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The French Emperor seems at present, by the aid of the ssss1, likely to appropriate the lion’s share. While American commerce is disappearing from the seas—fifty per cent. of her exports and imports being carried in foreign ships—the flag of France may be seen by the side of England in every sea. The hereditary policy and commercial instinct of the British may prove to be more than a match for the astuteness of one man. Who will ultimately bear off the prize, is a question admitting three possible solutions.

Russia, as has been said, rapidly extending her frontier eastward, stretches out her hand to grasp the trade of the East. The Suez and Darien Canals—the one an unsolved problem, the other an accomplished fact—represent the two other contestants. One of the most constant objects of war and diplomacy has been for the possession of the highway through Egypt for the trade of the East.

It was designated by the Portuguese conqueror, Albuquerque, as one of the three important points essential to the “command and monopoly” of this trade. England, anticipating the day when it might be important for her to have the military control of this highway, has persistently established military ports, beginning at Gibraltar and ending at Aiden. She has secured strong posts at Malta and Beb el Mandeb. The Great Leibnitz called the attention of Louis XIV to the commercial and political advantages of a conquest and colonization of this country. Napoleon, flushed with the conquest of Italy, took the initiative in this bold design. By his order, M. Lepere, “a distinguished engineer,” completed an examination in 1801. The results of this examination have been published by the Imperial Government.