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