Word: panamas
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When President Johnson announced last December that the U.S. would dig a new sea-level canal connecting the Atlantic and Pacific, the obvious location seemed to be Panama, probably 125 miles southeast of the old canal...
...will welcome international or inter-American administration of the waterway. For its money, the U.S. will insist that the canal be a genuine public service to the world, operated, as is the present canal, on the basis of guaranteed access without discrimination for all nations at fixed, reasonable rates. Panama would profit from a major share of the tolls and a powerful voice in the administration, to say nothing of greater trade, tourism, and a dozen other benefits. But Panamanians do not quite see it that...
...Panama's nationalists have long been rabidly convinced that the U.S. reaps enormous profits from the old canal. The facts: toll rates have not been raised since 1914; the canal grossed $68 million last year, barely enough to cover expenses; in 50 years, the U.S. has not yet amortized the $380 million original cost. Nevertheless, the nationalists view the present canal as a Panamanian "natural resource," and that attitude guides even such able men as President Marco Robles and Foreign Minister Fernando Eleta. Their position, at least as an opening gambit: they will agree to a new canal only...
...continue operating the old canal. Said one perplexed U.S. official: "First they make an issue over the U.S. not having 'sovereignty in perpetuity' over the canal. Then, after all the talk of getting rid of us, they say that we are morally obligated to remain in Panama under the 'perpetuity' clause to keep the canal going as a business operation for the Panamanians. Now that is an absurd contradiction...
Barring some unforeseen explosion, Robles can now get on with the important business of negotiating a new treaty and getting Panama's economy back in shape. In 1963 Panama had its best year in history; last year, after the riots, was far from good. Some $30 million in capital fled to Switzerland and Nassau, so far has not returned. Zone residents, who once spent $1,600,000 a month in Panama City, are beginning to spend again, but many remain hesitant to shop in town. New foreign investment virtu ally was halted for months following the disorders. The unemployment...