The recent imbecile policy, or no policy, of the Gladstone Ministry in Egypt is already producing its natural results. Not merely is the British reputation lowered by recogni tion of two defeats as final and by the re-establishment of the half-defunct slave trade ; but peace at any price is found to be by no means even good economy ; on the contrary, it is very costly. “ A credit vote of half a mil lion sterling, to cover the expenses of the British expedition to the Soudan is shortly to be asked for by the Go vernment, in the House of Commons.” It may safely he conjectured, judging by the experience of other little wars, that double the amount mentioned will not cover the expense already in curred to date. But that is not all ; more likely it is only the “ beginning of sorrows.” Already it has been for some time asserted that the victorious Muhammadan leader, who styles him self El Mahdi, intends to rouse the followers of the true faith in Egypt Proper into rebellion, and there may soon be another little war there as well as in the Soudan. Nor is this all. It is now asserted that Bl Mahdi, alias Ahmed Muhammad, notwithstanding his accepted bribe of a sultansbip and free trade in slaves, is tampering with the Musselmen of India. There are between forty and fifty millions of these Muhammadan feliow-subjcets of ours in Hindostan, and, from their number, all the best of our native Indian regiments are re cruited, the very men on whom we have been accustomed hitherto to rely on for the safety of India in time of war. And it is quite on the cards that they may listen to the offers made to them by the Egyptian leader. The latter, though a slave dealer and naturally enough rejoiced at heart at the submissive opening up to him of a profitable trade in the ‘‘black chattel,” is also a very religious man, according to Arab notions, and even more a quondam dervish and present Sultan of the faithful in the Soudan. His conscientious convictions, if he has any, may easily lead him to attempt to overthrow Christianity everywhere and establish his own religion in its place. 