Fresh water will be thrown into Lake Timsah, to set to work all the other disposable dredges; 30,000 workmen will perform all the clearance in the extent of the Bitter Lakes, and for the remainder of the Canal. They will prepare a trench in the ground to 1 _met._ 50, below low water, and so form a channel 15 _met._ wide, which will enable the barges and machines to pass and repass the whole extent of the Isthmus. All the force will be applied this year to open a communication between Suez and Lake Timsah, and consequently between Suez and the Nile. The fixing of the downs, and the cultivation of the lands, will be commenced. The expenditure of this campaign will be approximately _fr._ 25,000,000. In the third year the communication of Lake Timsah with the Mediterranean will be opened, and all the disposable force will be employed in making the scouring basin and erecting the jetties. The earth-works will be continued, the dredging also, the sowings on the downs, and the agricultural labours. 20,000 workmen will be employed this year, and the expenditure may be set down at _fr._ 30,000,000. In the fourth year, the same works as in the preceding, that is, the earth-works will be continued both by hand and by the dredges, the jetties, the barrage locks, and the quay wall in the Lake. Moreover, the defensive mole will be commenced; the sowings and cultivation extended. It is estimated that 20,000 workmen will still be required, and an expenditure of _fr._ 33,000,000 In the fifth and sixth years, the same operations will be continued, but so many men will no longer be required; for the dredges will perform the principal part of the work, and the operations at the quarries can then be pushed on with all possible activity. We assume for each of these years an expenditure of _fr._ 31,000,000; for both _fr._ 62,000,000 Which will make up the amount of the estimate _fr._ 162,000,000 INTEREST TO BE PAID TO THE SHAREHOLDERS.—As it is usual to pay interest to the shareholders on the amounts subscribed, in proportion to the paid-up capital, it is necessary to take an account of the interest so accruing, and to carry the amount to the cost of execution.