Distribution of the Work.—Let us now see how this sum is to be expended, and in what manner the works may be distributed, in order to their completion in the space of six years.

Interest to be paid to the Shareholders.—As it is usual to pay interest to the shareholders on the amounts subscribed, in proportion to the paid-up capital, it is necessary to take an account of the interest so accruing, and to carry the amount to the cost of execution.

In presenting the estimate of the works, amounting, as we have seen, to a maximum of 162,550,000 francs, we have been desirous of meeting, on the data generally admitted, all the objections hitherto made relative to the difficulties consequent upon the choking up of the entrance of the jetties and the accretions in the basin of the Red Sea or in the gulf of Pelusium. We have been fearful of appearing too bold in pronouncing, in an absolute manner, in favour of dispensing with the sluices and the works which they necessitate. We need not call attention to the fact, that the present is but a precursory scheme; we reserve it for our definitive scheme, to examine an entirely new theory founded on the experience of the most distinguished engineers of France, and on the conclusive opinion now before us of M. Renaud, chief engineer of seaports. We have hopes then, that it will be possible to dispense with the system of sluices, and that we shall thus effect an economy of several millions in the execution of the work. M. Renaud has ascertained that when the sluices open into the sea they lose nearly all their efficiency, and that in many cases they are worse than useless, and become detrimental. They deposit, in front of the channel, the matter which they bring down, and when this matter is not carried off by traversing or littoral currents, it forms, sooner or later, deposits or bars, whose summits are above the bed of the channel. It is thus that the mouths of rivers which flow into seas without tides, are, with few exceptions, without depth of water; the alluvium which is carried along the coasts coming within the action of the current of the river, is driven by that current to a certain distance from the shore, and deposited in proportion as the current loses its power. Being then less easily held in suspension than when near the coast, where the depth is less, they are also less easily carried off by the littoral current; deposits are formed and rise, until the combined action of the waves and the current no longer permit any fresh matter to subside.

Whatever may be thought of this explanation, it must be admitted that the alluvium brought by the sea, no less than that brought by rivers, prevents our obtaining a depth of water at the mouths of those rivers. Artificial sluices, therefore, appear to have no power to preserve a permanent depth of water.

If then we are permitted to renounce the idea of having recourse to the use of sluices for maintaining the depth of water at Pelusium and at Suez, it will be very easy by means of dredges to ensure the continuance of this depth, as is already done at the entrance of several ports, and particularly at that of the port of Cette.

The employment of dredges will allow of a considerable saving in the cost of establishing the Canal. The portion of the expenses required for the sluices would certainly be greater than the capital representing twenty times the annual expense of dredging.

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—

1. The average value of imports and exports between Europe and the extreme East, being about 600 fr. per ton, the saving in the interest, on the capital employed at the rate of six per cent. will be 6 fr. per ton.

2. A ship of 500 tons burthen, costs at the least, fully equipped, 150,000 fr., and pays seven per cent. per ann. to the assurance companies when it navigates the Chinese waters. It only makes at present two voyages in the year including the return; with the Maritime Canal it will be able to make three, which will effect a saving to the owner of two per cent. that is 3000 fr. or 6 fr. per ton.

3. The capital represented by the ship ought to yield an interest arising from the freight, of at least twelve per cent. on account of wear and continual reparation. By enabling the ship to make an additional voyage, the Canal gives the means of saving four per cent. that is, 6000 fr. or 12 fr. per ton.

4. This same ship has a crew of fifteen men, exclusive of the captain. Taking the pay of each man at 70 fr. per month, and that of the captain at 600 fr., it will be found that a saving will be made of 2500 fr. which is 5 fr. per ton.

5. Although it may be said that the insurance upon merchandize is not determined by the duration of the voyage, but by the risk which the ship runs, according to the route it takes; we do not the less persist in maintaining that the facilities of navigation in the Red Sea being at least equal to those viâ the Cape, the rate of insurance must be lower upon merchandize exposed two months less to the chances of navigation. This rate is usually two and a half per cent. upon merchandize going to China; we do not think we are beyond the truth in assuming a diminution of half per cent. in favour of the passage by the Canal, which would be a farther saving of 3 fr. per ton.

By adding up the figures thus obtained, we find a saving of 32 fr. per ton on merchandize which shall pass by the Canal: this minimum figure of 32 fr. calculated for a diminution of 2,000 leagues; will increase in proportion to the distance gained by the ports nearest to the cutting; for Constantinople, for instance, the saving will be more than double, on account of the 4300 leagues gained by her navigation. Leaving 22 fr. of the increased profit to the advantage of navigation, there will remain 10 fr. per ton for passage dues in favour of the Company, a figure which is less than two per cent. on the estimated average value of the merchandize, at 600 fr. per ton. Now, silks, indigos, coffees, sugars, tobaccos, gums, cottons, woollens, wines, spirits, &c. &c. are of greater value than this figure; there is only rice and coal which do not reach it.

