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Suez Canal (Egyptian Interests)

Volume 462: debated on Monday 14 March 1949

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asked the Secretary of State for Foreign Affairs if he will make a statement on the outcome of the recent Anglo-Egyptian conversations on the Suez Canal.

As a result of the agreement between the Egyptian Government and the Suez Canal Company, which has still to be ratified by the Egyptian Government and approved by the general meeting of the shareholders of the Company, Egyptian interests in the Company have been considerably increased. Although the conclusion of this new agreement is primarily the concern of the Suez Canal Company itself, His Majesty's Government, through the British Government Directors on the Board of the Company, have been able to express their views on all developments in the negotiations, and I should like to assure the hon. Member that the terms of the agreement in no way prejudice the interests of His Majesty's Government either as the largest shareholder in the Company or as the largest user of the Canal.