Word: suez
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...crowds cheered deliriously. It did not matter to them that Nasser was wildly askew with history and simple finance. The Suez Canal was dug with a loss, not of 120,000 lives, but of a few hundred, and Britain bought Egypt's shares in the canal only after the debt-ridden Egyptian government voluntarily offered them...
Disraeli.* It would matter more to the mob that Nasser's figures were wrong: the Suez Canal's net profit last year was $30.5 million. To clear $100 million a year, Nasser would have to more than double its already-steep tolls (about $8,000 one way for a laden 16,600-ton T-2 tanker...
...nothing. I leave it to the Algerians to give them a lesson in good manners." Then, in an ominous hint at the shape of things to come, he said: "I strongly warn the imperialist countries that their evil games will be reason for disturbing free navigation in the Suez Canal." Supplement to Sanctions. By week's end the Western powers had begun to do something besides stammer. Acting...
...talk that British troops should reoccupy the Canal Zone, the Eden government froze an estimated $1 billion of Egyptian assets (including the Canal Company's) in Great Britain. Defense secretaries took stock of aircraft carriers, destroyers and airborne troops available if needed. Alternate ways to avoid patronizing the Suez Canal were canvassed. The French talked of an old plan to dig a canal from Haifa to the Gulf of Aqaba, running through Israel. The big problem was Middle East oil, which supplies 70% of the European market, and accounts for half of the Suez Canal traffic. Perhaps the desert...
...other hand, tankers as big as 100,000 tons may prove a strategic necessity. Many tankermen have been expecting for months that Egypt's General Nasser would not only seize the Suez Canal (see FOREIGN NEWS), but bar it to Western shipping, to bring pressure on Britain and the U.S. Some supertankers are now bypassing the Canal on the Middle East-California run. If all Europe-and U.S.-bound tankers are forced to round the Cape of Good Hope, more and bigger supertankers will be needed...