It is believed in Cairo that the objections of the
French Government to the conversion of the Egyptian Debt will very soon be waived. They only injure French credit in Egypt, and do not hamper the English, who have at last so relieved the finances that, in spite of a "bad" Nile, they have a sur- plus of £200,000 on the year. The French at first proposed, as their reward for giving way, that the Budget of Public Works should be placed under the Caisse of the Public Debt, which is international ; but this was refused, as the English engineers would have been too much impeded in their great hydraulic works, which are gradually increasing the culturable area of Egypt. M. Spuller then proposed that part of the saving caused by the conversion should be added to the reserve now being accumulated for "the maintenance of public security "—that is, for military purposes—and as this involves no dual control, the suggestion may be accepted. The object of the proposal is not very clear, as the one French object is to get the English out ; but as the reserve fund exists, it can be increased without harm to anybody, provided, of course, that the money needful to abolish cameos is first of all obtained.
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