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 of the Mixed Tribunals in Egypt and to invite them to adhere to it,

At the instance of our Council of Ministers,

Have decreed and decree:

I. Our Minister of Finance is authorized to issue at a rate not to exceed 3½ per cent., the quantity of securities required to produce a sum not exceeding £E. 8,775,000 (9,000,000l.).

A subsequent Decree shall fix the rate, conditions, and dates of issue.

II. The coupons of this loan will be paid in gold in Egypt, in London, and in Paris, on the 1st March and 1st September of each year.

In Paris, the payments shall be made at a fixed rate of 25 fr. to the pound sterling.

III. The bonds of this loan shall not be subject to any tax for the benefit of our Government.

IV. A fixed annuity of £E. 307,125 (315,000l.) to be applied to the service of this loan, shall be levied as a first charge, and under the guarantee resulting from the International Convention of upon the revenues assigned to the service of the Preference Debt and the Unified Debt.

V. The portion of this annuity which is not absorbed by the payment of the interest shall be assigned to the redemption of the Guaranteed Loan. The redemption shall be effected by purchase at the market price. If the market price be above par, it shall be effected by drawings at par.

VI. The service of the Guaranteed Loan shall be conducted by the Treasury of the Public Debt, under the same conditions as the Preference and Unified Debts.

VII. The Commissioners of the Treasury of the Debt shall, fifteen days previous to each payment falling due, furnish us with an account, in a special Report to be published in the 'Journal Officiel,' of the state of the funds assigned to the service of the loan.

VIII. All instalments of the loan shall be carried to the account of the Treasury of the Debt.