The Panama Canal

parts of the world. The easiest and first test to apply was that of the Suez. We found there a growth of 70 per cent in a decade. I will not go much into details. The foreign trade of 22 leading nations of the world increased 58.4 per cent.

Mr. HAMILTON. That shows nearly as great growth of traffic, available growth for Panama-traffic which could use the route advantageously-nearly as great a growth as through the Suez Canal.

Dr. JOHNSON. The reasons for that, I think, can be made very clear as we come to take this up in detail. Of course we realize that in the case of traffic that will use the Panama Canal we are dealing with the increase of the trade of commercially young nations, where the rate of growth is normally rapid. Traffic on the west coast of South America has a relatively more rapid rate of increase than the traffic of Europe.

An increase of 59 per cent per decade would be equivalent to an increase of 26.08 per cent for the first five years of the ensuing decade (the percentage of increase for an entire decade reduced to the percentage of increase for the first half of the decade results in less than one-half of the percentage for the decade, or 26.08 per cent). The traffic of 1909 and 1910, 8,328,000 tons, increased by 26.08 per cent, z gives a probable traffic for the opening years of the canal of ten and one-half million tons per annum. These figures are all for net register of vessels.

In connection with the study of the Panama Canal it seemed desirable to study with some care the financial and traffic history of the Suez Canal; also, the traffic, tolls, and revenue of the Kiel Canal, which is a Government canal and operated by the Imperial Government of Germany; the Manchester Canal, which is a private canal run by a semipublic corporation; and the Amsterdam Canal, which is a public waterway. I have here in printed forms the tables which will accompany the discussion of the Suez Canal. The tables give the dimensions of the canal, its traffic, receipts, and disbursements. The CHAIRMAN. Insert it in the record.

EXHIBIT C.

THE SUEZ CANAL-TABLES CONCERNING DIMENSIONS, SECURITIES, TRAFFIC, RECEIPTS, AND DISBURSEMENTS.

TABLE I.-Minimum dimensions of Suez Canal, and maximum authorized dimensions of vessels.

1 Program of widening canal gradually carried out.

Gradual deepening to 10 meters with program calling for 10.50 meters. 11-meter project adopted 1909.

Widening of canal at certain places with program calling for minimum width of 41 meters at bottom and 41 meters at a depth of 10 meters. TABLE II.-Securities of the Suez Maritime Canal Co., issued and outstanding, to Dec. 31, 1910.

1 Obtained from a part of a loan of 50,000,000 francs, authorized by the general meeting of stockholders in 1901 and 1906. The general meeting in 1911 authorized the administrative council to increase the amount of this loan from 50,000,000 to 150,000,000 francs, but this privilege has not yet been made use of.

Liabilities.

TABLE III.-Assets and liabilities of Suez Maritime Canal Co. to Dec. 31, 1910.

Assets.

Amounts representing net cost of the Suez Maritime Canal to Dec. 31, 1910:
Total investment according to annual statement, Dec. 31, 1909..
Investments in enlargement and improvement of the canal during 1910.