The history of the Suez Canal dates back to around 40 centuries as the idea of linking the Red Sea with the Mediterranean Sea emerged during the period of the Pharaohs of Ancient Egypt. The concept of a canal that connects these seas and the Nile River lasted until the construction of the first canal in the area, linking both the seas through Nile River under the reign of Senausret III, Pharao of Egypt BC. However, the canal was often abandoned during many years following the construction.
The historic documents suggest that the canal was extended, and several other attempts to build new canals were also carried out during these periods. He believed that building a French-controlled canal on the Isthmus of Suez would cause trade problems for the British as they would either have to pay dues to France or continue sending goods over land or around the southern part of Africa. With the rise of new Europe and the development of industry and seaborne trade, entrepreneurs began to think of building canals.
One such plan aimed at connecting the Red Sea with the Mediterranean Ocean directly, thus saving time either to sail around Africa or transhipping freight or passengers across the Suez Peninsula. The next attempt to build a canal in the area occurred in the mids when a French diplomat and engineer, Ferdinand de Lesseps, convinced the Egyptian viceroy Said Pasha to support the building of a canal.
In , the Universal Suez Ship Canal Company La Compagnie Universelle du Canal Maritime de Suez was formed and given the right to begin construction of the canal and operate it for 99 years, after which time, the Egyptian government would take over control of the canal.
The construction of the Suez Canal officially began on April 25, It was estimated that a total of 2, million cubic feet of earth- million on land and 2, million through dredging- would have to be moved for building the canal.
Furthermore, the total original cost of the project was estimated at million francs. Britain continued to oppose the project until the Empire bought a 44 per cent stake in the canal after the Egyptian government auctioned off its shares in due to financial problems.
Initially, the construction of the canal was carried out by forced labourers. It is said that thousands of people were forcefully assigned to dig the canal using picks and shovels until Pasha banned the use of forced labour in This compelled the Suez Canal Company to bring custom-made steam and coal-powered shovels and dredgers to build the canal.
With the help of this machinery, the project received the boost it required and allowed the waters of the Mediterranean flow into the Red Sea through the canal on November 17, When it opened for the navigation, the Suez Canal was to feet wide at the surface, 72 feet wide at the bottom and 25 feet deep.
At the time of completion, the total cost of the project was more than twice the original estimates. After completion of the project, the Suez Canal had a significant impact on world trade despite the traffic through the waterway was below expectations in the initial years. Meanwhile, the financial problems linked with the construction of the canal allowed the British government to buy the stakes owned by Egyptian interests in to become the major shareholder in the Suez Canal Company.
The canal was vital to the British economy as it provided a shorter sea route to its colonies and the oilfields of the Persian Gulf.
By A. That is how navigation between the two seas stopped for approximately eleven centuries during which land routes were used to transport Egyptian trade. Suez Canal: Concession to the Inauguration Ceremony.
The First Concession [3] :. The first concession, which granted Ferdinand de Lesseps the right to establish a company responsible for digging the Suez Canal, was issued on November 30th, This concession also stipulated that the transit fee shall be mutually agreed upon by the Khedive and the Company, and that all countries shall be treated equally and without discrimination.
In addition to that, it stated that after the duration of the concession has ended, the Egyptian government shall take over the waterway and all the affiliated buildings. The Second Concession:. The second concession was issued on January 5th, and comprised 23 articles clarifying the provisions of the first one.
The Universal Company of the Maritime Canal of Suez was established on December 5th, , with a capital of million Francs 8 million Egyptian Pounds divided between , shares at a price of Francs each. As a result, Egypt took a loan for 28 million Francs Egyptian Pounds at a very high interest to buy those shares after the insistence of de Lesseps and out of a genuine desire that this project succeeds.
The Groundbreaking and the Digging Process:. The digging started on April 25th, despite objections from Britain and the Ottoman Empire. Water flowed into Lake Timsah on November 18th, , and the lake was then a depression surrounded by sand dunes midway between Port Said and Suez. Water of the two seas met on August 18th, putting an end to 10 years of toil and creating an invaluable artery for world navigation. The Legendary Inauguration Ceremony November 17th, [5] :.
That Canal was described by the late renowned geographer, Dr. A procession of ships entered the canal that day November 17th, , headed by the L'Aigle; carrying the most important figures attending the inauguration ceremony on board, and followed by 77 ships; 50 of which were warships. The inauguration extravaganza cost Khedive Ismail approximately one and a half million Egyptian Pounds. The Years following the Inauguration until the Constantinople Convention:.
A statement by Lord Grandfield on January 3, issued to the major powers declaring that the British government was willing to withdraw its army from Egypt at the nearest opportunity, when the conditions of the country would allow. Then, on March 30th, , an international committee met in Paris to draft a document which ensures the freedom of navigation in the Canal at all times and for all countries, but, they failed to reach an agreement on it.
The Constantinople Convention October 29th, :. Nationalization of the Canal Rights Restored:. All its assets, rights and obligations are transferred to the Nation and all the organizations and committees that now operate its management are hereby dissolved. Stockholders and holders of founders shares shall be compensated for the ordinary or founders shares they own in accordance with the value of the shares shown in the closing quotations of the Paris Stock Exchange on the day preceding the effective date of the present law.
The payment of said indemnity shall be effected after the Nation has taken delivery of all the assets and properties of the nationalized company. Indeed, Egypt has fulfilled all its duties on January 1st, , as it has paid all the compensations that were intended to be paid to the stakeholders for what they owned of establishment quotas and shares for the estimated worth at the closing rate of Paris Bourse on the previous day of the nationalization.
The compensation reached L. E the value of shares which totally paid in foreign currency and before one year of maturity [7]. However, the nationalization decree came as a direct response to the major countries and World Bank's stances concerning financing the High Dam [8] , but the decree in fact revealed the Egyptian rights and it was closely related to the Egyptian sovereignty over the entire national territory after the July 23rd Revolution.
Egypt had refuted all the sources that questioning the nationalization decree. This was in the famous speech that Dr. He said that "Every independent state has the right to nationalize anybody subject to its sovereignty the General Assembly confirmed in its resolution no on December 23, that each state has the right to use its resources for the welfare of its people by virtue of its the sovereignty and the principles of the UN charter.
It contains no locks; seawater flows freely through it. In general, the canal north of the Bitter Lakes flows north in winter and south in summer. South of the lakes, the current changes with the tide at Suez. Under the Convention of Constantinople, it may be used "in time of war as in time of peace, by every vessel of commerce or of war, without distinction of flag. Funding was arranged by issuing interest-bearing investment certificates exclusively to Egyptian entities and individuals, and the target amount was collected over six working days.
The expansion is expected to double the capacity of the Suez Canal from 49 to 97 ships a day. The "New Suez Canal", as the expansion was dubbed, was opened with great fanfare in a ceremony on 6 August
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