EGYPT UNDER LIQUIDATION. 233 in its functions. It was a Commission, not to inquire "\ \ into the bankrupt's career previous to his bankruptcy, but to liquidate his estate. The Commission commenced their sittings on the loth of April, 1881. The Khedive, in theory, appointed the Commis sion of Liquidation of his own free will. In fact, he had absolutely no choice in the matter, as Messrs. Rothschild would only consent to pay over the amount raised by the Domain Loan, o condition that this amount was to be distributed b the Commissioners of the Public Debt, in such manne as the Commission of Liquidation might direc in their report. The members of the Commission were nominated by a Khedivial decree, but they were in reality selected by the Governments of England, France, Germany, Austria, and Italy. Again, while these Governments repudiated officially all responsibility for the proceedings of the Commission, they engaged beforehand to accept any composition between Egpt and her creditors based on the report I of the Commission, and to recommend its acceptance \ to the other Powers, which had taken part in the establishment of the International tribunals. I could never ascertain the exact legal process by which the .

**Law of Liquidation" was accepted as binding by [ these tribunals, even when it was inconsistent with the code under which they exercised their juris----diction. If it was worth anybody's while to do so, it might be possible to find grounds for the contention that the action of the Commission was, from a