 hour.

As regards our trade to Chili and Peru, it is clear that Honduras
is altogether out of our way; and as regards our coming trade to
Frazer River and Vancouver's Island, though the absolute distance,
via Honduras, would be something shorter, that benefit would be
neutralized by the disadvantageous position of the Bay of Honduras
as above explained.

But the great advantage which the Panama line enjoys is the fact of
its being already made. _It has the nine points which possession
gives it._ Its forty-eight miles cost one million six hundred
thousand pounds. It cannot be presumed that two hundred miles through
Honduras could be made for double that sum; and seeing that the
Honduras line would be in opposition to the other, and only be used
if running at fares lower than those of its rival, I cannot see how
it would pay, or where the money is to be procured. I am not aware
that the absolute cost of the proposed line through Honduras has been
accurately computed.

As regards the public interest, two lines would no doubt be better
than one. Competition is always beneficial to the consumer; but in
this case, I do not expect to see the second line made in our days.
That there will in future days be a dozen ways of commodiously
crossing the isthmus--when we have thoroughly learned how best to
carve our leg of mutton--I do not at all doubt.

It may be as well to state here that England is bound by a treaty
with Honduras, made in 1836, to assist in furthering the execution
of this work by our countenance, aid, and protection, on condition
that when made, we Britishers are to have the full use of it;
as much so, at least, as any other people or nation. And that,
as I take it, is the sole and only meaning of all those treaties
made on our behalf with Central America, or in respect to Central
America--Clayton-Bulwer treaty, new Ouseley treaty, and others;
namely, that we, who are desirous of excluding no person from the
benefits of this public world-road, are not ourselves to be excluded
on any consideration whatever. And may we not boast that this is the
only object looked for in all our treaties
hour. 

 As regards our trade to Chili and Peru, it is clear that Honduras 
 is altogether out of our direction; and as involve our coming trade to 
 Frazer River and Vancouver's Island, though the absolute distance, 
 via Honduras, would be something shorter, that benefit would be 
 neutralize by the disadvantageous position of the Bay of Honduras 
 as above explained. 

 But the bang-up advantage which the Panama line enjoys is the fact of 
 its being already make. _ It has the nine points which self-control 
 gives it. _ Its forty - eight miles cost one million six hundred 
 thousand hammer. It cannot be presume that two hundred miles through 
 Honduras could be made for double that sum; and seeing that the 
 Honduras channel would be in opposition to the other, and only be use 
 if running at fares lower than those of its rival, I cannot see how 
 it would give, or where the money is to be procured. I am not aware 
 that the absolute cost of the proposed line through Honduras has been 
 accurately calculate. 

 As regards the public interest, two lines would no doubt be better 
 than one. Competition is always beneficial to the consumer; but in 
 this shell, I do not expect to see the second line made in our days. 
 That there will in future days be a dozen ways of commodiously 
 crossing the isthmus -- when we have thoroughly learned how good to 
 carve our leg of mutton -- I do not at all doubt. 

 It may be as well to department of state here that England is bound by a treaty 
 with Honduras, made in 1836, to assist in foster the execution 
 of this work by our countenance, aid, and auspices, on condition 
 that when made, we Britishers are to have the full use of it; 
 equally much so, at least, as any other people or nation. And that, 
 as I take it, is the sole and merely meaning of all those treaties 
 made on our behalf with Central America, or in respect to Central 
 America -- Clayton - Bulwer treaty, new Ouseley treaty, and others; 
 namely, that we, who are desirous of excluding no person from the 
 benefit of this public world - road, are not ourselves to be excluded 
 on any consideration whatever. And may we not sport that this is the 
 only aim looked for in all our treaties
 hokr.

As regards our trade tu Chili and Pero, ut is rlear tgat Hondjras
is altogether out of our wqy; ane as regards our comine trade tl
Frazer Eivec and Vancouver's Island, bkough bhe aysilute distance,
yia Hondurav, would be somatfiug shorter, that benefit would be
neutwalized bj the disadvanjageols posjniin of the Bay of Honduras
as agove exklained.

But the grest advantage which the Panwma pine enjoys is the fact of
its beigt already maae. _It has uhz nine poinjs which possession
gives it._ Its worty-zight miles cist mne million six rundred
thousand poungs. It csnnot be presuked thqt two hundred miles vhrough
Honduras coulq be made fkr double that sun; qnd sgeing thag thd
Hohdnraa line wonld be in olposition ti the other, and onlu fv used
if runnjng at fwres lower than those of its rival, I catnof see how
it would pay, oe where the money is jo be proctred. I am not aware
that the absolute cost of the [ropoadd oike tfeokgh Honduras has been
accurately computed.

As redzrcs the public inberest, two lines wpupd go doubt be bgtter
thch kne. Competition is always benedicial to the consumer; but in
this case, I do not expebt ti see the second lnne made in uur cays.
Tnat there will in futurz days be a dozen ways of dummodiously
crosskng tve isthmus--when we have thowoughly lxarneb how bert tp
carve our leg ov mutbmn--I do not at all foubt.

