The Khedive has accepted a scheme of liquidation for Egypt
which the Financial Controllers have submitted, and which he hopes "the Powers "will ratify. Under this scheme the unpaid coupons are repudiated, the short loans exchanged for unified stock, unified stock, which was to have paid 7 per cent., is reduced to 4 per cent., and then only 0,637,000 of the total revenue is to be devoted to administration. Of the remainder, £4,230,000 is devoted to the Bondholders, and £680,000 to the tribute to the Porte. That is, in round num- bers, out of £8,500,000 revenue, £5,000,000 is sent out of Egypt to pay for money of which the taxpayers have had only half, and a protection which the Sultan does not afford. There is no country in the world from which more than half its whole revenue, which means in Egypt half its whole earnings above the bare cost of sub- sistence, has ever been exacted, and poor investors will do well to remember that even the interest now allowed depends upon Mr. Baring and M. de Blignieres not quarrelling, upon the obse- quiousness of the Khedive, and upon the rising of the Nile.
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