THE SUEZ CANAL
CONTENTION PROPOSALS ' CONCESSION EXTENDED NINETYNINE YEARS. EGYPT TO SHARE IN PROFITS. 3r Telegraph—Press AssocEation —Copyright (Received November 1, 10.35 p.m.) LONDON, November 1. The Suez Canal Convention now fitting at Cairo has submitted the result of its deliberations to tbo Egyptian Council of Ministers. It 'proposes, inter alia: • To prolong the concession till the year 2008. After 1969 half the annual not profits shall go to Egypt. If in any year the profits are below. 100,000,000 francs the company takes 60,000,000 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 1 1941 8 per cent.; in 1951 10 per cent., and then 12 per .cent, until 1968.
Egypt is to be entitled to half thb compa ay's assets upon the expiry of the concession, and it has also been 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.
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New Zealand Times, Volume XXXI, Issue 6964, 2 November 1909, Page 5
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184THE SUEZ CANAL New Zealand Times, Volume XXXI, Issue 6964, 2 November 1909, Page 5
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