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higher rate of duty might be deemed prudent to exact, would operate as a bonus on the interest of 5 per cent.
Again, the official value of the exports and imports from and to Great Britain, with places eastward of the Cape, in the year 1828, amounted to sixteen millions sterling; and if we assume this as a third part of the amount of the imports and exports of all nations passing annually through the canal of Suez, we obtain forty-eight millions value on the amount; and taking the points into consideration stated in respect to the tonnage, we may estimate the annual value in round numbers at fifty millions sterling, the duty on which at j per cent, would yield a revenue of £125,000 per annum.
A good deal is alleged by those trading from Britain to the East Indies against the policy of any part of the British nation lending patronage to such an undertaking, which, it is presumed, would benefit the countries bordering the Mediterranean more than our own; though, if the canal in question would be the means of most materially shortening the distance between the two most important portions of the British Empire, little doubt can be entertained of the benefit conferred on the extensive commerce of the two countries, even though some other nations would receive a greater proportional advantage in the accomplishment of the measure; and though the commerce of other nations might increase in a greater ratio than the British, still all would participate in facilities to be obtained; and in the case of war arising, it is but too obvious, that the power possessing a naval superiority has the means of closing such a channel of commerce to its enemies, by stationing cruisers at each extremity. So much may be urged with a view of removing the prejudice of British interests against the measure; but it