Suez Canal Speechby Benjamin Disraeli (House of Commons) on the purchase of shares in the Suez Canal, 21 February 1876 (Extracts)
Sir, although, according to the noble Lord, we are going to give a unanimous vote, it cannot be denied that the discussion of this evening at least has proved one result. It has shown, in a manner about which neither the House of Commons nor the country can make any mistake, that had the right honourable Gentleman the Member for Greenwich (Mr W. Gladstone) been the Prime Minister of this country, the shares in the Suez Canal would not have been purchased.
The Right Honourable Gentleman criticises us for negotiating with Rothschild, a private firm. I cannot suppose that two right honourable Gentlemen so well acquainted with finance as the Member for Greenwich and the Member for the University of London can really believe that there is in this country anyone who has £4,000,000 lying idle at his bankers. Yet one would suppose, from the argument of the right honourable Gentleman the Member for Greenwich, that such is the assumption on which he has formed his opinion in this matter.
As to gambling on the Stock Exchange, are we really to refrain from doing that which we think is proper and advantageous to the country because it may lead to speculation. Why, not a remark was made by the noble Lord, who has just addressed the House, the other night, or by me in reply, that would not affect the funds. On the one side people would say -- "The Government are in great difficulty, and probably a Vote of Censure will arise out of this Suez Canal speculation," while other persons would observe -- "There is evidently something coming about Egypt, and he is not going to let it all out." Ought we to refrain from doing what is necessary for the public welfare because it leads to stock-jobbing? Why, there is not an incident in the history of the world that led to so much stock-jobbing as the battle of Waterloo, and are we to regret that that glorious battle was fought and won because it led to stock-jobbing? So much for the operations on the Stock Exchange. I think we have been listening all night to remarks on this transaction that have very little foundation. We have been admonished for conduct which has led to stock-jobbing and we have been admonished because we applied to a private firm when from the state of the law, I have shown that it was absolutely necessary from the character of the circumstances we had to deal with that a private firm should be appealed to.
The right honourable Gentleman charged us, lastly, with not having answered a charge of having abandoned a strong position. No one who remembers all the circumstances of the case and what has occurred since, can for a moment pretend that our position with regard to the Canal was satisfactory in a recent past. At the moment Turkey was in a very different position from that which she occupies at present, as far as authority is concerned. The Khedive himself was in a very good position; and yet those who are familiar with what occurred at that time know the great difficulties which the Government experienced, and the very doubtful manner in which, for a considerable time, affairs looked with regard to the whole business. Therefore I do not agree with the right honourable Gentleman. I feel that at this moment our position is much stronger, and for the reason that we are possessors; of a great portion of the capital invested in the Canal.
What we have to do tonight is to agree to the Vote for the purchase of these shares.I have always, and do now recommend it to the country as a political transaction, and one which I believe is calculated to strengthen the Empire. That is the spirit in which it has been accepted by the country, which understands it though the two right honourable critics may not. Britons are really seasick of the English Channel. They want the Empire to be maintained, to be strengthened; they will not be alarmed even if it should be increased. Because they think we are obtaining a great hold and interest in this important portion of Africa, because they believe that it secures to us a highway to our Indian Empire and our other dependencies, the people of England have from the first recognized the propriety and the wisdom of the step which we shall sanction tonight.