SUEZ CANAL.

Wairarapa Daily Times, Volume LXI, Issue 9699, 2 November 1909, Page 5

SUEZ CANAL.

CONVENTION PROPOSALS

EGYPT TO SHARE IN PROFITS

Press Association—Electric Telegraph—Copyright. f Received Last Night, at 10.36 p.m.)

LONDON, Yesterday.

The Suez Canal Convention, now sitting at Cairo, has submitted the result of Its deliberatious to the Egyptian Council of Ministers. It proposes, inter alia: —

To prolong the concession till the year 2008. After 1969 half the annual net profits shall go to Egypt. If in auy year the profits are below 100,000,000 francs the company takes 50.000,000 francs aud Egypt takes uothiug. In return for the prolongation of the concession Egypt receives £4,000,000 iv four yearly instalments, beginning in 1910; after 1921 she receives 4 per cent, of tho profits; after 1931 (5 per cent. ; after 1941 8 per ceut., aud then la per ceut. until 1968. Egypt is to be eutitled to half the company's assets upon the expiry of the concession, aud it has also been agreed that Egypt's £4,000,000 shall be exclusively devoted to irrigation, railways, aud other remunerative expenditure, aud tfie amortisation of her public debt.