New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-07-25
NETWORK DAILY TRIBUNE, WEDNESDAY, JULY 90 1888

spolatiOn. The French view OF the legal euecs
of the original concessions is supported by the
highest authorities connected with the English
and Egyptian Governments. The construction
of British canal would be a scheme tainted
with illegality and dishonor, and could only be
justified on the ground that in consequence OF
last summers campaign Egyptian law mas
been made subordinate to English greed. IN
less that scheme is to be Carried into execution
to the prejudice of cordial feeling between the
two nations, there will be no means OF redress
ing the grievances Of the commercial pubic
save those which NJ. De Lesseps grndgngiy
comedies These reflections as time goes on
may reverse the public judgment, which has
been hastily formed on this subject and the
Ministry may ultimately receive credit Tor
an honest aud sagacous effort to settle the
Canal question in accordance with international
equity, and with the assent and good Will oil
France rather than without it.
NJ. De Lesseps's letter to Mr.. Gladstone VIII
also tend to diminish English prejudice against
the rejected contract 1t ia written with con-
summate skill and is designed to release Mr.
Gladstone from all obligations to adhere to an
agreement that has been coldly received in
England. VI. De Lesseps, in the interest OF
peace, depreeates an unpleasant discussion
which may cloud tue friendly relations OF the
two countries, and strives to reassure British
commercial circles by pledging himself to
build second canal without reference to
financial aid from the British Government, and
to make the reduction Of dues stipulated for 10
the recent agreement This is II diplomatic
letter, hat many practical conclusions are to be
drawn from it. II the present company builds
a secnnd canal, it will have to increase its cap
ital. Sir Charles Rivers Wilson has already
been informed that the new capital will be
raised by an allotment of shares or debentures,
the British Government having the same
option of subscribing to the stock which the
remaining rhareowners will be allowed. lp
order to secure its proprietary rights "a the
owner Of two-6itlhs of the stock, the Govern
ment may have to double its present investment
of $20, 900, 900, without materially improving
its position At tho same time the company in
stead of borrowing Of the Government $40,-
OO0. 900 at 3lA per cent will have to raise the
money required for construction purposes at
higher rates, probably at 5 per cent, and this
increase in the interest accaupt will cut down
dividends and rctard the reduction OF tolls.
The new canal cannot be built so economically
in this way, and the commercial public viii
have 10 content itself with a more gradual re-
duciOn of tolls. Indeed, the canal cannot be
built at all, unless England and the Egyptian
Government practically concede and sanction
VI. de LesSeps's exclusive privileges acquired
in the isthmus. These practical considerations
Will undoubtedly have great weight in modify
ing public opinion ON this important question.
The action Of the Government has been mo-
mentarily condemned, but we are not SIRE but
that it will he ultimately regarded as both sen
sible and patriotic.