FINANCE
nil
Debt —Privileged Stock, 1,157,718/.; Unified, 2,263,6SG/.; total, 3,421,404/
The total floating debt at the end of 1884 was about £E8, 000, 000. In Maivh 1885 the representatives of Great Britain, Germany, Austria, France, Italy, Russia, aiul Turkey signed a Convention according to which they agreed to guarantee a new loan of 9,000,000/. This sum was to provide for the settle- numt of the floating debt and the Alexantlria Indemnities, with a surplus of 1,000,000/. to be applied to irrigation works. The jirincipal stipulations of the Convention were: — Rate of interest on the guaranteed loan not to exceed 3^ per cent.; its service to be a fixed annuity of 315,000/., which is a first charge on the assigned revenues, and the surplus of the annuity after payment of interest to V<e used for redemption. The coupons of the other Egyptian loans to be taxed in 1885-86 to the extent of 5 per cent.; the surplus ot revenue over expenditure to be divided ])etween the Government and the sinking fund.
Tile tax on the coupons was repaid in 1887, the tax discontinued, and a reserve fund established, which at the present time amounts to nearly £E3,040,997. In the early i>art of 1888 — an arrangement having been come to with the ex- Khedive Ismail Pasha and certain members of his family for the commutation of their allocations on the civil list for Domains, and it being considered desirable to redeem pensions in a similar manner — a loan of £E2,300, 000 was issued in ]\Iay 1888 to provide for these commutations by paying off the mortgages on the Domains lands required. A fixed annuity of £E130,000 was assigned for the service of the new 4=^ per cent, loan, but, as an e([uivalent sum was economized through the reduction of the civil list and of the pension budget, and the considerable diminution in the interest on the Domains Loan, the annual burden on Egypt was not increased by the new issue; while, as a large sinking fund provides for the rapid extinction of the 4-^ l»er cent, loan, a temporary charge has been substituted for a permanent one.
A Khedivial decree was issued on June 6, 1890, with the consent of the Powers, authorizing the conversion of the 5 per cent. Privileged Loan, of the Daira Sanieh Loan, and of the Domains Loan, and the reimbursement of the 4i ])er cent. Loan of 1888. A new privileged loan was is.sued in which was included the 5 per cent. Privileged Loan, the 4^ per cent. Loan, and a sum of 1,333,333/ to be enqdoyed on irrigation works, and in the exchange of pen- sions for land. This new privileged loan bears interest at 3^ ])er cent., and was issued at 91/. per 100/. of capital. A new 4 per cent. Daira Sanieh Loan was issued at par. The capital of the old loan was calculated at 85/. for 100. of nominal capital in accordance with the decree of June 6, 1890. The new Domains Loan converted at par, 25th March, 1893, bears interest at 4^ per cent. The new loans issued enjoy the same privileges and guarantees as the loans for which they were substituted.
Table showing the amount of the Egyptian debt and the debt charge in January, 1898: —
Debt
Charge
Guaranteed Loan, 3 per cent. Privileged Debt, 3.^ per cent. Unified Del it, 4 per cent. Daira Sanieh Loan, 4 per cent. Domains Loan, 41 percent. .
Total
£
8,558,100
29,393,580
55,971,960
6,431,500
3,508,800
103,863,940
£
256,743
1,028,775
2,238,378
257,260
149,124
3,930,280
