, 1876-06-11

EGYPT.
HOW FRENCH FNANCIERs RAISED 1860, 600
FRANCS FOR TUE KnEDIyE

HOW FRENCH FINANClERs RAISED 1000, COO
FRANCS FOR TUE KnEDIyE.
Dispatch 10 London Times.
PARIS, Mny ga kind of Syndicate Was
formed here few days ago for the purpose Of
meeting those Egyptiun Treasury bills which
may fall due before the Khcdive is in position
TO meet them. The Syndicate consists Of some
OF the establishments and persons who once be-
fore, on special emergency, came to the help
OF the Egyptian Treasury. Higher interest was
then held out to obtain the assistance urgently
needed. The affair in question is certainly, to
those acquainted With the object which had to be
attained, one OF the most singular scenes which
huye long been played III the financial world. 1t
was four or five days before the publication Of
the hhcdlye's decree deferring the date at
which bills fell DUE that about twelve financial
undertakings aud great 6nancicrs were convened
BY letter to meet ut the office Of the Credit
foncier to receiYel Communication enlanating
from the Minister of Finance. No one failed,
as may be supposed, to respond to this singular
peared 10 those invited. They found it Diff
cult to understand the selection Of financial
company's Office for 9 communication from the
Minister Of Finance. The meeting was held on
4 Friday, On the persons invited being seute1
round the green Undiscovered table, NJ. dc
Afachy, who nad just had lung conference with
the Minister Of Finance, explained ID well
chosen terms, aud IN a polished and persuasive
manner, that tho KhediEe had bills to the
amount Of 7,000, 900 frallcs falling due next day
at London, ind that it vas itapossibIc for him
to meet them. He showed that in case they
were not met, the Khediye would be in the nd
sItton OF having suspended payments, and
e1patiated III expressive tenns on the
Informed the meeting that tie Minister of
Finance thought that this Should be prevented
ut any cost, that the meeting had been con-
vened for this purpose, and that he had been
deputcd TO ask each person present in his per-
ts,,5, ,O0of., which would form the total amount
necessary to meet thu bills .addueng consia-
erations OF higher nature, he dwell un the
necessity OF their Intervening to save not only
the Kliediye's credit, but the cause of civiiiza-
tion and French influence in Egypt. N. de
A[achy's opinion. and the reasons BY which he
had backed it up, were supported by one Of
those present, the representative Of one OF
the great credit institutions Of Paris. With
self personally, md another in the nam, OF
d credit society, all gave their Immediate ad-
hesion, and prompt measures were taken to In
sure the punctuaI meeting OF the bills. II. de
Machy then announced that the Minister Of
Finance would he happy to receive those coul-
personally, and they accordingly waited upon
The Minister, who confirmed all that had been
stated. The payHeut in question was due to
the Franco-Egyptian Bank, but ly au almost
conlirai chance it was subsequently learnt that
ut the very hour the meeting was held at Paris,
that bank agreed at Cairo to defer the
date OF payment--a useless concession, see-
ing that next day the payment was
made, thanks to the resolution taken ut
Paris. 1t Is now said, but for this
last assertion cannot youch, that the 7,o00,~
000f, thus advanced By the Paris meeting Is III
Guided in the Khelive's last dccree,-that is, It
will be converted into +00f. bonds, which, at
the present Exchange quotations, would repre-
sent a loss OF 3l2,o0N to each Of those who
placed their purses 1t the disposal Of the cause
Of European civilization i'll Egypt. To that
motive homage must be paid, for such Illusions
are rather rare in the financial world, and this
act Of devotion is all eloquent protest against
Of inarctcrs.