THE CREDIT SIDE OF THE ACCOUNT Loss entailed on Egypt by Ismail's extravagance — Impossibility of ascertaining exact amount of debts incurred — Unjust charges against the bondholders — Indirect advantages derived by Egypt from IsmaiPs expenditure.

What Egypt has lost by the burdens imposed upon her during the era of Ismail's uncontrolled command of her finances can be calculated without difficulty.

At the present day the revenue of the country may be counted in round numbers at ; 10,000,000. Of this revenue fully one half has to be paid yearly as interest on the debt contracted by the first and greatest of the Khedives. Assuming, as a matter of theory, that under a wise and enlightened rule similar to that which Egypt has enjoyed for the last score of years, the natural resources of the country could have been developed economically, Egypt would probably now command an annual surplus of ;5,ooo,ooo, which might have been employed to improve the position of the fellaheen, either directly by reducing taxation to a nominal sum, or indirectly by developing the productiveness of the land, and thereby