Another saving (of 3,750,000) might be effected by dispensing with the intended breakwater or defensive mole at Pelusium. The channel as it is planned will probably be considered accessible in all winds which are likely to create a rough sea; there is no occasion then for us to trouble ourselves with the fear of seeing ships miss the entrance. There are a great many important seaports, Alexandria for instance, where a ship cannot enter after sunset, in a much worse nautical condition than that at Pelusium will be, and near which nevertheless there is no sheltered anchorage. We may name the port of Liverpool, which is not accessible at low water for large ships. We may also mention the port of Havre, into which large ships can only enter during three hours out of twelve, and yet the number of disasters on those coasts is not relatively greater than elsewhere.
We have not deducted from the amount of expenditure any of the returns, which will be received during the execution of the works, and which will not fail to be important:—thus the inland Canal of communication being finished in the first campaign, there will be the transport of all the agricultural produce along it for five years. In the second year the Canal going as far as Suez, there will be, for four years, the lock dues and the profits of transport, which may be valued at an average annual value of 1,000,000 fr. There will be, moreover, the profits arising from the cultivation of the lands, which will increase every year, and will not be of less average annual value than 1,000,000 fr. This already makes an income of 8,000,000 fr.
Finally, during the last two years, passage may be afforded, as was done on the Caledonian Canal to all ships of small tonnage, and to all steam boats that may choose to take advantage of the cutting, and in this manner a return of several millions will be obtained.
We might have brought these sums forward as a deduction from the interest payable to the shareholders, but we have preferred leaving them disposable.
ESTIMATE OF THE REVENUES.
It is impossible not to recognise à priori, the immense advantages offered to commerce by the new route that we present, and it appears from thence quite natural to assume, that the navigation formerly carried on in the Red Sea, and which continued to prosper, notwithstanding the discovery of the Cape, will resume yet more propitiously the ancient route; since there will no longer be any trans-shipment, no longer any transport across the desert, no longer any obstacle whatever. Steam and sailing vessels will find, on the contrary, an opportunity of revictualling in Egypt with fresh provisions, which are found there in abundance at the lowest prices. Steam vessels will take in coals there, which will cost less by half than at present. Finally, travellers who now prefer the route by the Cape, on account of the inconvenience of trans-shipment, the fatigues of the desert of Suez, and the high price of the passage, will no longer hesitate to adopt the shortest line, when it shall be more easy, more certain, and more economical than the other.
There are, however, timorous minds from which has emanated the opinion, that the Maritime Canal at the best, could only serve for steam navigation, for sailing vessels would find, according to them, no advantage from the moment they should be subjected to passage dues; and the proof they say, is, that the rate of freightage has sunk so low viâ the Cape, that it could bear no deduction arising from any passage dues whatever.
Let us therefore examine the facts attentively, in order to resolve this question in a manner at once clear and practical that shall remove all doubts.
In treating of the navigation on the Red Sea, as compared to that on the ocean, to reach India, we think we have demonstrated that at present, with the means of steam-towing, with the aid of lighthouses, and the knowledge acquired of the winds, the currents, and the coasts of the Red Sea, a sailing vessel will meet with more facilities on this latter, than on the Ocean in the passage of the Cape; but let us admit the circumstances to be equal on either side, by way of the Canal 2000 leagues at least are economised in the passage between Europe and the regions of the extreme East. This saving is equal to a saving of two months out of five. For, in making the passage of 480 leagues from Marseilles to Alexandria, the ships consume ten days on the average at the favourable season.
A diminution of two months out of five, must necessarily produce a corresponding advantage in all the expenses which press upon merchandize: thus—