The Life and Times of Queen Victoria; vol. 4 of 4Wilson, Robert
History
The Life and Times of Queen Victoria; vol. 4 of 4
Wilson, Robert
Great Britain -- History -- Victoria, 1837-1901; Victoria, Queen of Great Britain, 1819-1901
Porte to grant him the title of Khedive and confirm the succession of
the Pashalik in his family. Again and again did he “kiss the carpet,”
till in 1872 he was practically an independent Sovereign wielding
absolute personal power over Egypt--the suzerainty of Turkey being
marked only by the annual tribute, the Imperial cypher on the coinage,
the weekly prayer for the Sultan in the Mosque, and the preservation of
the _jus legationis_. In 1875 he abolished the Consular Courts before
which suits between Egyptians and foreigners were tried, substituting
for them the Mixed Tribunals on which representative judges of the
Great Powers sat. At this period the crop of financial wild oats which
Ismail Pasha had sown had ripened. He had spent money lavishly not only
on the Suez Canal, but on every conceivable scheme that wily European
speculators could persuade him was an improvement. He had borrowed
this money on the principles that regulate the financial transactions
of a rich young spendthrift and a usurer of the lowest class. In 1864
he borrowed £5,700,000. In the succeeding years loans for £3,000,000,
£1,200,000, and £2,000,000 were added. In 1873 there was another
loan for £32,000,000--which, according to Mr. Cave, swallowed up
every resource of Egypt.[178] The Khedive’s private loans came to
£11,000,000, and the floating debt to £26,000,000 in 1876. How these
last loans were to be met, seeing that the 1873 loan swallowed up all
the resources of the country, was a perplexing point. The usurers would
lend the Khedive no more money, and in 1875 England helped him to meet
the interest on existing loans by giving him £4,000,000 for the Suez
Canal Shares.
[Illustration: THE KARMOUS SUBURB, ALEXANDRIA, AND POMPEY’S PILLAR.]
Public-domain text, read in full here on John Shaqi.
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