The accounts of the Egyptian Government for 1894 show that
the Revenue was £10,562,000, the expenditure 29,756,000, and the surplus £806 000. Of this the Government is allowed to dispose only of 2158,000, the remainder being paid to the Caisse. The Customs and railway receipts are the largest ever realised, the former amounting to 2846,000, and the latter to 21,818,000. Of the Debt, £700,000 was paid off during the year, mainly from sales of Daira and Domains lands, and the reserves attained a total of £4,230,000. Of this, the Govern- ment is allowed to use only £286,000, the remainder being held by the Caisse, and invested in Egyptian bonds. All this would be most satisfactory did not the obstructive policy of the French prevent Egypt from availing herself of her prosperity, either to reduce taxation, or to develop her resources by judicious public works. The policy of the Caisse in putting
the reserve into Egyptian bonds, is very doubtful. The reserve is intended as a fund out of which the coupon might be paid in a lean year. But such a lean year would send Egyptian stock far below the price at which it was bought, and a great sale of bonds by the Government would
still further depress it. Hence the reserve could only be used at a ruinous loss. If a reserve there mast be, it shoal( be formed out of Consols and French Rentes.
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