The water-course of Suez follows the direction and even the bed of the ancient canal, as far as the Serapeum, the culminating point of the bar of that name; it then leaves the ancient canal to the east, to avoid the sands, passes into a solid plain, makes the circuit of the grand basin of the Isthmus, arrives at the narrowest part, and continues in the plain at a sufficient height not to let the fresh water pass into the low and salt lands. If on the Pelusiac side, a conduit of water has been adopted instead of an open water-course, it is in order to obtain fresh water more quickly for the whole length of the Maritime Canal, and because the tillage on the Pelusiac side does not begin until after that of Suez. And the pipes when they shall be replaced hereafter by a water-course, will serve to form a good distribution of water in the town which will arise at Port Timsah. The advantages of the undertaking are now demonstrated. But it is not so with regard to the returns which it will give to the shareholders. Doubt is prevalent in the financial world, in consequence of the widely different estimates made by the engineers, both as to the cost and the probable returns. We have therefore directed our investigations more particularly to this capital point of the question, taking care to guard against every kind of exaggeration, in order to arrive at accurate and conscientious results, and at figures as near as possible to the truth. We are now about to present the result of our investigations in this last part of our labours. ESTIMATE OF THE COST. ARTICLE I. EARTH-WORKS. We have adopted in our calculations for the Canal, the depth of 6 _met._ 50 below low water, which will give for the _minimum_ 7 _met._ 50, and for the _maximum_ 8 to 9 _met._ draught of water, by the disposition of the locks and the elevation of the tides of the Red Sea. If this figure should not be found sufficient, it would be easy to increase it by the dredging machines, a certain number of which will always be kept, and which would not prevent the navigation of the Canal. _met. cub._ The total quantity of removal required for the excavation of the Grand Canal, according to the calculations made from the sections, is 74,679,132 Of which the part to be excavated to the level of low water in the Mediterranean is 17,473,790 ---------- the remainder 57,205,342 is below this level.