HC Deb 14 March 1893 vol 10 cc17-8
MR. WOOTTON ISAACSON

I beg to ask the Under Secretary of State for Foreign Affairs whether his attention has been drawn to a statement in the papers that Mr. Palmer, the financial adviser to the Egyptian Government, is about, to conclude the conversion of the Egyptian Five per Cent. Domain Loan into a Four and a-quarter per Cent. Loan; whether there is any special reason why it should not be converted into a Three and a-half per Cent. Loan, the same as was done with the Five per Cent. Egyptian Railway Preference Loan; and whether he is aware that the difference would make an additional income to the Egyptian Government of £37,500 per annum?

THE UNDER SECRETARY OF STATE FOR FOREIGN AFFAIRS (Sir E. GREY,) Northumberland, Berwick

The object of offering a Four and a-quarter per Cent. Stock in lieu of a Stock of lower denomination is to avoid the necessity for increasing the capital. This is preferable on general financial grounds.

MR. WOOTTON ISAACSON

Is the right hon. Gentleman aware that money has been quite unlendable lately, and that without increasing the capital it would have been perfectly easy to obtain the amount even in Three per Cent. Stock?

SIR E. GREY

The information I have is entirely contrary to that.

MR. WOOTTON ISAACSON

Is the management of this matter entirely in the hands of Mr. Palmer?

SIR E. GREY

If the hon. Member wants more detailed information I must ask for notice.