understand the full influence of European finance in the hardships from which the peasantry were suffering. Nevertheless, on our return to Cairo in March I saw something of the reverse of the medal. Mr. Cave's
financial mission had arrived during our tour, and was established in one of the palaces on the Shubra Road, and from its members—one of whom was an old acquaintance, Victor Buckley of the Foreign Office, and from Colonel Staunton, our Consul-General—I learned something of the condition of financial affairs; while a little later Sir Rivers Wilson, also my friend, who was to play later so prominent a part in Egyptian affairs, appeared at Cairo and joined the other members of the financial inquiry. What their report was of the condition of affairs I need not here relate in detail, but it will help to an understanding of the matter if I give a very short account of it and how their mission came to be appointed, the first of its kind in Egypt.1
The Khedive Ismaïl's reign had begun in the full tide of a period for Egypt of high material prosperity. His predecessor, Saïd, a man of fairly enlightened views, had had the good sense to give all possible encouragement to the fellahin in agricultural matters. He had abandoned the claim of the Viceroy to be sole landlord on the Nile, had recognized proprietary rights in the existing occupiers of land, and had fixed the land tax at the low figure of forty piastres to the feddan. This had resulted in a general enrichment of the population, and the fellahin, emancipated from their old condition of serfdom to the Circassian Pashas, were everywhere accumulating wealth. Egypt at the close of Saïd's reign had become not only the most prosperous province of the Ottoman Empire, but one of the most progressive agriculturally of the Eastern world. The revenue, though small in comparison to what it is now, probably not more than four millions sterling, was easily collected, and the expenses of administration were insignificant, while the public debt amounted to only three millions. It is true that in his later years Saïd had granted a number of concessions to European adventurers on terms