The constant rise in the value of exports, which doubled in about six years, did not occur until the end of the last century. It was then easy for the people to reap the fruits of the reforms that had been in progress for years.

It seems that the growth of wealth had not yet led to progress in the form of increased activity in land and stock speculation. Instead, they used it to reduce their debts or strengthen their capital. The result was that foreign debts increased for the population. Furthermore, the increase in political dynamism after the opening of Sudan and the agreement between England and France also contributed to attracting foreign capital to Egypt. This expansion in money and wealth led to the crisis of 1907, which left the people of the country burdened with debts they had never borne before. The money owed on these debts annually is a burden that weighs on the country. However, it has managed to bear it so far because, since 1907, luck has favored it with abundant and valuable harvests, the likes of which have not been mentioned in its history. This shows that Egypt's economic fortune does not depend solely on the price of cotton and its exposure to prosperity and boom at times, and hardship and recession at others, as its purchasing power is calculated by the value of its exports. These vary depending on the prices of a single type of its produce.

It is therefore not surprising that the prosperity that Egypt is currently experiencing is largely due to the price of cotton remaining high in past years. Fortunately, there is no indication that this price will fall in the near future to what it was fifteen years ago. However, if it falls significantly, it, along with the debts incurred by the country based on its current prosperity and wealth, will have a very negative impact on it.

Given these inherent dangers in Egypt's economic situation, and even if we only consider the passage of time and unforeseen events such as crop damage due to insects or excessive flooding, prudence dictates that our financial policy should be wise. We should, while maintaining overall economy in ordinary expenditures, keep extraordinary expenditures such that a balance remains in the reserve fund to be used for needs when emergencies arise. This balance has not decreased in the past two years because extraordinary expenditures have not exceeded the increase in revenues over ordinary expenditures. If the government is to be blamed for not