not appear to have been accurately ascertained, and as a consequence
of having to work to some extent upon rock, instead of in sand or
gravel, the progress made was less than had been anticipated. For this
reason also it has been found necessary to raise additional capital
to the amount of double the original capital; that is to say, by an
issue of 60,000 additional shares of 500 francs each, bearing 6 per
cent. interest. In order that the canal may become a remunerative
undertaking, it is calculated that 3½ million francs of net revenue
must be realised annually. Whether the canal will ever realise this
financial result is doubtful, but, if it is ever completed, it will be
of undoubted advantage to commerce in saving 100 to 250 miles in the
passage from the Ægean to the Black Sea, and in avoiding the dangers of
the coast of Southern Greece.
[Illustration: THE ISTHMUS OF CORINTH CANAL.]
Meanwhile, the canal works, for which the capital was chiefly found
in France, have been abandoned, pending the acquisition of additional
funds. There are those who hold that it is little likely that the canal
will ever be consummated, and the unfortunate issue of the works on
the Panama Canal appears to justify the view that the French nation,
who are almost alone concerned, will hesitate before they put their
hands very deeply into their pockets in order to carry to completion an
undertaking which is by no means certain to be a financial success.
FOOTNOTES:
[213] Plin., t. iv. c. 4.
[214] ‘Moniteur de la Banque et de la Bourse.’
[215] These particulars are taken from a report made to the Foreign
Office by Her Majesty’s Secretary of Legation at Athens.