Bankrupts and Brokers 83
to check the growing exploitation of the fellaheen by
foreign usurers, and money was liberally, indeed, all
too lavishly spent on all manner of commercial and in-
dustrial enterprises.
That the expenditure for these purposes, estimated as
amounting to about fifty millions, was, on the whole, a
remunerative investment is evident from a few figures.
Revenue increased from under five million in 1862 to
eight and a half in 1879 ; and Mr. Cave estimated that
as late as 1875 Egypt was solvent even without squeez-
ing out the water which was swamping Ismail's financial
flotations. The population rose from 4-8 millions to 5-5,
and cultivated acreage from four million to five and a
half. Cattle similarly increased, and it will be observed
that with the gradual dissolution of large estates, the
fellah is not far off the coveted acre and a cow. And
if the English farm-worker might find some reason to
envy the Egyptian fellah, in spite of kurbash and
corvee the Lancashire cotton operative had good
reason to bless Egypt; for Delta cotton saved
Lancashire from complete ruin during the American
Civil War. And not only did the cotton export quadruple
in value, but exports rose from about four to nearly four-
teen millions, and imports from under two to over five
and a half. In a word, the stimulus of foreign capital,
combined with native industry, was developing the
national economy at a remarkable rate. The American
Consul-General, de Leon, wrote (The Khedive's Egypt,
1882): "The improvements in the last twelve years
are remarkable." The Times (January 6, 1876) re-
ported: "Egypt is a marvellous instance of progress.
She has advanced as much in seventy years as other
countries have in five hundred/'
But no progress or profits could possibly pay the terms