But that time has passed and gone, and a transition from one state to another has begun. The great project of changing irrigation from basins to summer irrigation has been completed, and the remaining funds from the previously allocated customs duties will be spent in 1912, and the Aswan Dam will be completed this year. The reserve fund increased in 1911 to reach £E 400,000, and it is expected to increase further in 1912. Praise be to God for those who thought the Egyptian government could not do without a loan, as it now looks at the great expenses required for the expenditures of the Delta, without customs duties or agency fees, and is able to undertake them if fate favors it and the cotton harvest is moderate for a period of time. What further strengthens the government's financial situation is that the lands of the "Awam" will be allocated for cultivation, and they are capable of much improvement and a substantial increase in yield.

3 - Accounts for the Year 1912 The estimated revenues and expenditures for the year were as follows: Revenues Expenditures Ordinary Special £E 1,050,000 £E 14,275,000 225,000 £E 150,000 Increase The result was as follows: Revenues Expenditures Ordinary Special £E 1,679,300 £E 14,138,000 734,000 1,487,200 192,100 Increase