The work now proceeded without interruption of any kind; but at the end of the year 1867 it became evident that more money would be needed, and a subscription was opened for the purpose of obtaining $20,000,000 by means of one hundred dollar shares, issued at $600 a share, and bearing interest at the rate of five dollars a share.  When more money was needed in 1869, the government agreed to renounce the interest on the shares held by it for twenty-five years, and more bonds were issued.

By help of these subventions and loans the work was pushed onward with great vigour.  The sceptical were gradually losing their scepticism, and all the world was awakening to see what an immense advantage to civilisation the triumph of de Lesseps’ engineering enterprise would be.

[Illustration:  263.jpg THE OPENING OF THE SUEZ CANAL]

The great Frenchman had shown consummate skill as an organiser, but still more perhaps as an astute diplomatist, who knew how to upset the machinations of his numerous and powerful opponents by judicious counter-strokes of policy.  By the beginning of 1869, the great labours of the company had very nearly reached their completion.  The waters, flowing from the Mediterranean, first entered into the Bitter Lakes on March 18, 1869.  Ismail Pasha was present to watch the initial success of the grand undertaking, and predicted that in a very short space of time the canal would be open to the ships of all the world.  The first steamer which made the passage was one which carried M. de Lesseps on board, and which steamed the whole length of the canal September, 1869, in an interval of fifteen hours.  This was a great triumph for the intrepid and persevering engineer, whose enterprise had been scoffed at by many men of the greatest European fame, and the completion of which had been delayed by incredible obstacles arising from jealousy or want of funds.  By this time the unworthy tactics of the former Palmerston ministry of Great Britain in opposition to a scheme of such universal helpfulness to commerce had been succeeded by an official interest in the success of the enterprise which grew from sentiment, in the first instance, to a willingness later to buy up all the shares held by the Egyptian government.  M. de Lesseps gave formal notice early in September that the canal would be opened for navigation on November 17, 1869.  The khedive made costly preparations in order that the event might become an international celebration.  Invitations were sent to all the sovereigns of Europe.  The sultan refused to be present, but the Empress Eugenie accepted the invitation in the name of the French people.  The Austrian emperor, the Prussian crown prince, and Prince Amadeus of Italy also took part in the festivity.  The initial ceremony was on November 15th, at Port Said.  Emperor Francis Joseph landed at midday, and was received with pomp and magnificence by the Khedive Ismail.  There were splendid decorations in the streets and