ogress of Egypt has been the
authority of the mixed administrations, the chief of which is the Caisse
de la Dette. The main object of these administrations is to secure for
European bondholders payment of the debts incurred by Egypt chiefly
under the incredibly profligate government of Ismail Pasha. The Caisse
de la Dette has commissions from six of the Powers. It receives from the
tax-gatherer all the taxes apportioned to the payment of the interest
for foreign indebtedness. Its influence, however, extends much farther,
and the Caisse exercises the right of prohibiting expenditure on the
part of the Egyptian government until its own demands for current
interest have been complied with. It further has the right to veto any
loan which the Egyptian government might be willing to raise, however
urgent the necessity might be, unless it can be demonstrated that there
is not the least likelihood that payment of the shareholders whom the
Caisse represents will be in the least degree affected. If all that the
Caisse claimed as belonging to its jurisdiction were really allowed to
it by the Anglo-Egyptian government, the Caisse or International Court
might exercise an arbitrary control over Egyptian affairs. It has many
times seriously attempted to block the progress of Egypt with the sole
aim of considering the pockets of the foreign shareholders, and in
entire disregard to the welfare of the people.

Added to this tribunal is the Railway Board and the Commissions of
the Daira and Domains. The Railway Board administers the railroads,
telegraphs, and the port of Alexandria. The Daira and Domains
Commissions administer the large estates, mortgaged to the holders of
the loans raised by Ismail Pasha under these two respective names. The
Daira Estate yielded a surplus over and above the amount of interest
on the debt paid, for the first time, in 1890. The Domain Estate had
to face a deficit until the year 1900. Until these respective dates the
Egyptian government itself was obliged to pay the deficit due to the
bondholders.

[Illustration: 223.jpg VISCOUNT CROMER (SIR EVELYN BARING)]

In the year 1884, the Convention of London was signed by the European
Powers, which was, however, for the most part, oppressive and unjust to
the Egyptians. The amount of money raised by taxation, which was allowed
to be spent in one year, was limited to the definite sum of $25,927,890.
Fortunately for Egypt, the London Convention had one clause by wh