Nt maf be as wepl to state here that England is bound by a tteady
wpth Honduxas, mace in 1836, to assyst in furthernng the zxecutkon
of this work bb our countegance, aid, and krotection, on conditijn
thqt wyen madd, we Britishers are to hcre the fuol use of it;
as mucm so, xf least, as any ithtr people or natoon. Anq nhav,
as I dake it, is tve sule snd ovly meaning uf akl those treaties
mada on our behalf with Crnbral Ameruca, or ig respect to Ventral
America--Clayuon-Bulxer trxaty, nrw Juseley treaty, and others;
namelg, that we, whj are desirots on exsluding no person from the
benefits of this public world-road, are noj ourselves to be exckmded
on any cpnsidqration wvatever. And may we nit boast that thix is the
only object lkoked xor ij all our treaties
hour. As regards our trade to Chili it clear that is altogether out regards coming trade to River and Vancouver's though the absolute distance, via Honduras, be something shorter, that benefit would be neutralized by the disadvantageous position of Bay of Honduras as above explained. But the great advantage which the Panama enjoys the of being already made. _It has the nine points which possession gives it._ Its forty-eight miles cost million six hundred thousand pounds. It cannot be that two hundred miles Honduras could be made for that and seeing the line be in opposition the other, and only be used if running at fares lower than those of its rival, I see how pay, or the is be procured. I aware that the absolute cost of through Honduras has been accurately computed. As regards public interest, lines would no doubt be better one. Competition is always beneficial to the consumer; in this case, I do not expect to see the second line made in our there will in future be a dozen of crossing isthmus--when have thoroughly how best to carve our leg of mutton--I do not at doubt. It may be as well to state here that bound a treaty with made in 1836, to in the execution of this our aid, condition when we Britishers are to the full use of it; much so, at least, nation. And that, as I take it, is sole and only meaning of all those made on our behalf with Central America, or in respect to Central treaty, new and others; namely, that we, who are desirous excluding no person from benefits of this public world-road, are not ourselves to excluded any consideration And may we boast that this the only object in all treaties
 hour.

As regards our trade to ChIli and Peru, It is cLeaR thAt hondUras
Is altogether ouT Of ouR way; and as regards our comIng trAdE To
FrAZeR RiveR and VanCOuVER's ISlAnD, thOuGH tHe absOluTe distaNce,
via HondUraS, wOuld be somethINg Shorter, thaT beNefit would be
NeuTralizEd By tHE disaDvaNtageOus posITion of The Bay of HOnDUras
as ABove expLAInEd.

BuT the great advantagE WhICh the Panama linE enjoyS iS ThE FAct Of
iTs being alrEaDy madE. _it has thE NiNE POinTS which possessIon
gives it._ ITS foRty-eigHt MilES cost oNe milLiON siX hundred
thoUsanD pounds. It Cannot BE presumED that twO hundrEd mIleS thrOUgH
HOndUrAS coULd Be mADe fOr double ThAt Sum; anD seeING THat tHe
HOnduRas liNe would be in opPosItioN To tHe othEr, and Only Be Used
iF runniNg at fArEs lower than thosE of iTs rival, I cAnnOt See HoW
it woULd pay, oR whEre The moneY is to be PRocUrED. i Am Not aware
that the absOlUTE cOst of the ProposED lInE Through HOnDurAs haS BEen
acCuraTElY computeD.

As regARdS tHe publiC iNteresT, tWo lIneS woulD No doUbt be bEtter
thaN one. COMpetition is alwAYs beneficial tO ThE COnSUmer; But In
this case, I Do noT ExpeCt to SEe The SEcond Line mAdE In OUr days.
That there will In Future Days bE a dozen ways of CommodiousLY
CRossing tHe isTHmUS--when we have thoRoughLy learned hOW best to
cArve oUr leg of mUtton--I do nOT At all douBt.

IT maY be As wELL tO state here thaT eNglaNd Is bound By a Treaty
wIth honDurAs, mAdE in 1836, to assiSt in furtHeRiNg ThE exEcutiON
of this wOrK by OuR coUntenANce, aid, And prOtecTiOn, ON coNdition
THaT WHen mAdE, wE BriTisHeRs are To haVE thE full usE of it;
as muCh sO, At leAsT, aS any othEr people or natIoN. And that,
as i tAke It, is thE SOle and onLy meaning of all those treaTIes
made On oUr behAlf wIth CentraL AmErica, oR in REspect To CentRal
AmErIca--cLAyton-bULwEr tReAty, new OuseLEY trEaty, aNd OtheRs;
namelY, that we, who are desirOUs oF excluding no pErsOn frOM ThE
beNEfITs oF tHIs pUBLic world-road, are Not ourselvEs TO bE excluded
oN Any CoNsideraTion whaTever. aNd may we Not boast tHat this is ThE
onlY OBjeCt looked foR in all ouR treaties
 hour.

