New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-22

LORD C2oMER
alth has remained more entirely Indifferent to
ais own financial interests. bright. particular
star in that respect among horde Of foreign OF
Ac.als in Egypt, who have not hesitated to util-
lie their official inform alton and position for the
nronotion Of their pecuniary schemes. But al
though personally honest, Lord Cromer has per-
United himself to be swayed In mis- powerful ad-
minisration of Egypt far more by considera-
ton Of the interests of the English holders OF
Egyptian bonds than by those Of either the Brit
ism or Egyptian nations at large. When ne nrst
went out to Cairo In 1877 as a half-pay major OF
artillery IT was in behalf Of the British owners
Of Egyptian stocks and in that capacity he was
arpointed the English member of the so-called
Debt Commission. the one object Of which was to
see that a sufficient fund was diverted eacn
month from the Egyptian revenues to pay the
ful amount Of the enormous interest Of I, 9 and
even 10 per cent upon the bonds. The Govern
ment of the Khedive. which was suffering at the
time from chronic impecuniosity. owing TO the
appalling extravaganza OF 1smail Pacha-onr-
ing his reign Of fifteen years ne managed 10
burden his country with national DEBT OF |oVo'-
600 400 no, more than a third of which sum ever
reached the Treasury-everything at cairo anu
Alexandria subordinated to the single con-
sheraton OF paying the coupons on time; for 1t
ment there was any default the money markets
o, Europe would be closed 10 applications for
loans from the land of the Nile, and that. in the
eyes Of Ismails Government. meant ruin
By degrees therefore. the Commissioners OF
the Debt grew to be tbs masters OF the sltua-
ton No step entailing the expenditure OF pub
lie funds could be taken without their approval.
On the ground that 1t might otherwise imperil the
payment of the next instalment Of interest This,
however had the result Of compelling them seri-
ously 10 investigate the resources Of the country
which brought to light for the first time that the
utmost revenue that could be extorted by means
Of the whip and torture. from the overour-
dened and poverty-stricken taxpayer did not
amount TO s45 600 600 1t was evident therefore, TO
Lord Cromer Tor Major Barring, as he was them
and To his colleagues Of the Commission OF Debt
that II WAS homeless to expect the country 10 go
m having by means Of floating loans more than
the total amount of revenue in interest on the
national debt and accordingly. with the consent
OF the Governments Of their respective countries.
they formed themselves into committee OF
liou.dation, and by means Of unfcation and con-
version reduced the interest from an average OF
10 70 one OF per cent
Arab PACHA's REBELLION.
In 1882 Major Barring being at the time IN CAL
cutta where he held the position OF Minister OF
Finance OF India, the rising under Arab Pacha
took MACE in the Delta Of the Nile. One OF the
lesst-known features Of this instruction was the
renudiation OF the debt and refusal to pay any
more interest. 1t was that which attracted the
entire native population. rich and poor. to the
flag OF Arab Pacha. and which likewise LED 10
IN. bornbardment Of Alexandria, as well as 10
tho subsAouent invasion and occupation Of the
country nv the English. The latter had from the
,or,. Gre, ,nvtted the French to cooperate with
them hut for some unaccountable reason NJ oe
Freycine. at that time Premier. decineo the
offer and left the English to DO the WORK alone
1t Is believed that he acted In the matter uhocr
the influence Of NJ. de Lesseps. VINO Favored
Arab But in any case the French nave never
sirce ceased TO depore his attitude In connection
with the affair which was condemned In the
most scathing language by Gambetta.
F%or, IN. moment when the English assumed
control NJ the country and Of its administration
thew became inso facto responsible for the prompt
and proper paymcnt Of the interest on It's DEBT
and although no Official proclamation OF this
fact has ever been made. yet 1t has all along
been 80 we'll understood that as soon as II was
known that the British troops were 10 re"'aAi' VII
the Nile the bonds went UP with pou"o iio''
70 to nearly par. The people who most oene"'.o
by this rise were curiolsly enough the french.
who still to this day retain over nve-eign'ns "a
tne Government stocks OF Egypt t'e
house Of Rothschi.d being the largest ooiu-
holder. Inasmuch their bonds would ine'',a-
bly, decline to their original value OF 70 IN the
event Of an English evacuation OF Egypt no
importance need be attached to the noisy de-
mands OF the Partisan press for the departure OF
the British from the land OK the Nile
Realizing Its responsibilities In the matter
the British Government turned TO MaJor
Barring as the only Englishman who COM
bined thorough knowledge Of the dark mys-
teries Of Egyptian finance with a reputation FOR
personal integrity. unsuied even In scandal-ov-
ing Cairo and Alexandria, and appointed him
Ainitter Resident and virtual administrator OF
the country.
The keynote Of his policy from the outset was
therefore to make Egypt pay its way 80 far as
the foreign bondholders were concerned, and to
aVoio at all costs any default in coupons which
would have forced the English Government to
.aee the Alternative Of furnishing from the Brit