Page:Encyclopædia Britannica, Ninth Edition, v. 7.djvu/811

787 STATISTICS.] EGYPT 787 annual charge. The loan of 1873 was for the nominal amount of 32,000,000 at 7 and 1 per cent, interest ami sinking fund; but, as only 20,062,658 was received, the interest and sinking fund became really 11 and 1 62 per cent. The actual amount received was, however, slightly increased by part being paid in Egyptian Treasury bonds. Besides these, in 1866 a railway Joan had been raised, of the nominal amount of 3,000,000 at 7 per cent. This was repaid in 6 annual insta^ients of 500,000 each, the last being in January 1874. Two loans secured on the Daira estates of the khedive have been transferred to the state for value received ; these are the Anglo-Egyptian loan of 1865 for 3,000,000 at 9 per cent, interest, with sinking fund of 3 27 per cent ; and the Mustafa-Pasha Loan of 1867 for 2,080,000 at 9 and 3 &quot;4 per cent, interest and sinking fund. The khedive raised also a personal loan secured on his private estates (Daira) in 1870 ; 5,000,000 was received, for which 7,142,860 was to be paid back iu twenty years, with interest at 7 per cent on this nominal amount. &quot;None of the Egyptian loans,&quot; Mr Cave observes, &quot;cost less than 12 per cent, per annum, while some cost more than 13 per cent, per annum, and the railway loan even 26 9 per cent, per annum, including sinking funds.&quot; These loans hardly sufficed to meet the necessities for which they were raised, and the exorbitant interest charged on the nominal sums, of which the khedive received little more than half, effectually crippled the resources of the country. In 1871 another fatal step was taken. A measure was passed by which a landowner might redeem half his land-tax in perpetuity by paying six years tax in advance, either in one payment or in six yearly instalments. As, however, few but the wealthiest proprietors could afford this additional charge on their incomes, the six instalments were commuted into twelve, a discount of 8-J per cent, being allowed orj each instalment. This composition tax is called the &quot; Mukabalah.&quot; By this measure the Govern ment, for the sake of the immediate possession of about 27,000,000, will sacrifice from 1885 onwards about . 2,500,000 annually of certain revenue. For the over taxed fellaheen the change is most advantageous, if only they can avail themselves of it ; for the Government it nearly resembles suicide. In 1875 the khedive procured a temporary respite from his difficulties by the sale of the Suez Canal shares to the British Government ; and then, at last aware of the critical state of his finances, and of the incompetence of Easterns to mend it, His Highness requested the British Government to provide him with some experienced financier to carry out a thorough reform. In December the Plight Honourable Stephen Cave, M. P., accompanied by Colonel Stokes, R.E., and clerks, was sent out, and after some months examina tion wrote an elaborate report on the Egyptian finances. But after Mr Cave s departure, and the publication of his report, Egyptian credit fell still lower, till in 1876 the khedive, finding himself totally unequal to meet the demands of his creditors, and weary of renewing bonds at ruinous rates, suspended payment for a time. A French scheme was then urged upon him with so much insistance that 011 May 7 he adopted it in a decree which announced the consolidation of all the state and Dai ra loans, and the distribution of a bonus of 25 per cent, to holders of treasury bonds. These bonds had then reached a sum exceeding 20,000,000, and were held chiefly by French firms. The arrangement speaks for itself. It was immediately quashed by the firm action of the English Stock Exchange ; and the Right Honourable G. J. Goschen,M.P.,and M. Joubert were sent out to attempt the adjustment of the affairs of Egypt. The result was a scheme which the khedive accepted, and which may shortly be described as follows: the private Da ira debt was separated from the state debt; the three small loans of 1864, 1866, and 1867 were reserved to be paid off by the Mukabalah; the bonus on the treasury bonds was cut down to 10 per cent.; and 17,000,000 was converted into a preference stock, secured