The very dangerous quarrel between the Viceroy of Egypt and
his Sovereign has been postponed. Ismail, it ia hinted, found that his own subjects might approve a decree of deposition and obey it, pleading the religious authority of the Khalif, and accordingly wrote a most humble letter, agreeing that all taxes should be levied in his master's name, and that no loan should be raised without permission from Constantinople. The effect of that arrangement will be that taxes in Egypt will be increased for the Viceroy's benefit, but in the Sultan's name, and that ten per cent. of every new loan will be wasted in bribing the Divan to agree to its necessity. The Powers have made the usual mess of interfer- ence, and the people will have to pay for it. It is said that Ismail has agreed to visit Constantinople ; but unless England has given him a safe conduct—a most dangerous thing to do, as we must enforce it—he will probably stay in Egypt. However, the danger is over for the hour, and Turkish and Egyptian bondholders may be fleeced in comfort.
