§ 84. Mr. HORE-BELISHAasked the Chancellor of the Exchequer whether His Majesty's Government intend to take action consequent on the statement made by the Liverpool Shipowners' Association in their annual report that the high level of charges for ships passing through the Suez Canal is one of the factors contributing to the loss of the Eastern markets; what proportion of the shares in the Suez Canal is held by the British Government; what proportion of the remainder of the shares is in British hands; what are the agreements now in force for the administration of the canal; and whether from time to time His Majesty's Government take any steps to see that British interests are adequately safeguarded?
§ The PRESIDENT of the BOARD of TRADE (Mr. William Graham)I have been asked to reply. As regards the first part of the question, I would refer the hon. Member to the reply I gave to the hon. Member for Barnstaple (Sir B. Peto) on Thursday last. The proportion of the ordinary shares of the Suez Canal Company held by His Majesty's Government is about 44 per cent.; I have no information as to what proportion of the remainder of the shares is in British hands. The canal is administered by the Suez Canal Company under concessions granted to the company by the Viceroy of Egypt in 1854 and 1856, and confirmed by firman of the Sultan dated the 19th 2281 March, 1866; its international status is governed by the Suez Canal Convention of 1888 and the Anglo-French Declaration of 1904. As regards the final part of the question, there are three Government directors on the board of this company, with whom His Majesty's Government is in constant touch, and in addition seven unofficial British directors chosen because of their knowledge of the shipping and commerce of the United Kingdom which passes through the canal.
§ Mr. HORE-BELISHAAre the Government satisfied that a concern in which the British have apparently the majority of shareholding should be entirely administered and staffed by the French?
§ Mr. GRAHAMI am afraid that I cannot deal with that in reply to a supplementary question. It is a very large matter. I can only say that, as indicated on Thursday, I am in touch with the shipping interests in order to find out whether we can get a further reduction of dues.
§ Mr. HORE-BELISHAIs the right hon. Gentleman not in a position to insist on a further reduction in view of our large shareholding?
§ Mr. GRAHAMI am afraid that that goes very far beyond the question, and raises large problems of policy.
§ Sir BASIL PETOWhat proportion of the shipping passing through the canal is British-owned?
§ Mr. GRAHAMI cannot say without notice.