History of Egypt From 330 B.C. To the Present Time, Volume 12 (of 12)Rappoport, A. S. (Angelo Solomon)
History
History of Egypt From 330 B.C. To the Present Time, Volume 12 (of 12)
Rappoport, A. S. (Angelo Solomon)
Egypt -- History
Sir Evelyn Baring (Viscount Cromer) was appointed consul-general and
financial adviser to Egypt in January, 1884, succeeding in this position
Sir Edward Malet. Sir Evelyn was nominally the financial adviser, but
practically the master of Egypt. The khedive never ventured to oppose
the carrying out of his wishes, since the British army of occupation was
ever at his beck and call to lend its weight to the commands which he
issued to the government under the appearance of friendly advice.
The most serious obstacle to the progress of Egypt has been the
authority of the mixed administrations, the chief of which is the Caisse
de la Dette. The main object of these administrations is to secure for
European bondholders payment of the debts incurred by Egypt chiefly
under the incredibly profligate government of Ismail Pasha. The Caisse
de la Dette has commissions from six of the Powers. It receives from the
tax-gatherer all the taxes apportioned to the payment of the interest
for foreign indebtedness. Its influence, however, extends much farther,
and the Caisse exercises the right of prohibiting expenditure on the
part of the Egyptian government until its own demands for current
interest have been complied with. It further has the right to veto any
loan which the Egyptian government might be willing to raise, however
urgent the necessity might be, unless it can be demonstrated that there
is not the least likelihood that payment of the shareholders whom the
Caisse represents will be in the least degree affected. If all that the
Caisse claimed as belonging to its jurisdiction were really allowed to
it by the Anglo-Egyptian government, the Caisse or International Court
might exercise an arbitrary control over Egyptian affairs. It has many
times seriously attempted to block the progress of Egypt with the sole
aim of considering the pockets of the foreign shareholders, and in
entire disregard to the welfare of the people.
Added to this tribunal is the Railway Board and the Commissions of
the Daira and Domains. The Railway Board administers the railroads,
telegraphs, and the port of Alexandria. The Daira and Domains
Commissions administer the large estates, mortgaged to the holders of
the loans raised by Ismail Pasha under these two respective names. The
Daira Estate yielded a surplus over and above the amount of interest
on the debt paid, for the first time, in 1890. The Domain Estate had
to face a deficit until the year 1900. Until these respective dates the
Egyptian government itself was obliged to pay the deficit due to the
bondholders.
[Illustration: 223.jpg VISCOUNT CROMER (SIR EVELYN BARING)]
Public-domain text, read in full here on John Shaqi.
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