The Conference is still suspended, the diplomatists awaiting the conclusion
of a discussion among the financial experts as to the precise position of the Egyptian Treasury. The French negotiators desire, it is believed, to show that no reduction of interest is necessary, alleging that the suspension of the Sinking Fund will be sufficient for the present. According to the latest reports, however, the British Government, while agreeing that it must suffer like other creditors, and must, therefore, accept three per cent. upon its shares in the Suez Canal, instead of five per cent., so long as interest on those shares is paid by the Egyptian Government, insists upon the general reduc- tion. If that is not conceded, the Conference fails, and the British Government, lending the money itself, will assume a different attitude in Egypt. That report may, however, be un- true, as undoubtedly most reports are, and the public will do well to await an official statement. The only thing certain is, that somebody in Conference is fighting strenuously for something, as the mere investigation'of the figures would not occupy all this time. Financial experts are not bank clerks, bound to balance accounts to a halfpenny ; and Egyptian Budgets have been long since fairly well understood.
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