There appears already to be a hitch in the arrangements
which are to turn Egypt into a constitutional country, and to enable Egyptian bondholders to obtain seven per cent., with perfect security. The English Minister of Finance has not been appointed, and it is believed that the French Government has objected to an arrangement which, it contends, would make of Egypt an English Viceroyalty. The "joint action" of the two Powers, which is the only check on the Khedive's independence, covers many jealousies which it will be the delight of that ruse speculator and diplo- matist to foster into hatreds. It is rumoured that negotiations are going on between Paris and London on the subject, but there is as yet no accord, and the Sultan's Government may in these cir- cumstances take heart of grace to put in its claims. With so many cards to play, and his whole property at stake, the Khedive may yet find an excuse for dismissing Nubar Pasha, reappointing himself First Minister, and "in the interest of my overburdened people" "suspending the service of the Debt." He would risk his throne, but a throne with an Armenian giving him orders, and an Englishman regulating his harem expenses, may not seem to a Turk the most desirable of seats. At all events, it is signi- ficant that at the very outset the most needful of all reforms has apparently failed.
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