besides the public debt, and left them, moreover, indebted privately to the amount of something like twenty millions to the Greek and other local usurers.

Such had been the causes of Egypt's misfortunes as I learned them at Cairo in the spring of 1876. With regard to the origin of our financial intervention, it was certainly at that time Ismaïl's own foolish doing, and was not, as far as I know, prompted by any direct political motives in England. He most certainly applied to the English Government for financial assistance through Colonel Staunton in the autumn of 1875, and in a way that almost necessitated the assistance having a political character. His reason for choosing England rather than France as the recipient of his confidences was that at the time England was in a far better position financially to help him. The French Government was still crippled by the expense of the war with Germany of 1870, and was really unable to assist him in any effectual way, while, as I have already said, the friendship long existing between England and Turkey, and the abstention of Englishmen so far from commercial intrigues in Egypt had probably convinced him, in company with the general opinion of the Mohammedan East, that England was a non-aggressive power as far as the Ottoman Empire was concerned. Especially in the matter of the Suez Canal the French Government had become an object of suspicion, and it was therefore natural that when Ismaïl resolved to sell his shares in the Canal, it was to England rather than to France that he made the offer of them. I remember well the impression produced in England at the time. It was by no means one of general approval, and Disraeli was much blamed for involving the Government in a transaction which had almost necessarily political consequences. What is, I think, not generally known, at any rate in Egypt, is that the agreement to purchase the Khedive's share for four millions sterling was made not by the English Government collectively, for Lord Derby was averse to it, but on the personal responsibility of the Prime Minister who, without consulting his colleagues other than Lord Derby, they being absent from London, arranged with the London house of Rothschild to advance the money. What may have been in Disraeli's mind politically about it I do not know, but I am very sure that Lord Derby, who was then at the Foreign Office, had no idea connected with it of political aggression. Lord Derby was a man whose view of foreign policy was essentially one of non-intervention, nor had Disraeli as yet succeeded in indoctrinating his party with his own imperialistic ideas. The transaction, nevertheless, was one of evil augury for Egypt, and especially by reason of the part played in it by the Rothschilds. As will be seen later, the financial connection of this too powerful Hebrew house with Egypt was the determining cause, six years later, of England's military intervention.[3]

Mr. Cave's mission, which followed immediately on the purchase of the Canal shares, was without any question Ismaïl's doing also. The object in Ismaïl's mind, as is perfectly clear, when he asked for it, was still further to work the new mine of English political assistance he had discovered, with a view to further loans. He wanted to get some public testimonial, in the shape of a published report, in favour of his continued solvency, and so to re-open to him the European stock exchanges. It was for this purpose that he applied to Colonel Staunton for an English inquiry, and to a large extent he succeeded in his plan. Mr. Cave, who was chosen by the English Government for the inquiry, was a worthy and, I believe, quite disinterested man, but one who lacked experience of the East, and so was specially easy to deceive; he lacked also the fibre necessary for dealing quite courageously with all the facts. Ismaïl, like most spendthrifts, when it came to the point of showing his accounts, had always concealed a part of them, and, with the assistance of Ismaïl Sadyk, now gave a fanciful budget of his revenue, which Cave too readily accepted. He also allowed dust to be thrown in his eyes to some extent as to the misery of the fellahin. It was the Khedive's plan to surround distinguished financial visitors whom he desired to captivate with the show of great wealth. The mission was splendidly entertained and taken about everywhere by the Khedive's officers, who arranged things beforehand, and prevented as far as possible the nakedness of the land from being seen. Thus Cave's report, when it was published, gave only a partial truth. I think too that Cave might have insisted, if he had been of a stronger character, on the fact which lay at the bottom of all Egypt's financial difficulty, namely, that in justice, and indeed it might have been maintained in law, Ismaïl's debts were personal not public ones, and should have been so treated. Cave's weakness on this point was the beginning of the political intervention in favour of the bondholders, and his report led by a necessary logic to the recognition of Ismaïl's debt as a public obligation. Sir Rivers Wilson, who immediately followed him, though a far abler man, was equally inexperienced, and was at that time chosen, I believe, principally for his knowledge of the French language. I knew him intimately, and I knew also, but in a less degree, Cave; and I continued in correspondence with Wilson for some years and am well acquainted with all his Egyptian doings.

My last recollection that winter at Cairo is of a barbaric banquet offered by the Khedive to Mr. Cave and the members of his commission, to which I was by accident invited. It was given in the Viceregal Kiosque at the Pyramids, and was one of those extravagant entertainments Ismaïl was accustomed to dazzle European eyes with, nor was there anything wanting to point the contrast between the wealth of the entertainer and the poverty of those at whose expense it was really given. The table was spread for us literally under the eyes of a starving multitude of peasants, the very peasants Mr. Cave was there to save from ruin. Yet none of us seemed to feel the incongruity of it all. We feasted elaborately, and drank champagne of the best, and went our way, and it is only now that, with a better knowledge of the whole circumstances, I recall the real character of the scene and recognize it for what it in all verity was with its waste and surrounding misery, a true presentment of the twin causes of the coming revolution.