THE SUEZ CANAL

Dominion, Volume 23, Issue 80, 28 December 1929, Page 9

THE SUEZ CANAL

INTERESTS OF GREAT BRITAIN On November 17, 1869, the Empress Eugenie, with M. de Lesseps by her side, made the first journey through the Suez Canal and formally opened that great highway to the commerce of all nations. “It was conceived and completed in spite of the strenuous opposition of the British Government, which, in 1875, 15 years after its completion, became the largest shareholder,” says the London “Times.” “There can be few Englishmen who are not glad that British diplomacy was defeated on that occasion by French pertinacity. And the error was retrieved by Lord Beaconsfield’s wisdom in purchasing the Khedive’s shares when an opportunity presented itself, and in thus acquiring sonie seven-sixteenths of the voting power In the company. But though Great Britain is the largest shareholder and very much the largest customer, owning considerably more than half the shipping which passes ■ through the canal, the undertaking retains its predominantly French character. The Administration is French, and the board, which sits in Paris, is composed of 21 Frenchmen, as against ten representing Great Britain and British trade interests, and one Dutchman. That, in view of the early history of the canal, is in accordance with the historical fitness of things, and has never given rise to any friction either in policy or in administration. The international character of the undertaking is guaranteed by the convention of 1888, which was signed by the seven Powers principally interested, and grants the free use of the canal on equal terms to every vessel without distinction of flag. Throughout K the 60 years of its existence that principle has been faithfully observed. The company’s concession has still 39 years to run. Before it expires means will have to be devised to secure thenceforward the same uninterrupted freedom of traffic and the efficient service which it has given to the world’s trade. From our own point of view that is manifestly a vital interest—not only for Great Britain, but for India, Australia, New Zealand, and all the parts of the British Empire east of Suez.”