BRITISH-EGYPTIAN FINANCES SETTLED

Manawatu Times, Volume LIV, Issue 6867, 23 March 1929, Page 7

BRITISH-EGYPTIAN FINANCES SETTLED

OLD OTTOMAN DEBTS. GRANTED FRACTION OF EMPIRE REPARATIONS. British. Official Wireless. Received Friday, 7 p.m. RUGBY, March 21 The Chancellor of tho Exchequer stated in the House of Commons that, the Egyptian government had ratified the financial agreement arrived at last month for the settlement of financial questions outstanding between the British and Egyption governments and in particular, of Egypt’s liability for the Ottoman guarantee loan of 1855. The Egyptian government agreed to pay the arrears of the Egyptian contribution on the services of this loan, which had been withheld since 1924 and amounted to £328,600 .It also undertook to pay the British govern ment an amount to cover tho servico of redemption in future on a share of tho loan, which had been agreed at £1,386,009; that liability would be discharged .by an immediate payment of £302,000 and 16 annual payments of approximately £90,000 each. In return, the British government gave a full and final discharge from all claims in respect of that loan. In regard to other matters, the Egyptian government agreed to make a payment of £849,000 in settlement of outstanding war claims by tho War Office. On tho other hand, the British government undertook to give Egypt a share amounting to .463 of one per cent of the British Empire reparations receipts. Tho amount due would be set off against the amount due from Egypt on tho 1855 loan.