I04 THE STORY OF THE KHEDIVATE.

at a later period, when an opportunity presented itself to England of redressing some of the injustice perpetrated on Egypt by the one-sided character of her relations with the Suez Canal Company, our Government could have realized that, in virtue of our previous action, Egypt had a certain moral claim to expect from England a more liberal support than that she actually received. This, however, is another story.

yi Nor can I perceive that Egypt got any indirect .; / benefit from the sale of her one remaining asset in the \ Suez Canal other than the fact that, by the proceeds of / the sale, Ismail was enabled to keep off bankruptcy N. for a few months longer. The shares were sold in I November, 1875, and in April, 1876, the Khedive / suspended payment of the bonds issued by the vEgyptian Treasury.

Let me conclude this somewhat sordid portion of my narrative by an anecdote, illustrating the character of the chief actor in this financial tragedy of errors.

. An official, enjoying his Highness's confidence, was instructed to despatch the message announcing the Khedive's acceptance of the offer made him for the purchase of his shares. A long time was taken — or was represented as having been taken — in translating the despatch into cypher, and the interval was employed in telegraphing to private agents of the official in question, instructing them to buy heavily on his account. By the sudden rise which ensued on the purchase becoming known, the official realized a large