The three agreements between Great Britain and France, about which
so much has been reported, were signed in London on April 8th, and prove to be documents of the highest importance. They were at once submitted to Parlia- ment, together with a despatch addressed by Lord Lansdowne to Sir E. Monson, which we recommend to our readers, as con- taining at once the best account of the terms accepted, and the most complete statement of their general object. The most important of the terms agreed on regard Egypt and Morocco. In Egypt the French Government recognises the predominant position of Great Britain, promises not to impede her work by any suggestion that the occupation is temporary, and agrees to a great modification in the functions of the Caisse de la Dette. Under the new arrangement the Debt is made a first charge on the land revenue instead of the Customs and railways ; but the surplus is no longer to be hoarded by the Caisse against contingencies, but is to be expended for the benefit of the country. The Egyptian Treasury becomes, in fact, so long as the interest due to the foreign creditor is paid, as free as that of any other country, and can even raise loans without foreign assent. The result will be a great improvement in the finances of Egypt, the surplus going to remunerative public works, and a consequent solidification of the British position in the country. The assent of other Powers to the change is, of course, necessary ; but their concern in the revenues of Egypt is BO small as compared with that of the two contracting Powers that no opposition is expected from their side.
