The return of maritime warfare in the Atlantic and Pacific, and the proclamation by the United States of its neutrality in the existing state of war, raise anew important questions of law concerning the Panama Canal. While there is an abundant literature on the history of the Canal project, on the Panama Revolution, the Tolls controversy, the economic importance of the Canal and the cost of its defense, little has been written on the legal status of the Canal as a completed and operating institution. No complete survey of the treaties, laws, executive orders, regulations, agreements, opinions and decisions, and diplomatic correspondence seems to exist. Only by a laborious consultation of source materials, not all of which are easily accessible, can a comprehensive picture of the legal situation be pieced together. It is hoped that the treatment which follows may help to fill this lacuna.