TABLE No. 18.-Comparative statement of vessel entries during the years 1900 and 1901, port of Panama. [New Panama Canal Company, Anonymous Association, capital 65 millions; company headquarters 7 rue Louis-le-Grand.] Taken from the record of the deliberations of the council of administration. Session of January 9, 1902. Monvoisin, vice-president, Forot, administrator, Gueydan, administrator, Le Baron de Lassus St. Genies, administrator, The council decides unanimously to make an offer at a fixed price for the cession to the Government of the United States of all the properties and rights which the New Company possesses on the Isthmus, without any exception, for $40,000,000, and it delegates to its president, M. Bo, all powers to transmit that offer, and effect and sign the said cession. Copy conforming with the original. M. Bo, President of the Council of Administration. [Telegram addressed to Admiral Walker, January 9, 1902.] The New Panama Canal Company declares that it is ready to accept for the whole of its properties and rights on the isthmus, without exception, the sum of $40,000,000. This offer good up to March 4, 1903. Bo, President of the Council of Administration. Certified to be in conformity with the original. Bo, President of the Council of Administration, [Telegram addressed to Admiral Walker, January 11, 1902.] The offer of cession of all our properties comprises also all plans and archives at Paris. Bo, President of the Council of Administration. Certified to be in conformity with the original. Bo, President of the Council of Administration. [New Panama Canal Company, Anonymous Association, capital 65 millions, company headquarters 7, rue Louis-le-Grand.] Taken from the report of the ordinary general meeting of stockholders of the New Panama Canal Company, held December 21, 1901, in the hall of the Association of Agriculturists of France, 8 rue d'Athènes, Paris. Saturday, December 21, 1901, at 2.30 p. m. The stockholders of the New Panama Canal Company, an anonymous association, with a capital of 65,000,000 francs, having its headquarters at Paris, 7 rue Louis-le-Grand, Having met in ordinary general assembly at Paris, in the hall of the Association of Agriculturists of France, 8 rue d'Athènes, in consequence of a call inserted in the general journal of announcements, issue of Friday, November 29, 1901, called "Little Announcements" (Petites Affiches), M. Bo, vice-president of the company, presiding, The president announces that the roll of those present, signed by each stockholder upon entering, shows the presence of 227 stockholders, representing either for themselves or as proxies 592,304 shares, giving a right to 7,523 votes, to wit, more than half of the company capital; that in consequence the meeting, being legally constituted, can validly deliberate. He places upon the table the stamped copy, recorded and authenticated, of the number of the Petites Affiches of November 29 aforesaid. Afterwards the president invites to assist him two of the principal stockholders present: M. Jean Pierre Gautron, judicial administrator, in the name of and as liquidator of the Universal Company of the Interoceanic Canal of Panama, having headquarters at Paris, 42 Rue de la Chaussee d'Antin; and M. Uribe, residing at Paris, 12 Rue de Bassano, consul-general of the Republic of Colombia, specially accredited to represent his Government at the meeting, The liquidation of the Universal Company of the Interoceanic Canal of Panama, being owner of 158,655 shares, and the Government of the Republic of Colombia of 50,000 shares. MM. Gautron and Uribe accept the functions of examiners and take their places at the table. The president and examiners designate as secretary of the meeting, M. Edouard Lampre, residing at Paris, 39 Boulevard Berthier, who accepts. The bureau being thus constituted, certifies the list of those present. SECOND RESOLUTION. The general meeting, after having heard the report of its council of administration, approves the conclusions of that report and gives all powers to its council of administration to negotiate the cession of the properties, concessions, privileges, etc., of the company, and to contract, with the reservation of ratification by the stockholders. This resolution is adopted almost unanimously. [New Panama Canal Company, Anonymous Association; Capital, 65 Millions; Company Headquarters, 7 Rue Louis-le-Grand.] Taken from the report of the ordinary general meeting of stockholders of the New Panama Canal Company, held December 21, 1901, in the hall of the Association of Agriculturists of France, 8 Rue d'Athènes, Paris. Saturday, December 21, 1901, at 2.30 p. m. The general meeting ratifies the nominations of administrators made by the council of administration in pursuance of article 23 of the by-laws, of M. Rischmann to replace M. Rouget, of M. Forot to replace M. Hutin, and of M. Bourgois to replace M. Choron. It appoints, besides, M. Gueydan as administrator, who will make the tenth administrator, and decides, in conformity with article 22 of the by-laws, that four administrators instead of three shall be designated before the next general annual meeting, which will vote to replace or reelect them. This resolution is adopted almost unanimously. The order of the day being accomplished, the session adjourns at 4 o'clock. The faith of which there has been drawn up the present report, which is signed by the members of the bureau to serve and value as it lawfully may. M. Bo, EXHIBIT U. OPINION BY MAÎTRE DU BUIT AS TO JUDGMENT CREDITORS OF THE COMPAGNIE UNIVERSELLE According to French law judgments, even for liquidated sums, obtained against a debtor, do not in themselves confer upon the creditor any right of preference or right to follow the property of the debtor. These judgments carry with them a judicial lien upon all real estate (art. 2123 of the Civil Code); that is to say, they confer upon the creditor who obtained them the right to obtain a lien by an entry on the registers of liens of the place where the property is situated (art. 2134), but the lien affects the property only by virtue of the entry. Unless the claim sanctioned by the judgment is in its nature a claim preferred as to certain property or as to all property, the creditor can not obtain from the judgment or from the date of its entry any priority over claims, whether supported by executory instruments (judgments or notarial deeds) or not, whatever may be their earlier or later date. (Arts. 2093 and 2094.) The existence of these judgments does not affect in any way the right of disposition, which continues to belong to the debtor; all alienations not made in fraud of creditors, are, therefore, valid, and transfer title to the purchasers (art. 1167), subject to the right of redemption in the case of conveyances of real estate. The only effect of judgments is to allow the creditor who had no executory instrument, but only a private right, to levy upon and have sold, the property, personal and real, belonging to his debtor (art. 545, Code of Procedure, 583, 673); but this right, even when exercised, does not confer upon him any right of preference in the proceeds of the sale of the personal or real property upon which he has levied, and which he has had sold (arts. 2093, 2094, Civil Code). All other creditors of the same debtor, whether they hold executory instruments or not (art. 609, Code of Procedure), have the right to come in to share in the proceeds of sales made at the instance of the most diligent. It may even happen that in the distributions (art. 656 et seq. of the Code of Procedure) or in the orders (these latter are open, as to the price of real estate) (art. 749 et seq. of the Code of Procedure) which the court may make for the distribution of the price, the creditor making the levy may find himself confronted by creditors having a right to priority, and that he may be reduced, after the deductions made for them, to receiving only an insignificant share. It will be seen, therefore, that the act of 1893 might, without violating any rule, and without disregarding any rested right, provide that the creditors (not mortgage creditors, moreover) of the Compagnie Universelle de Panama, which owned no real estate in France, should not have the right to enforce, themselves, judgments which they might have obtained before the promulgation of the act. In fact, these judgments would not have given, even in case they had enforced them by levy and judicial sale of certain property, any exclusive or preferential right to |