THE PURSE OF FORTUNATUS. (1 to be SO easy that even a more prudent man than the \ then Khedive might well have believed that his credit J was practically inexhaustible. / It is only fair to makallowance for the peculiar position in which Ismail was placed, in passing judgment upon his accumulation of debt during the first seven years of his reign, an indebtedness which ultimately brought about the occupation of Egypt by England, and led to his own deposition from the throne.

All experience has shown that when you once begin living beyond your means, and adding to your income by borrowing, the temptation to increasing instead of curtailing your normal expenditure is wellnigh irresistible. Ismail certainly was not the exception that proves the rule. During the period ol which I write, he reorganized the collection of customs and the postal service, and placed their administration \ / under the control of English officials ; he extended the L ' railway system throughout Egypt ; he erected light- jf houses, quays, ports, and breakwaters. He established schools ; he sent young Egyptians to study in Europe ; he entered on building speculations on a large scale in Cairo, Alexandria, and all parts of the country, and introduced any number of improvements. I should say that, in the great majority of instances, these public works of his were calculated to advance the interests of Egypt, but one and all required large initial expenditure from which no immediate return could reasonably be expected. His personal expenditure was also lavish beyond conception There was a story current