X CONTENTS.

PACB ISMAIL IN HIS GRANDEUR 72 Inauguration of Suez Canal — Concourse of visitors to Egypt — Ismail pays cost of their entertainment — Construction of road to Pyramids — The corv at work — Lavish magnificence of the inaugural ceremonies — Extraordinary repute of Ismail at this period — From Ismailia to Chislehurst.

THE ROAD TO RUIN 84 Sultan forbids issue of further loans in Egypt — Ismail and his financial agents — Services rendered by the Mufettish — The Khedive resorts to desperate expedients to avoid bankruptcy — The forced loan of the Moukabala — Gathering of birds of prey at Cairo — Sale by Ismail of his Suez Canal shares to England — Payment of State bonds suspended.

THE CREDIT SIDE OF THE ACCOUNT 106 Loss entailed on Egypt by Ismail's extravagance — Impossibility of ascertaining exact amount of debts incurred — Unjust charges against the bondholders — Indirect advantages derived by Egypt from Ismail's expenditure.

THE BEGINNING OF A NEW ERA 112 Nubar's arrival in Egypt— Appointed secretary to Ibrahim Pasha — Anecdotes of Ibrahim — Enters public service las manager of the State railways.

THE CAVE MISSION 132 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.

FIRST STAGE OF INTERVENTION 142 Proposal to establish a State bank — Nubar <[uits Egypt for Europe — Ismail arbitrarily consolidates State Debts and fixes rate of interest — His Highness proposes appointment of an International Commission of the Public Debt — Bondholders demand further investigation before approving the proposalMessrs. Goschen and Joubert selected to conduct investigation — Goschen-Joubert report — Arrest and death of the Mufettish.