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1162 TURKEY AND TRIBUTARY STATES:—EGYPT
of 91,000,0007. In 1876 default took place on seveial of the loans, and in
1877 arrangements were made by representatives of the English ami French
bondholders for the consolidation of the debts into a i'refeieiiee. debt of
17,000,0007. at 5 per cent., and a Unified debt of 59,000,0007. at 7 percent.
The Daira loans were consolidated into the Daira Sanieh debt of
8,815,4307. at 5 per cent. In 1S78 Domain Mortgage Bonds were issued to
the amount of 8,500,0007. at 5 per cent., secured on Khedival property to be
administered by Commissioners. The dual control by England and Prance
began in 1879. In January, 1880, the two Controllers-General reported that
Egypt could not possibly meet Iter engagements in full, and in July the
Liquidation Law, in accordance with the recommendation of an international
Commission of the Great Powers, was promulgated. By this law
the Unified debt was reduced to 4 per cent, interest; further conversions
were made, and the Unified debt thus increased to 60,958,2407 ; certain
unconsolidated liabilities weie added to the Preference debt, which thus rose
to 22,743,8007. ; and the Daira Sanieh debt was increased to9,512,8807., the
interest being reduced to 4 per cent. In 1885 a loan of 9,424,0007. at 3 percent.,
guaranteed by the Great Powers, was issued. In 1888 a 4J per cent,
loan of 2,330,0007. was contracted for the commutation of pensions. In
1890 the Preieience debt and the loan of 1888 (just mentioned) were converted
into a 3^ per cent. Preference loan of 29,400,0007., including
£E1,300,000 for irrigation and commutation of pensions. Also Daiia Sanieh
4 per cent, bonds for 7,299,3607. were issued for the conversion of the
previously existing bonds ; and in 1893 State Domain Bonds for 8,500,0007.
at i\ per cent, took the place of the 5 per cent, bonds of the same debt.
The condition and the charge of the various debts in January, 1900, was as
follows :—
Guaranteed Loan, 3 per cent.
Privileged Debt, 3J per cent.
Unified Debt, 4 per cent. . .
Daira Sanieh Loan, 4 ner cent .
Domains Loan, 41 per cent. . .
Total
Debt
£ '
. ! 8,410,800
. i 29,393,580
55,971,960
. ! 6,162,800
. 1 3,109,900
! 103,049,000
1 Including Sinking Fund.
Charge
£E
307.125 1
1,003,056
2,182,906
240,349
128,866
3,862,302
The charges on account of debts of all kinds (including tribute), as
shewn in the estimates for 1901, amount to £E4,727,047.
In 1887, reserve funds were established, which at the beginning of 1900
stood as follows :—
£E
Economies from Conversions 3,565,468
General Reserve Fund 1,341,177
Special ,, >, 299,509
Total Reserves . . . 5,206,154
10.1057/9780230270305 - The Statesman's Year-Book, Edited by John Scott-Keltie
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