on railways and harbour dues. The state debt was thus divided into three classes : unified debt of 59,000,000, interest per cent., reduced till 188 5 by a sinking fund of 1 percent; preference stock, 17,000,000, interest 5 per cent. ; and the three short loans, interest 7 per cent., redeemable at 80 instead of 100, and to be paid off by the Mukabalah. Besides these, there is the private Daira debt of the khedive. The scheme is perhaps the best that can be devised under the present perplexing conditions; and if the Egyptian Government can maintain its revenue and will hold to its engagements there is every probability that the debts will be paid off at the appointed times. When the Mnkabalah falls in in 1885 the three short loans will (presumably) have been paid off. The preference debt is to be redeemed in 65 years by the opera tion of a sinking fund of 35,744 a year, and the unified debt in the same time and after a similar manner. AYith a view to insure the carrying out of these reforms, the khedive has appointed English and French comptrollers- general, who are intrusted with the collection of the revenue and the appropriation of it to the purposes settled by the financial scheme. A European Commission of the Public Debt has also been appointed for receiving the revenue devoted to the payment of the debt charges ; and another commission, composed of three Europeans and two natives, controls the railways and the port of Alexandria. So long as the present arrangement is held to, and if no unforeseen decrease takes place in the revenue, the financial position of Egypt may be considered hopeful. The khedive has been the subject of much censure at the hands of his bond holders. It must however be remembered that he received but half of the sums supposed to have reached him. Of the 45,000,000 received he has paid back over 30,000,000 in interest, etc., and 10,000,000 went in the Suez Canal indemnity, so that only 4,000,000 could have been squandered. That the khedive is no financier is obvious; but he seems honestly determined to pay his debts, and if there was any dishonesty in the matter of the loans it was not on the kheclive s side. The principal exports from Egypt are cotton, cereals, and sugar. In 1875, 163,912,336ft) of raw cotton was exported to Great Britain, at the value of 6,668,340 ; and the total cotton export is estimated at over two millions and a half of quintals. Of beans, 490,257 ardebbs were exported in 1875 ; of wheat, 836,997 ardebbs ; of sugar, 986,000 quintal;;. Maize, barley, flax, natron, dates, hinne, and other produce form less important items in the list of exports. The total value of exports is estimated at between twelve and thirteen million of pounds. The imports are estimated at about five millions and a half of pounds and consist chiefly of manufactured goods, coals, oil, wine, machinery, &c. Of the whole commerce about 70 per cent, is with Great&quot; Britain. There is also a considerable transit trade, which, however, has necessarily diminished since the opening of the Suez Canal. The Egyptian measures are the fitr, or space measured by the extension of the thumb and first finger ; the shibr, or span; and the cubit (of three kinds, = 22|, 25, and 26J- inches). The measure of land is the feddan, very nearly equal to the English acre, subdivided into 24 keerats, raid each of these into 330 (formerly 333^) kasabehs, or rods, the kasabeh being a square measure with side of 22 kabdehs, each equalling 6^ inches. The ardebb is equal to about 5 bushels, and is divided into 6 weybehs, and each weybeh into 24 rubas. The weights are these : 64 kamhahs (or grains of wheat), or 48 habbehs (or grains of barley) = 1 dirhem ( = 48 gr. Troy). 12 dirhems = l wukeeyeh or ounce ( = about 575 gr.) 12 wukeeyehs = l ratl or pound ( = 15 oz. 13 dr. avoir.) 2f ratls=l wukkah or oke (-=2 lit.) 36 wukkahs = l kantar or cwt. ( = 99ft&amp;gt;.) 24 keerats = 1 mithkal or weight of a deenar ( = 72 gr.) The French metrical system has been established by the khedive, but has not yet been generally adopted. The standard unit of currency is the kirsh, or piastre ( = about 2id.), which is coined in gold pieces of 5, 10, 20, 25, 50, 100 piastres i silver of 1, 2J, 5, 10, 20 piastres.