HC Deb 17 July 1883 vol 281 cc1681-2
MR. COLERIDGE KENNARD

asked Mr. Chancellor of the Exchequer, Whether he is entitled to claim a certified copy of the Register of Shareholders in the Suez Canal Company; and, if so, whether he has obtained such certified copy, comprising all transfers of shares up to date?

THE CHANCELLOR OF THE EXCHEQUER (Mr. CHILDERS)

In reply to the hon. Gentleman, I have to say that the shares of the Suez Canal Company are shares "to bearer," and that, therefore, there can be no register of transfers. Shares to bearer may be deposited for purposes of safety at the office of the Company, and some have, I believe, been so deposited; but I have no claim to know who have made these deposits. The hon. Gentleman will find the regulations on this subject in the Statutes of the Company, printed in "Egypt, No. 6 (18761)," page 9.

MR. M'COAN

asked Mr. Chancellor of the Exchequer, Whether the proposed loan of £8,000,000 to the Suez Canal Company will rank as a debt of the Company before or after the £9,643,556 of 5 percent. "obligations," "delegations," and "bons de coupons," yet remaining to be redeemed at par; and, through the agency of what tribunal repayment of such loan could, in the event of the borrowers' default, be enforced?

THE CHANCELLOR OFTHE EXCHEQUER (Mr. CHILDERS)

In reply to the hon. Gentleman, I have to say that the proposed loan will rank pari passu with the mortgage debts of the Company, and, therefore, the interest will rank pari passu with the interest on the obligations, and before the charge for the delegations. I am not quite sure that I understand what the hon. Member means by the "Bons de Coupons," which do not appear in the accounts of the Company. If he means the "Titres de Coupons Consolidés," the loan will come before them. In reply to the second Question, I have to say that the Suez Canal Company is an Egyptian Company; and, therefore, as laid down in Lord Derby's despatch to General Staunton of the 11th of December, 1875, any suit of this character must be tried according to the Treaties which regulate the relations of foreigners with the inhabitants of Egypt—that is to say, now by the International Courts. The hon. Member is doubtless aware that in the case of disputes between the Company and shareholders, as such, the Conventions and the Statutes provide for arbitration, with appeal to the highest French Courts. We should not, however, be shareholders in respect of the proposed Loan.

MR. M'COAN

Is not the right hon. Gentleman aware that by the terms of the original concession the Company is strictly an Egyptian Company, subject to the local and native law of Egypt?

THE CHANCELLOR OF THE EXCHEQUER (Mr. CHILDERS)

I have just said that it is an Egyptian Company.

MR. LABOUCHERE

Will the right hon. Gentleman say whether, in the event of the necessity for foreclosure, the Loan of £8,000,000 will be a first charge?

THE CHANCELLOR OF THE EXCHEQUER (Mr. CHILDERS)

I think I explained before that the whole of the debenture debt of the Company would stand on the same footing.

SIR H. DRUMMOND WOLFF

I wish to ask the right hon. Gentleman whether, when the concession was given to the Canal Company, the Company was not subject to the National Tribunals of Egypt, and the International Tribunals were only created after the concession was given; and whether any Act has been passed transferring the jurisdiction over the Company from the National Tribunals to the International Tribunals?

THE CHANCELLOR OF THE EXCHEQUER (Mr. CHILDERS)

I think the hon. Member had better ask the Question with Notice. I have already said that it is now subject to the International Tribunals, with the exception which I explained.