Sixty Years a Queen: The Story of Her Majesty's ReignMaxwell, Herbert, Sir
History
Sixty Years a Queen: The Story of Her Majesty's Reign
Maxwell, Herbert, Sir
Victoria, Queen of Great Britain, 1819-1901
But towards the end of 1875 there came the occasion for the display of
some spirit, in which may be traced the beginning of reaction against
the "Little Britain" school of politicians. When a singular opportunity
presented itself of strengthening our communications with the East,
Disraeli fearlessly seized it. The Suez Canal had been open since 1869,
and Great Britain, though she was the Power which made most use of it,
had no pecuniary interest in it. The funds necessary for the work had
been subscribed almost entirely by the Egyptian Government and by
private speculators in France. Of the 400,000 original shares, the
Khedive of Egypt held 176,000; but the Khedive's expenditure had been
for years far beyond his revenues, and his shares were thrown upon the
market in 1875. Disraeli was struck by the proposition advanced by Mr.
Greenwood, a journalist of some note, that these shares should be bought
by the British Government, and the purchase was completed on November
25, the price paid being £4,000,000. Sir Stafford Northcote, on whom
fell the duty of asking Parliament for the money, was opposed to his
chief's policy in this matter, and must have felt some misgiving in
repelling the attacks made upon it by the Liberals, but he did so
effectively. Mr. Gladstone emerged from his retirement to fling himself
into the debate, and declared that to spend the national funds in such
an object was "an unprecedented thing";--"So is the Canal!" retorted
Northcote. It is only just to Disraeli's statesmanship to notice what an
excellent investment, in a monetary sense, was made for Great Britain by
the purchase of these shares. The original sum of four millions has been
entirely paid off out of income derived from the shares, which, for a
number of years, have been paying from 17 to 21 per cent. The shares
purchased have risen in value from four to eighteen millions, and the
proportion of British tonnage to the whole tonnage of all nations using
the Canal is 75 per cent. It would, however, be claiming too much for
Disraeli's commercial acumen to suppose that he realised what should
become the ultimate monetary value of these shares. What he perceived
was the importance of Great Britain acquiring a voice in the management
of the new and dominant highway to India. The public had received
recently the means of estimating the stupendous responsibility resting
on the shoulders of those charged with the administration of British
India. The results of the first census ever taken there were published
in 1875, showing the total population of the British dominion in India
to consist of twenty-three distinct nationalities, amounting to
190,563,048 souls--nearly five times that of the United Kingdom. This
did much to dispel an idea dimly present in the minds even of educated
persons, that the Queen's Indian subjects consisted of one dusky race,
speaking one language and divided into two religions--Mahomedan and
Hindoo.
[Sidenote: The Prince of Wales Visits India.]
Public-domain text, read in full here on John Shaqi.
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