MONEY FROM EGYPT

Sun (Auckland), Volume III, Issue 620, 23 March 1929, Page 9

MONEY FROM EGYPT

LONG OUTSTANDING DEBT AGREEMENT WITH BRITAIN

British Official Wireless RUGBY, Thursday

.de Chancellor of the Exchequer, Mr. Winston Churchill, stated in the House of Commons to-day that the Egyptian Government had ratified the Inancial agreement arrived at last south for the settlement of the linaneial questions outstanding between the British and Egyptian Governments, and in particular of Egypt's liability tor the Ottoman Guaranteed Loan of 1855.

The Egyptian Government has agreed to pay the arrears of this debt. They would be discharged by an imuediate cash payment of £302,000 and it annual payments of about £90,000 each. In return the British Government *as to gn e a full and final discharge Tom all claims in respect of that loan. loan. In regard to other matters, the Egyptian Government had agreed to hake a payment of the Egyptian contribution on the service of this loan, which had been withheld since 19>4, rnd amounted to £328,600. It also undertook to pay the British Government an amount to cover the service of the redemption in future of a share of the loan, which had been agreed at £1,386,000, and undertook a liability of E 549.000 in settlement of outstanding war claims by the War Office. On the other hand the British Government undertook to give Egypt a <hare, amounting to .464 of 1 per cent., of the Empire’s reparation receipts. The amount due would be set off igainst the amount due from Egypt on the 1855 loan.