The Conference has met twice since the financial Commis- sion
produced its report, but no decision has been as yet arrived at; and there does not seem to be any very sanguine hope that when the Conference pronounces its decision next week, that decision will be of the kind which England desired, and to promote which the Conference was summoned. We should not ourselves greatly regret the result if the Conference simply failed, and England were left to deal with the situation without coming under further engagements to the other Powers. The greediness of the holders of Egyptian coupons may very well overreach itself. If they will not take the lower interest which alone Egypt can afford, on the security of Europe, they may find that they have played into the hands of the one Power which is likely to think only of the welfare of Egypt, and to refuse to regard Egypt as given in pawn to the money-lenders of Europe.
