If the total trafic of the year 1936 is inferior to that of 1935, a notable improvement, however, showed itself during the last months, and since then this improvement has been more marked. On the other hand, the effects of the devaluation of the frane, which will bear on the whole of the present financial year, will, in a greater proportion than last. year, increase, in francs, the available profits, We aye deemed these circumstances favourable for a fresh reduction of the transit tariff. and we have reduced it from 7s. to 6s. us from- April 1 last. This reduction is in conformity with the traditional policy of your company. and cannot fail-to'exercise a favourable influence on the return to the Canal of ships which economic and political conditions had driven away.
The agreement concluded with the Egyptian Government, and'which we reported to you last year, has not et entered into fo: the new Egy; n Cabinet, which came into power n June, 1936, having considered that hey should submit to the approval of lament the agreement negoti lated by their predecessors. Political events have not yet allowed the Parliament (o examine this question.
Traffic through the Canal in 1936 reached 5877 transits, representing 32,379,000 tons net register. Two years alone have given the Canal greater tonnages: 1929, a year of intense commercial activity, with 33,- 466,000 tons, and 1935, with 32,811,000 tons. In comparison with the latter year traffic in 1936 shows a reduction of only 432,000 tons, or 13 per cent.
During the whole year the special trafic due to the Ttalo-Abyssinian conflict, and which first appeared in
Text read from the printed page and cleaned; old type leaves the occasional error.