THE PURSE OF FORTUNATUS. 71 3 a truth he never discovered till it was too late to save his fortunes.

Be this as it may, there is no disputing the plain fact that during the thirteen years which elapsed between Ismail's accession and the Cave Mission, in 1876, the public debt of Egypt had increased in round numbers by close upon one hundred millions sterling. When Said died in 1863, the public debt of Egypt was under ;4,ooo,ooo, or about one yearns revenue.

In 1875, that is at the commencement of the financial crisis, which led first to International intervention, and afterwards to the British occupation, further indebtedness had been contracted to the extent of at least ; 100,000,000. This amount was made up of loans raised in Europe, which represented a total Of ;50,ooo,ooo ; of loans effected with private persons for some ;i 1,000,000 ; of a floating debt secured by Treasury bonds to the extent of ;26,ooo,ooo ; and of a sum, roughly speaking, of ; 13,000,000, made up by claims for work done, monies advanced, or services rendered. These nondescript debts were due for the most part to foreigners.

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