SUEZ: Paying for the Canal

This week, 21 months after Gamal Abdel Nasser's seizure of the Universal Suez Canal Co., the issue of compensating its owners approached settlement by due process of law and due pressure of power politics. Nasser was feeling the hurt of having $280 million in Egyptian assets frozen in the U.S. and Britain. Under the good offices of the World Bank, whose President Eugene Black himself flew to Cairo at the sticking point last month to press compromise on his friend Nasser, representatives of the old Canal Co. and the Egyptian government got...

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