, 1876-03-28

Ihe recent rafu8M OF DLsnAEE1 10 mako
public tho report Of the special Investigation
which has beon 1nado on the part Of tho Ell
gliah Government into tho finances Of Egypt
has precipitated panic In Egyptian sooaEi-
ties, which hnvo declined from 5 to per
cent in London. Tho public mind wns pre-
pared for this by tho refusal of tho English
Government to appoint ono Of threo Direct
ora, to bo nominated respectively by Groat
Britain, France, and Italy, to National
Bank Of Egypt, which should tal;o charge Of
tho funding Of the Egyptian dobt and tho
collection OF the taxes to meot tho interest
Tho refusal Of England to 60 into this
scheme Is wiso. It would bo h mere mako
allift to delay for time tho inevitable bank
ruptcy which awaits Egypt, and meanwhile
tho apparent partnership Of tho English Gov
ernmont, anA tho supervision which it would
bo presumed to exercise, would attrnct the
Investment Of now capital In a foeling Of &C.
curity TINT would probably nevur DO rea1izod.
Tho English Government is too cautious to
enter into any such achemo. Il tho
money which Egypt got from France for
tho Suoz Canal did not hold out but
worry fow months at most, until tho Govern
mont WIS aguin presscd by ita necessities, tho
indications aro TINT tho Government ia too
seriously involved to nttnit Of honorable
corning it is conhrrnatory Of this view.
Egypt has simply been overtakon by tho
fata Of oil pooplo who live beyond their
means, md endeavor to do moro than their
resources warrant It is probably aa badly of
as Turkey, though its financial ombarra8s-
ments arc mora tho result ct bad Investments
| nnd abnormal development than Of univorHa
dissipation and official corruption. By ou-
rious indirection, Egypts misfortunoa began
with dclugivo prosperity brought about by
| tho American War Of tho Rebellion Tho
| price Of cotton rose to such figure oB to
lazzlo tho Egyptians. Mon who had worked
esnall farmg themselves began to hire their 10
bor, and fockel to tho cities to B4uander
their money. They also expended largo
amounts Of money ON machinery md tho
improvements with which to cultivate
tho barren laud Whom the decline
ca1no, tho farmers were personally
bankrupt, and tho Government stepped In
md advanced money on land-mortgagcs,
Thcso mortgages wero subsequently forc.
closed, and thus it La said that ouo-third oi
nll tho land Of Egypt has now passed over t
tho Nediyo. Thus tho Government has boer
carrying on tho Guinness Of farming in nddi
ton to It's othor schemes. ut tho same tint
1t hns boon rpaohing out In oil directions
building rnilroads aud cauals, md carrying
on gigantic enterprises Of intornal develop
mont. It haB alHo sustained largo army
which It has sought, with tho aid Of Amori
can and English officers, to place On tho foot
ing OF the nrnies Of Western Europe. l
las undertaken expeditions into tho interio
Of Africa, ind has conquered and annexct
territory. ALI this has been done on credi!
and now tho timo for settlement Is nearing
It Is useless TO delay it by any deceptive on
temporary subtcrfugos, which will only On
courage Egypt to continue tho o1travaganc
J Which has betrayed 1t into all It's troubles
This Is probably tho Wow tho English Gos
ernmcnt tales OF the matter.