SUEZ CONCESSION.

Dominion, Volume 3, Issue 653, 2 November 1909, Page 5

SUEZ CONCESSION.

TERMS; OE EXTENSION. 1 ' THE COMPANY'S PAYMENTS TO EGYPT. '"ro'l'jl MILLIONS AND PROFITS.. ; i . (By, Telegraph -prtss Assoclp-tlort—Copyright.) . (Itec. November 1, 10.35 p.m.) . : London, November -1. ■ ..The Suez Canal Convention, 1 embodying th 6 terms of the proposed extension : for forty years of the . Stiez Maritime Ganal. Company's concession,., has; t)pen submitted to the- jjgyptian Council of' Ministers/: It proposes -to 'prolong .the .concession (which expires in 1068) till 2008, In return-for tho : prolong'ntiort of the conI cession Egypt will receive >the sum of M,000,000 i payable ill four yearly instalments beginning |in 1910. It. is agreed that this, four millions i shall bp exclusively devoted to 1 irrigation, railways, or other remunerative expenditure, or to the amortisation of tho debt, ■ '...Egypt will also share in tho company's annual profits on the fallowing ascending' scale t—? .' After 1921 Egypt receives ...... 4 per ofcnt. „ ,1981 „ „ 6 „ , lfii „ „ ...... 8 „ „'. -, » i'«i „ . „ *....,io „ , „ .11)61 „ „ 12 „ „ „ 1(169 , „ „ 50 „ , „ After 1989 half .thq qnnual net profits go to Egypt., If in any year tho l profits are below one hundred million francs, tho Company ..takes fifty million francs and Egypt takes nothing. • _ <■" - ■ EgJTi .is entitled to half tho Company's assets upon. the expiry of . tho conoeesiori. _ [Owing to tho excessive rates charged by the Suez Maritime Canal Company, ft soheine was formulated ii} the 'eighties to another canal parallel to the existing on? by (itt. indcpendentcompany,dnd.the,m<)iiey was freely Tho easting company then took legal opinion as •,to its' concession.' claimed 1 a monopoly of canal construction through tho isthmus; and niade an appeal to the Court at Grenoble; which it eoulcl do. tader the' capitulations. ; The French. Court, gaye- its .decision' in favour ,of v tlie existing company,', but. tho then rate 9 wore substantially reduced, though shipping interests still consider them to be unduly high.l -'I'