Panama Kanalen I 1912

117 Article VII. It being desirable that no time should be unnecessarily lost in commencing and constructing the said Canal, the Governments of the United States and Great Britain determine to give their sup- port and encouragement to such persons, or company, as may first offer to commence the same, with the necessary capital, the con- sent of the local authorities, and on such principles as accord with the spirit and intention of this Convention; and if any persons, or company, should already have, with any State through which the proposed Ship-Canal may pass, a contract for the construction of such a canal as that specified in this Convention, — to the stipu- lations of which contract neither of the contracting parties in this convention have any just cause to object, — and the said persons, or company, shall moreover, have made preparations and expen- ded time, money, and trouble on the faith of such contract, it is hereby agreed that such persons, or company, shall have a prio- rity of claim over every other persons, persons, or company to the protection of the Governments of the United States and Great Britain, and be allowed a year, from the date of the exchange of the ratifications of this Convention for concluding their arrange- ments, and presenting evidence of sufficient capital subscribed to accomplish the comtemplated undertaking; it being understood, that if, at the expiration of the aforesaid period, such persons, or company be not able to commence and carry out the proposed enterprise, then the Governments of the United States and Great Britain shall be free to afford their protection to any other per- sons, or company, that shall be prepared to commence and proceed with the construction of the Canal in question. Article VIII. The Governments of the United States and Great Britain ha- ving not only desired in entering into this Convention, to accomp- lish a particular object, but, also, to establish a general principle, they hereby agree to extend their protection, by Treaty stipula- tions, to any other practicable communications, whether by Canal or rail-way, across the Isthmus which connects North and South