Colombia's attempt to attract canal interest finally…

Colombia's attempt to attract canal interest finally brings French attention to bear on Panama.

After several surveys, a concession of exclusive rights is obtained from Colombia, and a company is formed in 1879 to construct a sea-level canal generally along the railroad route.

Ferdinand de Lesseps, of Suez Canal fame, heads the company.

The terms of the concession require completion in twelve years, with the possibility of a six-year extension at Colombia's discretion.

The lease is for ninety years and is transferable, but not to any foreign government.

The company also purchases most of the stock of the Panama Railroad Company, which, however, continues to be managed by Americans.