The representatives of Germany, Austria, France, and Russia have presented
an identical Note to Nubar Pasha, protesting against the suspension of the Sinking Fund. The Note reserves the rights of all creditors, and declares the letter of the Egyptian Government to the Debt Office null and void. It is not yet known whether an application will be made to the International Courts, which have power to decree the seizure of Egyptian Government property. It is probable that the application will be avoided, as the Conference informally assented to the suspension of the Sinking Fund ; but the matter can- not stop there. The Coupon cannot be paid for ever, • and whenever it is not pail, the Courts will be set in motion. It is melancholy to see the great Governments acting as bailiffs for usurers ; but technically their right is complete, and several of them desire to force England to take a more decided position. They think France would then quarrel openly with her only possible ally, which would leave them free to act in Eastern Europe, or sleep, as they pleased. Turkey does not join in the protest, holding that the seizure of the Sinking Fund is an additional security for the Tribute, which may not turn out to be the case.
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