SUEZ THE CORMORANT

New Zealand Times, Volume XXXI, Issue 6962, 30 October 1909, Page 4

SUEZ THE CORMORANT

Whether it was Sir, Joseph Ward or Mr Dcakin who first drew public attention to the rapacity of the charges levied on shipping at the Suez Canal is a matter of ho very great moment compared with tho existence of this great obstacle to trade. That Sir Joseph Ward has taken a very prominent part in directing attention to the position is undoubted. The official report of the Conference of Premiers hold at London two years ago shows that Sir Joseph protested in vigorous terms against the perpetuation of charges which drove most vessels trading to the colonies to tho longer ocean routes. " There is nothing would do our countries moro good," he said, "than an alteration in the conduct of tho Suez Canal"—and.he went on to suggest that in tho interests of Imperial trade the canal should be made freo to British shipping, the respective States concerned to pay tho interest. "I have an absolute hatred of toll-bars," he added, "and if ever there was a . system of toll put as a clog on the development of trade it is the continuance of almost prohibitive charges on vessels using this canal." A very interesting discussion followed, and the suggestion mado by Sir Joseph seemed to be regarded with favour by Mr Asquith. It might well be. The Suez Canal Company is one of the most hungry of international cormorants. Its income is now £5,000,000 j a year, raised by a system- that can j only be characterised as ruthless extor- j tion. For instance, when a steamer, j of 12,000 tons uses the canal the j owners have to pay £3720 on the vos- ] gel and 8s 4d per head on the passen- i gers. One of the companies whose steamers run to Australia through tho canal pays £IOO,OOO a year. The immense annual income is distributed amongst 400,000 shares, half of which belong to tho British Government. The yearly profit is over £3,000,000. Tho j dividend for 1906 was 23 per cent., for 11907 over 30 per cent. This gives BriI tain a dividend of £750,000 on her investment, which, added to the interest in the reserve fund, means about a million a year. Tho investment cost £-1,000,000. Tho sharer, originally cost £2O each. To-day they are worth £l5O, solely because the canal holds the merchant marine of the world at its mercy. Every British shipowner who uses the canal is by England's express consent mulcted in i these rapacious charges. Nearly evcry | scheme for "shortening the distance " I between this side of the world and the other is frustrated by tho ravenous exactions to be met with at this, narrow waterway. Wo hear a great deal about the wisdom of promoting trade by a scientific taxation of imports, and so forth, but too little of tho pressing necessity for cutting commerce free from tho leeches which fatten upon its every movement. Tho Suez Canal represents a system of taxation of the worst kind. To perpetuate it would disrupt an Empire of adamant. Sir Joseph Ward and Mr Deakin have both spoken bravely and well against such folly. It would be well for them to again raise their voices in protest, for parleyings in regard to tho canal concession are still in progress.