]5 the public, is, perhaps, the chief disturbing factor in the immediate outlook. Moreover, any further serious increase in the cost of living, reacting upon the cost of services and materials, before new sources of revenue become available, would create a situation of considerable difficulty.

“ But subject to these qualifications, the immediate budgetary position as above setout is reasonably satisfactory. The estimates of revenue are no doubt based upon the continuance of a fairly high> range of prices both as regards cotton and imports, but the figures taken as a basis of the estimates are by no means excessive, and are such as are likely to continue for some time to come. The recurrent expenditure is sufficiently covered by the ordinary revenue, while the extraordinary revenue will probably remain for the next few years at a high figure. It should be borne in mind, moreover, that the Reserve Fund has of late years been swollen by the inability to carry out all the works of which the country has need, and that reasonable drafts upon it would be fully justified.”

5. Egyptian Debt.

The public debt has been reduced since 1913 by £902,900, through the automatic amortisation of the Guaranteed Loan, and stood on the 31st December, 1919, at £93,299,640, distributed as follows:— £ Guaranteed Loan ... ... ... ... 6,199,900 Privileged Debt ... ... ... ... 31,127,780 Unified Debt ... ... ... ... 55,971,960 93,299,640 Of this total, £5,282,260 represents stock held by the Government and the Commissioners of the Debt. The amount in the hands of the public was, therefore, £88,017,380.

No amortisation of the Privileged or Unified Debt has been effected of recent years. In so far, however, as the Btudget surpluses are accumulated in the Reserve Fund and invested in securities, this process operates as a reduction of the Debt charge for the time being.

6. Ministry of Finance; General.

The premature death in 1918 of Lord Edward Cecil, who had occupied the post of Financial Adviser since 1912, deprived Egypt of a public servant whose devotion and foresight had been especially valuable in the difficult circumstances attending the early years of the war. During the period of his illness and for the greater part of the following eighteen months the duties of the Financial Adviser were ably discharged by Sii William Brunyate. The country was fortunate in again obtaining in 1919 the services of Sir Paul Harvey, who had preceded Lord Edward Cecil as Financial Adviser.

Important changes have been made in the organisation of the Ministry of Finance. Hitherto several departments have been subordinated to the Ministry of Finance, which are not directly concerned with the primary functions of such a Ministry. It has seemed desirable to detach these departments from the Ministry of Finance, and the recent creation of a Ministry of Communications has already permitted the transfer of the Postal Administration and the Ports and Lights Administration to that Ministry.

The Central Administration of the Ministry of Finance has also been reorganised. The important group of services included under the State Accounts Department has been redistributed; and the general control of Government Accounts, Pensions, &c., has been entrusted to a Controller of Government Accounts, while a Controller of Budget and Establishment has been appointed to undertake the preparation of the annual Budget and to deal with modifications of budgetary grants and general questions relating to departmental establishments. A consulting office has been formed under the Financial Secretary, which is intended to carry out research and to provide information and advice on economic and financial subjects.

New posts of Controller-General of Administration and Controller of Government Purchases have been created: the former official is charged with supervising the general administrative work of the Ministry and other important matters, while House of Commons Parliamentary Papers Online. Copyright (c) 2006 ProQuest Information and Learning Company. All rights reserved.