, 1893-07-19
Times, 9th Jal;e.j

attendance was larger than usual, 371 share
holders being present, and there was some
uproar. AS on former occasions Interpretations
were stronger in lungs than in voting power.
M. Guichard, ce.prssident of the board,
presided. He referred with regret to the
absence for the first time of NJ. dc Lesseps,
who conceived and executed the Canal, and
Of M. Charles de Lesseps, to whom its pros
pPrity was largely due. He added that when
painful events deprived the board of their
presence the requisite measures for reassuring
the shareholders and European Governments
were taken by the directors, the result being
that the Company's working and traffic
underwent no interruption. He compli-
mented the Paris and Suez staff on the zeal
displayed by them in these painful oircum-
stances
The reading of the auditors report for 1891
evoked some criticism from NJ. Cavalier, who
commented on the variability of the sum
allotted for the renewal Of plant and on the
inch ease Of the general expenses. He also
objected TO any considerable addition out of
yearly profits to the reserve, on the ground
that this, n the impending expiration Of
the delegations, would benefit the British
Government. In reply, the chairman ex-
planned the system of a~llotting a liberal
sum for new plant in good traffic years, 80
az to be able to allot only a small sum in
bad years. He also explained that the dis
tribution Of the II million reserved in
1891 would not be delayed beyond July l,
1894, the date of the expiration OF the
delegations.
Next came the reading of the report, which
was substantially a repetition Of that made
by the English directors and printed some
weeks ago as a Parliamentary paper. Mention
may, however, be made Of an appendix
ohONuiuo fba nationality Of tho z hb9 VpS9nis
using the Canal in 1892, for this has attracted
attention here, inasmuoh as France, after
falling from the second place to the third,
has now fallen to the fourth, being just dis
tanced by Holland. The figures are as
follows British vessels, 1881 German,
292 Dutch, lit; French, ia italian, "A
Norwegian, sc; Austro-H Hungarian, 81
Ottoman, 43 Spanish, 26 Portuguese, %
Russian, % Greek, six Belgian, four;
Japanese, three American, two Chinese, two
Egyptian, two; Siamese, one.
The report proposed the reelection as
directors of Sir G. Rivers Wilson, NM Darier,
Peghoux, and James Laing, and the filling up
Of six vacancies-oaused by the death OF
Motel Bey and the resignation of MN. de
Circourt, Cottu, Mondesir, de Moucheron, and
Pr6vost-by the appointment of M. Armand
Viellard, NJ. Georges ls ChsvaIier, Voisln
Bey, NJ. Washington, Prince d'Arenberg, anti
NJ. Desbri6re. The Suez Canal Defence
Committee nominated in opposition to NJ.
Washington M. Delort de Gleon, a mining
engineer formerly resident in Egypt, who
rose to speak in support of the committee
views. These comprised u reduction of OK
penditure, the abandonment Of the "London
programme the framing of a fresh system
for reducing rates, and a more efficient con
troll by the directors. NJ. de Gleon argued
for the cessation of personal rule as being
condemned by the experience of Panama. He
was followed by M. Cavalier, who objected to
the election of I'M. Waddington, whose
political and numismatic attainments, he said,
were no qualification for kthe Susz Company.
He commented on NJ, Waddington's English
extraction, and his long absence in England,
and maintained that a thorough Frenchman
should be chosen, a man of business and not
a retired politician. He went on amid
increasing murmurs and uproar to criticize
NJ. Charles de Lesseps's London programme
and to express surprise that both he and M
Victor de Lesseps hadtnot resigned theis dirso-
torships. Some other speakers followed, one
vigorously defending M. Waddington and
several criticizing the retention in ofioe,of M.
Charles dS Lesseps. 5-a
The uproar went on increasing till the
C~tlair5a8n closed the discussion by challsng-
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