427

A.— 4

19 June, 1911.] Dues on Vessels passing through Suez Canal. [llth Day. Mr. FISHER— cont. These are all the material points I need put forward at the present time. It is a matter of deep concern to us. We hope that if the rates were reduced we might in some small way be able to turn even a larger volume of shipping through that Canal than goes at the present time, and I trust, Mr. Harcourt, that no effort on behalf of His Majesty's Ministers will be spared to bring this proposal to a successful issue. Ido appeal to you and ask you to convey to your colleagues that we are in deadly earnest about this matter, and we hope that immediate and strong representations may be made, and we shall be glad to be associated with you when they are made. I do not think I need say more than to express admiration of the pluck, courage, and foresight of those who constructed that Canal, nor can we withhold some praise for the manner in which the business has been conducted. It is a great waterway, and while I for one congratulate them on the return made on their capital outlay, I do hope that they will give some consideration, to the question as we have presented it. CHAIRMAN : Mr. McKinnon Wood will speak on behalf of the Government for the Foreign Office. Mr. McKINNON WOOD : The British Government entirely sympathise with the view that has been expressed by Mr. Fisher in this matter, and as he has referred to the fact that we are considerable shareholders in the Suez Canal, I might say that we have always regarded the interests of shipowners and of shipping in this connection as more important than our interest as shareholders. We have never allowed our interest as shareholders to deter us for one moment from pressing for such reductions in the dues as we thought were at all possible. The Suez Canal Company were making certain reductions. They gave us a reduction of 50 centimes as from January, 1911. Mr. FISHER: That is sd. Mr. McKINNON WOOD : Yes ; and there is a proposal now for another reduction of 50 centimes as from January, 1912, and it is very encouraging to find that the Administrative Council, in their Report to the General Council of the Suez Canal Company, stated that they were convinced that the reduction was in the interests both of the shareholders and the shipping, since each reduction was a stimulus to the trade, and, they added that their receipts so far this year, though lessened by the reduction of the dues which came into force on January Ist, had been very largely made up by an increase of traffic. Mr. FISHER : That is a good reason for reducing it by a third. Mr. McKINNON WOOD : That is very satisfactory. Of course we can only exercise our influence in the matter. We have no dominant voice ; we cannot dictate to them in the matter. As Mr. Fisher recognised in his speech, we have only about one-tenth representation on the Board of the Suez Canal Company ; but what I want to say to the Conference most of all is that we do look upon this question of reduction of dues exactly in the same light as Mr. Fisher regards it, and the fact that we happen to be shareholders in the Company will not at all induce us in any way to relax our efforts to obtain further reduction of the dues. I would like to ask Mr. Fisher if he can see his way to make a little verbal amendment in his resolution which we could very well accept in that form—if he would put in instead of the words " use their influence " —" continue to use their influence," as a recognition that we have been doing it, to which I suppose he sees no objection. Mr. FISHER: Ido not object.