Mr. Goschen made his expected speech to the Egyptian Bond-
holders on Tuesday, and was very warmly received. The speech was of great length, but contained much new information,—for example, that the late Finance Minister, Ismail Sadyk, had been deliberately understating the revenue of Egypt, in order to use the money for other purposes than the Debt, and to compel the creditors to accept a lower interest. The statement does not seem probable, as that course would greatly increase the severity of the terms demanded for short loans, always the first Egyptian difficulty ; but Mr. Goschen has, of course, full evidence of the fact. Mr. Goschen also stated that after the arrangement had been nearly completed, the Khedive wanted another two millions lent him to meet certain liabilities, and he was most reluctantly obliged to give way. The Khedive, again, wished the expenses of the State to be fixed at £5,000,000 a year, instead of £4,000,000, so as to leave him a margin, and at last secured £4,500,000. The speech has been followed bya fall in "Egyptians," the market being apparently of opinion that so astute a bargainer as the Khedive may some day be sorry to see so much money go away, and may enlarge his view of the necessities of the State. There is nothing whatever to stop him.
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