Egyptian Sudan 146 The area cultivated last year did not exceed about ten thousand feddans. Since the Syndicate owns all the preference shares (numbering 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 Kassala Cotton Company. It is understood that work is currently progressing rapidly 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 transported approximately 12,300 bales of cotton from 14,686 feddans cultivated in various areas. The Syndicate has become known in the financial markets as a company that pays generous dividends. In fact, the dividends paid reached 25 percent in 1918 and 1919, and 35 percent in 1920 (at which time the capital increased to three hundred thousand pounds), and 15 percent in 1921, and 35 percent in 1922, and 17 percent in 1923 (its capital is 450 thousand pounds as it is now). Its authorized capital is 750 thousand pounds. The new pumps have been installed in the Gezira and another ten thousand feddans will be cultivated in this area in 1923-24, thus doubling the area cultivated with cotton in the Gezira compared to last year. The Chairman of the Syndicate spoke at its annual meeting held last November about the satisfactory progress made concerning the dam, the Kassala Province, and the completion of the Gezira work. Among the important matters he mentioned was the availability of sufficient funds. The company has deposits and trusts estimated at about eight hundred thousand pounds, and will spend considerable capital in the next two years. Therefore, new shares are expected to be issued with generous terms, as happened last year, which explains the rise in the share price.