Page:"Round the world." - Letters from Japan, China, India, and Egypt (IA roundworldletter00fogg 0).pdf/260

 energetic existance it never could tare beeu completed, The balanee of the stock be- longs to individuals, mostly Frenchmen. ‘The first “Act of Concession” from the Hgyptian government for 2 eannl seross the Isthmus of Suez was granted in 1854. Then followed five years of preliminary garvey: and preparations, ana ihe first srownd wus broken at Port Said in 1849. The ied Sea entered and mingled with the waters of the Mediterranean on the lath of August, 1869. But it was not until ebout the ist of Januas- vy, 1870, that this thoroughfare, which all ages aye wished for, bat till now in vain, was opened as o highway to tre eammerce of the world.

And now offer fiftee: months trial it sill be asked whether this eostly work is a pecuniary success. Probably not as yet. Vhe prelorred stack last issued was guavan- teed 5 per eent.—bub to realize this dividend on ily whole cost requires an income of four millions dollars a year, and two millions more for Yituning expenses, repairs and muwge- iment. The rate of toll is two dollars a ton register on every stenmer, and two dollars for every passenger; sailing shipy Lalf tha: rate, beside pilotuge, ete. Tt costs the steamer Lam on $1,600 for passing through the canal, which seems a large sum for one day’s toll, bubitis 9 trifle compared with the expense of sending her around Cape Iforn. To ma ut loust five sueli steamers to pass cach way every day; and at present I ani told that the uverage 1s abont half that number. But the suez Canal Company has other sources of jn¢ome., ‘Phe Viceroy made liberal grants of laud to the company, a part of which hays since reverted to him in connderation of a large sum of ready money; but 50 per cent. of all land sales in the towns of Port Said, lsmailis and Suez, where the company ows large tracts ef yaluadle property, comes into its freasury!and since the opening of the canal new lines of passenger and freight steamers Have been established, by which Russia, Austria, lialy and Fronec are eomlag inte competition with Hnglend for the trade of ihe Rast, When all the steamers now building for this purpose aro afloat, itis es timated that the daily arviyals and gepart- nyes at Port Said will be doubled,

During ony half day’s detention at Suez we had an opportunity of seeing this eld town, which withiu afew years has taken a new tease of lift, The harbor is mostly ar- titicial, and contains a splendid stone diy- dock bullt for the Khedive, or Viceroy.