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Suez Canal (Purchase Of Shares)—The Drawn Shares

Volume 282: debated on Thursday 2 August 1883

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asked Mr. Chancellor of the Exchequer, Whether the Suez Canal (Purchase of Shares) Account ought to be credited with the sums received on account of the drawings of the 966 shares which have been paid over to the Commissioners for the Reduction of the National Debt; whether the statement laid upon the Table of the House of the present state of the capital account, on the 12th of July 1883, is erroneous by reason of not having these sums credited; whether the crediting of these sums as they are paid over will result in a more rapid repayment of the purchase money than appears by this statement; and, whether he will lay an amended statement of account upon the Table?

In reply to the hon. Member, I have to say that it is not the case that the Suez Canal (Purchase of Shares) Account ought to be credited with this money. The account to which lie refers is an account referring solely to the transactions between the English and Egyptian Governments in connection with the capital, interest, and sinking fund of the purchase money of the Suez Canal shares paid to that Government. The transactions are perfectly distinct from, and would not be affected by, any payments made by the Suez Canal Company on account of shares drawn. The arrangements now followed as to drawn shares, and the forms of account, were considered and settled by the late Government, and I see no reason at present to disturb them.