It will doubtless be objected to our calculations, that the freights to Australia being on an average only 50 to 60 fr. per ton on merchandize, if the 32 fr., which we show as an advantage presented by the Canal, were forestalled in the freight, there would only remain 20 to 30 fr. per ton for the shipowner, who would evidently suffer loss. It will thence be concluded that our valuations are exaggerated. But at present the shipowner who despatches his vessel to Australia at the rate of 60 fr. per ton, is equally at a loss by the merchandize; and if he consents to make the speculation, it is for the advantage that he finds in the freight of the passengers. Well, the speculation will not be altered by opening the Canal; the shipowner will still lose on the merchandize and gain by the passengers: only he will lose less than at present by the one, and gain more by the other. It is the same for China and the other parts of the extreme East. The freights are so low in relation to the distance and the chances of navigation, that loss appears to result from them. But it is clear that then the shipowners are interested in those operations of commerce that are very lucrative, and are moreover indemnified by the passage of numerous emigrants, functionaries, &c. &c. The opening of the Maritime Canal, far from being hurtful to these operations, will, on the contrary, be eminently advantageous to them, and the shipowners will find their ultimate profits increased by it. Our calculations, therefore, remain intact, since they are based upon practical data, known to every one, and which are, moreover, according to the general usages of commerce.

Let us now endeavour to give an idea of the commerce in imports and exports, which is carried on between Europe and India, China, &c.

Trade has so much increased for a period of ten years, and especially during the last three years, in consequence of the discovery of gold in Australia; and every year its developement is such, in relation to the preceding year, that it is impossible to settle its statistics even approximately. For the figures given for one year are already erroneous before they make their appearance. It is, however, possible to throw some light upon this question, which has been the subject of so much controversy, and to give a minimum figure.

Mac Culloch, in his statistics of 1842, gives the following figures for the tonnage of merchandize imported and exported by the commerce of England.

Mr. Anderson, of the East India Company, estimates the tonnage of English ships in relation with the places dependent on the East India Company, for the year 1841 at

Thus Mr. Anderson gives, probably for the same year, a tonnage greater by a third than Mr. Mac Culloch.

We will now compare some of these figures with those that have been officially collected by M. Arnaud Tison, delegate from the Chamber of Commerce of Rouen, in his travels in China during the years 1850-54.

This figure is seven times greater than that given by Mr. Mac Culloch, and as the discovery of gold was not yet made at that time, it may be said that at present the figure given by M. Arnaud Tison ought to be doubled to be correct. The total value of imports and exports was 110,000,000.

For China, the single port of Shang-Hai exported in 1851, 35,000 tons of tea, which is more than the figure given by Mr. Mac Culloch for all the produce imported from China.

The commerce of the two single ports of Shang-Hai and Canton, in imports and exports, without reckoning opium, was estimated in 1851 at 400 to 500,000,000 francs, which answers nearly to 800,000 tons, taking the average value per ton at 600 fr., and which makes twelve times as much as the estimate given by Mr. Mac Culloch.

At Manilla, the commerce in 1851 was 51,773,232 fr. of which about 24,000,000 were exports, and the remainder imports. This figure answers to the activity of 86,300 tons, taking the average value of the ton at 600 fr. It is more than twenty times the estimate of Mr. Mac Culloch.

For Java we have not been able to procure any positive information, but according to the periodical publications (Revue des deux Mondes, &c.) and according to the reports of travellers, the increase of business every year is much greater than in the Philippine Islands. We shall not therefore be charged with exaggeration, in fixing the figure of commercial activity in these colonies at 100,000,000 or about 150,000 tons, for the year 1851.

Mr. Anderson estimated the commerce between Europe and Indo-China at £26,000,000, or 650,000,000 francs, thus distributed:—

We have just seen from the researches of M. Arnaud Tison that Shang-Hai and Canton alone gave to commerce in 1851 an activity represented by the figure of 400 to 500,000,000 francs, which is quadruple that attributed by Mr. Anderson in 1841, to the entire commerce of the China Seas, including the Philippine islands, Java and Singapore.

We are therefore quite sure of being below the reality in fixing the amount of commerce with places to the east of Egypt, in 1851 at 100,000,000, instead of the 26,000,000 in 1841. At the time we write, this figure of 100,000,000 sterling is perhaps quadrupled and carried to 10,000,000,000 francs, and when the Canal is opened, this latter sum will be a mere mistake.

