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Asia, by a new route, and open a common highway of commerce between a greater extent of coasts than any other channel on the face of the globe.
In the years 1832 and 1833, the average tonnage from and to Great Britain with all places eastward of the Cape of Good Hope, amounted to 285,000 tons; and if we assume that the whole traffic of Europe, including that of Great Britain, passing through the Suez canal, would be three times the above quantity, we should probably be tinder the truth; and that assumption would give 855,000 tons annually, or about one-half of the tonnage passing the straits of Dover and Calais.
It must, however, be obvious that in opening a navigation so much shorter than the old one, and which consequently might be performed in much smaller vessels with less costly equipments, a great impulse would be given to trade in the new direction; and that entire new sources of commerce would be opened between the places adjacent to each extremity of the Red Sea, but which could not, under present circumstances, be attempted with any hopes of success from the length of voyage involved; and, with these considerations, it will not be deemed unreasonable to expect, that the commerce passing through the canal annually, would in a short time amount to one million tons, and might eventually reach two millions of tons: but restricting the estimate to one million tons, the following result would be obtained:—
Interest on two millions capital at 5 per cent. , . £100,000 Management and keeping works in repair . . . 10,000 Toll to tlie Ruler of Egypt.10,000
£ 120,000
Duty on one million tons, at 2s. 4 id. . £120,000; so that, whatever greater traffic might arise, or whatever