PARTIES INTERESTED IN THE ENTERPRISE. 3

pany from the Viceroy of Egypt; and they can hardly be formidable enough to render it seriously difficult to obtain funds, so large an expenditure having been already incurred, and so many parties interested being perfectly competent to supply all the money that can possibly be required, and being also prepared to do so, rather than allow an terprise to fail, from whose success they believe that vast results must ensue in the promotion of civilisation, and production of commercial wealth. Among these parties interested may be named the Ruler of Egypt (Viceroy or King, whichever he may most properly be denominated), who is far the largest shareholder, and who is quite aware of the enhanced value which will be conferred on his land, everywhere in the vicinity of the works; the French capitalists who have taken shares, and who may be relied on to lend their aid in raising whatever money is requisite; and the French Government, which has always evinced the warmest zeal in furthering an undertaking calculated to promote the trading prosperity of France, while

it advances that of other countries, and attains objects to which importance is justly attached, in securing the growth of French moral and political influence, whether exercised in conjunction with other civilised nations, or apart from them, thus laying a reliable foundation for the regeneration of those regions which are included in and are bordered by the Levant. A considerable revenue will from henceforth arise from the earnings of a fleet of lighters, which are to be towed by steam-tugs across the Isthmus, and which has been lately organised; and this may be expected daily to increase till the Canal is sunk to its full depth throughout its entire length, when large ships will be able to pass from sea to sea. On this being accomplished, the revenues ought certainly to become very considerable; so immense is the traffic which, without any doubt whatever, must be poured through it. Much of this traffic is at present ready to avail itself of the accommodation that would thus be offered, and a great demand for such accommodation cannot fail to be created by increased facilities for

ANTICIPATED TRAFFIC.

5

transit, as is always the case where the means of communication are materially improved; e. g. on the substitution of a line of railway for an ordinary road. It is obviously impossible to form any estimate even approaching to accuracy in a case so peculiar in its character as that of the Suez Canal, and an attempt to do so must lead to error; but this at least appears certain, that the effect produced by removing obstacles from a short space in a very extended Jine of communication ought to produce unusually large results; and this is precisely what will be brought about, by doing away with the obstacles opposed by the Isthmus of Suez in the way of conveying by ships, passengers from the remote parts of Asia to Europe.

The remarkable man now at the head of the Imperial Government of France is aware that nations may receive much larger returns for judicious outlay, than any to be commonly looked for by shareholders; for the results in material prosperity to be derived by a community from augmented facility of communication,

from moral and political progress, and, above all, from an increased security for peace, far transcend in value any conceivable amount of dividends, and should be taken into account in determining as to the propriety of lending governmental assistance in particular instances. Results of this nature are taken into consideration every day by our own authorities, both in the British Islands and in India; and the French system of administration is even more favourable to such a course of proceeding, professing as it does to be a paternal system of administration. In no part of the world, indeed, is this more manifested than in Egypt, where all the undertakings and interests of French subjects are, as much as possible, protected and advanced by the consular agents of the government. No undertaking in Egypt has enjoyed so large a measure of the solicitude of the French Government as the Suez Canal, and we may be quite certain that this solicitude is not likely to be less in amount than heretofore. In truth, most Frenchmen would deem it an object of national policy to do all that is

SOLICITUDE OF THE FRENCH.

7

practicable to ensure its success, and would even consider that the honour of France is, in many respects, involved in adopting that course, very much by reason of the unfriendly feeling towards the Canal which was at first exhibited by a few leading Englishmen, and by English diplomacy, at least as regards some subjects connected with it; especially in opposing the continuance of a supply of forced labour on the part of the Viceroy, at one time of great importance, and the retention of an extensive landed property by the Company, which was yielding profitable returns, and was likely to become a still more lucrative investment, but which it was feared would give France too exclusive and preponderating a position in Egypt.* We may feel quite confident that the Imperial Government will not allow the success of the Suez Canal, which they justly regard as the achievement of a great triumph of peace, to be interfered with by any impediments that they

*The Author is not to be understood here as expressing any opinion on the moral and political bearings of these two matters; he merely states the effects of the course pursued.