In fact not only the greatest part of the commerce of Europe with the extreme East will be carried on through the Maritime Canal, but moreover all the activity in operation between America and China, will abandon the route of Cape Horn for that of the Isthmus, which will be easier, shorter, and more certain.

For the farther support of our opinion, we have the vast countries which are at present completely without the sphere of the commercial activity of the world, and which, upon the opening of the Canal, will furnish a contingent which cannot be estimated now, but which will be considerable. Abyssinia, Yemen, Hedjaz, Mascata, and the coasts of Africa, will deliver quantities of merchandize; such as the coffee of Yemen and Abyssinia, gum arabic, wax, skins, ivory, wool, indigo, &c. &c. Mules and animals for the slaughterhouse abound in Abyssinia, and are sold at a low price. A mule may be had from 25 to 100 fr., an ox for 10 fr., a sheep for 3 fr.; timber and cabinet woods abound in the vast forests which have never felt the axe. Along the coasts of the Red Sea are very rich mines of sulphur, which have just begun to be worked; lead mines, quarries of marble and porphyry; extended beaches suitable for the establishment of salt pits, &c. &c.

New occupations will arise, such as whale and cachalot fishing in the South Seas; pearl fishing in the Persian Gulf and Indian Sea, as well as the pursuit of mother-of-pearl, tortoise-shell and coral. A great part of the Mediterranean fishermen will transport themselves to the Indian Sea, to pursue their occupation, and increase the activity of the navigation in the Maritime Canal.

We may therefore be sure that the cutting through of the Isthmus will increase ten-fold the operations of commerce and navigation; that, as with every undertaking based upon a true principle, the consequences cannot be calculated, and that the idea most exaggerated in appearance, will always be surpassed by the reality.

As, however, we are addressing ourselves to the commercial world, and have to convince all minds, even the most timid, it is necessary that we should fix upon a figure, and that this figure should not startle any one. We have adopted that of 4 milliards (4,000,000,000) of francs, answering to 6,000,000 tons, which, according to what we have been showing, is without doubt, already exceeded at present, or certainly will be, before the close of the undertaking.

We have likewise assumed that of the 6,000,000 tons, 3,000,000 only will take the route of the Canal.

If we had followed the method of estimating adopted in the railway schemes, it would be necessary to make a statement of all the merchandize exchanged between Europe and America on the one part, and Indo-China on the other; then to multiply the figure thus obtained by a coefficient, never less than 3, and which sometimes reaches to 10. The result of this operation would give an enormous product, nevertheless probable. But to remain within the circle of ordinary ideas, instead of tripling the actual figures, we have diminished them by half.

Representing a dividend of about ten per cent., over and above the interest of five per cent., taking the capital at 200,000,000 fr.

We pass over in silence a multitude of sources of revenue, which will not fail to be pretty considerable; such as the supply of water to the population of Suez and Port Timsah, the rent of stations for watering ships, the rent of all the magazines and buildings, which have been employed in the execution of the Canal, the towing of vessels by the steamers purchased by the Company for the service of the dredges and the transport of materials.

There are other branches of revenue that will acquire great importance hereafter; among others, the fishing in the Canal, the produce of the works to be established at the fall of each barrage lock, and the sale of Arab horses.

The current established by the action of the two barrage locks, will draw into the Canal a multitude of fish, both from the Red Sea and the Mediterranean.

The falls of the fresh water Canal will be made available to the agricultural operations of the country, such as grinding corn, husking of cotton, peeling of flax, laying of thread, &c.

The situation of the Isthmus of Suez, upon the confines of Arabia and Syria, which supply the best breeds of horses, and whither Europe has always had to repair to regenerate the equine species, will become a locality, than which none can be more favourable for the formation and maintenance at a trifling expense, of an establishment for breeding and rearing horses. The valley Wady Tomilat will again become what it was in the times of Scripture, the land of Goshen, which name signifies in Hebrew and Arabic Pastures; the land that Joseph prevailed upon Pharaoh to grant to the Israelites, because it was the most fertile country in Egypt.

We are so convinced that the preceding estimates of revenue will be rapidly exceeded, that we propose to the Company to have a clause inserted in the Statutes by which the tariffs shall be lowered as soon as the dividends shall exceed twenty per cent., in order to make the community of the world participators in the advantages of this grand and useful undertaking.

With this last observation we will terminate our labours, which are only, as their title indicates, a preparatory work, intended to fix public opinion upon the merits of the undertaking, and to lead discussion on to a limited and well defined ground.

