But as a matter of fact the real cost during the five years has been a good deal less than this. Various deductions ought to be made. In the first place, Egypt takes all the Custom duties on goods going through to the Soudan. These came to about £60,000 in 1902, and were estimated at about £70,000 for 1903, an estimate very likely to be below the mark. It is safe to reckon that during the five years they amounted to nearly £200,000. Then, the expenses of the Egyptian army of occupation in the Soudan are charged to the Soudan Government. During the first two years these amounted to about £300,000 per annum. Taking an average of £200,000, we get a sum of £1,000,000 under this head. If the Soudan had not been reconquered, Egypt would have had to maintain nearly as large an army as at present, and although the cost of maintenance is naturally larger in the Soudan, it would not be unfair to deduct another £800,000 as money that must have been expended in any case. Of the capital expenditure, £600,000 was in loans for railway and telegraph development. Although the prospect of repayment of these loans is somewhat remote, they ought not to be written off as pure out-of-pocket expenses, seeing that the Soudan Government pays 2½ per cent. per annum upon them. Two and a half per cent. on £600,000 is equal to 5 per cent. on £300,000. An investment with this return would be more advantageous to Egypt than extinguishing an equal portion of her debt, and it is therefore reasonable to deduct that sum from the total expenditure. All these allowances added together make up a sum of £1,300,000, bringing the average annual cost to Egypt during the five years down to £340,000; while in addition to all this the Egyptian revenues have also directly benefited through the Railways and Post-office by the extra passengers, goods, letters, telegrams, and money orders, passing to and fro. Still, when all deductions have been made, it cannot be denied, especially as the Soudan still calls loudly for more capital expenditure, that the reoccupation of that country, from a strictly financial point of view, though in one aspect philanthropic, is not as yet philanthropy at 5 per cent. But there are certain solid advantages which, though their value to Egypt is difficult to calculate in terms of money, are worth to her many times over the actual sum which the Soudan costs her.