I ' f 140 THE STORY OF THE KHEDIVATE.

Under these circumstances, the report Mr. Cave issued on his return fell still-born, though it is fair to ; ' Csay that subsequent experience has more than con-Lrmed the general correctness of Mr. Cave's figures. _it/ -'j r- Cave's report may be briefly summarized as A 5::. - follows: After stating that it was based on figures ' * furnished by the Khedive and his officials, the accuracy of which it was impossible to test with the time and means at his disposal, but whose substantial correctness he was inclined to accept, he declared that the financial embarrassments of Egypt were due to lavish waste and expenditure ; to great works undertaken with inadequate means ; to an enormous military expenditure, uncalled for by the needs of the country ; to the exploitation of Egyptian resources by concessions granted to adventurers, chiefly of foreign » extraction, who had got the ear of the Khedive. He gave it as his opinion that the financial position of Egypt was not hopelessly compromised, but might be restored if her credit could be re-established, and her expenditure restricted, and he concluded by saying Ithat these objects could only be obtained by the inter-/ vention of some foreign Power. To put the matter briefly, Mr. Cave's report would have formed an Excellent defence for the policy which, as I suggest, was originally intended to be based upon the result of liis investigations. In the interval, however, between the despatch of the mission and the publication of the report, the Prime Minister had come to the conclusion that the policy was impracticable, owing to the r< \e: