Mr. Childers on Wednesday described the arrangement made by the
British Government with the Suez Canal Company. The Company are to cut a second Canal by the end of 1888, parallel with the first, and of adequate capacity ; to appoint an English Vice.President, to elect an English Director a member of the Executive Committee, to appoint an English Naval officer In- spector of Navigation in both Canals, with, it is understood, very large powers of control on the spot; to engage Eng- lish pilots ; and to reduce dues, so that fr. per ton shall be taken off for every 3 fr. per cent. of dividend above 21 per cent. In return, the British Government will lend £8,000,000 to the Company at 3 per cent., for the completion of the second Canal. These terms are objected to as too favourable to the French, which is not altogether the case, as the Khedive's rights remain unimpaired, and will be exercised under English advice ; and as benefiting shipping too little, which is, in one way, true. The reduction of dues might have been more rapid, but then this is probably the point on which the Lesseps family, who represent the Company, would not give way. They are fighting, first of all, for the shareholders, and their own fortunes. We have discussed the political aspect of the affair elsewhere.
