tantinople and Paris, Probably the work could to-day be duplicated,
by using machinery similar to that employed on the Chicago Drainage
Canal, for $25,000,000. The task would be a digging proposition, pure
and simple.

A cardinal article of faith of the legal status of the canal is its
absolute internationality. By its constitution no government can employ
it in war time to the exclusion or disadvantage of another nation. By a
convention becoming operative in 1888 the canal is exempt from blockade,
and vessels of all nations, whether armed or not, are forever to be
allowed to pass through it in peace or time of war.

[Illustration: ITALIAN WARSHIP STEAMING THROUGH CANAL]

Critics of Britain's paramount interest in India and her aspirations in
the Far East, nevertheless, pretend to see a decided advantage accruing
from England's control of things Egyptian. They claim that Britain's
position is immensely strengthened by the presence in Cairo and
Alexandria, within a few hours' journey of the canal, of a half-dozen
regiments of redcoats ready for any emergency. Another proof of
England's interest in the great universal artery of travel is the
maintaining of guard-ships at either terminus, which incidentally keep
watchful eyes on the coal-bins of Suez and Port Said, A vessel
unofficially sunk in an awkward position in the canal might delay for
weeks the arrival of an unfriendly fleet in Asiatic waters.

The British government and British trade have fattened tremendously from
the canal. Being the short-cut to England's treasure-house in the East,
it is more or less equitable that Britain's flag flies over sixty per
cent, of the canal traffic; and, fully as important, is the tremendous
increase in value of the shares in the company held by the British
government. It was in 1875 that Disraeli secured to his countrymen the
permanent control of the canal through the purchase from embarrassed
Ismail of that potentate's personal holding in the undertaking. This
midnight negotiation, conducted over the cable, was Disraeli's most
material triumph as a statesman. For $20,000,000 he purchased shares
having now a market value of $135,000,000. A few hours after the
consummation of this negotiation a group of French bankers, then in
Cairo, seeking to acquire the shares, were amazed to learn that they had
been outwitted. A well-posted newspaper correspondent at the French
capital had informed Britain's ambassador of the purpose of the