236 THE STORY OF THE KHEDIVATE.

declared entitled to 4 per cent, interest under the guarantee of the Egyptian Government, with an additional i per cent, in any year during which the revenues derived from these lands sufficed of themselves for the full payment of the interest due on the Daira Sanieh Loan. The Daira Khassa Loan was amalgamated with the Daira Sanieh Loan upon similar terms.

The floating debt was to be cleared off partly in cash, partly in Unified bonds. After the amounts of these debts had been established to the satisfaction of the Commission, the creditors were to receive 30 per cent, in cash and 70 per cent, in bonds of the Privileged Debt, taken at their par value. Their market value was at this period considerably below X- their nominal value. The arrears of the tribute due \ to Turkey, which had been hypothecated by the ) Turkish Government to the service of the Turkish " Defence Loan guaranteed by England and France, • were to be paid in cash ; as also were the amounts overdue for pensions, official salaries, and the civil list of the Khedivial family. The Moukabala Loan was to be cancelled. The holders of Moukaba bonds — who, with few exceptions, were native landowners — were to receive a sum of ; 150,000 annually for fifty years, an amount which it was calculated would give them about i per cent.

interest on the sums they had paid the Egyptian Government in order to free their estates from the land-tax to all perpetuity. The Domain Loan was Mi