The first London Conference of nations with an interest in using the canal met from 16 to 23 August. Dulles laid a lot of stress on the 1888 Convention, but would have preferred it to meet in a neutral venue like Geneva, with the Soviet Foreign Minister in attendance. The conference opened at 11am on 16 August, and Lloyd was elected chairman. 18 out of the 22 nations looked likely to agree. Lloyd helped to negotiate a formula for a new convention, in which Egypt would receive increased canal revenues and would have a place on the board of a new operating company. Dulles noted that "Mr Lloyd is showing obvious emotional strain" (21 August); Macmillan at this stage was telling Dulles that he hoped to be restored to the Foreign Office soon.