Lord Hartington intends next week to raise a debate on
the vote in the Estimates for Mr. Cave's mission. In this debate, the angry feeling of the country at the Egyptian muddling will find distinct expression. It seems clear that the Government, in spite of Mr. Disraeli's "readiness to consider" a proposal to allow a British Commissioner to receive revenues hypothecated for a new loan, finally decided not to touch Egyptian finance. Thereupon, Mr. Disraeli made his statement of last week, that he could not pub- lish Mr. Cave's Report without the Khedive's consent, and Egyptian Stocks went down six per cent. On Monday, Mr. Samuelson asked Sir Stafford Northcote whether he adhered to the statement he had formerly made, that Mr. Cave thought Egypt solvent, with good government. Sir Stafford in reply said he adhered to that statement, but added, "of course, six weeks have elapsed since, and six weeks make a difference in the financial position of a country where there are bonds to be renewed from time to time." This was understood on 'Change to mean that the difficulties caused by the Floating Debt were very pressing indeed, and Stocks went down once more, till the Khedive ordered the interest on the April bonds to be paid a fortnight too soon. The Khedive is reported to be highly irritated by his disappointment, and ready to throw himself into the arms of French capitalists, who are said to be backed by their Government, but who, nevertheless, offer hard terms, and will not clear off the whole Floating Debt, which is the first condition of any security in Egyptian finance.
