§ MR. DILLON (Mayo, E.)asked the Under Secretary of State for Foreign Affairs, Whether it is true that the Government of Egypt is endeavouring to raise a new loan of £2,000,000; and, if so, for what purpose is this money required?
§ THE UNDER SECRETARY OF STATE (Sir JAMES FERGUSSON) (Manchester, N.E.)Her Majesty's Government are informed that the Egyptian Government are desirous of raising a 1287 new loan; but the exact amount is still uncertain. The transaction will be economical and prudent. A large portion of the loan is required for the arrangement recently made with the ex-Khedive and his family, and also with other pensioners; as the lands to be ceded in commutation of their yearly allowances are pledged to the Domains Loan, and must be redeemed. The result, however, of this transfer will be a reduced charge on Egyptian Revenues.
§ MR. CHILDERS (Edinburgh, S.)asked, whether this proposed loan would rate among the Egyptian loans?
§ SIR JAMES FERGUSSONI must ask the right hon. Gentleman to give Notice of the Question.
§ MR. DILLONWould the right hon. Gentleman give the House some assurance that this loan will not be finally contracted before the House has had an opportunity of expressing its opinion upon it?
§ SIR JAMES FERGUSSONNo, Sir; I cannot give such an undertaking; it is not to be issued upon the security of Her Majesty's Government.