§ SIR GEORGE CAMPBELL (Kirkcaldy)I beg to ask the Under Secretary of State for Foreign Affairs whether the late refusal of the French Government to agree to a Scheme for the Conversion of the Egyptian Debt is a refusal to accept a Conversion of the Privileged Debt, pure and simple, or a refusal to accept a compound scheme embracing at the same time the raising of fresh loans?
§ * THE UNDER SECRETARY OF STATE FOR FOREIGN AFFAIRS (Sir J. FERGUSSON, Manchester, N.E.)The proposals to which the French Government have refused to agree were contained in a Circular addressed by the Egyptian Government to the Powers, parties to the Law of Liquidation. The assent of the Powers was asked to the draft of a Decree authorizing the creation of a Privileged Debt of 4 per cent to be applied to the Conversion of the 5 per 111 cent Privileged Debt, the repayment at par of the 4½ per cent loan of last year, and the advance of a sum of £1,200,000 to the Egyptian Government.
§ * SIR G. CAMPBELLHave the French Government never been invited to convert the Privileged Debt?
§ * SIR J. FERGUSSONThe French Government were asked to assent to the conversion of the Privileged Debt.