MR. DISRAELI: ... When we acceded to office two years ago an International Commission had only just ceased its labours at Constantinople upon the dues of the Suez Canal, and upon the means of ascertaining and maintaining a limit of them, and it had arrived at reasons entirely protested against by the proprietary. What was the state of affairs there? Lord Derby had to deal with them. The proprietary of the canal threatened, and not only threatened, but proceeded, to stop the canal. They refused pilots; they threatened to change the signals; they took steps which would have interrupted that mode of intercourse with India.... From that moment it became a matter of interest to those responsible for the government of this country to see what could be done to remedy those relations with the Suez Canal.... But it suddenly comes to our knowledge that the Khedive, on whose influence we mainly depended, is going to part with his shares. We received a telegram from Cairo informing us that the Khedive was anxious to raise a considerable sum of money upon his shares in the Suez Canal, and offered them to England. We considered the question immediately, and it appeared to us to be a complicated transaction--one to which there were several objections; and we sent back to say that we were favourably disposed to assist the Khedive, but that at the same time we were only prepared to purchase the shares outright. What was the answer? The answer was that the Khedive was resolved, if he possibly could, to keep his shares, and that he could only therefore avail himself of a loan. There matters seemed to end. Then suddenly there came news to the Government of this country that a French society--Société Générale--was prepared to offer the Khedive a large sum of money--very little inferior to the four millions--but on very onerous conditions. The Khedive communicated with us, and said that the conditions were so severe that he would sooner sell the shares outright, and--which I had forgotten to mention--that, in deference to his promise that England should always have the refusal of the shares if he decided to sell them, he offered them to the English Government. It was absolutely necessary to decide at that moment what course we should take. It was not a thing on which we could hesitate.... To pretend that Lord Derby has treated this business as a mere commercial speculation is idle. If he did not act in accordance with the principles of high policy, I should like to know what high policy is, and how a man can pursue it.