Poverty Bay Standard. Published Every Evening. GISBORNE: WEDNESDAY, OCTOBER 11, 1882.

Poverty Bay Standard, Volume X, Issue 1172, 11 October 1882, Page 2

Poverty Bay Standard. Published Every Evening. GISBORNE: WEDNESDAY, OCTOBER 11, 1882.

The comparative settlement of Egyptian 1 affairs as arrived at, presently must be a source of infinite congratulation and satisfaction to the illustrious minds who after a tedious and tardy hesitation, planned and carried out the operations which have led to such satisfactory results. The action of. the Gladstone Government surprised nations, foreign powers wondered, while Turkey actually stood aghast; but we venture to say that no nation was more astonished than England itself. Not a single Foreign Power ever cretited for one moment the statements appearing in the English papers to the effect that fighting was meant. The Conservative Party, however, were constantly urging upon the Government that England must observe her pledges in support of the Khedive or forfeit her prestige in the eyes of nations; and to this there could be no evasive reply. For some time past Prince Tewfik had been acting upon the advice of the English Government in the ruling of his subjects, and had greatly forwarded English interests in Egypt by so doing ; the rebellion was doubtless an outcome of his apparent alliance with England and that country was in honor bound to assist him in

regaining the throne from which he was temporarily deposed on account of his English proclivities. But there are many other reasons which would weigh heavily on English Legislators as recommending instant j military action in Egypt beyond her plighted i faith to the Khedive ; for without taking i into consideration the immense interest I England holds in the Suez Canalas a half ' owner, and the importance to her of mainI taining an international highway through Egypt she stands in the position of principal creditor to that country and contributes over 60 per cent, of her foreign trade. In 1880, Great Britain exported produce into Egypt of the value of £3,000,640, and the exports from Egypt into Great Britain for the same year amounted to no less a sum than £9,150,589 We receive from them principally cotton, corn, flour, silk, etc., and in return they absorb enormous quantities of manufactured cotton and woollen goods. In 1881, Great Britain being the principal creditor, with France next on the list, the national debt of Egypt is represented at £98,398,020. Each country having a Controller-General *of Finance resident in Egypt, who carried on the financial administration of that country, and were invested with large powers. By the reports of those officers, dated 16th January, 1880, as approved by the Khedive upon the best mode of settlement of the financial situation of Egypt, the interest of the united debt was fixed at 4 per cent.; if the provision made proved insufficient to meet the service of the debt the amount was to be made up out of general revenue; if there was a surplus a maximum of 5 per cent, was to be paid; any further surplus to be used in the stock market. Surplus of general revenue was allocated one-half to the administration, and the other half to the service of the debt. Arabi Pasha and the National party looked with distrust and dislike upon the Khedive’s evident wish to act fairly and honestly to France and England in matters of finance, and were supported in their views by that most ungrateful and treacherous of countries, Turkey. Bolstered up bv arrogant hopes and treasonable offers of help, they only waited until the budget of 1882 was brought forward, when the sum of £3,383,139 was proposed to be set aside for the service of the united debt, to let loose their lawlessness and inflame the country with their treasonable plans ; and their present perilous situation, and tile distressing occurrences so lately past in Egypt may be fairly said to have their sole origin in the interference with the Egyptian administration and the revenues of that country of Arabi Bky and his traitorous and fanatical adherents.