The Humming Bird, 61 



Culfbra, and that his, proposition was not accepted by the 

 said Director . If it had been accepted, the opening of the 

 Canal should certainly have been inaugurated in 1889. 



It is therefore important to investigate it thoroughly and 

 to accepti it, if Mr Rylski can prove that it can be done, and 

 is willing to undertake the work. An economy of at least 

 two hundred millions of francs could be realized and the 

 Completion of the Canal secured for the year 1899, or at the 

 latest, the -1 st of January 1900. 



It is intended to call a meeting of the Panama Share and 

 Bondholders very shortly. Letters of convocation will be sent 

 as early as possible to all the Presidents of the Committees of 

 France, to the Press, and to all the largest Share and Bond- 

 holders; but is very important that immediate meetings 

 should be called by all the Presidents of Committees, for the 

 purpose of submitting to the Titleholders all the most impor- 

 tant projects, technical and financiers, and to ask them to 

 appoint a special Delegate, with full powers, representing 

 the largest possible number of Shares and Bonds, to attend 

 the general meeting. 



In this meeting, all the projects will be examined and the 

 best one adopted, an J resolutions will be passed for the for- 

 mation of a new Company. 



It is also important to advice all Bondholders not to sell 

 their Titles, but to buy some, if they can. At the actual prices, 

 they are worth less than a third of their value, even in case 

 of bankruptcy. 



The Canal must be done by the Panama Bond and Share- 

 holders. To them alone , it belongs to save the Canal and reap 

 the honor and the profit. We accept every one with us, and 

 those who are not Share or Bondholders, cannot do better 

 than to invest small or large sums in it, before it is too late. 



Several Societies are formed and ready to start a new 

 Company, but I don't see why it should not be done by the 

 Titleholders themselves. By doing so, they would save 

 expenses, and reap all the profits, which these Societies are 

 suie to claim as Promoters and Savers? 



All the Présidents of the Committees, with whom I have 

 had the honour to correspond lately, are unanimous in 

 saying that all the Share and Bondholders of their region 

 are willing to subscribe to the shares ol the new Company, 

 and we can already foresee a subscription, to about 200,000 

 new shares, by the Titleholders from Paris, Marseille, 

 Bordeaux, Lille, Moulins, Blois, Saint-Germain-en-Laye, etc. 



Therefore it is time to be united, and to show that we 

 want to keep all in our own hands. No abstentions ! 



If every one does what he can, and is willing to subscribe 

 according to his means, in a few days, the new Company 

 will be an accomplished fact. 



