New-York tribune., 1886-05-26
EGYPT FAVORS SILVER.
VIEWS OF THE KHEDlvE'S FINANCIAL AD-
WISER.
EDGAR VINCENT on THE ABSORPTION OF GOLD
BrRprNs OF THE DEBTOR CLASSES.
ny CABLE To THE TRIBUNE
C,nvv5clf, lS-t. North A dDIs Neacs Co.


IBY CABLE To THE TRBUVTl
coprricht. ls-o. North American odtIs Ne~s Co.
LONDON, May 25.-ln view of the elaborate
Attempt OF Mr.. Giaen at the meeting in the Bankers
Institute the movement in favor OF restoring
silver which is now going on in England and Germany
attention Is called 10 the following important statements
contained in the report of Eica Nlncent TIE
financial adviser OF the khedive OF Egypt MI vincent
tes,hes strongly to the vital Importance OF protecting
,he debtor and classes against the effects o tue
sppreciaton OF gold pcrsistenty denied ny CERTAIN"
public fumcupnaues In England One mgh anth"riV'
Lord Kimberley has declared officially that t'e Ihru
states will refuse 70 entertain propositions for establish
ins an International double standard for gold an silver
Mr. Vincent saws the following facts regar"ne .no
ABSORPTION % gold by Egypt sufficiently remarkabe
t deserve the attention of those who are Interested III
currency subjects:
-Dnrine the last seven years the amount OF cod al"
silver imported into Egypt has been i2l l.6s7Ooo' whle
the amount exported has only been si9sS'ooo I"'io
has therefore beeu net OF imports over exports
q. .l67o4.OOO The tables In the earlier years 90 no
ai.ingush gold II m silver with great accuracy out at
eas s. 0O0 900 " he ahove/cxces OF imports o'e'o
ports we're gold. Tue average absorption oi eoiu
amounis Therefore. TO 81 100000 a year. ~" f'.
tion of Egypt is rather over 6'oVoooo' Inc So 81
,here,ore !, one round sterling in 'od Tor ever! '
a., ,,,,a,,s As The average siz. OF family Is hNe
persons III wealth were equally dlsrlou'eu "io"N "-
every family would put by one pound h'e su''''"sS
vear in gold without counting silver ~ WHO" ere"'
ouauttv is exported the sOudau. In order TO sho"
the remarkable character Of the above hgures nave
olv m stte that the total annual production OF goa In
,ns world Is less than sl9,OO0,000 STERLING. wme the
ropu.tipn OF tie world Is 1.44o,OOo'oo' anu h'lcc
rgvut which contains 100000 IuhsbH ants or one-two
hundred and fortieth Of the popualon OF me World
ah.orbs one twelfth OF the gold produced annually II
GOLD were al sohed in India at he same rate per lnha"
liant a. il Egypt $50 100000 or three times the annual
n-o,nction OF gold in the world would be required to
supply its wants.
What b, comes of the gold thus imported The banks
in Alexandra and Cairo have no large deposits The
value of sod ornaments which manufactured yearly
does not 50 far as been able 10 ascertain exceed
s2OoCC0. Gold is not exported 10 the sondan ID any
large Quantities led 10 the conclusion that CON
siderable amOauts must DC boarded by private lhuN"-
uals Cniures of arbitrary rnle and oppression nave
brought the o conceang wealth to h1h deEiee oi
n,r,ectiop Deposit banks have hitherto ne WITH oaI
., f respouse To- their O interest The loss TO The
country the large sums which are thus Kept ide Is
very considerable. and THINK the duty OF the Govern
men, O0er every opportunity undeI que precau'io'
for the Profitable employment o. these SUNS 1t inter
esps TO inquire what would bo tie effect OF lowering
n, m, general level Of prices The result OF perma
nfn fall III prices OF agricultural produce W"pId pe
to narrow the margin Of profit wch Is e only security
for the payment OF taxes. | may perhaps make my
meaning rear by the fcowins Illustration: Inc land
tax and .ssrssrd taxes Old the position aS the
reference stOck ~ Eng lsh railway. They are N
clu ri ln fixed charges al The 'Rilcuilhr'sl' lis
prout ,It.l paving the ~ sums lOr the mann
teu,uce If family and ldrOIers represents jhe
ordImalS stock. A further appreciation OF goa or
further fan n Irccs Of commodities would relre
senr "A o.S to tie cultlVaor with very few ouSrl> HIS
income would diminished 10 the extent o tie IAN III
prces while lie would ee Hre. to make Hut rev
ECONOMIES The land Tax l. nNed amount III c"l he
feeds himself III many cases Oh the produce OF ms '
The rice oi la will not br Tcdured nntil al"f
cousirra period Iir amount Rhlch be slchus upon
clfu or u, nnpOrt-d goods does not cOh>tlthlr
field for large sAv ug. The danger would therefore
become immnen l. ur leI depreciation Di the pI ce u
Jgypiian pTOluce were to take pace
Egypt " u Dee profoundly anertd ny cohuhu"hce
~ inc fail IN the rice Of agricultural prOince ana
Iarficulaflv Dy further fall III cotton nel power 10
ay her external debts del Ell entirely upon tDc prices
al winch sell her IIoduce lnterest on ncary
- normal capital 70 ne ltlu lu E"i
obi tinrd hy the sale Ol 'grlculufhI
Iroduce. The amount OF agricultural produce which
be shed dunu lily 10y 3,OOOvOO acres Is hccs-
sarilv limited Everything il being done to deNcop
ani to the pro iuCtlVt ctlitlt! o.
repaired before cOisldcidolv
extension Of cultivated area can he elected anu
In this direction human effort j. limited by the ex,
lau,fiou q waeis OF the Nile. | nIess means oi
storing which rolls down IN the autumn "nu
winter and nf keelDg II until tic summer are found we
are near lIimll of Possible culuVauon I'o ""''S
Question hecouc- therefore. Of the amount o goa
winch "A gwen QUANTITY OF agricultural produce NIL
hiring Tlr OPINION winch should be lollned OF the
rr-urct. IN F,vpf depends the view taken on tI'
innch larger of the apr citation OF goa. "a"
not ,te D that the auprf claOn Whlch mas
Already taken place lays Increasing burden on
drhl0ls C., all classes who have ob4le"uOhs 10 lu4nl III
gold. IN. ,acIi flee entaile1 br the pawn n "i
900 900 year In $50 tar heavier than that wbich
was OWED u tie payment o. the same sum zen ycs
but all countries ana all classes that are heavily
tula ahf.i'