NEWS OF THE WEEK.
THE Great Powers have accepted the British proposal to hold a Conference upon the financial condition of Egypt. The acceptance on the part of most of them has been unhesitating— upon that of Italy even eager ; but France, though agreeing, has intimated a wish for certain previous explanations, and Turkey desires to be assured that the Tribute will be paid. It is not known whether the meeting will be held in London or Constan- tinople,—most probably London, as the Sultan does not want the facts made clear to his people, and suppresses all the tele- grams referring to the Conference;—but it is known that the subject of debate is to be the Law of Liquidation only, and that if other subjects are placed on the table "they will be regarded is a new question, totally detached from anything that has taken place." Mr. Gladstone stated this on Thursday night, and in- tended, we presume, to intimate that neither the occupation nor the administration of Egypt would be discussed. The grand difficulty, however, will be to avoid the discussion of the security to be offered to the Bondholders. They will press their Governments to say that if the Sinking Fund is to be cancelled, or if the interest is to be reduced, they are entitled to better security,
and to ask what security they are to get. The dependence of most Governments—indeed, of all Governments except Great Britain and Germany—upon the loan-mongers is so great, that the Bondholders' cause will be pressed hard ; and it is quite possible that the ultimate answer may involve political results. Clearly the security of the Bondholders depends entirely upon the time during which they may rely on British occupation. The moment Egypt is left to itself the bonds will be worth nothing ; and though we should not disapprove that result, as a fair penalty for the greed shown in arranging the loans, Europe will.
