Show NICARAGUA CANAL Investigation of the Problem Began By the House Committee WASHINGTON March 27The investigation in-vestigation of the Nicaragua canal problem by the house committee on commerce was begun today by the appearance ap-pearance of Hon Warner Miller of New York the president of the canal company There was a full attendance of the members of the committee and other interested parties Mr Miller declared that he had not come for the purpose of recommending the Mahon bill which had been adopted by the subcommittee nor he had not even read the bill He described at some length the history of the work on the canal treating of the physical conditions in Nicaragua and many other details and Mr Millers idea was that the government gov-ernment should guarantee bonds to the amount of 100000000 at 3 per cent which would necessitate an annual expenditure ex-penditure of 3000000 for interest About 1000000 a year would be needed for maintenance and improvement above the cost of maintaining the canal ca-nal the remainder of the receipts would be put into a sinking fund for paying off the bonded debt The government gov-ernment he declared could pay nothIng noth-Ing for the canal under this arrange < j + lc ll ment and have some 70000000 of stock leftThe The canal company never had taken any part in legislation never had advocated vocated any plan for government control con-trol and never had appeared before congressional committees except when called upon The company had elt that I had a grievance against the government because after the introduction intro-duction of the senate bill it had been impossible to raise any money American Amer-ican capitalists had said that the government gov-ernment should take charge of the enterprise and foreign houses had feared that after 0 few years the government gov-ernment would take possession and return them only the money invested with no profits In reply to a question Mr Miller said that he had no doubt of the ability of the company to raise the necessary funds notwithstanding the financial condition of the world but the interposition of the government govern-ment Mr Miller dealt with the report of the commission sent to the Isthmus last summer at length I had been well understood he declared that the commission had been appointed by the opponents of the canal for delay He criticized the engineering attainments of the commisson and said that with the money at their command they had been unable to inspect the country sufficiently The Impression that the committees report was unfavorable to the project he asserted was incorrect projec Speaking of the Pacific coast Miller said it had been expected that a great population would settle there He assured as-sured the committee that vouchers for all expenditures made by the company would be placed at the disposal of any committee or commission and said they included no expenses for influencing influ-encing legislation The company felt that the time had come when the government gov-ernment either should take the work or give n ether tce to the world that it intended in-tended to do nothing s that the promoters pro-moters would have a clear field to work with other governments or capitalists capi-talists wih congress decided to drop the project Mr Miller said he would turn to the American people to Invest Amerc in the company and if that appeal failed he would turn the work over to someone else |