1926-01-07 — Page 9

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I.P. 190

*

THE HONGKONG DAILY PRESS, THURSDAY, JANUARY

SUEZ CANAL -SHARES.

A GREAT BRITISH ACHIEVEMENT. 80 YEARS AFTER.

On November 25th, 1875-just fity years ago there was signed in Cairo the contract by which the then Khedive of Egypt, Ismail Pasha, father of the reigning King, transferred his holding of 176,602 shares in the Suez Canal Company to the British Government. Queen Victoria, who had been apprised on the morning of November 25th, 1875, of the success of the negotiations by Mr. Disraeli in the words: "It is just settled you have it, Madam,” wrote to her Prime Minister:-"This is indeed great and important event, - which, when known, will, the Queen feels sure, be most popular in the country. The great sum is the only disadvantage."

U.S. INCOME TAX^``

THE NEW RATES.

To show how the proposed new income Chairman Green of the House Tax Com rates in the United States will work,

the amount of normal and surtaxes com mmittee has made public a table giving bined which a married person with no dependents who is entitled to the 25 per cent exemption for earned income " up to 820,000 will pay and the percentage of his income thus required.

Net fr.come $3,000.

Total Tax

Pct. of Income

IP

4,000

4.63

8.14

3,000

16.89

.33

3,000

25.13

48

7,000

30.38

.38

6,000

9,000

78.75

57

10,000

101.23

1.01

11,000

131.25

1.19

12,000

.168.73

1.40

-13,000

213.75

1.84

-14,000

258.73

1.84

13,000

311.05

2.07

18,000

363.75

4.97

** 13,000

45373

9.68

the

20,000

618.75

3.09

92,000

818.75

3.79

24,000

1,039.75

4.39

20,000

1,978.75

4.01

28,000

1,388.75

5.19

30,000

1,915.75

32,000

2.118.73

$.09

34,000

2,418.73

7.11

36,000

2,7873

7,60

38,000.

3,078.73

8,19

40,000

3,43973

$59

45,000

$4,308.70

9.70

50,000

4,338.75

1071

35,000

.6,408.73

11.65

60,000

7,158.73

12. 13

70,000

0,659.73

1279

90,000

11,059,76

14.9

90,000

14,957.15

1895

100,000

16,759.75

16:33

180,000

29,458,75

19.50

200,000

41,758.75

20.SZ

i

230,000

$4,935.73

21.70

93,45

24.17

The great sum, which was voted by Parliament in the following February, was £4,080,000, to cover the whole ex penses of the transfer, in convection with which Messrs. Rothschild had advanced to the Khedive on behalf of the British Treasury £9,000,000 on December 1st, $1,000,000 on December 16th, and final £978,552 of the price on January 1st, 1876, and the country thas acquired the £20 shares at about £23 49. each. The Khedive, who had, in 1867-69, hypothecated "his right to draw dividends on the shares until 1804 in return for -30,000,000 francs (£1,200,000) agreed "to pay interest at the rate of 5 per cent. on the share-capital until that date, after which the shares would draw dividends in the ordinary way.

In this way

was obtained for the British Empire an interest second iu im. portance only to that held in France in, the contro of the all-important water- way across Egypt through which British trade to and from Australia, India, East Africa, and the Middle and Far East provides between 60 and 70 per cent, of the traffic Its acquisition was made on the spur of the moment. The jeereas ing financial difficulties of the Khedive, due to the cumulative effect of a long period of extravagant borrowing and reckless expenditure, had made it necus sary for him to raise money on his Suez Canal holdings, and he was negotiating with two groups of financiers for the purpose. One of these was discussing an offer to sell outright for £3,680,000, pro- vided that the Khedire paid 1 per cent. in lieu of dividends on the shares till 1894; the other was preparing to advance 23,100,000 for three months at a rate of 18 per cent, on the shared, together with the Khedive's royalty of 15 per cent, or the profits of the Canal; in case of de fault, both shares and royalty were to pass to the syndicate and the Khedive to pay 10 per cent. in lien of dividend on the shares until 1894.

