400 THE STORY OF THE KHEDIVATE.

subject to the reservation that its provisions should not be enforced in the event of their proving to be incompatible with the " existing situation in Egypt, or fetter the action of her Majesty's Government or the movements of her Majesty's forces during the British occupation of Egypt." The Commission refused to accept the proposed restriction, and the formal ratification of the Convention did not take place till the 22nd of December, 1888. In as far as paper agreements are of any binding value, the neutrality of the Canal is, no doubt, absolutely guaranteed. How far its terms would be observed in the event of war between two great European Powers must be matter of opinion.

For my own part, I venture to predict that in anywar, of which Egypt might be the scene, no great Power will ever dream of observing the neutrality of the Suez Canal, supposing this neutrality conflicted with her military interests. The only Power which might possibly hesitate about violating the Convention would be England, and I doubt whether even her hesitation would be of long endurance.

I should say myself that, from the French point of view, the chief value of the Convention was that it gave a sort of International title to the Suez Canal Company, which is in reality a French association constituting a sort of imperitcm in imperio on the soil of Egypt, and which in its chaacter of a French undertaking has always been under the special protection of the French Government. The considerations which induced our Government to acquiesce in the