Jasper County Democrat, Volume 15, Number 49, Rensselaer, Jasper County, 21 September 1912 — AWAIT CANAL OPENING [ARTICLE]

AWAIT CANAL OPENING

OTHER NATIONS PREPARE FOR ENORMOUS TRADE. October 15, 1913, Is Set as Date of Passage of First Vessel Through Panama Ditch. Washington, Sept. 20. —Revised estimates made public by the Panama canal commission give October 15, 1913, as the date on which the first vessel will pasß from sea to sea through the new waterway. By December 1, 1914, the canal will be ready for unrestricted use by commercial vessels. The formal opening, to be celebrated by a naval pageant, in whioh the war vessels of the world will join, will be held January 1, 1915. „•> With this near approach of the canal’s completion it has developed that more money is being spent by foreign nations in getting ready for the new impetus, to trade than is being used in the construction of the canal itself. Five republics alone in South America are expending $225,000.000 in the development of their railways, harbors and waterways. Every important port of Europe is being improved to the highest degree of efficiency for ocean traffic.

Although the canal was not planned as a revenue producer for the United States, it may turn out a good financial investment. Originally it was planned to issue $375,000,000 in bonds for the canal, but owing to the good condition of the national treasury, it has been necessary to issue only $138,000,000 in bonds. With an $86,000,000 surplus at preset, it is practically certain that no further issues will be required. Exclusive of military maintenance, the operating expenses of the canal will come well under $5,000,000 a year, and may not reach $4,000,000. The receipts in the opening vears-from tolls are estimated at about ten million dollars. The capacity of the canal will be 80,000 tons a day.