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xvi              GOVERNMENT BY MARTIAL  LAW              -><,                             J  !
in value.    Egypt is being, perluj-* 'irwiV.y, ,,   •.«*'   I into a mainly cotton-growing cour^ry.     I»\t t'.-* ,  .: diate   results  --are   amazing.     Egypt Li.   < /*  \,    ^ . before 1916 very rarely sold for n ore :! i.  if i * , .  *  -then considered a record price, toj j*e i   *.£ -j *       ;; , -in   1919   and   was   even   driven   up   at   o..»   r ** i   \: by wild speculation to the giddy kJ*£ t   *,!    •. I i     * Jcantar, from winch it has only faPea i*jkk : * lE      ,4 The value of last year's cotton crop c mi* **•,.' -t. ./• 1 at less; than £E.100,QOO,000, which would n;c:n :„ \ i   v off  the  whole  Egyptian  debt.   Indeed,  tK   Lj»r    i debt, formerly held almost entirely a'»ro ,1. i- : *—r ^ -    ^ steadily into Eg^^tian hands, as so rmny u!: .*:          ; .
riches do not know what else to do with their j I t. : • • f money. To the big foreign banks wiio-e "turi:..*- La» largely consisted in making advances OL . jr; ';/ ;v 1 land, the rate at which these are being re:m;^;r-» 1 : * them is almost embarrassing. The traue i/i^i .: ::-favour of Egypt for 1919 amounted to £E.33,< «*. • . A recent Note by the Financial Adviser sets f Drth Ejjyj.t*-foreign investments between 1915 and 191^ 4*s am^u:it*r**i to £E.1525000S000, and of the £E.63,000 0».*0 of ju.j ^ money issued since 1914, it states the great bulk to have been hoarded.
Remote indeed are the lean years of the eighties, when every Budget was a race against bankruptcy won by the shortest of  heads.   The last of Lord Cramer's Budgets, that of 1906,after taxation had been considerably lightened, already  showed  a   revenue  of  £E.15,377,000, with   a surplus of £E.2,1753000 over expenditure.    The Budget for   1919-20 was calculated to balance at ££.-25,550,000 a figure which must, however, be considerably discounted in view of the large inflation due to war prices.   The Budget   Estimates   for    1920-21   have   leapt   up   to £E.40,000,000—an increase again almost wholly due to inflation.    Nevertheless,   these   figures   testify   to   the almost   uninterrupted  expansion  of  Egyptian  revenue which has been going on since the early years of the
TJorks connected with the Nile projects which involved the expenditure of Egyptian money would be suspended until the new Committee of Inquiry had reported was received with the same scepticism.lative Assembly, where it would have been their business to meet hostile criticism and define their own position. But it is not by masterly inactivity that Saad Pasha Zaghlul and his friends have acquired their hold upon the country. The Party of Independence haso add,  wouldt is El Azhar that provides throughout Egypt