“And what is arranged about Egypt?”

“Egypt is the prize of victory for France; but only what she can justly claim on the ground of a glorious history will be restored to her.  The sovereignty of the Sultan, which is a mere formality, will remain.  But England’s present position in Egypt—­certainly with a definite limitation—­will henceforth fall to France.”

“And what is the limitation?”

“It will be administered, not by France alone, but by an international commission, appointed by all the Powers, under the presidency of France, in the place of the present English administration.  The first condition is that England must cede all her financial claims and her Suez Canal shares to the allied Powers.  These financial sacrifices will at the same time be part of the war indemnity which England will have to pay.”

“Does France raise no further claims?”

“France is the more satisfied with the results of this war, since an annexation of Belgium to the French Republic is very probable.  Germany, however, claims the harbour of Antwerp, which we have occupied since the beginning of the war.”

“If I am correctly informed, was it not suggested that Aden should fall to France or be neutralised?”

“The idea was certainly mooted, but the allied Powers have decided to leave Aden to England.  On the other hand, England will have to pledge herself to raise no obstacles which would render the construction and working of the Bagdad railway illusory.  The harbour of Koweit on the Persian Gulf, the south-eastern terminus of this railway, must remain the uncontested possession of Turkey.”

“And Gibraltar?  It raised a storm of indignation in England, when the report suddenly spread that the cession of this fortress would be demanded.”

“And yet the English Government will have to submit, for the surrender of Gibraltar is an indispensable condition on the part of the allies.”

“It is impossible to rase this natural fortress.”

“It would suffice if the English garrison were withdrawn, and all the fortifications dismantled.  Gibraltar will cease to exist as a fortress, and will be restored to Spain on definite conditions.  However, as it is not the intention of the allies completely to destroy English influence in the Levant, Malta will continue to form part of the British Empire.  Thus England retains in the Mediterranean the most important point d’appui for her fleet.”

“It will not be easy to get the English Government to accept these conditions.  But you have not yet spoken of the demands of Germany—­Antwerp does not touch England’s interests directly.”