When the canal was completed it required 49 hours for a ship to pass through it. The growth in its dimensions, together with the increase in the number and size of passing stations, the straightening of curves, and the improvement of facilities, have brought down to 17 hours the average length of time required for the transit. Ships not equipped with electric searchlights are not permitted to pass through at night. The improvements being made on the canal are being paid for mainly from the revenues derived from tolls. The Suez Canal was constructed, and has been enlarged and managed, by a private corporation which has invested from the beginning of the construction up to the present time about $127,000,000 of which approximately two-thirds has been secured from the sale of securities, and one-third from the earnings. The original capital of the Suez Canal Company, issued in 1859, was 400,000 shares of $100 each. These shares partake of the nature of both bonds and stock, for they are entitled to interest of 5 per cent as well as to participation in the company's profits. Provision is made for their redemption, but when redeemed they continue to share in the profits and merely lose the interest-bearing feature. On December 31, 1911, 378,231 of these shares were in circulation. In 1875 the British Government, through Lord Beaconsfield, purchased the 176,602 shares held by the Khedive of Egypt, paying some $20,000,000 for them. The British Government does not own a majority of the shares, and the Suez Canal is controlled and operated by a French company. The annual dividends have increased from 4.7 per cent to 33 per cent. The shares are closely held and trading in them is light. The stock sells at a premium of over 1,000 per cent. When the work of building the canal was undertaken, 100,000 shares were given to the founders. These shares are not stock, but are, rather, certificates of obligation, requiring the company to pay 10 per cent of its profits to the promoters and founders of the original company and their heirs and assigns. The net profits of the canal amount to about $17,000,000 a year. Of this the stockholders get $12,000,000, the Egyptian Government $2,500,000, the founders of the company $1,500,000 and the administrative officers and the employees divide $100,000 among them.