§ MR. DILLON (Mayo, E.)asked the Under Secretary of State for Foreign Affairs, Whether his attention has been drawn to a statement in Sir Evelyn Baring's last Despatch to the Marquess of Salisbury, to the effect that the new Egyptian Loan was to be for £E5,000,000; and, whether this is true; and, if so, for what purposes the money is required?
§ THE UNDER SECRETARY OF STATE (Sir JAMES FERGUSSON) (Manchester, N.E.)The exact amount of the new Loan, as has been already stated, has not been positively settled, so far, at least, as Her Majesty's Government are aware. The chief objects are those already explained—namely, to carry out the arrangement made with the ex-Khedive and his family, which requires the liberation of lands pledged in security for the Domains Loan; and, secondly, to liberate lands similarly pledged to be granted to pensioners in commutation of their allowances. It will depend on the amount of the Loan how far the operation of converting pensions into grants of Domain Land is carried. As such conversions operate to the relief of the Egyptian Exchequer, the operation is, from a financial point of view, sound and desirable, provided the Loan can be effected on advantageous terms.
§ Mr. DILLONCan the right hon. Gentleman say what position the new Loan will hold with regard to the Privileged Unified Loan?
§ SIR JAMES FERGUSSONThe now Loan must rank after the old one.