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FLEECING THE EGYPTIANS.

If the Turks do not realise the treachery and deception practised by the Teuton, the Egyptians have surely had sufficient proof of late to bring that fact homo to-theiu. About seven years aco, with a great flourish of trumpets, there was founded in Alexandria and Cairo the Deutsch Orient Bank, which was sponsored by the Deutsche Bank and subsidised by the German Government. __ The bank posed as a benefactor to tho Egyptian, and. in fact, offered the most absurd rates of interest on deposits withdrawable at sight. The Egyptians flocked to it, and at the time the war broke out it held at least two millions of deposits, its clients being drawn from every class of the population, including the large dairns -and the chief Moslem charitable institutions. When war broke out tho Deutsche Orient Bank closed its doors, on the pica that it could not pay its depositors. The first moratorium was declared, and it proceeded to disburse 5 per cent., the minimum laid down. On the extension of the moratorium, which ordered 15 per cent, to be paid, the bank pretended that the first pavment had to be deducted, and refused to pay more than 10 per cent. The Government had to be called upon to give an official interpretation of the decree, and the bank has now had to pay the full 15 per cent. There is every reason to believe that before hostilities were declared tho bank transferred the major portion of its funds to Berlin. Its solicitude for the welfare of the fellaheen is now shown in its true light.—Cairo correspondent Allahabad ‘ Pioneer.'

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https://paperspast.natlib.govt.nz/newspapers/ESD19141130.2.49.12

Bibliographic details

FLEECING THE EGYPTIANS., Issue 15663, 30 November 1914

Word Count
271

FLEECING THE EGYPTIANS. Issue 15663, 30 November 1914

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