A JOURNALIST'S COUP. The news that these negotiations were in progress was unparted to Loud Derby:

300,000 1,000,000

110,745.70 $11,758.75

6.06.

but does not vouch for their scrupulous accuracy. Nevertheless, the money was forthcoming, the negotiations were suc- cessful, in spite of what the Prime Minister called all the gamblers, capitalists, financiers of the world or- ganized and platooned in bands of plunderers, arrayed against us, and secret emissarics in every corner," and the whole affair was kept so secret that, when the fait accompli was "announced on the morning of November 26th- the Press and the public were alike taken by surprise.

The acquisition of so important holding in the Suez Canal Company by the British Government met, with a mixed reception both at beme and abroad, but whatever doubts may bayo been expressed as to the financial sound- sest, and the market value of the shares, ness of the move have long besa laid to then Secretary ́or State for Forsigwhich cost the Treasury about £23 48 Affairs, on November 15th by "Mr. Frederick Greenwood, of the Fatt Matteach, is now £105, 8s., while in 1994 the Gazette, who had learned it at dinner. Government received a tax-free dividend and bonus of £3·10s. on cach of the trom Mr. Henry Oppenheim, a man much interested in the finances of Egypt. Mr. 316,668 Ordinary (£10) shares into which Greenwood's information is believed to its original purchase has been divided, and in 1923 a bonus of £5 83. on each hayo confrmed an official dispatch re- ceived at the Foreign Office at the same, the 37,136 shares formerly held which tine, and his suggestion that the British have since been redeemed and now rank Government should offer for the shares only as actions de jouissance. Of the was communicated by Lord. Derby to the Political consequences of Mr. Disraeli's Prime Minister Mr. Disraeli, per purchase of the shares it is difficult to

USE COLGATE'S SHAVING STICKS AND RIBBON giving the immediate political import estimate the full extent, but it has beun

DENTAL CREAM

SOLE AGENTS:

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ance and ultimate financial advantage to said, zot without reason in view of the financial history of the Suez Canal Com- the Treasury of such a transaction more clearly than his less imaginative colpany in its relations with the Egyptian league, immediately decided to take Government, that the only benefit Egypt action. He was anxious to prevent the has ever reaped from the construction Canal from becoming as eptirely French of the Canal, which cost in proprietorship as it was in adminis-Egyptan lives and so much Egyptian tration, and was eager to seize an money, was due to the reforms introduced opportunity of demonstrating the import during the British occupation, towards ance that the British Government attach which Mrs Disraeli made the first step ed to the quesion of Imperial communica

50 years ago to-day--Times of November 25th. tions by way of the Canal through which the Prince of Wales (afterwards King Edward VII) had just passed on his voyage to India.

There was little ime to lose, The Khedive, who made no division between his Privy Purse and the Egyptian Treasury, had to meet the coupon on the Egyptian Debt on December 1st, or follow his august suzerain, Sultan Abdul Hamid, into bankruptcy, and, apart from his Canal holdings, be had no readily realizable assets; but, fortunate ly, the rival groups of French financiers were doing their best to prevent cach other from raising the necessary cash! Accordingly, on November 16th, General Stanton, the British Agent' in Cairo, was instructed to inform the Khedive that the British Government could not view. with indifference the transfer of poim-- portant an interest as his in the Bue Canal and to request his Highness to suspend negotiations with the financiers in order to give it an opportunity of making proposals. General Stanton re ported that the Khedive, welcomed the suggestion, and at the meeting of the Cabinet on November. 17th the purchase of the shares was approved in principle. The Prime Minister immediately com- municated his advice in this to the Queen, and on November 18th received a telegram from her Majezly approving of the policy.

THE FAIT

IT ACCOMPLI

The story goes that na soon as the Cabinet had arrived at its decision the Prime Minister opened the door and said "Yes" to his privato Beccturff Mr. Corry (afterwards Lord Howton), who immediately started for New Count to ask Baron Lionel de Rothschildfor £4,000,000, to-morrow," and that the banker, after meditatively eating a grape, asked, "What security ???? The British Government." You shall havo it," Mr. Buckle, in his biography of Disraeli, repeats the picturesque details, (Continued on next column.)

TH, 1926

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PKING

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TELEGRAPIŲ ADDRESS: "MANIFESTO, HONGKONG.

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