EGYPT UNDER LIQUIDATION. 237 left absolutely intact, while the revenues of the rich province of Keneh were appropriated to its service, in addition to those of the Domain lands, on which the loan had been originally issued.

Under the circumstances of the case, I fail to see how any better arrangement could have been devised which was fairly just towards the bondholders, and yet, as the result has proved, did not place an unbearable burden on the shoulders of the Egyptian tax-payer. The credit of this composition belongs chiefly to the President of the Commission, Sir C. Rivers Wilson, and may fairly be cited as evidence of his remarkable financial ability. From a political point of view, the results were not equally satisfactory. The Law of Liquidation, under which Egpt is administered to the present day, established the most anomalous and the most cumbrous system of government ever imposed upon a nominally independent country. The general supervision of the administration was placed in the hands of two Controllers, appointed by the Governments of England and France. The major portion 1 of the public revenue was made subject to the I absolute authority of the Commissioners of the Public Debt, who were entitled to regulate the disposal of any surplus which remained after the service of the debt had been amply provided for. These-Commissioners were appointed by England, France, Germany, Austria and Italy, and were__altDgether independent of the Egyptian Government. The State