132 NICARAGUA. 



This treaty, containing 28 separate clauses, granted the 

 execution and the exploration of a maritime Canal between 

 the two Oceans to Mr. Joseph Belly exclusively. 



The principal clauses were, that the length of the con- 

 cession was for 99 years, that three miles of land on each 

 side of the Canal were granted to the Company, that all the 

 mines found, should be the property of the Company, and 

 explored according to the laws of the country, that the two 

 ports in both Oceans should be free, the Canal opened to all 

 flags, at a minimum rate of passage, which was fixed at 8 

 shillings per ton and £2 8s. per each person, free passage for 

 ten years for the ships of the Company, no taxes whatever 

 on the properties of the Company for twenty years, etc., etc. 



For the two Republics, it was agreed that eight per cent, 

 of the gross receipts should be paid and divided between them, 

 and that the two Republics guaranteed the Company and their 

 agents from all attacks, and would build a first-class light- 

 house on each side of the Canal, etc., etc. Although Mr. 

 Felix Belly, by issuing several interesting publications, and 

 otherwise, did all that he could to obtain the co-operation of 

 French capitalists, he did not succeed, and after several 

 attempts, and surveys, he was obliged to desist in this enter- 

 prise in 1 86 1. 



In 1867, he published a very interesting book in two 

 volumes entitled, "A travers l'Amérique centrale, Le 

 Nicaragua et le Canal Interocéanique, in which he explains 

 ail the difficulties and chicanery from which he had to suffer 

 at the time. 



After Mr. Belly, several other Companies were formed, 

 but they had the same fate. 



Now we come to the last, known as The Maritime Canal 

 Company of Nicaragua, incorporated by an Act of the Senate 

 and House of Representatives of the United States of America, 

 in Congress assembled ; Approved February 20th, 1889. 



The Committee of Direction was composed in 1889 of: 



Hiram Hitchcock, President. 



Chas. P. Daly, Vice-President. 



Frederick Billings, Chairman Executive Committee. 



Thos. B. Atkins, Secretary and Treasurer. 



A. G. Menocal, Engineer. 



Mr. Ford, Engineer, was the special Delegate of the 

 Company at the Paris International Exhibition of 1889. 



Everyone will remember the interesting model of the 

 Canal exhibited in the Nicaragua Pavilion, under the special 



