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26 THE EGYPTIAN PROBLEM
burdened his exchequer with a floating debt of £3f whilst he had agreed to increase the tribute Turkey from £320,000 to £600,000 a year, in r« a Firman substituting primogeniture for the old law of succession to the throne, and the gruj new-fangled title of Khedive in Hen of the olci Pasha of Egypt. Another loan for £11^,890,00-doubled the existing funded debt, tided him over visit to Constantinople and the magnificent; fi which marked the opening of the Suez Canal when the Empress Eugenie was the most brilliai many royal and countless other guests invited to 1 pageant from all parts of the world.
The Sultan, fearing probably that his spc
vassal would end by spoiling the European money i
on which he himself was making heavy calls, s
forbade him to raise any more loans in Kin'op*-:
his specific consent, and to get this veto wii
the Khedive had to make another ruinous jul^ri
Constantinople, where, according to the British
sador, Sir Henry Elliot, a sum of £900,000 passe
from Ismail's hands into those of the Sultan
Aziz. This was in 1872, after the Mufeftish 1m
with very scant success, to raise the wind in Kj.
a law styled the Hulcabalah, which promised a i
title and a future reduction of 50 per cent, on M
tax to every landowner who at once paid six
taxes in advance. Recourse had to be quiekly n
another loan for a record amount of £32,000,000 r
and at 8 instead of 7 per cent., which after
deductions yielded little more than £12,000,000 i
In 1874 a last and much smaller loan, for a in
£3,000,000, was placed with great difficulty i
and absolutely the only security that Ismail *eou
pledge in 1875 were his Founders Shares in fh.
Canal, and he had already raised money on the*, div
accruing from them for the next twenty yearn.
Beaconsfield slipped in and purchased them for £4,o< tremendous rise in the price of cotton during the American Civil War, the "Egyptian revenue had risen to about £7,000,000 per annum. Within the first five years of his reign he had borrowed £11,000,000 abroad ande. And on this occasion rumour was no lying jade. In theament " to showWithin the first year of the Occupation