These labours will be followed by a regular scheme, wherein all the details of execution will be developed, and wherein the most recent statistical documents, drawn from official sources, will furnish the basis of all the calculations of revenue.

We have confined ourselves in this preliminary exposition to the establishment of the approximate maximum presumed expenditure, and we have sought to guard against any exaggeration in estimating the revenue. All our calculations are based upon documents, which any one may verify and appreciate at their worth.

We entertain the hope, that the undertaking will be favourably received, for there will be profit and honour for those who take the first part in it; and it will not only offer incontestable advantages, but it will be moreover the grandest work of progress and of civilization that the nineteenth century will have produced.

Cairo, 20th March, 1855.

(Signed) Linant Bey. Mougel Bey.

APPENDIX.
No. V.
LETTER FROM THE GRAND VIZIER, TO THE VICEROY OF EGYPT.

LETTER FROM THE
GRAND VIZIER RESHID PACHA
TO HIS HIGHNESS
MOHAMMED SAID PACHA,
VICEROY OF EGYPT.

Translation from the Turkish.

The 12th of the Month of Djemazul Akhir 1271.
(1st March, 1855.)

Your very humble servant has the honour to address you as follows:—

M. Ferd. de Lesseps is about to return to your Highness. He is indeed, as your Highness was graciously pleased to observe to us, a guest who of himself deserves all possible attention and consideration. His object in coming here had reference to the affair of the Canal; an undertaking of the most useful character. During his stay in Constantinople, I have had the pleasure of seeing him several times, and of conversing with him at length on various subjects. He has had the honour of being presented to his Majesty the Sultan, by whom he was received with the highest favour.

In conformity with the Imperial order on the subject of the Canal, the question of this interesting undertaking is now under the consideration of the Council of Ministers. M. de Lesseps, not being able to wait until the end of the conferences, has decided on taking his departure. I shall shortly have to acquaint your Highness in detail with the result.

(Signed) Moustapha Reshid.

APPENDIX.
No. VI.
REPORT FROM M. DE LESSEPS TO THE VICEROY OF EGYPT. AND HIS HIGHNESS’ INSTRUCTIONS.

REPORT TO HIS HIGHNESS
MOHAMMED SAID PACHA,
VICEROY OF EGYPT.

The Camp, Marea, 30th April, 1855.

I had the honour of submitting to your Highness the memorial of your Engineers MM. Linant Bey, and Mougel Bey, for the construction of the Canal of the Isthmus of Suez.

This is intended as a precursory scheme for the cutting through the Isthmus. It is accompanied by a map indicating the configuration of the ground and the nature of the soil. It has met with your Highness’ approval, and you have requested me to give it the most extensive publicity in order to call the attention of all competent persons in Europe and America to a question which interests the whole world, and to invite their examination and observations.

...

Your Highness has decided to send immediately, to the Counsellors of His Imperial Majesty the Sultan, the explanations which they require for the ratification of the scheme for the communication of the two Seas.

For my own part I shall proceed immediately to Europe, I shall make it my especial business to get the official documents relative to the affair as well as the precursory scheme of MM. Linant Bey, and Mougel Bey, printed and published. Arrangements will be made in order to collect within a limited time the opinions of those competent persons who shall be willing to aid the enterprise with their information and suggestions. In the mean time your engineers will be preparing the elements of their definitive scheme.

Agents will be appointed in every country to collect the communications and arrange the correspondence.

When the definitive scheme of the engineers is completed, and when the remarks received from each country have furnished a mass of information, a commission will be appointed, composed of engineers of known ability in hydraulic operations, and chosen in England, France, Germany, Italy and Holland. This commission will give its opinion upon the scheme of your Highness’ Engineers, and point out the modifications, or alterations which it shall think proper to be adopted. Every means shall be placed at the disposal of the Commission for visiting the Isthmus of Suez, should it be considered necessary to see the localities before deciding.

Your Highness has been pleased to limit at present the consideration of the track. After having passed in review the numerous schemes presented to Governments, or to the public, for more than fifty years, you give full liberty for the application of the means that science shall recognize to be best for making a communication between the Red Sea and the Mediterranean, by cutting through the Isthmus of Suez at any point of the Isthmus, eastward of the course of the Nile; but you have declared that you will not authorize the Grand Maritime Suez Canal Company to adopt any track that might have its point of departure on the coast of the Mediterranean eastward of the Damietta branch, and which would cross the Nile.

It will not be until after the adoption of the track of communication between the two Seas, and when all the advantages and all the responsibilities of those who take part in the enterprise are clearly determined, that capitalists and the public will be invited to subscribe for shares, and the representatives of those interested will finally decide upon all questions affecting the administration, the execution and carrying out of the undertaking.

