The affairs of the Panama Canal Company have become worse
during the week. The Government, after some hesita- tion, on Saturday brought in a Bill authorising it to delay payment of its obligations during three months. In this time, argued M. de Peytral, Minister of Finance, the Company could devise means for raising capital, and thus protect the 870,000 poor persons interested in its shares and bonds. The Com- mittee to which the Bill was referred rejected it by 18 to 4, and when the Bill was introduced, an agitated scene occurred, amidst which M. Christophle, President of the Credit Foncier, was compelled to acknowledge that, although 24,000,000 sterling had been deposited with him as guarantee for the punctual payment of the prizes won in the Lottery Loan, the money was deposited by a Company of which all the directors were directors of the Panama Canal, and that it might be withdrawn at an hour's notice. This confession exasperated the Chamber, and the Bill was thrown out by 256 to 181. The law, therefore, must take its course. It was supposed that the Government might sanction some kind of guarantee ; but it appears that on March 22nd, 1880, the Government of France, through its Minister in Washington, formally pledged itself "not to modify the private character of M. de Lesseps's enterprise." The State, therefore, can assume no control.
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