§ Sir A. Wilsonasked the Chancellor of the Exchequer what dividend has been received for each of the past three years on the Suez Canal shares held by the 877W Treasury, expressed in sterling as a percentage of the par value of the shares when first purchased?
§ Sir J. SimonThe Suez Canal shares purchased in 1876 were 176,602 of the nominal value of 500 francs each, and the cost (at the old par rate of exchange of 25.22) was £4,076,622. The dividend received in each of the last three years has been as follows:
£ 1935 … … … 2,449,073 1936 … … … 2,248,437 1937 … … … 1,975,658 The percentages of the last three amounts to the cost in sterling are respectively 60.1, 55.2 and 48.5.
§ Sir A. Wilsonasked the Chancellor of the Exchequer (1) how many British directors there are upon the board of the Suez Canal Company other than those nominated by the governor; and what is the constitution of the body which nominates them for approval by the shareholders;
(2) how many vote-carrying shares in the Suez Canal Company are held by the British company; what proportion they bear to the whole; and what is the voting power of the British share holding?
§ Sir J. SimonThere are seven British directors of the Suez Canal Company apart from the three British Government directors. All directors are appointed by the general meeting of the shareholders on the nomination of the board of directors. When a vacancy occurs among the unofficial British directors it is customary for the name of a successor to be put forward by the remaining unofficial directors. Each director holds 100 shares and His Majesty's Government hold 353,504 shares. The total number of shares is 800,000. No shareholder is entitled to more than 10 votes.