succeeded to the Viceroyalty, was without question the richest of Mohammedan princes and master of the most prosperous of Mohammedan states.

Ismaïl's character, before he became Viceroy, had been that of a wealthy landed proprietor managing his large estates in Upper Egypt according to the most enlightened modern methods. He was praised by nearly all European travellers for the machinery he had introduced and the expenditure he had turned to profit, and it is certain that he possessed a more than usual share of that natural shrewdness and commercial aptitude which distinguishes the family of Mohammed Ali. His succession to the Viceroyalty had been more or less a surprise to him, for until within a few months of Saïd's death he had not been the immediate heir, and his prospects had been only those of an opulent private person. It was perhaps this unexpected stroke of fortune that from the beginning of his reign led him to extravagance. By nature a speculator and inordinately greedy of wealth, he seems to have looked upon his inheritance and the absolute power now suddenly placed in his hands, not as a public trust, but as the means above all things else of aggrandizing his private fortune. At the same time he was as inordinately vain and fond of pleasure, and his head was turned by his high position and the opportunity it gave him of figuring in the world as one of its most splendid princes. He was surrounded at once by flatterers of all kinds, native and European, who promised on the one hand to make him the richest of financiers, and on the other the greatest of Oriental sovereigns. In listening to these his own cleverness and commercial skill betrayed him, and made him only their more ready dupe. Ismaïl, before his accession, had been an astute money-maker according to the ways in which money was then made in Egypt, and he had had, too, a European education of the kind Orientals acquire on the Paris boulevards, superficial as regards all serious matters, but sufficient to convince him of his capacity to deal with the rogues of the Bourse with the weapons of their own roguery. In both directions he was led astray.

His first act of self aggrandizement was simple and successful. The revenue, which rested chiefly on the land tax, was low, and he raised it by progressive enhancements from the 40 piastres where he found it, to 160, where it has ever since stood. The country under his hand was rich and at first could afford the extra burden. Men gave of their superfluity rather than of their necessity, and for some years did so without complaint. This enhancement, however, of the revenue was only part of his rapacious program. His native flatterers reminded him that in the days of his grandfather the whole land had been regarded as the Viceroy's personal property, and that, moreover, Mohammed Ali had claimed and exercised for some years a monopoly of its foreign trade. Ismaïl schemed to revive these rights in his own person, and though he did not dare, in the face of European opinion, to commit any great acts of open confiscation in regard to the land, he gained to a large extent his ends by other means, and so rapidly that in a few years he managed to get into his own hands a fifth of the whole area of the cultivable land of Egypt. His method was by various means of intimidation and administrative pressure to make the possession of such lands as he desired to acquire a burden to their owners, and to render their lives so vexatious that they should be constrained to sell at prices little more than nominal. In this way he had, as I have said, possessed himself of an enormous property in land, and he doubtless thought that this was to prove to him a correspondingly enormous source of personal income. But his very covetousness in the matter proved his ruin. It was found in practice that while under his personal management as a comparatively small owner his estates had been well worked, and had brought him wealth, his new gigantic ownership laid him open to losses in a hundred ways. In vain he laid out enormous sums on machinery. In vain he laid whole villages and districts under contribution to furnish him forced labour. In vain he started factories on his estates and employed managers from Europe at the highest salaries. He was robbed everywhere by his agents, and was unable to gather from his lands even a fraction of the revenue they had brought in taxation when not his own. This was the beginning of his financial difficulties, coinciding as it did with the sudden fall in agricultural prices, and especially of cotton, which soon after set in, and it was the beginning, too, of the ruin of the peasantry, whom, to supply his deficiency, he now loaded with irregular taxation of all kinds. Ismaïl Sadyk, the notorious Mufettish, was his chief agent in this disastrous history.

It was not long, however, before Ismaïl fell into much more dangerous hands, and embarked in much more ruinous adventures than these early ones. To say nothing of the enormous sums which he poured out like water on his own private pleasures, of his follies of palace building, his follies with European women, and his follies of royal entertainment, there were schemes of ambition vast enough to drain the purse of any treasury. It is not known precisely how many millions he expended at Constantinople in procuring himself the Khedivial title, and in getting the order of the viceregal succession altered in favour of his son. But it must have been very many, while still more went in hair-brained schemes of speculation and in liabilities contracted towards European syndicates. Lastly, there was the conquest of the Upper Nile, and the attempted conquest of the kingdom of Abyssinia. To provide for all these immense expenditures loans had to be raised, at first on a small scale with local bankers and Greeks of Alexandria, and presently in more reckless fashion on the European Stock Exchange. Here his worst counsellor and evil genius had been Nubar Pasha, the Armenian financier, who, by a strange inversion of ideas, has come to be regarded by a certain class of Egyptian opinion ignorant of history as an "Egyptian patriot." Nubar was, however, in fact, the one man who, more than any other after Ismaïl himself, was responsible for Egypt's financial ruin.[2] Commissioned by his master to find him money at any cost to meet his extravagant wants, he raised loan after loan for him in Europe on terms which realized for him hardly more than 60 per cent. of the capital sums he inscribed himself for as debtor, while he, Nubar, pocketed as commission several millions sterling. Of the ninety-six millions nominally raised in this way, it has been calculated that only some fifty-four reached Ismaïl's hands.

At the date which I am writing of the whole of this liability had not yet been incurred, but already the interest on the foreign debt amounted to four millions yearly, and to raise sufficient revenue to meet it and to carry on the administration and pay the huge expense of the Abyssinian war, the peasantry were being fleeced, as I have described, under pressure of the whip, of their last hoarded piastres. Those who talk lightly in these days of Ismaïl as a prince rather unfortunate than guilty, and to be pitied in some sort for the betrayal of the country financially to Europe, know nothing of the truth, nor do they realize the enormity of the ruin inflicted by his selfish folly on his fellah subjects. It has been calculated that the total cost of his reign to Egypt amounted to something like 400 millions sterling, nor is this in my opinion an exaggerated estimate, for it had gathered in the whole of the peasant savings of a number of prosperous years, and nearly the whole of their agricultural stock