The World's Progress, Vol. 01 (of 10): With Illustrative texts from Masterpieces of Egyptian, Hebrew, Greek, Latin, Modern European and American LiteratureDelphian Society
History
The World's Progress, Vol. 01 (of 10): With Illustrative texts from Masterpieces of Egyptian, Hebrew, Greek, Latin, Modern European and American Literature
Delphian Society
Civilization -- History; World history
necessitating the use of dredges, was not brought to light. Not only
sustaining the company's claim, he added other injuries which they had
overlooked. The result was that the viceroy paid a large amount, which
added to Egypt's rapidly increasing debt, and at the same time enabled
the canal company to continue operations.
In 1869 the canal was finished, and its completion was celebrated by
sumptuous festivities. The Empress of France, Emperor of Austria,
Crown Prince of Prussia, Prince of Wales, and many other important
members of royalty were present. Forty-eight ships were required to
convey the guests thither; the celebration lasted one month--the
entire cost defrayed by the viceroy, or the Egyptian government. It
amounted to about $21,000,000. It was for this occasion that Verdi
wrote his opera Aïda, the great Egyptologist Mariette Bey studying
ancient costumes and settings to give added interest and reality,
while the Egyptian Museum supplied jewels for the gifted musicians
brought from various parts of Europe to present the opera.
A few years later it was found that the debt of Egypt amounted to over
$450,000,000. Securities for this vast amount were held by English,
French and German subjects. Even the stipulated fifteen per cent of
the canal profits had been used as security; the Nile valley suffered
from insufficient water supply, and the inflated price of cotton,
obtaining during the Civil War in the United States, fell. In the face
of impending ruin, something had to be done. At the clamorous demands
of Europe, the Sultan deposed Ismail, whose reckless policy, together
with that of Saïd, had brought this overwhelming trouble upon his
country. The British government bought the stock held by the
viceroy--177,662 shares--for $20,000,000, thus obtaining a controlling
voice in the company. France and England established what was known as
the "dual control" in Egypt, which continued until the revolt of 1882,
at which time France refused to go to the extreme of bombarding
Alexandria and withdrew--thus ending her control in Egyptian affairs.
Since 1882 English "occupation" has continued and bids fair to
continue for an indefinite time. It is even now evident that if the
canal reverts to the Egyptian government upon the expiration of
ninety-nine years, this may be a very different government from that
which gave the original concession.
Public-domain text, read in full here on John Shaqi.
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