M. Wyse had vainly tried to start a Company; but when Lesseps, with all the prestige of his Suez Canal, joined him, there was comparatively little difficulty. Personally, Lesseps seems to have known little of Panama--all his knowledge was gained at second hand. The first public subscription was invited in July, 1879, the capital being 400,000,000 francs (£16,000,000), in 800,000 shares at 500 francs each. This large sum, however, was not obtained at once, only £3,200,000 being applied for. However, Lesseps was not discouraged, but determined to go on with the work, trusting that money would flow in as it was wanted, which ultimately proved to be the case, until the project appeared hopeless. He visited the isthmus, and made a triumphal progress over the line; he even witnessed one of the great floods of the Chagres river, which rose forty feet and covered the railway. Undaunted by this, he went over to Panama, and on the 5th of January, 1880, inaugurated the great canal with a ceremony and _fête_. He then stated that success was assured, and declared, upon his word of honour, that the work would be much easier on the isthmus than in the desert of Suez. In March following he visited New York, where he was but coldly received, on account of American jealousy of European influence. The President said that the capital invested in such an enterprise by corporations or citizens of other countries must be protected by one or more of the great Powers, but no European Power could intervene for such protection without adopting means which the United States would deem inadmissible. This did not damp his enthusiasm; if other countries would not assist, all the credit would go to France. The Company had a concession from the Columbian Republic for twelve years, and the United States would not be likely to interfere. It will be interesting here to compare the estimates for the canal by different persons and at different times within two years:-- M. Wyse, 1879 £17,080,000 The Paris Congress, 1879 41,760,000 The Lesseps Commission, February, 1880 33,720,000 M. de Lesseps himself, " " 26,320,000 Rectified estimate, September, 1880 21,200,000 Lesseps said he had an offer from a contractor to complete the work for twenty millions. Backed by the press and the deputies, the Company's shares sold freely, and on the 3rd of March, 1881, it was fully established. It was promised that in the course of that year the line of the canal should be cleared, and dredging commenced. Lesseps expected to finish in 1887, but in 1884 and the two following years he was obliged to advance the time to 1890. The canal was to be 47 miles long, 70 feet wide at the bottom, and 29 feet deep.