In advocating his plan for the construction of a canal across the Isthmus of Suez, M. de Lesseps calculated that in 1851 the value of the commerce with countries to the east of Egypt was a hundred millions sterling, and the tonnage employed in its transport was four millions of tons.[144] This figure he raised in 1855 to sixteen millions of tons; but he was content to adopt six millions as the tonnage that would represent the Eastern trade, of which he reckoned that one-half would make use of the canal. These were described by the ‘Quarterly Review’ as “preposterous speculations,” and figures were quoted from the ‘Revue des deux Mondes’ to prove their fallacy. In the latter periodical, M. Baude had calculated the total trade with the East at that time (1850-53) at 1¾ millions, and M. Dupontès at two millions of tons. The calculations of M. de Lesseps do not seem to have been stated with much precision. There is no statement of the description of tonnage referred to, which is of very material importance. If gross tonnage was meant, then the estimate of M. de Lesseps was realised five years after the canal had been opened. If net tonnage, then it was not reached until 1880. In 1885, the gross tonnage was close on nine millions, and the net over 6¾ millions. In 1773, Mr. Volney walked over the country traversed by the present Suez Canal, for the purpose of endeavouring to reconcile the various opinions and reports made up to that time as to the practicability of constructing a ship canal across the isthmus. The conclusion come to by that engineer was that there would be a difficulty in preventing the silting up of the harbours, and that for that reason the scheme was a doubtful one.[145] M. de Lesseps himself appears, in 1855, to have repudiated the credit of being the author of the project, when he wrote to a friend a letter in which the following passage occurs:— “Vous savez qui Linant-Bey est, de puis trente années en Egypt, et qu’il s’y occupe constamment de travaux de canalisation. Lorsque j’étais consul au Caire en 1830, c’est lui qui m’a initié à ses projets de l’ouverteure de l’Isthme de Suez, et qui a fait naître en moi ce violent désir que je n’ai jamais abandonné au milieu de toutes les vicissitudes de ma carrière de participer de tous mes moyens à la réalisation d’une ouvre aussi importante.”[146] The Suez Canal Company was incorporated in December 1858, with a capital of 8,000,000_l._, divided into 40,000 shares of 20_l._ each. Interest at the rate of 5 per cent. per annum was to be paid to the shareholders during construction. A sinking-fund of 4/100 per cent. was established, to be a first charge on the profits available for distribution.