Taranaki Herald. FRIDAY, MAY 25, 1906. ENGLAND'S WORK IN EGYPT.

Taranaki Herald, Volume LIV, Issue 13173, 25 May 1906, Page 4

Taranaki Herald. FRIDAY, MAY 25, 1906. ENGLAND'S WORK IN EGYPT.

England's .occupation' Egypt has over and over again been, justified .by the result of the wise policy pursued,- first in the ,pacification of the country and, then .in its development. The splendid works , carried out upon the Nile, in storing up- water for the irrigation of the land in the dr;y seasons have transformed , many thousands of square miles from arid deserts into - fertile country, while the social condition. of Tthe. people has been raised at the

same time, » until Egypt; promises to shortly become one of the richest and most productive countries un-der the sun. Commercially there has also been an enormous development, (Some particulars of which, are supplied by Mr William Maxwell in an article publishetfTin the Daily Mail. The Moslem^ he" says;! is losing 'his scruples on the subject of usury, and is learning- that

gold, can multiply in' a bank, and

that there are investments more; profitable than lattd. He quotes, statistics showing the development of public companies in the \ last quarter of a century," and . the share that the , E/gyptians 'have taken in the , prosperity, of f their country. The nominal capital is set down at £42,703,000, of which the, amount held in Egypt isestimated at '£11,234,170, . and the market price < £26,34'4,q88. : Siince the year 1880 eight banks have been established with a nominal capital of £7,836,000 in shares and £i3>o73 s ioo in debentures.! Of shares £2,434,500.'- are held in the country, and 'of , debentures; £300,000, the market value being, £7,697,300. Since 187^4 twenty-nine financial and land investment companies have been created with a capital jn shares of £5,596,030 and in debentures of '£3,215, 9 2O > of .which ;. , '£3,025,500 shares and £378,920 debentures,, valued in, the market at £7,668,683 are held in Egypt. Since ,1860 thirty-eight industrial and commercial companies have- been started with/ a share capital- of £4.784.150 and £2,553>880 in 'debentures, Egypt holding 1 ,

in, shares and j^s°BiOOO in debentures, the market value of

the shares being "Railway and traction companies since 1862 have £2,1 18,400 in shares and ;£2 ,010,000 in debentures, Egyptians holding almost the whole of the shares. Navigation and waterXvorks 1 since 1870 have absorbed .£1,329,000 in shares and in debentures, Egyptians holding .£859,000 in sliares and £25,000 in debentures, the market value being £4.138,000. High prices, Mr Maxwell -adds, arc not necessarily a proof, of prosperity, but in Egypt they may be applied as a , test of changed conditions. The cost of labour has increased threefold, and the ■ price of food has kept pace. Land that was; bought ten years ago at £&o 1 acre sells now for "i£ißo, while house property has appreciated in a still greater degree. -These are substantial proofs of the rapic^ growth of prosperity in, Egypt — a prosperity, be it marked, 'which European nations have, largely shared in without the responsibility and odium which. England has carried in bringing" it about. Not the kast' satisfactory feature is the large share x the Egyptians are themselves taking in the development of their country, a fact which shows that they realise the advantages of stable and just government,- even by. an alien. Power. ,