THE SUEZ CANAL.

Manawatu Standard, Volume LVI, Issue 44, 21 January 1936, Page 6

THE SUEZ CANAL.

Italy has had to make extensive use of the Suez Canal during the past twelve months and has added considerably to the income of the company. This great waterway is Europe’s road to Asia and Oceania, and the Suez Canal is of singular interest to Australia and blew Zealand. The history of the Suez Canal is a romantic one. This titanic enterprise was conceived and even begun by King Seti I, 1340 8.C., and since then many had planned the cutting of Suez, not least of them being Napoleon. The concession to construct the canal was secured in the ’sixties of the last century by the famous Ferdinand de Lesseps; as a matter of fact it was in 1869, and was for a period of 99 years, that is, the concession will expire in 1968. After due but at present unstated compensation has been paid the canal will become the property of the Egyptian Government. The canal was opened on November 17, 1869; Eugenie, the Empress of the French, standing in the bows of her yacht L’Aigle, was the first passenger to make the transit of the canal. The capital of the company is divided into 801),ODD shares, of which the British Government holds 353,000. Hoav Britain acquired these shares is a romantic story. The Cairo correspondent of a London paper telegraphed to the editor that the Khedive was endeavouring to sell his shares in the Suez Canal Company and some French financiers were considering their purchase. The editor saw the importance of the matter, and showed the telegram to Benjamin Disraeli, who was then Prime Minister of England. The shares soon changed hands, Britain paying £4, 000,000 which was found at short notice by the Rochschilds. There are 32 directors, 21 of whom are French, 10 British and one Dutch. The value-of the shares to-day depends on efficient management and on the loyalty and service of 100 expert pilots, and more than 2000 workmen. In 1934 the canal receipts, were 856,410,000 gold francs—an increase of just over 4,000,000 francs on the previous year’s traffic, despite a reduction in dues last April of 4£ per cent. This tribute —5£ francs for every ton and 10 francs for every passenger —is paid by nearly all the nations of the world. In 1934 Britain paid more than half the dues received, and the balance was. provided by 21 other countries. More than a quarter of a million passengers, including 1 90,000 troops, travelled between its fiat banks. More than 50 shipping companies sent their vessels through this bottle neck. Thirteen hours, 36 minutes, was the average time that each of their ships took to make the passage. The British Tanker Company was the largest user, sending nearly 1,500,000 tons more through than any other line: its nearest rival was the P. and 0. with nearly 2,000,000 tons gross.