§ SIR H. DRUMMOND WOLFFasked Mr. Chancellor of the Exchequer, Whether any arrangement has been arrived at with the Suez Canal Company on the following points, viz., as to the continuation of the surtax; as to the withdrawal of the protests made by the Company against the decisions of the Tonnage Commission of Constantinople; as to the right of voting at general meetings by Her Majesty's Government in respect of the shares purchased from the Khedive; and as to the additional works to be made at the expense of one million francs yearly for thirty years, specifying whether the funds are to be provided out of earnings or by loan; and, whether the Papers promised to be laid upon the Table will contain any information on the subject?
§ THE CHANCELLOR OF THE EXCHEQUER, in reply, said, the convention made in February last year between M. de Lesseps and Colonel Stokes provided for a first reduction of the surtax by 50 centimes per ton from January 1, 1877, but, as it had been necessary to obtain the consent of the other Governments who were parties to the Convention, and as this had taken a longer time than had been anticipated, it had not been possible for the company to hold a special meeting earlier than January 10 for the purpose of receiving M. de Lesseps' communication on the subject. The reduction could not take effect before the middle of April, three months' notice from January 10 being necessary; he had no doubt, however, of its taking place on that date. As to the protests referred to in the Question, they had been withdrawn by M. de Lesseps. The right of voting at general meetings had been claimed by Her Majesty's Government in respect of the Shares purchased from the Khedive, and the Company had objected to the demand on the ground that the coupons were not attached. 1366 Against that objection Her Majesty's Government had protested, and he believed the matter would soon be concluded. With regard to the additional works which were to be carried out at an expense of 1,000,000f. yearly for 30 years, they were the subject of one of the conditions of the Convention of February. It was presumed that the intention was to provide the amount in question out of the earnings of the Canal. Looking at the progress of the undertaking, and the fact of an increasing dividend, there were probably no grounds for expecting that it would be necessary to raise money for these works by some special means; indeed, Her Majesty's Government understood that provision had actually been made so far as the regular Budget for the present year was concerned. Papers were about to be laid on the Table that would give every necessary information upon the points referred to.