SUEZ CANAL CONCESSIONS.

Manawatu Standard, Volume 9186, Issue 9186, 9 April 1910, Page 5

SUEZ CANAL CONCESSIONS.

REJECTED BY THE EGYPTIAN ASSEMBLY. (By Electric Telegraph—Copyright.) (Per .Press Association..) CAIRO, April 8. The- Egyptian General Assembly, by 66 votep to one, rejected the Government's proposals for a renewal of tho Suez concessions Enthusiastic Nationalists paraded the streets after the decision and much passion was displayed, with deafening shouts of "Down with Roosevelt."

As the result of its deliberations at Cairo towards the- end of last year, the Suez Canal Convention submitted a draft set of proposals to tho Egyptian Council of Ministry. Tho Convention, inter alia, proposed: —To prolong the concession till the year 2008; after 1969 half the annual net profits shall go to Egypt; if in any year the profits are below 100.000,000 francs the company takes 50,000,000 francs and Egypt takes nothing; in return for the prolongation of the concession Egypt receives £4,000,000 _in four yearly instalments, beginning in 1910; after 1921 she receives 4 per cent of the profits; after 1931 6 per cent; after 1941 8 per cent; in 1951 10 per cent, and then 12 per cent until 1963. The proposals also included a proviso that Egypt is to be entitled to half the company's assets upon the expiry of tho concession, and it was also agreed that 'Egypt's £4.000.000 shall be exclusively devoted to irrigation, railways, and other remunerative expenditure, and the amortisation of her public debt The Khedive convoked the General Assembly to consider the proposals as ■drafted.