THE CAVE MISSION Mr. Cave arrives in Egypt on special mission from the British Government— Origin of the mission — General impression in Egypt that mission intended to arrange for a British Protectorate — Probable explanation of causes which led to the abrupt termination of the mission — Mr. Cave leaves Egypt and issues his report — The Khedive thereupon suspends payment.

The purchase by Great Britain of the Suez Canal shares was effected in the course of November, 1875.

In the course of a few weeks it became known that the four millions paid to the Khedive had only sufficed to liquidate a small portion of his liabilities, and that, Ci( he could not obtain further pecuniary aid, the only I course open to him consisted in repudiation. When I say this was known, I do not mean generally known. Up to the very last, the great majority of the foreign residents in Egypt felt confident that somehow or other the Khedive would meet his liabilities. The common impression was that he could always rely on the assistance of France. This impression was not solely due to the wish being father to the thought. The French public had invested very largely in Egyptian securities. The Credit Fancier