60 The Humming Bird. 



Immediately after the formation of the new Company, a 

 special Delegate, with full pow T ers, will be sent to Colombia 

 to confer with the Columbian Government and negotiate a 

 modificalion to the last treaty concluded with Mr Wyse 

 Bonaparte, by which the Cohnnbian Government should 

 renounce to the payment of ten millions of francs asked 

 from the new Company, and prorogate to twenty years the 

 time allowed to the new Company for the termination of 

 the Canal ; not because it is absolutely necessary, but to free 

 the Company from the exigences of several Contractors, who 

 may be ready to take advantage of the Company if they think 

 that they are indispensable. 



In compensation for this, the new Company shall give to 

 the Columbian Government, 10.000 Shares (free of all costs) 

 and bearing the same interest as the ordinary Shares. The 

 amount to be paid in interest on these Shares from January 

 1893 to January 1900 would amount to about three millions of 

 francs. 



Besides that, a small part of the profits should also be 

 offered to the Columbian Government. 



It would be a very fair remuneration given to the Colum- 

 bian Government, for maintaining the Security in the 

 Isthmus during the completion of the Canal, and all the 

 other services rendered by the said Government to the 

 Company. 



This first project is the best in my opinion, because work 

 could be resumed immediately after the formation of the 

 new Company, and would guarantee the opening of the 

 Canal for the first of January 1900. 



Since the publication of the first part of this pamphlet, the 

 Bulletin Officiel du Comité Central des Actionnaires et Obli 

 gataires de Panama, 15 June 1892, has published an extract 

 of a work by Mr Rylski, Engineer, entitled le Canal à ni- 

 veau pour 220 millions. 



I have studied this extract with the greastest care, and 

 I am of the same opinion as the Redaction of the Bulletin 

 du Comité. 



Here is the soluion of the problem. 



I can speak knowingly of this, having travelled in Cali- 

 fornia in all the countries where these hydraulic works are 

 carried on for the désagrégation of the mountains and the 

 washing of the auriferous soil of these parts. 



By these means, mountains of great magnitude have been 

 transformed in plains in a short time and at a very small cost. 



There is no doubt whatever that the application of hydraulic 

 machines can be successfully employed at Panama, and it is 

 with stupefaction that I have heard that on the 21 th of De- 

 cember 1886, Mr Rylski proposed to the Director of the 

 Panama works to employ that method for attacking the 



