-Free in her decisions and her actions, Egypt may henceforth, in the fullness of her natural rights, live her national life. She starts with enthusiasm this new phase of her existence, but she cannot evade the responsibilities which independence brings with it. Everything leads us to believe that in the exercise of her re-established sovereignty she will conciliate the inspirations of her own genius with the duties which the moral solidarity of civilised nations imposes. The warm welcome which was given to her cause at Montreux, and in Geneva, has shown, without dispute, with what satisfaction other nations have admitted her to take her place among them; but they have thereby also expressed their confidence in the moderation with which she will make use of freedom.
She has already given a proof of wisdom by accepting for a few more years the maintenance of the existing judicial organisation, as for the rest, her intentions could not be doubted after the spontaneous declarations of her official representatives.
Like all the friends of Egypt, the Suez Canal Company rejoices in these brilliant results, The old and strong ties which unite it to that country, the cordial relations which it has maintained from {he start with her Government, these are ample reasons for it to share in her joy and to hail with confidence, at the beginning of a new reign, the prospects of the ancient Empire of the Pharaohs.
The Company's Part The task which now reveals itself, and which is not without difficulties and obligations, is the building of this future.
By the treaty concluded with-Great Britain, Egypt has undertaken to build barracks and roads in the Isthmus of Suez for the requirements of the British Army. In answer to a request made By the Egyptian Government, and to show the company's desire to be associated with the organization of the country, your board have decided to make a large contribution towards the building of the road which is to-join Port Said and Suez, Furthermore, before the submission to Parliament for ratification of the agreement which was concluded last year between the Government and your company, agreement which you approved with'the report to the annual general meeting of 1936, your board have accepted to modify two clauses, These modifications consist, on the one hand, of an increase in the proportion of Egyptian employees to be taken on by the company, and, on the other hand, of the increase to £300,000 of the annual payment to Egypt stipulated in the agreement.
These measures are, naturally, subject to the ratification of the engagements entered into on their side by the Egyptian Government. They will have, we do not doubt it, your approval; for the sacrifices which they will entail for your company have as counterpart the guarantees which this agreement, by giving a stable basis to receipts, will bring for the future cumstances, your board deemed the moment opportune to make a new gesture in favour of shipowners vsing the Canal. The substantial reduction in transit dues which came into effect on April 1 is n conformity with the traditional policy which is both the board's and your own, an honest and reasonable policy giving equal consideration to the capital invested in your concern and to the capital engaged in commercial operations from which the former derives its remuneration.
We must regard as a compliment the decision of the Union of South Africa, which, as a reply to our reduction, has reduced by 50 per cent. the port dues in all provinces of the Union.
Without being unappreciative of these tributes, which show that we are in the right, it is to events themselves that we look for our justification. Economic facts are stronger than the sayings of prophets and the decrees of Governments. When commercial activity is slowed down, speed is a luxury which many prefer to dispense with; it becomes a necessity as soon as economic life has regained its momentum, Certain currents of trade which, during the depression, had abandoned the Suez route, are returning to it now, and that all the more easily, a= to a saving of time is added a reduction in costs. The song of the sirens of the Cape of Good Hope is not strong enough to stifle the voice of interest, The Future We cannot, of course, taking these facts as basis, forecast far ahead, The general situation is, in spite of the improvements noted, still too unstable to enable one to judge the fature. Wisdom, careful considera tion of facts, sense of perspective and of conciliation, these essential qualities so necessary to the conduct or human affairs, seen to have lost their sway. In the relations of nations with one another, as well as in the relations of their citizens within the nations themselves, we see everywhere group against group, party against party, interest against interest, political belief against political belief; and the world seems feverishly to prepare for struggles without glory, the consequences of which cannot be foreseen.
In this great conflict between desires and theories, our company wishes to keep to its line of conduct and to its creed. Founded for a mission of peace, it endeavours continue the work of universal ccllaboration which, by the will of Ferdinand de Lesseps, is already attained in its very constitution. Your board do not forgot that they are the! expression of this will. T have great pleasure in once rore ackrowledging the spirit of agreement and mutual comprehension which rules among them, and which makes easy to arrive at decisions. With yes turned towards the requirements of international trade, that peaceful e between continents, they realize the obligations which arise therefrom, also those which your confidence entails. They believe that they have faithfully met both.
Text read from the printed page and cleaned; old type leaves the occasional error.