Egyptian Sudan 146 The total area cultivated in the Gezira last year did not exceed about ten thousand feddans. Since the Syndicate owns all the preference shares (250,000 shares) and owns 475,000 ordinary shares out of a total of one million shares, it effectively controls half of the profits of the Cotton Company in Kassala. It is understood that work is underway, albeit slowly, on the construction of the railway in the Kassala region, a project considered essential for the development of cotton cultivation in that area. Last year (1923), the Syndicate obtained about 12,300 bales of cotton from cultivating 686 feddans in various regions. The Syndicate has become well-known in the financial markets as a company that pays generous dividends. In fact, the dividends it paid amounted to 25 percent in 1919 and 1918, and 35 percent in 1920 (its capital had increased at that time to three hundred thousand pounds), and 15 percent in 1921, 35 percent in 1922, and 17 percent in 1923 (its capital is now 450,000 pounds). Its authorized capital is 750,000 pounds. The new pumps have been installed in Wadi El-Nahl, and in this region, ten thousand additional feddans will be cultivated in 1923-24, thus doubling the area under cotton cultivation compared to last year. The Chairman of the Syndicate spoke at its annual meeting, held last November, about the "significant progress made regarding the dam and the Kassala Province, and the completion of the Wadi El-Nahl station." Among the important matters he mentioned was the availability of sufficient funds. The company has impressive funds and deposits estimated at about eight hundred thousand pounds, and it will spend in the next two years funds that are a fraction of the capital. Therefore, the issuance of new shares with generous terms is expected, as happened last year, which explains the rise in the share price.