(19) Paper Currency The paper currency issued by the National Bank of Egypt enjoyed steady circulation, with the average daily value of notes in circulation during the past year reaching £E 1,804,334, compared to £E 912,316 in 1905. This circulation encompassed all denominations, but particularly the smaller notes of fifty piasters and one pound, whose circulation doubled. However, the increase was especially pronounced in notes valued at £E 5 and above in 1905. The value of notes in circulation as of December 31st last reached £E 2,171,236, compared to £E 1,388,773 on the same day in 1905. In 1906, the circulation of currency notes reached its peak at £E 3,315,389 on December 28th, while in 1905, its peak was £E 1,388,773 on December 31st.

(20) Currency Movement [Translator's Note] We have omitted this section as it is of little interest to most readers of the Arabic report.

(21) Agricultural Bank During the past year, the Egyptian government guaranteed bonds worth £E 6,570,000 issued by the Agricultural Bank at an interest rate of 3.5%. Of this, £E 2,500,000 was in lieu of existing bonds of the same value, which the government did not guarantee. The remaining value of £E 4,000,000 had £E 1,570,000 issued at its original price in April 1905, leaving £E 2,500,000 in bonds to be issued. In December 1906, holders of the £E 2,500,000 in bonds not guaranteed by the government were given the option to exchange them for government-guaranteed bonds after paying 6%. Only holders of £E 1,500,000 of these bonds chose this option. This resulted in an income of £E 9,000 for the bank, which was added to its capital.

During the past year, the bank granted 89,263 loans totaling £E 3,667,346, compared to 103,773 loans totaling £E 14,502,460 in 1905. Of these loans, 36,621 were of the (1) category, meaning loans issued without collateral against receipts, with their purpose not exceeding £E 20. The remainder, numbering 10...