SUEZ CANAL CONCESSIONS

New Zealand Times, Volume XXXII, Issue 7048, 9 February 1910, Page 1

SUEZ CANAL CONCESSIONS

CONVENTION PROPOSALS. TO BE CONSIDERED BY EGYPTIAN ASSEMBLY. By Telegraph—Press Association—Copyright. LONDON, February 7. 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 the Egyptian Council of Ministry. The 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 1968.

• The proposals also included a proviso that Egypt is to be entitled to ■half the company's assets upon the expiry of the 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 has now convoked tho General Assembly to consider the proposals as drafted.