Word: canal
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Dates: during 1960-1969
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...years ago last week, Egypt's Gamal Abdel Nasser nationalized the Suez Canal and set the stage for the bloody Suez crisis that rocked the world in November 1956. Thereupon, Israel invaded the bleak, sand-blown Sinai Peninsula, ostensibly to destroy guerrilla bases operating against her borders. Then, speaking loftily of "separating the belligerents" and "protecting" the canal, Britain and France ordered Egypt to surrender its control to them; when Egypt refused, they began bombing Cairo and Port Said. In the end, amid the angry protests of the U.S.'s John Foster Dulles and a rattle of rockets...
...late October, 1956 came the Anglo-French-Israeli attack, and the canal was blocked by bombing and by hulks sunk by the Egyptians. A U.N. salvage effort, directed by U.S. Lieut. General (ret.) Raymond A. Wheeler, cleared the canal the following April, earlier than expected...
Israeli Grievance. Since then, the canal has been a going concern. Under Younes and Mashour, who succeeded him last October, and with the help of foreign loans, the canal has been widened by 80 ft. and deepened for drafts of 38 ft. instead of 35 ft. Employees are kept on their toes by Mashour, who tours the canal banks every day in a black Chevrolet. The one real grievance against Egypt is that it still bars the canal to Israeli traffic...
Mashour's problem now is to meet the challenge of the superships. The canal is limited, with some exceptions, to ships of up to 75,000 tons and 900 ft. in length. Shipping companies can make more money going around Africa with vessels of 150,000 tons and up than going through the canal with smaller ships...
Last week Mashour announced plans to deepen the draft to 45 ft. by 1975 and open the canal to two-way traffic at a cost of $225 million. Now all he needs is the money. Although the canal earns 60% of Egypt's foreign exchange, Nasser lets it keep only 14% for reinvestment, uses the rest to shore up Egypt's shaky economy...