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To Day in Egypt Its Administration People And Politics

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To Day in Egypt Its Administration People And Politics
Alfred Cunningham
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TOTAL .
E. 2, 142, 000 3, 565, 000 1, 648, 000 E. 1, 982, 000 3, 464, 000 1, 688, 000 E. 1, 799, 000 3, 289, 000 1, 656, 000 E. 1, 904, 000 3, 439, 000 1, 591, 000 7, 355, 000 7, 134, 000 6, 744, 000 6, 934, 000 The reserve fund showed on January 1, 1910, a total of 6, 360, 884, which, after provision for de- preciation in value of securities in which the fund FINANCIAL AND COMMERCIAL 163 is invested, left an estimated balance on December 31, 1909, of 5, 403, 614. Of this balance a sum of about
... 1, 439, 522 was pledged on account of credits granted but not then expended.
Since the funds in the hands of the Caisse de la Dette were transferred to the Government in accord- ance with the terms of the decree of November 28, 1904, no Egyptian Government bonds have been sold with a view to the investment of the proceeds in other securities. When a portion of the Govern- ment's cash balances was invested in 1906, British and Indian Government securities were bought, to avoid the disadvantages attendant on too narrow a field of investment.


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