The Sun.
London, England, 1855-01-16 00:00:00

THE SUEZ CANAL COMPANY.

The firman of the Viceroy of Egypt, authorising M.
de Lesseps to form ii company for the purpose of cut-
ting a navigable canal across the Isthmus of Suez is
worded as follows :

Our friend M. Ferdinand de Lesseps having called
our attention to the advantages which would accrue to
Egypt from a direct communication between the Red
Sea and the Mediterranean, by means of a navigable
ship-canal, and having pointed out to us the possibility of
forming a joint stock company for this purpose from
amongst the capitalists of all nations, we have accepted
the proposals he has made to us, and grant to him by
this present firman the exclusive privilege of forming and
directing a company for the purpose of cutting through
the isthmus of Suez, and making a ship canal to con-
nect the two seas, with permission to execute all the
necessary works at the expense of the said company,
after duly recompensing and indemnifying the private
landholders for the ground expropriated, according to
the conditions as follows :

Art. I. M. Ferdinand do Lesseps will form a joint-
stock company under the firm of the " Compagnie uni-
verselle du canal ntaritiinz de Suez," for cutting the
Isthmus of Suez, making a canal navigable for largo
ships, and forming the needful two ports, one at each
end of the canal, the direction of which company is en-
trusted to him.

Art. 2. The nomination of the directors of the corn.
pang will for ever remain the privilege of the Egyptian
Government, and they will be principally selected from
amongst the largest shareholders.
Art. 3. The duration of the concession is fixed at 99
years from the date of the opening of the canal and com-
pletion of the works.

Art. 4. The expenses of the undertaking are to be
borne exclusively by the company, to whom all the re-
quisite land, not belonging to private individuals, will
be given by the Egyptian Government without indemni-
fication. Any fortresses and other works of defence that
may be deemed necessary by the Egyptian Government
will be built at the expense of the latter.
Art. 5. The Egyptian Government will receive 15 per
cent. of the annual net profit on the undertaking, with•
out reckoning the interest and dividends on the shares,
which the ♦iceroy reserves to himself the right of taking
when emitted, and without any guarantee on his part of
the execution of the works or the operations of the com-
pany. The remainder of the clear annual profit is to be
divided as follows : 75 per cent. for the shareholders,
and 10 per cent. for the benefit of the •rigiaators of the
company.

Art. 6. The tariff of charges for the transit of ships
through the Canal of Suez, agreed to by the Viceroy of
Egypt and the company, and which are to be collected
by the agents of the latter, shall be invariably the same
for the flags of all nations, and no stipulation can ever
be made in favour of any one country that shall not be
common to all.

Art. 7. Should the company consider it advisable to
connect the river Nile with the Suez canal, by means of
a navigable canal, the Egyptian Government binds
itself to give up to the company the necessary tract of
land without remuneration, as far as they do not inter-
fere with the rights of private property. On such lands
no taxes shall be raised for a period of ten years from
the opening of the canal. During the succeeding eighty-
nine years, that is to say, from the expiration of the first
ten years, up to the end of the concession, the usual land
tax is to be paid by the company to the Egyptian Go-
vernment. At the expiration of the concession the com-
pany can only retain possession of the ground upon the
payment of the taxes usually levied on that kind of pro-
perty.

Art. 8. At the expiration of the ninety-nine years the
Egyptian Government takes the place of the company,
and enters upon all the rights and privileges till then
Enjoyed by the company, taking formal possession of all
their establishments. The amount of indemnification to
be paid by the Egyptian Government to the Suez Canal
Company or their moveable property and materiel, will
be fixed by friendly negotiation, or by umpires, provided