minority stockholders in the financial management, for they would favor a policy that would realize liberal dividends in proportion to the commercial value of the canal, while the policy of this Government might be to reduce tolls and charges to the cost of maintenance or even below it, if the interests of the people would be thereby advanced. The plan, however, which the company prefers is that outlined in its letter of February 28, 1899, addressed to the President of the United States, which has been published in Senate Document No. 188, Fifty-Sixth Congress, first session, pages 41 and 42. This was to reincorporate under the laws of New York or some other State, and accord to the United States such representation in its board of directors and such opportunity to acquire an interest in its securities as its concessions permitted. And an assurance was added to the effect that if the United States should desire to perpetuate or enlarge its existing rights and privileges acquired under the treaty of 1846, the company would conform to such supplemental treaty as might be entered into between the United States and Colombia. The Commission having no other authority than to make investigations and obtain information submits this result of its efforts to ascertain upon what terms the rights and privileges at the Panama route can be obtained. It is proper to add that the examination of the title of the present company to the canal property under the laws of France and Colombia has satisfied this Commission that the New Panama Canal Company has the entire control and management of the canal property. …