- 66 -"60" - Reserve Fund Reference has been made to the state of the reserve fund.

The unexpended balance on January 1, 1910 EGP 6,360,884 To which is added EGP 1,551,194 370,624 1,921,818 8,282,702 2,532,583 5,749,119 Total (1) Increase in the 1910 budget (2) Miscellaneous revenues From which is deducted what was paid in 1910.

The value of securities purchased with the reserve fund fell by 344,500 EGP. This fall was 22,900 EGP at the same time last year. The main reason for this fall, amounting to 116,000 EGP, is the decline in the prices of Egyptian government bonds. The Unified Debt fell from 2 to 100, the Priority Debt from 96 to 94, and the Guaranteed Loan from 99 to 96. If this decrease is accounted for, the estimated unexpended balance of the reserve fund is 6,404,371 EGP. Of this balance, 1,439,522 EGP was allocated for appropriations that were decided upon but not disbursed.

Here is a statement of the appropriations allocated from the reserve fund for 1911: EGP 679,500 220,212 97,848 322,000 Irrigation Cairo Drainage Government's share in the expenses of returning to the Nile waters in Cairo Railways