Africa has always been something of an obstacle for people wanting to get from Europe to Asia. And so, quite naturally, those who had cause to go between the two have always hankered after a shortcut. As far back as the 18th century BC, there had been a canal connecting the Mediterranean and the Red Sea via the River Nile. The first was built on the orders of Senausert III. Over the years, it followed a pattern of silting up and being re-dredged by various rulers. But it was eventually abandoned in the 8th century AD.
Napoleon (obviously) had plans to construct a canal in the 1700s, thereby annoying the British who would either have to pay to use it or continue going the long way round. But although construction was started, Boney's plans came to nothing.
However, it was another Frenchman who eventually got the canal built. In 1854, Ferdinand de Lesseps, a diplomat, formed La Compagnie Universelle du Canal Maritime de Suez. The company would construct the canal and operate it for 99 years, after which it would be handed to the Egyptian government.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Construction began in April 1859. In the ten years it took to build, over 1.5 million people are estimated to have worked on the canal – many of them died. The canal was opened on this day in 1869 by Eugénie de Montijo, "Empress" of France and wife of Napoleon III.
The canal has a length of 164km, and a depth of eight metres. 30km of its length is through two lakes Lake Timash and the Great Bitter Lake. The canal has no locks, as the terrain between the Mediterranean and Red Seas is flat. At present, much of the canal is only wide enough for one-way traffic – ships must transit the canal in convoys. But in August 2014, the Suez Canal Authority announced plans to enlarge it to enable two-way operation along its entire length.
-
House prices are falling in London but how does it compare to the rest of the UK?Advice The capital remains the most expensive part of the UK to buy a property, but it isn’t being as badly hit by the housing market slump. Where are London house prices heading?
-
Will a Santa Rally provide festive cheer for investors this year?
News Equities often get a seasonal boost during December - will there be a Santa Rally in 2023?
-
31 August 1957: the Federation of Malaya declares independence from the UK
Features On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
-
13 April 1960: the first satellite navigation system is launched
Features On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
-
9 April 1838: National Gallery opens in Trafalgar Square
Features On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
-
3 March 1962: British Antarctic Territory is created
Features On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
-
8 March 1817: the New York Stock Exchange is formed
Features On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
