Tue seventeenth of November eighteen hundred and sixty-nine will be a day long remembered in the East and West. Never did a more august assembly of princes and potentates come together; and never was the occasion of a royal gathering more remarkable. After many and great discouragements, M. Lesseps has carried through his work, and now we have the Suez Canal as almost an accomplished fact. We say "almost" advisedly, for considerable difficulties still front the engineer. While the Ulemas of the Mohammedan Religion, and the Catholic priests were performing their ceremonies at Port Said, and while salvoes of artillery were greeting the arrival of the Aigle, the real hero of the day may have contrived to banish his anxieties and to feel the elation of gratified ambition; but there must have been a period of uncomfortable reflection afterwards, for the work is not yet the secured and triumphant success that was promised.
Tt seems clear that the canal is, as yet, safely navigable only for vessels of comparatively light draught, as steamer drawing 151 feet grounded several times on her way through; and, though a Russian corvette drawing 17 feet is said to have succeeded in making the passage, the M. 1. steamer Godavery reports that one point is nearly impassable for vessels drawing over 16 feet. hero are thus about six feet remaining to b8 dredged, before the standard depth will be attained. The banks too, we learn, were much injured by the passage of the inaugural flotilla, It is believed that 150,000,000 franes are still required to complete the Canal, and that it will not be available for Innge ships for many months. A work like this one is certain, from its magnificence of conception, to excite on the one hand the enthusiastic encomiurus of the sanguine, and to experience the chilling suspicions of the cautious and the practical. Lo many, it appears an augury that the barriers placed by nature are henceforth to yield to enterprize and s: ience, and Usat the political relations of great uations may at any time be found to be capable of modification, by the gonias of mon ignorant of diplomacy and unacquainted with cabinets. Others regard the work of M. Lesseps from a business point of. view, and reduce super dreams to moderate dimensions, by figures and facts. They say it is not likely that the Canal will greatly affect the course of trade. It is evident that it will be useless fur sailing ships, as they will save no time and groatly increase their risk; and that, "for steamers, though it may diminish distance, it cannot very greatly reduce expenss—the tolls, the price of coal in the Red Sea, and the danger of that long passage, quite compensating the saving of a month in time." Itis, however, fair to say that the course takem hitherto, by underwriters, has not tended to encourage shippers to avail themselves largely of the new route. he former have not shown a disposition to regard the canal passage more favourably that that by the long sea route. But this cautions attitude will no doubt be modified later on, when the obstacles now complained of are removed,—when the canal has been dredged to its full depth, and when the necessary precautions have been taken to secure the two mouths against the danger of silting up, which is now said to be imminent. Already, however, one firm at Liverpool has offered to take cargo for Bombay vid the Canal, at £3. 103. per ton, while another is building a fleet of steamers of large large capacity bub sight draught, especially for the route. For ourselves, we cannot but think that, if the dangers which threaten the canal can be overcome, and its maintenance as a deep and secure channel be proved feasible, the effect on the modes ut carriage, and on the conditions of trade generally, will be immense. Although, at first, merchants may be slow to avail themselves of the advantages held out, it is certain that, once any decided gain can be made perceptible, they will readily enter on the field and occupy it. It has been well remarked that every sea route has two ends; und in this case both ends happen to be British. The chief trade of China, India and Australia centres in London; so that, if trade with these countries is promoted by the increased rapidity of communication, we shall gain more than avy other nation. England, therefore, has much to gain and nothing to lose from the success of the undertaking.
Text read from the printed page and cleaned; old type leaves the occasional error.