The New York herald., 1865-05-29

we're 70 - eonsructsd By T. Lssssps and his ceupssN
wsro canal between the Mediterranean and the Red
(articls Of the Firmaa Of ooncessiou sn siImsniaY
canal for the Nile artice 81 and banches TO Suss anA
Port Said for irrigation and supply OF fresh water -
those two ports The concession did not include thsss
last which were for tho advantage OF the geas
raj design The work wasexpecedto have bsea hnishe1
seyeral years ago; various di6cutes p0klca and
financial occurred retard its progress On the a
November, 1862 however, sicient portion OF Il
50 far advanced as TO admit OF It's being opened formally
On that occasion M Lesseps in the presence d arug
company OF Mohametan and Catholic Clergy and an -
mcnse number or native spectators pssformea tAe Co.
throypS the canal iaso Lake Tisah This done b
breaking away dyke which had restrained the How A.
water rushed in the Mahometan priests or uiemas
blessed them after formula OF their own, and NJ Les
seps pronounced tho following words-in tho name @
~ ghness sad Pscha command n 'nai ta snT sss
tho grace Oh God" Tho Catholic clergy az the ffcna
church OF Fl Gsr sang e Da ana IN sac srS a
oanSae, was given e wc sno, snsee
The latest information the subject Is containea n
the above circular OF NJ Lesseps In this II Is saled ~
tho entiio communication is open between the Two seas
and that since the nrst OF that month dairy ooaI -
botwssn Ismaiia and zagaag. A Large bark, oarry.
ing from twenty-five TO thirty persons, toweo
hours The water in the canal % is abou. fvs feet in
depth and about nifty feet In width Already the transit
has ooen maze Iy large oa hxnoH
canal for regular business But much work haa
to be done before large vessels make tho PASSAGE and
financial aid may be required In addition TO the sums
already subscribed, well os those provided BY thA
Egyptian government The representatives q - -
groat circles been called together town.
what has already beon dono and what remains To d
FINANCIAL CONDITION. go
Tho grant from tho Egyptian government bore dae II
November, 1854, and subsequently ratified BY The
Sublime Porte. 1t contained twelve articles, and tho
privilege granted foe ninstynne years from tho dAS
of the opening of the canal between the two seas ThA
work was to be executed at the sole cost q
the company, which, consisting Of NJ Ls:ssle
Maritime Company. The Egyptian goyernmene
for vasors grants and CONCESSIONS was 70 rscetve
annually nfteen per cent OF the net profits shown ~
the balance sheet without prerde tho interest and
dividends a-cfuRg from the shares which the govern
upon their ISSUE without on Its part ethes
for the execution Of the works for the operations o.
the company the remainder OF the profits were 70 p
divided as per cent To the hene0
of the company and peg cent the benefit q IL
meplbcrs in its foundation On this basin
NJ. Lesseps succeeded in forming company with
capital OF hundred millions OF francs, N shares ~
live hundred francs; or in OCT money forty millions
Of dollars in shares OF hundred dollars each The
late pacha in the most liberal manner subscribed
eighteen millions OF dollars In looking over the early
balapce sheet and reports OF the copany whcn too3
present nitive shape in January 1882 we perceive
that the Pacha Id not hesitate to advance largo sums -
the company long before they were strictly duo by the
Subsequently, however by a fresh arrangement with
the copany, he qudaed and paid on his original sui
scriPtons, Dy issuing III place "nat wee .a'
ary bonds for the balance then ono Dearihg noLo1 -
nine per cent which were accepted and negotiated VIZ
out Htus unhcu'ty Inis voc os ~
on ms par. 10 increase & ns nw @ %
used contradiction Of the statement was Published by
the principal chefs who declared their followers wore
entirely satisfied with their wages and treatmenk.
Indeed Inc woiT TIA al .e % o AZ o h,s sysn. ~
tho viceroyaty was 10 abolish the monopol;es Of hi6
place, which made Egypt large farm, worked :9r MI
special penen'' nS ,"'e's "v.e o sts'Ju @ % ~ Ss. H FL
and the sole yender OF their products The tax in Kind
was changed 10 an imnost in money OF moderate char-
acter he dissolved the relations OF giebe and sss1:
f thc lands io those who wished TO purrhaso
aha.hcd The narticular bardslps attending the organ.
Of his armies and shortrned the term OF military
aaryce railroads and eleg,sphs paid hia
a nlIioa,ions with a punctuay prcyiouslv
in yn and Gained SO much credit BY all thee
suavs of INTEGRITY and rood sense that he had dim
,,,, ~ borrowng forty millions of francs TO pay OF ehU
So;in. Seh and obaineI II without DELAY or dficulty
g.; tc pour Of paris and the London Exchange Such
tho n,an Who took mn this project and was its firm
snnS % a. .na , snnnor,er IN Tho dav OF MS death y.
r, @ c, r.ar,od ~, he derived from these worfa
vverc assumed 10 be large for the following rcasons:
80, s h;nona mn sang the STRAITS OF Gbr,lhas
MY, .mo Sona 80 -. anr, iya miIons The same pass ~
a ,sa ave enter ,hc mort OF IIycrpooI and
is