The Daily News THURSDAY, JULY 30. THE SUEZ CANAL.

Taranaki Daily News, Volume LI, Issue 188, 30 July 1908, Page 2

The Daily News THURSDAY, JULY 30. THE SUEZ CANAL.

" XlwL most objectionable of monopolies,' the Suez Canal, still pursues its Shylock course with uudoviating rapacity." Jn tliesu words the .Melbourne Ago commences, a vigorous a Hack on the extortionate charges levied ou ships this important link between East and West. The subject, it will be remembered, was brought up by Sir Joseph Ward at the Imperial Conference last year, when Lord Elgin, while listening appreciatively to what was said, did not seem disposed to make any alterations in the changes. However, the annual statement of the canal has been recently issued, and there is ample grounds in it to support the views of thoso who hold that the Canal should assist commerce rather than exact a heavy toll. Last year this short waterway earned a revenuo of £4,804,000, or £325,01)0 more than in 1900. Its income is not loss than- £13,197 a day, Sundays included, and it is raised by a system that is nothing less than extortion. A steamer of 12,000 tons, forced from stress of time to pass through the Canal rather than go round the Cape, has to pay £3720 ou the vessel and 8s per head ou all tile passengers. Between 4000 and 8000 ships pass through the Canal every year, and more than half are British or Australian. This large income is distributed amongst 400,000 shares, 170.(102 of which belong to the British Government by virtue of the purchase made from Ismail Pasha. The amount of profit made during the year is £3.040,000, tile expenditure having been 11,7 Ki,700. The dividends are to absorb .£2,855,(1011, and the remaiiKlev s to stand over in the reserve fund. The dividend for the year 1000 was 28 per cent. That for last year runs up to ov-?r 30 per cent. It is calculated to work out at about £0 12s 0d per share, whi. a will give to (ireat Britain a dividend of £740,000 oil her investment, in addition to the added value from her reserve fund. She really made about £l,ooo.o'i'l last year out of her investment, for which' she originally paid only £4,000,000. Tier shares cost her about £22 cac.i, as they were purchased by Disraeli fro vi the bankrupt Egyptian Khedive, They are now worth seven or eight times the money, and solely because the Canal, being's monopoly, and holding the merchant marine of the world at its meivv, can extort what it pleases, ft is estimated that every year sixty or seventy millions worth of Australian and New Zealand trade has to run the gauntlet of these heavy charges, and the actual result is that foreigners are receiving a great benefit at tile expense of the people of England and her colonies. Evidently this aspect of tlie matter does not appeal to the Liberal leaders of Britain.