We are informed that of all questions now pending in
Egypt. the most urgent is that of the indebtedness of the peasantry, Foreign companies and foreign usurers have for some time past offered their loans upon terms which, to the poor fellaha, always liable for taxes, or arrears, or backslash, have proved too tempting. They have taken money on the security pf their lands so generally that if the mortgages are foreclosed the majority of the population will be evicted, and Egypt thrown into utter disorganisation. The usurers, strong in the expectation of European Courts, and anxious for the rice and sugar lands, are disposed to evict ; and so grave is the situation, that the Government is seriously ad- vised to take the tremendous step of declaring peasants' lands unsaleable. They will hardly go quite so far, because without lands to pledge the peasantry could not, in bad years, pay their full taxes ; but it is certain that some very serious step must be taken. A land-mortgage bank will be set up, to lend money at low interest ; but, as its loins must be very limited, it is doubtful if this will enffice, unless the bank is preceded by some decree declaring the peasants' bank- ruptcy. Disinterested observers declare that so fierce is the temper of the people on this subject, that all would be anarchy if the British troops were withdrawn, the peasantry following any leader who promised to annul their bonds. All this is pro- bably true, for it all occurred in Sonthalistan and in the Deccan ; but the difficulty of remedy is very great. The Egyptian Government will not make the peasantry independent, and the British Government has no power, on its present theory, to pass permanent laws for Egypt.
