EGYPT

Press, Volume XCIV, Issue 28154, 18 December 1956, Page 22

EGYPT

Sir,—When President Nasser announced the nationalisation of the company he said that compensation would be equal to the value of the shares on the French Bourse, at that date. According to the “Financial Times” this would amount to £65.000.000, and net assets of the company were £64,000,000. Of these net assets a considerable part—at least £33.000,000 —would appear to be in funds kept abroad. This compensation would be far more than for stocks and stores laid down in the original concession. On the other hand it has been suggested that the concession said nothing about taking over the company’s reserves. Investors, however, are talking about compensation also for loss of profits up to 1968 and have snoken of a possible total of nearly £248.000.000. I am afraid the shareholders cannot expect Nasser to treat this suggestion seriously.—Yours, etc., RALPH S. WHEELER. Timaru, December 15. 1956.

Sir. —lf it is still permissible for an Englishman to speak up for his (country, I would like to express my complete disagreement with “Returned Soldier, 1914-18.” I cannot see that Sir Carl Berendsen's almost vitriolic denunciation of British policy called for any more courage than might be attributed to Mr Gaitskell’s recent display of invective in the House of Commons. It is at least conceivable that ’Sir Anthony Eden and his colleagues are not quite the knaves, or even fools, that some people appear to assume; and that, in the matter of courage, it was not they who were lacking.—Yours, etc., December 17, 1956. M.T.