THE SECOND NUBAR PASHA MINISTRY Nubar's policy as Premier — Dispute between Nubar and Clifford Lloyd — Financial embarrassment of Egypt — The London Conference.

As I have explained, Nubar Pasha had agreed to make himself responsible for the evacuation of the Soudan, not because he approved of the measure in itself, but because he saw it was inevitable, and because he believed that his influence as Premier might render the adoption of this measure less fatal to the independence of Egypt than it would be otherwise. Having been in very intimate relations with him for many years, his policy, to my mind, is intelligible enough. From the time when Ismail Pashas extravagance had loaded Egypt with an enormous debt, contracted with European creditors, Nubar, as I have already stated, recognized the hard fact that the idea of an independent Egypt was utterly Utopian.

His adopted country was therefore bound to fall under the domination of some European Power, or combination of Powers. Of the two alternatives, he preferred the former, and he also never wavered in the