The journals devoted to Egyptian Bondholders persist, we see, in
believing that the two Governments may act through the Sultan, and affirm that that course would be easy. They do not, however, explain how bondholders will be benefited by handing over Egypt to an insolvent Government, which will want every penny for itself ; or why the Sultan should be interested in replacing Mr. Rivers Wilson in power, unless he himself recovers control of Egypt ; or why Ismail him- self should yield without a struggle. Suppose he does not, but stops the Tribute, suspends the Debt, ruins the Suez Canal, and retreats to Upper Egypt. He is a Turk at bay. The plain troth of the matter is that the British Government has but two courses before it. One is to " square" France, occupy Egypt and govern it, and the other to let Egypt alone. The former course is infinitely the better, but to carry it out the bond-
holders must accept £1,500,000 a year for their claims, and they will not voluntarily surrender a penny. The other, therefore, will be adopted, and as the Khedive cannot borrow, the bond- holders will lose all, while the peasants will be as badly off as before. Men have only to read the Khedive's mani- festo hi the Times of Thursday, to see thaf he is thinking over the resumption of the Daira on the ground of broken faith.
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