Until then no call will be made on the shareholders, and, the administration of the Company being in the hands of capitalists and other persons of all nations, in proportion to the relative commercial importance of their country, they will not support the undertaking unless they are convinced that it will be to their interest to do so.

As England is evidently interested more than any other power in the construction of a canal through the Isthmus of Suez, my first step has been to come to London, both in order to ascertain the state of public opinion in England on this question, and also to give to all who desire it such information as will enable them fully to appreciate the moral and material aspects of the undertaking.

I have already remarked with satisfaction that, in general, men of intelligence with whom I have had the honour of conversing on the subject, do not admit that an event which would advance the interests of the whole world, could possibly do injury to the power or commerce of England. They frankly discard all idea of a prejudice against the project; they assert on the contrary, that if feasible their country cannot but gain by it, and that it would be a source of regret if the idea were entertained in France that what would be beneficial to other countries should not be of equal benefit to England.

Objections, however, which to my mind, I am proud to acknowledge, do honour to the candour of English politicians, have been made, in perfectly good faith, and without any feeling of distrust towards a friendly nation, the alliance with which, cemented by the blood of their brave armies, has been recently sanctioned by the unanimous demonstration of the English people, as it will shortly be by the people of France.

I shall reproduce these objections, and reply to them in very few words.

I begin by setting aside all those which relate to the supposed impossibility of execution, and to the idea that the canal can only be constructed at an expenditure out of proportion to the advantages reasonably to be expected.

If the canal should be found to be physically impossible, of course the scheme will not be entertained, and if European science should not make it clear that the advantages to be derived are commensurate with the expenses to be incurred, capitalists will not come forward.

The report of the engineers replies triumphantly to other objections respecting the sands of the desert, the alluvial deposits at Pelusium and Suez, and the navigation of the Red Sea.

It has been affirmed that the project of a canal might retard the construction of a railway from Alexandria to Suez, which the policy of England has always considered essential to her Indian interests.

Far from being retarded by the canal project, the railway will, on the contrary, be indebted to this very design, for its speedy completion; for it can only obtain sufficient returns from the activity occasioned by a considerable maritime commerce across the Isthmus of Suez. The Egyptian Government, which has already completed, at its own expense, the first two sections of the railway, viz., from Alexandria to the Nile, and from the Nile to Cairo, takes this view of the question, and is at the same time desirous of giving satisfaction to England, whose main object is to secure for her despatches and travellers the most direct and speedy route. The Viceroy, being thus persuaded, that of the two undertakings, the railway and the canal, each forms the complement of the other, has just decided on the completion of the third section, from Cairo to Suez. He has given the order for the rails to an English house, and engineers are at this moment engaged in levelling and in the superintendence of the earth-works.