M. de Leaseps has won. Wise in his generation, he
saw that if his company continued to overcharge British trade and keep out British Directors, it would ultimately lose control of the Suez Canal. He arrived, therefore, at an understanding with British shipowners in favour of a reduction of dues and an increase in the number of English Directors. A section of his shareholders called this treachery, thundered about patriotism, and de- manded inquiry, till it was imagined that M. de Lesseps had lost his dictatorship. French investors, however, are prudent men ; the Canal shareholders know that he has secured them pre- posterous profits, and quiet people came up from far and near to support his views. Three test votes were taken at the annual meeting on Thursday, one on the Report, i.e., general con- fidence, one on the dividend he proposed (which is less than could be given), and one on the appointment of the English Directors. On the first M. de Lessepa triumphed by 3,019 to 112; on the second by 3,146 to 8; and on the third by 2,608 to 556. As usual nowadays, the noise made had been out of all proportion to those who made it, and the newspapers had had no effect at all. The masses, trusting their leader, overlooked details, and voted solidly for him.
