214 THE STORY OF THE KHEDIVATE.

Ismail had more and more cause to hope that he had defied Europe with impunity.

The blow came from the quarter whence it was least expected. Germany had never previously displayed any great interest in Egyptian affairs. The number of German subjects holding Egyptian securities was at this period extremely limited ; and the policy of the Empire under the rule of the Emperor William I. and of his great Chancellor had been throughout one of non-intervention in all foreign issues, which didnot directly affect the safety or the interests of the Fatherland. Suddenly the world learnt with astonishme.nt that Germany contemplated active intervention in Egypt Certain German subjects, who were creditors of the Egyptian State, had obtained judgment in their favour before the International courts. These judgments had remained unexecuted, owing to the refusal of the Egyptian executive to carry them into execution. The courts had been established in virtue of an International agreement, to which Germany was a party ; and she therefore claimed the right to demand the fulfilment of the agreement, on the strength of which she had agreed to the suspension of her Consular jurisdiction in civil / matters. Germany thus came forward as the champion of the International tribunals, and announced that if J their judgments in favour of German creditors of the / State were not executed at once by the Khedive, she would have to take action to secure their enforcement. If a similar declaration had been made by either Lord Granville or M. Waddington, it would have