SUEZ CANAL.

New Zealand Herald, Volume XLVI, Issue 14214, 10 November 1909, Page 7

SUEZ CANAL.

THE TRIBUTE TO EGYPT. TOO MUCH FOR COMPANY. By Telegraph.— Association.—Copyright. ; (Received November 9, 11.10 p.m.)' — 1 London, November 9. Reuter's Agency understands that the Council of the Suez Canal Company has rejected Egypt's latest conditions for the -renewal ._ of the concession for the canal, and that the matter will drop unless revived by the Egyptian Government. , ~; ■,/„■; ( —-— The JSuez Canal Convention, which was submitted to the Egyptibn Council of Ministers last week, proposed to prolong the concession for the canal till 2008 if, after 1969, half the annual net'profits of the canal went to Egypt. If, in any year the profits are below 100,000,000 francs" (£4,000,000) the: Canal Company was, to % take ; 50,000,000 francs { £2,000,000) and Egypt' the remainder. If^the,pj-pfitß were .below 50,000,000 francs Egypt was to take nothing. In return for the prolongation of the concession Egypt was to receive £4,000,000 in s four yearly instalments, beginning in 1910. After 1921 Egypt was to receive 4 per cent, of the profits, after 1931 6 per cent., after 1941 8 per cent. ', after 1951 10 per cent., and after 1961 12 per cent, until 1968, Egypt to be entitled to half the company's assets upon the expiry of the concession.