NEW PANAMA CANAL COMPANY, THE MARITIME COMPANY, (GRACE-EYRE-CRAIGAN SYNDICATE.) HELD JANUARY 17, 18, 19, 20, AND 25, 1899. DECEMBER 20, 1899.-Presented by Mr. MORGAN and ordered to be printed. WASHINGTON: GOVERNMENT PRINTING OFFICE. 1899. седінар NEW PANAMA CANAL. NEW PANAMA CANAL COMPANY. JANUARY 17, 1899. The committee met at 10.30 o'clock a. m., Hon. William P. Hepburn in the chair. The CHAIRMAN. The committee has determined to hear to-day representatives of the New Panama Canal Company. If there are gentlemen here who desire to be heard, the committee is ready to hear them. I would like to ask, gentlemen, whether in what you say you desire to appear as advocates giving your statements, or as witnesses? I think I might say on behalf of the committee that they would prefer to hear witnesses, observing the distinction between those statements made under oath and those that are not so made. We have had a great deal of loose statement before this committee on the general subject of the Isthmian Canal. I think it is the wish of the committee to hear everybody as far as may be. Of course we do not want anybody who appears as an advocate necessarily to take an oath; but we would like, as far as possible, that the statements made before the committee should be made as coming from witnesses. STATEMENT OF WILLIAM NELSON CROMWELL, ESQ., GENERAL COUNSEL OF THE NEW PANAMA CANAL COMPANY. Mr. CROMWELL. Mr. Chairman and gentlemen, I think that the suggestion of the chairman is a very proper one, and I will be very happy to conform to it. In the absence of the executive officers of the New Panama Canal Company it falls to my lot, as general counsel, to make a very brief statement. I do not wish to appropriate a moment of the time that you wish to give to the consideration of the more technical branches of this subject, and I will therefore be brief. The CHAIRMAN. We have an hour and twenty minutes. divide that time as you may see fit. You can Mr. CROMWELL. The gentlemen who will appear after me will appear as witnesses, and I will be glad to avail of the responsibility which the chairman suggests. Mr. Chairman and gentlemen of the committee, as two-fifths of the entire length of the Panama Canal is essentially constructed and in a measure open to navigation; as nearly one half of the entire work of excavation is actually completed; as the harbors at the termini are natural, open, and free to entry by vessels of the largest draft; as there is an existing railroad parallel to the canal and vastly expediting the work of construction; as the concessions, titles, and solvency of the company are unquestionable; as over 3,000 men, with a force 3 |