1. That part of the canal situated in the plains to be excavated by ordinary means, namely, hand labour, dredging machines, and sand pumps. This portion of the work was to be finished at the end of 1883.
2. At the same time as the above-mentioned work was in progress, the upper portion of the rocky crest to be blasted, and the refuse carried away by railway.
3. Towards the end of the year 1883 several large dredging machines, constructed on the most approved principles, were delivered to the company. These machines were capable of removing 5500 cubic metres of soil in ten hours. They were each of 300 horse-power, and were constructed by the firm of Messrs. Sâtre and Demange, of Lyons. They cost 550,000 fr. each.
As regards the system of excavating the rock, M. Gerster’s plan was to sink vertical shafts to the level of the canal, by means of machines constructed for the purpose, for which cartridges of dynamite were to be employed at distances of 2 to 3 metres from each other, which were to be exploded simultaneously.
The execution of this enterprise was confided to the Société des Ponts et Travaux en Fer (ancienne maison Joret et Cie), in conjunction with L’Association des Constructeurs. These two companies engaged to undertake the cutting of the canal for the sum of 24,600,000 fr., under forfeit if it is not completed within the prescribed time.
The annexed general and sectional diagrams ([p. 351]) explain the method by which it was proposed to carry out the execution of the enterprise.
The Isthmus of Corinth Canal Company was compelled, in consequence of unforeseen delays in their works, to obtain in 1887 an extension of three years for their completion. The canal was to have been opened in 1888. The geological strata to be passed through in excavation does 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.
THE ISTHMUS OF CORINTH CANAL.