Egypt.

Manawatu Herald, 26 November 1892, Page 2

Egypt.

. The news that the Egyptian Budget shows a surplus of half a million sterling is most cheering, coming as the result of the past policy adopted by England with I Fgypfc, thus strengthening the sup- | porters of the wisdom and right of keeping control of that country. The Suez Canal not only revolutionized the . trade to India, but also Egypt, as at the opening of that work in 1864 the country was ruled by a Viceroy of the Sultan's, and in 1865 direct succession to the Vice-royalty was granted, and in 1867 he was termed the Khedive. Then in 1878 the Sultan, by a firman, rendered the Khedive practically independent, except that he must not coin money, make treaties or build ironclads. The first budget produced was in 1873, and showed on paper a very large margin between receipts and expenditure. How fallacious these statements were is shown by Messrs Acton and Pennell being employed to arrange the finances the same year. The position was not good as the Khedive had to sell his shares in the oanal, some three million pounds worth, in 1875, and which the late Lord Beaconsfield secured by a masterly stroke for England. The Right Honourable Stephen Cave went out also in this year o.i a special meeting and reported, in 1876 the waste and extravagance prevailing, of great works taken with insufficient means, loss by adventurers, military expenditure and the necessity for intervention of a superior power to restore credit and restrain expenditure. The Khedive agreed to consolidate his debt of 91 millions at seven per cent and a sinking fund, but it was found so hopeless that Messrs Goschen and Joubert in the same year, acting on behalf of the Khedive's creditors, agreed to reduce the debt to 50 millions aud the interest to six per cent. Owing to the further bad report of the finances the Khedive gave np his family landed property to the State. These financial troubles appear of constant occurrence, and we refer to them to show wbat care and perseverance has accomplished. In 1879 a new financial scheme was introduced, and England and France required th? appointment of European Ministers, and on the Khedive objecting, recommended his abdication, which, however, as he did not abdicate, ha waa deposed by the Sultan and his

son proclaimed his successor,, ti ,j|i| Earing and M. cle Blignieres were then appointed comptrollers-general. In 1880 general prosperity was reported. 1882 witnessed the rebellion of Arabi Pasha, the bombardment of A lexandria and the Egyption camjjajgn, which .resisted in Jfyiuary; of 1883 of the abandonment of the dual control, leaving: it entirely in 1 Eng: land's hands. In 1884 there was a conference of the Powers respecting finance and that proposed by England was accepted. Great improvements in irrigation were made in 1884, and petroleum was discovered in 1880. An improvement motile state of the Country w^,s noted' in 1887, and in 1888 a surplus was obtained in the buget, and this year half a million surplus The public revenue for 1891 is stated at £10,068.000 and expenditure, at £9,558,000. The annual debt charge at £8,725,000. The Khedive's possessions are limited to the Valley pi the Nile as high up ftg Wadi .Haifa, to the Oases in" the desert, the Sinai Peninsula, the Land of Midian in Arabia, and the Suakin, which have a population of 6,806,881.