay nearly all the 

 interests due during the completion of the work. 



Now about the cost of Promotion of the Company : Emis- 

 sion, Publicity, Direction, Printing-, Delivery of Shares, 

 Payments of interests, etc., « ali of which have been excessive 

 with the Panama Canal Company d, 1 really think that it 

 can be done at a very reasonable price. 



If we take as a basis, the last report published by the 

 Civil Society for the repayment of Bonds and payment of 

 primes, we find recorded in the Assets for 1891 : 



Expenses on money received fr. 4.579 52 



Expenses of direction and allocation to 

 Commissioners 18.824 20 



Paid to Crédit Foncierfor the safe keeping 

 of Titles 9.336 75 



Total fr. 32.740 47 



Or a little overê 1.300, which seems to me veiy moderate 

 charges, and I don't see why the New Company could not 

 do the same. Perhaps an arrangement could be made with 

 that Society to take charge of the comptability of the New 

 Company. 



The same could be done in Panama by taking care to 

 appoint competent persons, always giving the preference to 

 holders of the new Company Shares. 



The payment to Directors could be, at first, limited to 

 £ 400 yearly, until a dividend of 10 0/0 should be paid to the 

 Shareholders. When that time comes, 10 0/0 of the surplus 

 dividend will be divided between the Directors, and from the 

 rest, half will be put to a reserve fund, and the other half 

 divided between the Shareholders. 



As to Publicity, the expenses will be reduced to their 

 extreme limit. Several thousands bills and some appropriate 

 notices in the newspapers sympathetic to the Panama, such 

 as : le Petit Journal^ le Petit Parisien, la France, la Paix, etc., 

 would be sufficient. 



