At the date which I am writing of the whole of this liability had not yet been incurred, but already the interest on the foreign debt amounted to four millions yearly, and to raise sufficient revenue to meet it and to carry on the administration and pay the huge expense of the Abyssinian war, the peasantry were being fleeced, as I have described, under pressure of the whip, of their last hoarded piastres. Those who talk lightly in these days of Ismaïl as a prince rather unfortunate than guilty, and to be pitied in some sort for the betrayal of the country financially to Europe, know nothing of the truth, nor do they realize the enormity of the ruin inflicted by his selfish folly on his fellah subjects. It has been calculated that the total cost of his reign to Egypt amounted to something like 400 millions sterling, nor is this in my opinion an exaggerated estimate, for it had gathered in the whole of the peasant savings of a number of prosperous years, and nearly the whole of their agricultural stock besides the public debt, and left them, moreover, indebted privately to the amount of something like twenty millions to the Greek and other local usurers.
Such had been the causes of Egypt's misfortunes as I learned them at Cairo in the spring of 1876. With regard to the origin of our financial intervention, it was certainly at that time Ismaïl's own foolish doing, and was not, as far as I know, prompted by any direct political motives in England. He most certainly applied to the English Government for financial assistance through Colonel Staunton in the autumn of 1875, and in a way that almost necessitated the assistance having a political character. His reason for choosing England rather than France as the recipient of his confidences was that at the time England was in a far better position financially to help him. The French Government was still crippled by the expense of the war with Germany of 1870, and was really