The Sun.
London, England, 1860-09-08 00:00:00

102 104
86 87

THE SUEZ CANAL.

M. Ferdinand de Lesseps has written the follow-
ing letter, dated Paris, August 31, in reply to the
recent remark, of Lord Palmerston on the Isthmus
of Suez Canal project :—" His lordship's allegations
refer o three orders of facts perfectly distinct, but
to which he has given a connexion which does not
exist. First, Lord Palmerston declared thst a cer-
tain number of shares were set down to the Vice-
roy of Egypt without his Highness's knowledge
or consent. That affirmation is erroneous in every
respect. To prove this it will be sufficient to recall
the terms of the report which I presented at the
general meeting of the shareholders on the 15th I
of May. After having stated all the facts rela-
tive to the transaction, I said,—‘ We came to an
understanding with the Viceroy that he should
take definitively to his account the shares reserved
to foreign bankers who from circumstances had
been prevented from fulfilling their engage-
ments. Not only did the announcement of that fact
not draw forth any objection from the Government
of his Highness, but during the stay I recently
made in Egypt the convention on this subject be-
tween his Highness and myself was sanctioned by
an act of the Egyptian Government. Secondly,
Lord Palmerston has pretended that the works
already executed demonstrate the impossibility of
making the canal without an expense of money
and time which no company can support. It is
the contrary which is the truth. The experience we
have already obtained does not permit a doubt to be
entertained that the maritime canal of Suez will
be opened to navigation within a period much
shorter and at an expense much less considerable
than the International Commission of Engineers
had estimated. I maintain on this point all the
explanations which I gave in nay report to the
general meeting, All the hopes I then expresed
have received fresh confirmation from the
works which have since been executed.
Thirdly, Lord Palmerston has' endeavoured to
represent the loan which his Highness has just con-
cluded with a notable and honourable financier of
Paris as having been rendered necessary by his sub-
scription to the enterprise of the Suez Canal. This
is not the case. The finances of Egypt are most
prosperous, and the revenue of the State for a single
year greatly exceeds the amount of the whole debt.
By means of the loan which his Highness has ob-
tained on such advantageous conditions as prove
' the confidence of capitalists, the Viceroy proposes to
pay off completely the present debt, which bears a
much more onerous interest than that of the loan
just contracted. His Government has, therefore,
purely and simply effected a good operation, which,
in the space of a very few years, will contribute to
place the financial situation of the country in equili-
brium. Such is a sincere and perfectly correct ac-
count of the situation of our enterprise, which never
presented better guarantees of success. The lan-
guage of Lord Palmerston will not surprise those
who know the inveterate malevolence of his lordship
to the company of the Suez Canal. For my part, I
should never have thought it worth while to point
out his lordship's erroneous allegations, were it not
that the Board of Directors had seen in them an in-
tention to injure the credit of the company, and
had considered it a duty to have a reply given."