THE PURSE OF FORTUNATUS. 65 constituted a far more important diminution of the suzerainty of Turkey over Egypt than the permission accorded to Ismail Pasha to substitute the title of Khedive for that of Viceroy, and had, in consequence, to be purchased at a far more exorbitant price.

The Porte finally consented to grant the rigt of hereditary succession from father to son, to the Khedivial dynasty, but stipulated as the price of its consent that the annual tribute payable by Egypt to Turkey should be raised from j400iOQQ to ;750,ooo.

Apart from this enormous increase upon the permanent burdens of Egypt, the concession in question was procured at the cost of a heavy private outlay, of which no record is forthcoming. The use made of this windfall by Turkey was to raise a loan in Europe, the interest on which was guaranteed by pledging the tribute payable by Egypt as security for the payment of the interest.

Again, the exceptional position accorded to the Suez Canal Company by Said Pasha was regarded with alarm by his successor. England, as I have already explained, shared the jealousy with which the Khedive contemplated the establishment of a French imperium in imperio within the territory of Egypt. The Sultan was, to say the least, not adverse to the curtailment of the terms of the original concession, provided he was not only secured against any political or financial risk, in consequence of such curtailment, but was paid lavishly for the exercise of his authority as Suzerain. It was, therefore, at the F