Word: canalize
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Dates: during 1950-1959
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...tolls paid to the International Bank until a final settlement is negotiated. Nasser was disposed to negotiate no settlements. Early last week Hammarskjold watched as the salvage crews at last raised the tug Edgar Bonnet, which Nasser had used for so long as a "political wreck" to keep the canal blocked...
...Hammarskjold departed for New York, Nasser declared the canal open, and published his terms in a memorandum circulated to seven nations (but not to Britain and France), seeking "comments." His primary condition: the canal will be operated and managed by the nationalized Suez Canal Authority, and nobody else. Said Egyptian Spokesman Ali Sabri: "There will be no foreign supervision whatsoever." Other provisions...
...Tolls will be paid in advance of transit to Egypt's Suez Canal Authority; U.S. dollars, Swiss francs, various European currencies are acceptable-but not English pounds or French francs...
...Five per cent of all receipts will go to the Egyptian government as royalty (roughly the same amount paid by the old company). Another 25% will be set aside for developments and improvements of the canal; this will include the $287 million "ninth program" planned by the old company before seizure, which by 1968 would make the canal two-way for two-thirds of its length and deepen it enough to handle tankers up to 60,000 tons...
Bald Terms. Nasser was plainly more cocky than he had been last fall. There was now no mention of the U.N.'s six principles he had accepted then, in particular the provision that the canal be "insulated from the politics of any nation." Compensation for the old company's stockholders was referred to "arbitration," in which Nasser could be expected to bring counter-claims for war damages. Though there were polite thanks for the U.N.'s help in clearing the canal and promises of "continued cooperation" with users, the plan stated in all but bald terms that...