The debate on the purchase of the Suez-Canal Shares came
off on Monday night. Mr. Lowe opened the ball with a rather weak, because over-minute speech, in which he argued that the Shares had been purchased in an extravagant way, much inferior to. the way in which he had raised the money for the Geneva Award, and by a Government ignorant that the Shares did not- carry votes. The main drift of his speech was, however, a criticism of Mr. Cave's mission, which is not a portion of the transaction known as "the Purchase." Mr. Lowe was answered by Sir D. Wolff, and then Mr. Gladstone rose, and in a very powerful speech, delivered in his best manner, proved that the Government had borrowed the money of Messrs. Rothschild at the rate of 15 per cent. per' annum, and endeavoured to prove, first, that it had acquired no influence by the purchase, its power being limited to ten votes, and its interest being low fares, and not high dividends ; secondly, that it ran the risk of being compelled to sue in French Courts, of having to advance money to the Canal, and of finding its interest severed from that of other maritime Powers ; and thirdly, that it had no sound security for the Khedive's 5 per cent., which was only promised by a Government as profligately expensive as that of Turkey, and out of resources mortgaged to prior creditors. He doubted if it would not be better for the country to divide these Shares among the members of the Cabinet, than to risk so many embarrassments.
