in September, 1910, when he stated that in his opinion the canal would be opened in January, 1915, at latest, and perhaps by the end of 1913. With regard to the fortifications, he said that the United States Government were bound in honour to fortify their great work so as effectively to guarantee its neutrality and to prevent its being used against them. To refuse to fortify it he asserted would mean the abandonment of the Monroe doctrine. He also pointed out that one of the national advantages the United States gained by the waterway was the doubling of the strength of their navy. Forts are already in course of construction on the islands lying at the mouth of the Pacific entrance and on the shores of Limon Bay. When schemes of great magnitude are accomplished certain interests are bound to suffer. The greatest sufferer in the present instance is likely to be the Tehuantepec Railway. The railways of America may also “feel the draught,” and will no doubt actively oppose the raising of capital for steamship companies. The fixing of canal dues has yet to be done, and the shipping world is looking forward with keen interest to the arrangements that will be made. The passing by the Senate of the Panama Canal Bill in August, 1912, with its clauses giving favoured treatment to America coastal shipping has aroused a chorus of protest from foreign countries, and even in the States difficult points remain to be settled, and until they are the interests of different shipping and railway companies are naturally rather anxious. In nearly all maritime countries preparations are being advanced to take advantage of the new highway, and American shippers in particular are awaking to a sense of the importance of the markets made more accessible. The American Hawaiian Company, now using eighteen ships between Hawaii and New York, has ordered five large freight steamers to the island via Panama Canal. A new company, the “Atlantic and Pacific,” proposes fifteen vessels as a start. The Royal Mail steamers from Southampton to Colon and the Pacific Steam Navigation Company will be in a strong position for obtaining a large proportion of the South American trade. The Hamburg-American are reported to be looking for docks at San Francisco. The Ward and other American lines will become patrons of the canal, and it is estimated that one hundred new American vessels will soon be under construction in national yards, and that will make nearly one hundred and fifty of that nation ready for the canal. Other countries are not idle. Japan has boats in course of construction; Denmark contemplates a service between Copenhagen and San Francisco and other Pacific ports; the Holland-American line of Rotterdam and the French Transatlantic will also enter into the Pacific trade. The Hamburg-American line projects carrying emigrants to the Pacific coast (Peru, etc.) from Hamburg, Antwerp, Cherbourg, Plymouth, Genoa, and Naples at the same rate as to New York plus canal dues. That