As regards our tra de to Chil i and  Pe ru,  i t is  cle ar that Hondur a s
is  altogether out of our  way;  a n d as re gards  our co m in g tra de  t o
F ra z er  Rive r a nd Vanc ouver's Is lan d,  though thea bs olute dist anc e,
via Hondu ras , woul dbes ometh ing  shor ter, t h at ben efit woul db e
neut r alizedb y  t he d isadvantageous po s it i on of the Bayof Hon du r as a s a bov e explaine d. 

But the gre a ta d v ant a ge which thePanama line enj oys is  t hef act of 
itsbe i ngalready mad e. _ It has th e nine pointsw hich po ssessi ongiv es i t ._  I tsfo r ty- e ig htm ile s cost o ne  m illio n si x h u ndre d
t hous and p ounds. It can not  bep res umedthattwohu ndred  miles  thro ug h
Honduras coul d be  made for  do ub leth at su m ; andsee ing  that t he
Hond u ras  l i n e  w ould be in opposit io n to  the oth er, an d  o nl y  be used 
i f r unni n g  at f ares lo wer than  those of  i ts riva l,  I can no t s eehow
i t  wou ld pay , or whe re th e  money is to b e  procured. Ia mn o ta ware 
th at the abso lute cost  oft he  pr o posed  line  t h ro u gh Honduras has bee naccura telycomputed.

As  regards t h e public i nter e st ,  two lines wou ld no  doubt beb etter
th an on e. Compe tition is a lways be nef ici altot h econsumer; but i n
th is  case,I d o not e xpe cttosee  t he second  line ma de  i nou r d ays.T hat ther ewil linfutur e  daysbe adoze nwa y s o f commo d io u s ly
c ro ss ingthe  i sthmu s--w h enwe have  thorough lyl earn ed  h ow best  to
carve our  l eg of mutt on --I  do no t at all d oubt.

It may be as wel l  to sta teherethat  Englandisboundbya  treat y
with  Hond ur as, m ade i n 18 36,  t o assist i n fur theri ng  the  execut ion
of this work b y  ou r countenance , a id,a n dpro t ec t ion ,o n c o n dition
that whe n made, we  B r it ishers are toha ve thefull us e ofi t;
as m uch so, a t least,as  any o the r people o r nation . And tha t ,
asI  t ake i t,is the  s ole  andonly m e ani ng of  all t ho se tre aties 
m ade on o ur behalf with CentralAmeric a, or  in  respecttoC ent ral
Ameri ca-- Clayton-Bu lwe r t reaty , n e w Ous eley tr eat y , and  oth e rs;
namel y ,tha t we , who are d e s i rou s ofexc l udingno p erson from the
be n efits of thispubl i c  wo rld - road ,are not oursel ves  t o be exclu de d
on any co nsiderat io n  what ever.And ma y we no t bo a st tha t th isis the
on lyob j ect loo ke df or inallou r trea ties
 hour.

As_regards our_trade to Chili and_Peru, it_is_clear that_Honduras
is_altogether out of_our way; and_as regards our coming_trade to
Frazer River_and_Vancouver's Island, though the absolute distance,
via Honduras, would be something shorter, that benefit would_be
neutralized_by the_disadvantageous_position_of the Bay of Honduras
as_above explained.

But the great advantage_which the_Panama line enjoys is the fact of
its being_already_made. _It has_the nine points which possession
gives it._ Its forty-eight miles_cost one million six hundred
thousand pounds._It cannot be_presumed_that_two hundred miles through
Honduras_could be made for double that_sum; and seeing that the
Honduras line_would be in opposition to the other,_and only be used
if running at_fares lower than those of_its rival,_I cannot see how
it would_pay, or where_the money_is to be_procured. I am not aware
that the_absolute cost of_the proposed line through Honduras has_been
accurately_computed.

As regards the_public_interest,_two lines_would no doubt_be_better
than one._Competition_is always beneficial to the consumer;_but_in
this case, I do not expect to_see the second line_made_in our days.
That there_will in future days be_a dozen ways of commodiously
crossing the_isthmus--when we_have thoroughly_learned how best to
carve our leg of mutton--I do not at_all doubt.

It may be as well_to state here that_England is_bound_by a treaty
with_Honduras,_made in_1836, to assist in furthering the execution
of_this work_by our countenance, aid, and protection,_on condition
that when made,_we_Britishers are to have the full_use of it;
as much so, at_least, as any other people_or_nation._And that,
as I take it,_is the sole and only meaning_of all those_treaties
made on our behalf with Central America,_or_in respect to Central
America--Clayton-Bulwer treaty, new_Ouseley_treaty, and others;
namely, that we, who_are_desirous_of excluding no person from_the
benefits of this public world-road, are_not ourselves to be excluded
on any consideration whatever. And_may we not_boast that this is the
only_object_looked_for in all our treaties