HC Deb 31 July 1885 vol 300 cc670-1
MR. ARTHUR ARNOLD

asked the Under Secretary of State for Foreign Affairs, What is the position of the Egyptian Loan with regard to the guarantee of the Powers; and, whether it is intended to delay the issue until the guarantee has been accepted by the Parliaments of Germany and Austria; and, if so, when is that acceptance likely to be completed?

THE UNDER SECRETARY OF STATE (Mr. BOURKE)

With a view to facilitate the issue of a loan for £9,000,000 by the Egyptian Government the Powers, under the Convention of the 18th of March last, agreed that the Khedive should, with the authority of the Sultan, issue a Decree, which Decree the Khedive undertook to promulgate, in the terms of the draft annexed to the Convention. Amongst the provisions of that Convention was the following:— The Governments of Great Britain, Germany, Austria-Hungary, Prance, Italy, and Russia undertake either to guarantee jointly and severally, or to ask authority from their Parliaments to guarantee jointly and sere-rally, the regular payment of the annuity of £315,000. When Her Majesty's present Government came into Office they found that the authority of the German, Austrian, and Italian Parliaments had not been obtained by their respective Governments, and those Parliaments had separated without any prospect of meeting for some months to come. It is not necessary now to enter upon the question of the discussion which took place between Her Majesty's late Government and the German Government upon this subject, as Papers will be laid upon the Table. It is sufficient now to say that when Her Majesty's Government assumed Office they found the issue of the loan was practically suspended. The negotiations which have taken place since have resulted in an a greement on the part of Germany, Austria, and Italy to give an undertaking that the loan should be submitted for ratification as soon as their Parliaments meet, and to consent to the issue of the loan at once in anticipation of this consent; and this has been agreed to by the other Powers. The Decree annexed to the Convention has been issued, with an alteration enlarging the facilities for issue and payment of coupons, which was provided for by a declaration on the part of the Powers. The loan, in accordance with these agreements, was issued on Tuesday.

MR. ARTHUR ARNOLD

In view of the important statement made by the right hon. Gentleman, I would venture to ask him whether he will undertake that the Correspondence between the Government and the Foreign Powers on the subject shall be distributed before Wednesday next, which will probably be the latest occasion on which the subject will arise?

MR. BOURKE

I can only say that the Papers are in preparation. Of course, we are well aware that Parliament will wish to see these Papers as soon as possible; but I am not quite certain that I can promise the hon. Member an answer in the affirmative to the Question he has just put.

MR. ARTHUR ARNOLD

I will repeat the Question on Monday.

MR. LABOUCHERE

Are we to understand that the Loan is not guaranteed either by Austria, Germany, or Italy?

MR. BOURKE

By the Parliament of those countries—no.