Mr. Goschen does not seem to have succeeded quite so
well with the Khedive's private or Daira debt as with the Egyptian Bonds. He could not, he said, in a very frank speech delivered to the Daira bondholders on Tuesday, be quite certain as to the position of affairs. There was no doubt that £9,000,000 was owing, or that there were 150,000 acres as security for it, but how much those acres yielded annually was the question. Esti- mates were shown to Mr. Cave, according to which the Daira revenue ought to be about £1,000,000 a year, but it was really £392,000, the difference being accounted for by a fall in prices and an increase in expenses. The Viceroy was willing to renounce the whole estate, and thought 8 per cent. might be allowed the bondholders ; but it was quite certain the estate could not pay that, even if there were not other difficulties, such as the right of certain creditors acting through the International Tribunal to seize part of the property. The bondholders unani- mously asked Mr. Goschen to take all power into his own hands, and try if he could not put matters straight, but Mr. Goschen asked time for consideration. The bondholders seem to think the estate might be profitable in private hands, but before they come to that conclusion they will do well to study the question of Egyptian lahour. The Khedive could make people work at his own rates of pay. Can they or their assigns ? or do they think Ismail will keep up the frightfully oppressive corvies for other people's benefit ?
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