Mr. Gladstone also announced that it was the intention of
the Suez-Canal Company and M. de Lesseps to construct at once, under their existing concession, a second canal for the greater part of its length, though they might have to apply to the Government of Egypt for new concessions at one or two places where at present the breadth would be insufficient for a new canal. Secondly, the proposed reduction of dues, pari passu with the increase of profits, would still take place ; but would be much slower, of course, than under the proposed agree- ment, since new share capital or debenture capital must be raised at a higher rate of interest than was asked by England for the loan, and this would diminish the growth of profits. The new shares or new debentures would be issued pro rata to the original shareholders, and England, of course, would have the option of subscribing in respect of her 176,602 shares. M. de Lesseps, it will be observed, has no doubt at all as to his power, under the existing concession, of constructing another canal, so far as the territory already conceded admits of it.
