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Auction: SW1014 - Bonds & Share Certificates of the World
Lot: 87

Compagnie universelle du Canal maritime de Suez. 3% Obligation Fr. 500, 1re Série, 28. Mai 1879. #32.516. The famous Suez Canal Company was founded in 1858, by Ferdinand de Lesseps (1805-94). Initially, French private investors were the majority of the shareholders, with Egypt also having a significant stake. After ten years of construction and despite bitter opposition by the British government, Lesseps and his company opened the canal in 1869. It had an immediate and dramatic effect on world trade. Combined with the American transcontinental railroad completed six months earlier, it allowed the world to be circled in record time. In 1875, external debts forced Egyptian ruler, Ismail Pasha, to sell his country's share in the canal for £4 Million to Britain under the lead of Prime Minister Benjamin Disraeli and with funding from the Rothschild Bank. The Convention of Constantinople in 1888 declared the canal a neutral zone under the protection of the British, who had in the meantime occupied Egypt and Sudan. They defended the strategically important passage against a major Ottoman attack in 1915, during the First World War. Under the Anglo-Egyptian Treaty of 1936, the UK retained control over the canal. The company operated the canal until its nationalization by Egyptian President Nasser in 1956, which led to the Suez Crisis. In 1962, Egypt made its final payments for the canal to the Universal Suez Ship Canal Company and took full control of the Suez Canal. The company still exists today as GDF Suez. Never in history has any company had more influence in world affairs. Beautiful, large picture of the canal and Egyptian monuments. Between 1879 and 1914 the company issued three series of 3% Bonds for a total of 27 Mio. Francs. This first series was accepted by the shareholder meeting in 1879. The bonds were paid back starting 1885. Very rare, according to Glasemann http://www.nonvaleurs.de/suez_kanal.html only 5 items are known. EF.

Sold for
SFr1,800