- 79 -If the ruling was a single stock exchange, and a decision was issued, it would apply to the entire country. And before an amendment was made to allow the inclusion of foreign company securities in the futures market, provided their nominal value was not less than 25 francs, the exclusion of all foreign company shares whose nominal value was less than 100 francs from the price list led to the exclusion of securities from many foreign companies, especially British companies that have been operating in Egypt for years. This exclusion was unnecessarily detrimental to many reliable securities, in addition to the fact that this restriction prevented foreign capital, as it is generally the case that obtaining assistance from foreign financial markets is only done through securities whose nominal value is less than 100 francs. The laws did not grant the stock exchange committees the right to refuse to list securities in the official price list that meet the conditions stipulated in the laws. However, in the future, the committees may issue a decision to accept or reject the listing of securities, and the companies concerned may appeal the decision of refusal to the Mixed Courts, and government representatives also have the right to do so, considering the decisions issued by the committees regarding the listing of securities in the price list. These amendments and other amendments of similar importance, which concern the clarification of stock exchanges, the conditions for accepting the declaration of crops, their chief scribes, and the limits of fines, etc., will be implemented soon. It is hoped that they will lead to the improvement of the stock exchange system. In 1910, the International Commission approved a project to appoint the presidents of the Mixed Courts from a comprehensive review of the candidates' qualifications and judicial experience. After long negotiations, the countries agreed on a law to this effect, which was published in November. The election of the presidents of the courts was previously the responsibility of the courts themselves, but this system was not successful because the elected presidents relied on their colleagues, which could lead to disorder in the court. In my opinion, the new change is a useful reform, but it is not sufficient. Furthermore, the method of election is limited to the primary courts, and the election of the president of the Court of Appeal still depends on his colleagues. Perhaps the disorder that has recently begun in this court stems from this reason. In 1910, a large majority of the International Commission agreed to reduce the number of judges in each circuit. However, the negotiations with the countries to accept this reform have not yet concluded. A memorandum from the Judicial Advisor, explaining the origin of this project and its importance, has been attached to this report.