The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1884-08-09 00:00:00

FAIT:ORE OP THE CONFERENC2

NEGOTIATIONS.

'the Alkise of Commons on Saturday, Mr, Mea-
dow) .sail he stated with much concern that th 6
Confdrehce had failed in the main object for which
it Was called together—that was, the adoption, 11,
Etiropean authority, of a plan for the adjustment 'of
'hafinancial difficulties of Egypt. There were (tree
itnain subjects for consideration—vin, the prospc-ctive
'charge of the administration of Egypt • the necessity
of a loan to meet immediate 'wanes; and the 'prospec-
tive revenue of Egypt, and its means to meet the
charge. As to the first point, there was 'substantial
agreement; anti, as to the second, it w= understood
that the loan was to be eight millions, which,
after deducting the Aletandria damages, would
have left Sour 'and a half millions frit
use. Her najesty's 'Government required that this
loan should be .a first charge, rnd that provisiot
' should be made 'for a just and mild, though firm,
governare.l. `Difficulties arose out of the differences
between The English and French representatives as to
the prospective 'revenue of Egypt, and the French
Government 'refused to agree to any diminution of
the al-vidends•payable under the Law of Liquidation,
Her Majesty's Government, on the other hand,
insisted upon proper provision being made for .the
chrages Of proper administration in Egypt (hear,
hear). They submitted a plan under which the
cliarges on the Egyptian revenue stood in the
following•arder : (1) Preference Debt of eightniillions,
/oar anda half millions being advanced in cash; (2)
Dividends on other debts, with interest reduced by 2
'per Tent.; (3) An allowance of 51 millions
'expenses of Government; (4) Payment of
'one and a half per cent. reduced interest. Her
Majesty's Government were willing that this plan
tried'for 'three years, and that it should
then'be submitted to another Conference. But the
FrenCh Government insisted upon the revenue charges
'being fixidin the following order: 1. The New Loan
•and the 'Privileged Debt; 2. The Unified Debt, with
full dividends; 3. The administrative charges of
'Government ; 4. Any surplus revenue to be utterly,
Itt 'the disposal of the Egyptian Government.
(Laughter.) Moreover, every question was to be re-
ferred•to the Commission of the Caisse, and their de-
• cisions must be unanimous, or they must be referred to
the seven Powers of Europe. Her Majesty's Govern-
meant once objected to the plan, and to the position
assigned to the Commission of the Caisse. They saw
'that it would lead to worse financial confusion than
ever. Everything would be delayed by a hostile
-tribunal, and powers of such magnitude ought not to
'be entrusted to the Commission. It would give them
complete mastery over the affairs and government of
'Egypt, to which her Majesty's Government could on
'no account agree. (Cheers.) Amongst this wreck of
'good intentions there had been some good results from
the Conference, viz., the agreement as to the prospec-
tive charge and the amount of the loan, and the de-
struction of the proposal to set up the new
Control. Tier Majesty's Government were supported in
the Conference by Italy and Turkey; but as France
would not agree, Russia, Germany, and Austria de-
clined to vote. The end of it was that the Conference,
not arriving at any result, had adjourned without a
day being named for its .re-assembling. Serious
responsibilities were thereby thrown upon her
Majesty's Government, which he would not now dis-
cuss. Papers would be presented on Monday. The
Anglo-French Agreement was now in theyance, and
had no binding force; but although these unfortunate
differences had arisen, her Majesty's Government
generally valued the spirit of conciliation which was
shown by the French Government in regard to the
agreement.