Allow me now to point out to your Highness, the preparatory operations to which MM. Linant Bey and Mougel Bey have to apply themselves previous to presenting their definitive scheme.

They have—

1st. To trace out on the ground the line of the Maritime Canal in detail, with all its angles and curves, and transfer the line so traced on to a plan.

2nd. To take the levels throughout this line, extending them into the two Seas to a depth of ten metres of water.

3rd. To make profile sections wherever the formation of the ground requires it.

4th. To take soundings along the line, and carry them out to a depth of ten metres below the level of low water in the Mediterranean.

5th. To collect specimens of the various soils met with in their operations.

6th. To settle the prime cost of manual labour and of all the materials that will be employed in the construction of the Canal.

7th. To establish positive data that will serve to estimate the number of workmen of all kinds necessary for the execution of the works.

For my own part, I shall make it my business to collect the most recent statistical documents that will afford the means of ascertaining positively the minimum valuation of the returns.

When the time has arrived for commencing the works of the Maritime Canal, a large number of machines, and a considerable quantity of materials, timber, iron, coal, &c. &c., ought to be procured from Europe. The Suez Canal Company will find the advantages of certainty, economy and facility of transport, which do not exist at present, in the continuation of the railway to Suez, and the establishment of the Towing Society, with which is connected the amelioration of the Mahmoudieh Canal, and also its communication with the port of Alexandria.

...

The communications which I have received from Europe bear witness to the ever-increasing interest with which the scheme of opening the Isthmus of Suez is everywhere received.

Amongst those who have spontaneously offered me their co-operation, there are some who have placed considerable sums at my disposal as a contribution to the preliminary expenses of the undertaking. These offers already amount to more than 15,000,000 francs. I have not thought it proper to avail myself of them, but I have noted the names of those who have made them in order that they may take their appropriate place in the list of subscribers.

Certain founding members have already been named; they have subscribed an engagement, under conditions, to contribute to the expenses preliminary to the regular organization of the Company. The first list of founding members, fulfilling the conditions required by Art. 11, of your Highness’s Firman, contains fifty-five names belonging both to Egypt and to Europe. Your Highness who leaves to me the charge of completing this list by the addition of persons of all countries who shall actually contribute to the establishment of the work, has desired that the total number should not exceed 100 if it can be avoided.

Your Highness has been pleased to approve of the provisional appointment of M. Ruyssenaers, Consul General of the Netherlands, as principal agent of the Company in Egypt; he deserves in every respect this mark of confidence.

Such are the preliminary proceedings that have appeared to your Highness calculated to promote the success of your grand enterprise.

I beg your Highness to inform me whether I have fully understood your intentions.

(Signed) Ferd. de Lesseps.

My attached Friend M. Ferdinand de Lesseps,
of high birth and elevated rank.

I have made myself acquainted with the report which you addressed to me on the 30th of April, and I approve the document which is to serve you in place of instructions. I appreciate the zeal which you have displayed in this affair, and the friendly interest you have taken in it has afforded me real satisfaction.

3 Ramadan, 1271.

(The Viceroy’s Seal.)

A true translation of the Turkish text.

Kœnig Bey,
Secretary of Mandates
to His Highness the Viceroy.

Alexandria, May 19, 1855.

APPENDIX.
No. VII.
OPINION OF MR. ANDERSON.

OPINION OF MR ANDERSON.[5]

The interest which has recently been manifested in the improvement of our means of communication with India, China, &c. viâ Egypt and the Red Sea, seems to have revived the speculations, first broached during the occupation of Egypt by the French forces under Napoleon, as to the feasibility of opening a communication between the Red Sea and the Mediterranean by a Canal through the Isthmus of Suez.

Various statements upon this subject have lately appeared in the newspapers and periodicals, both of this country and the Continent, and a kind of prospectus proposing the formation of a Company to execute the undertaking, has just been put in circulation in London.

These statements and speculations, in so far as they have come under the cognizance of the writer of the following pages, are, in a great measure, superficial, crude, or erroneous,[6] and, therefore, calculated to mislead rather than inform the public in regard to the practicability and utility of an enterprise, whose importance it is scarcely possible to overrate, considering the nature and magnitude of the interests which would be involved in its successful accomplishment.

The writer has had the means of obtaining information relative to this matter, which he considers may be relied on, and having devoted much of his attention to this Canal question, he deems the present time opportune for submitting to the public some facts and observations tending, he ventures to believe, to lead to more correct conclusions on this very interesting subject than any which have as yet been published.

These facts and observations will be found arranged under the following heads:—