THE CAVE MISSION.

141 opposition of his colleagues, and had therefore to be abandoned. I am not aware how far Ismail Pasha \ was cognizant of the purport of this report before its formal publication ; but as soon as he discovered that / the report, though favourable in the main, did not / recommend any direct British intervention with the I view of saving Egypt from bankruptcy, he made y up his mind to the inevitable. The Cave report appeared on the 23rd of March, 1876, and on the following 8th of April the Khedive suspended pay- j ment of the interest due upon the Treasury ionds / issued during his reign.

I believe that Ismail Pasha would have hesitated "S. much longer about resorting to repudiation if he had 1 not been encouraged by the example of Turkey. In ) October, 1875, the Ottoman Treasury had suspended / payment, and up to the spring of 1876 no action to / enforce payme/t had been taken by the European ( Powers. The Khedive felt confident he could rely \ on the same impunity as the Sultan, and was fully convinced that if he could once wipe out his debts and replenish his empty Treasury with the revenues | which were appropriated to the service of the public debt/ he would have no difficulty in finding fresh facilities as a borrower. In finance, even more than in I most things, half-knowledge is worse than ignorance./ I I