EGYPTIAN FINANCES

Poverty Bay Herald, Volume LV, Issue 16908, 23 March 1929, Page 5

EGYPTIAN FINANCES

PAYMENTS TO BRITAIN AN AGREEMENT REACHED (British Official Wireless.; RUGBY, March 21. The Chancellor of the Exchequer stated in the House of Commons that the Egyptian Government had ratified the financial agreement arrived at last month for the settlement of the financial questions outstanding between the British and Egyptian Governments, and in particular of Egypt’s liability for tlie Ottoman guarantee loan of 1850. The Egyptian Government agreed to pay the smears of the Egyptian contribution on * the services of this loan, which had been withheld since 1924, and amounted to £323,600. h also undertook to pay the British Government an amount to cover the service of redemption in future on the share of the loan which had been agreed, at £1 ,336,0« a). That liability would he discharges! by an immediate cash payment of £302.000 and 16 annual payments of approximately £OO,OOO each. 11l return the British Government gave a full and final discharge in respect o* that loan. In regard to other matters, the Egvutian Government had agreed to make payment, of £849,000 in settlement of outstanding war claims bv the War Office. On the other hand, the British Government undertook to give Egypt a share annum ing to .468 of one per cent, of the British Empire reparations receipts. The amount due would he set-off against the amount due Iron: Egypt on the 1856 loan.