EGYPTIAN LOANS

Hokitika Guardian, 28 March 1929, Page 2

EGYPTIAN LOANS

AGREEMENT REACHED.

(British Official Wireless.)

RUGBY, March 21

The Chancellor of the Exchequer stated in the House of Commons that the Egyptian Government had ratified the financial agreement arrived at last month for the settlement of financial questions outstanding between the British and Egyptian Governments, and in particular of Egypt’s liability for the Ottoman guarantee loan of 1855. The Egyptian Government agreed to pay arrears of the Egyptian contribution on services of this 1 ' loan which had been withheld since 1924, and amounted to £328,600. They also undertook to pay the British Government an amount to cover the service of redemption in the future on its share of tho loan, which had been agreed at £1,386,000. The liability would lie discharged by the immediate cash payment of £302,000 and sixteen annual payments of approximately £90,000 each. In return the British Government gave a full and final discharge from all claims in respect of that loan. In regard to other matters, the Egyptian Government agreed to .make a payment of £849,000 in settlement of outstanding war claims by the War Office. On the other hand, the British Government undertook to give Egypt a share, amounting to .464 of one per cent of the British Empire Reparations receipts. The amount due would be set off against the amount due from Egypt on the 1855 loan.