The Evening Star THURSDAY, MARCH 2, 1876.

Evening Star, Issue 4061, 2 March 1876, Page 2

The Evening Star THURSDAY, MARCH 2, 1876.

The European journals, somewhat startled at Great Britain becoming a large shareholder in the Suez Canal property, commented on the matter pretty much according to what may he conceived to be the popular notions of the political relations of their nationalities. Apparently, in the minds of European continental editors, every national transaction must receive its impulse from a desire to aggrandise one’s own country at the expense of some other. It seems utterly impossible for them to imagine that England, purchasing the Khedive’s interest in the Canal will use its influence to secure its being a highway for all nations. Yet, according to the account the ‘ Mail ’ of November 20th gives of the transaction, it was one of a purely business character, only removed from every-day buying and selling through its magnitude. It was a good opportunity for securing communication with the East, and it was wisely taken advantage of. It will naturally be asked by business men how it happened that the Khedive was induced to sell so valuable a property. The simple answer is he wantea money. 4 The ‘ Mail ’ says :

The opportunity for this important step has been given by events which are but too well known. Ishail Pasha, the fourth Euler of his House, and a man credited with a good understanding, a liberal temper, and a remarkable spirit of enterprise, has brought Egypt into serious financial difficulties. His prcdeoessors wore all, moie or less, given to combining the art of government with private financial operations—a practice to which the submissive character of the people gives large oppor. tunitles. It is needless to dwell upon the processes by which the Khedive has concentrated in himself almost all the enterprise of the country, and laid upon a population of little more than five millions of souls that prodigious debt the value of which has been lately the sport of every rumor. It is suffldent to say that, whatever may be the ultimate result of the operations in which the Khedive, with the aid of his numerous advisers, has embarked, he is for the present in want of ready money. The resources of Egypt may still be groat _«< practically illimitable " used to be the phrase in such cases. But the Egyptian Government has been going so fast during the last few years, and the speed has lately been so alarmingly accelerated, that some opportune help from without nas become necessary. The ordinary agricultural resources of the • country cannot be further drawn upon at present, and the Khedive has had to look round and see what he possesses which is at once valuable aud presently disposable. He has found it in the great work of M. de Lebseps. While so much else in Egypt which can bring money has been overworked and anticipated, the Suez Canal bos remained intact. Its success as a scientific construction and as a channel of maritime intercourse is assured, and its financial prospects have of late perceptibly brightened. We now know that the traffic with the vast Empires of Asia will take this route, and that the increase of tonnage must in the nature pt things be rapidly progressive. Jbe two great seats of the human race, the European Continent and the regions of Southern and Eastern Asia, are Wily now helng'broaght into real connection with each other intercourse a»4 trade are yet '» their infancy.

Whatever the traffic, it must jkbs through the Canal of M. ox Jikssbfs, for a rival enterprise is scarcely possible. So the Khedive, ii ihis difficulties, lias found this investment at least a good solid, property, For. the last fortnight or anare it has been rumored tliat his Suez Canal shat eg, if not in the market, wore at least likely to hi j j pledged in order to procure indispensable funds. But that they would be .sold outright, and that the British Government would bethepurclißs er, had no place among the conjectures of the time ■. How-’ ever, the two patties have come togefc her, -and the business has been promptly {complete d, We may be sure that- the Khedive has done I >etter in : dealing with a first-class Government than in negotiating with this or that combination of Cot itiuontal speculators, and it will probably prove n?> misfor-, tune to him that, instead of mortgaging his property, be hns sold it outright. He holds' 117,000 out of the 400,000 shares of which the capita I of the Suez Canal Company consists, and these he has offered to the British Government, as ha s been said, for the sum of four millions sterling. The offer haa been accepted, and when the forma 1 sanction of Parliament shall have been, gm m the. British State will succeed to all Ibuail Pash A’s immense interest in the enterprise, and becoi ne the chief proprietor, with an influence predominating over every other.

This purchase has-freed Great JBritaiin from the phantom that has led to so much bloodshed and waste of treasure, viz., the necessity of maintaining the integrity *of the Turkish Empire,, Henceforth the highway to the East is secured, although the Sultan may be dethroned, and his dominions parted among other nations. The command of the Bdsphorous may be in any hands into which it may chance -to fall. It can scarcely lie under more imbecile control than that of the Turks—but it is of comparative little mom’ent to Great Britain. The world will interpret the act of the British Government by the circumstances of the time. It will fancy it. discerns the apprehensions of the statesman in the transaction so suddenly eonfpleied. On this sub jectexaggeration is possible, yet it would beuse'ess to Contend that ..political , motives have nothing to do with our acceptance of the Khedive’s offer. The purchase must be looked upon primarily' as an act prompted .by the very natural desire to take 1 a share when offered in a very useful enterprise, which promises to be profitable in itself, and whleh ls beyond a doubt of the highest import, asoa to British commerce. Three-fourths of the whole tonnage passing through the Canal. is British, and this proportion is likely to increase rather than diminish. This is the foundation o! our interest, but, undoubtedly, in the present circumstances of the East wo cannot hub desire to have a position of greater security on the great highway to fheEast,.