Apart from looking upon this as an investment, if the shares had been offered, and if there had been no arrangement of paying interest for nineteen years, so far as I am concerned, I should have been in favour of the purchase of the shares. I should have agreed with Lord Derby in thinking that England would never be satisfied if all the shares of the Suez Canal were possessed by a foreign company. Then it is said, if any obstacles had been put in your way by the French proprietors of the canal, you know very well that ultimately it must come to force, and you will then obtain at once the satisfaction of your desire. Well, if the government of the world was a mere alternation between abstract right and overwhelming force, I agree there is a good deal in that observation; but that is not the way in which the world is governed. The world is governed by conciliation, compromise, influence, varied interests, the recognition of the rights of others, coupled with the assertion of one's own; and, in addition, a general conviction, resulting from explanation and good understanding, that it is for the interests of all parties that matters should be conducted in a satisfactory and peaceful manner.... I cannot doubt that the moral influence of England possessing two-fifths of the shares in this great undertaking must have made itself felt, must have a considerable influence upon the conduct of those who manage the company.... England is a Mediterranean Power; a great Mediterranean Power. This is shown by the fact that in time of war always, and frequently in time of peace, she has the greatest force upon those waters. Furthermore, she has strongholds upon those waters which she will never relinquish. The policy of England, however, is not one of aggression. It is not provinces she wants. She will not interest herself in the redistribution of territory on the shores of the Mediterranean, as long as the redistribution does not imperil the freedom of the seas and the dominion which she legitimately exercises. And therefore I look upon this, that in the great chain of fortresses which we possess, almost from the Metropolis to India, that the Suez Canal is a means of securing the free intercourse of the waters, is a great addition to that security, and one we should prize. ENGLAND, RUSSIA, AND AFGHANISTAN (1876). =Source.=--_Parliamentary Publications_, "Afghanistan," C 2, 190, of 1878, p. 156. _Extract from Lord Salisbury's Despatch to the Viceroy of India, dated February 28, 1876._