§ MR. LABOUCHERE (Northampton)asked the Under Secretary of State for Foreign Affairs, Whether the £E450,000 of the New Egyptian Loan, which £E450,000 it is stated is to provide for the continuation of the exchange of pensions against public lands or Domain lands, is to be issued at once; and, if so, what will become of this money, upon which the Egyptian Government will have to pay above 4½ per cent until such changes are made, or in the event of their never being made; whether the words— 1238
The proceeds of the direct and indirect taxes of the City of Cairo, collected by the Daira Baladick, which are hypothecated to the payment of interest on the loan,include local taxes for municipal purposes, as well as Imperial taxes; and, whether, in view of the fact that the loan is for £2,330,000, and is estimated to produce at the price of issue £2,186,050, whilst the proceeds of the loan to be handed over to the Egyptian Government are only £E2,000,000, he will state what is contemplated to be done with the difference, and to whom it is to go?
§ THE UNDER SECRETARY OF STATE (Sir JAMES FERGUSSON) (Manchester, N.E.)Her Majesty's Government have not sufficient information to reply to the first two Questions of the hon. Member. With regard to the third Question, we have not been informed of the exact terms on which the loan has been finally contracted for; but it appears by the Decree that two coupons of interest were to be deducted, which would account for £90,000, and bring up the net amount to about £2,150,000.