The papers have been full of rumours as to Lord
Northbrook's Report upon Egyptian Finances, and on Wednesday Reuter pub, lished a telegram from Alexandria professing to give its sub- stance. According to this account, his Lordship recommended that the Sinking Fund should be suspended, that a loan to Egypt of £8,000,000 should be guaranteed by England, that England "should bear the whole cost of the Army of Occupa- tion," and that the Daira and Domain Loans (which are the especial loans held by great financiers) should be paid off "with the help of England," though, of course, on the security of those estates. In return, the taxation of Lower Egypt would be slightly, and of Upper Egypt considerably, reduced. It is clear that the reporter, even if he has given the substance of Lord Northbrook's proposals,—which, to Lord Northbrook himself, does not seem to be the fact,—has omitted the consideration to be received by England for accepting these burdens. Why should she clear off Egyptian mortgages? Whatever the re- turn is, however, the exemption of the Bondholders from any responsibility for a situation produced by their greed would be more than unpopular; and it is understood that the Report has not been accepted by the Cabinet, though modifications of it are still under discussion, the loan of eight millions being almost indispensable.
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