Highness the Khedive, dated the 13th March, 1884, respecting the house tax, with this modification: the foreign members of the Commissions and Councils of Revision instituted by Articles 4 and 5 of the said Decree shall be selected by the Consul in the event of the elections having no result, or in the event of the Delegates elected not appearing. If the Delegates selected by the Consul should not appear, then the Commission or Council of Revision shall be empowered to proceed in their absence. They equally declare that they accept the application to their subjects, in the same manner as to natives, of the stamp tax and licence tax, and they engage to undertake immediately, in concert with the Egyptian Government, the study of the draft Laws establishing these two taxes. be drawn III. Whereas the Powers have agreed to recognize the An Act to urgent necessity for negotiating with the object of sanctioning, guaranteeby a Conventional Act, the establishment of a definitive regu- ing the lation guaranteeing at all times, and for all Powers, the freedom the Suez of the Suez Canal: It has been agreed between the seven Governments above named that a Commission composed of Delegates named by the said Governments shall meet at Paris on the 30th March, to prepare and draw up this Act, taking for its basis the Circular of the Government of Her Britannic Majesty of the 3rd January, 1883. A Delegate of His Highness the Khedive shall sit on the Commission, with a consultative voice. The draft drawn up by the Commission shall be submitted to the said Governments, who will then take measures to obtain the accession of the other Powers. The Undersigned, Plenipotentiaries of Great Britain, Germany, Austria-Hungary, France, Italy, Russia, and Turkey, furnished with the necessary powers, declare by these presents that their respective Governments mutually engage to observe the foregoing stipulations. In witness whereof the Undersigned have signed the MÜNSTER. NIGRA. [MUSURUS.] freedom of Canal. Declaration by the Egyptian Government. The Government of His Highness the Khedive undertakes to promulgate the Decree of which the draft is annexed. It further declares that, in so far as the arrangements above mentioned refer to questions of the internal administration of Egypt, the settlement of which appertains to it in virtue of the Firmans of His Imperial Majesty the Sultan, it adheres to these arrangements, and undertakes, as far as it is concerned, to carry them out. In witness whereof the Undersigned, furnished with the necessary powers to this effect, has signed the present Declara tion. Done at London, the 17th March, 1885. BLUM. A loan to Annex 1. Draft Convention. With a view to facilitate the conclusion by the Egyptian Government of a loan intended partly to provide for the Alexandria indemnities, the payment of which is especially urgent, and as regards the remainder, to settle the financial situation and secure the payment of certain extraordinary expenditure. The Governments of Great Britain, Germany, AustriaHungary, France, Italy, Russia, and Turkey have, by common consent, agreed upon the following provisions :: ART. I. The Egyptian Government, with the consent of be issued. His Imperial Majesty the Sultan, and under the guarantee resulting from the present Convention, shall issue, at a rate not to exceed 3 per cent., the securities required to produce a sum not exceeding 9,000,000l. A Decree of His Highness the Khedive shall fix the rate, the conditions, and the dates of issue. ART. II. The coupons shall be paid in gold in Egypt, in London, and in Paris, on the 1st March and the 1st September of each year. In Paris the payments shall be made at the fixed rate of 25 fr. to the pound sterling. ART. III. The bonds of this loan shall not be subject to any tax for the benefit of the Egyptian Government. charge. ART. IV. A fixed annuity of 315,000l., to be applied to the Annuity to service of the loan, shall be levied as a first charge upon the be a first revenues assigned to the service of the Preference and Unified Debts. tion ART. V. Such portion of this annuity as shall not be Redempabsorbed by the payment of interest shall be applied to the redemption of the loan. The redemption shall be effected by purchase at the market price. If the price is above par, it shall be effected by drawings at par, the Egyptian Government, however, reserving to itself the right to pay off the loan at par. ART. VI. The service of the new loan shall be conducted to be by the Egyptian Treasury of the Public Debt, under the managed by the same conditions as the service of the Preference and Unified Caisse, Debts. ART. VII. The Governments of Great Britain, Germany, guaranteed by six Austria-Hungary, France, Italy, and Russia undertake either Powers. to guarantee jointly and severally, or to ask authority from their Parliaments to guarantee jointly and severally, the regular payment of the annuity of 315,000l. above stipulated. ART. VIII. The Commissioners of the Treasury of the Debt shall, fifteen days before each payment is due, render an account to the Egyptian Government in a special Report to be published in the 'Journal Officiel' of the state of the funds assigned to the service of the loan. ART. IX. All instalments of the loan shall be carried to the account of the Treasury of the Debt. ART. X. The expenses of remittance and other expenses of the operation shall be levied on the amount of the loan. The Commissioners of the Treasury of the Debt shall charge on the produce of the loan the sum necessary to complete the payment of the Alexandria indemnities, and shall pay those indemnities to the claimants on behalf of the Egyptian Govern 1 The necessary authority was given by a resolution of the House of Commons, on 27th March, 1885. ment, according to the awards made by the International Indemnity Commission. The indemnities shall be paid in full, and without arrears of interest. ART. XI. The surplus of the loan shall be paid over to the Egyptian Government, as that Government may require it. ART. XII. Any unemployed balance remaining over from the loan shall be applied to the purchase of securities, which shall be cancelled, under the conditions stated in Article V. ART. XIII. The Treasury of the Public Debt shall, at the end of every half-year, address a Report to the Egyptian Government, showing the manner in which the proceeds of the loan have been employed, according to vouchers produced by the Egyptian Government. This Report shall be published in the Journal Officiel.' ART. XIV. The present Convention shall be ratified, and the ratifications shall be exchanged in London as soon as possible. In witness whereof the respective Plenipotentiaries have signed it, and have affixed to it the seal of their arms. Signed at London, on the 1 Annex 2. Draft Decree. We, the Khedive of Egypt, With reference to the Law of Liquidation of the 17th July, 18802. With reference to the Convention dated 3 containing the assent of His Imperial Majesty the Sultan to the issue of a loan of 9,000,000l., Whereas Germany, Austria-Hungary, France, Great Britain, Italy, and Russia have declared that they accept the present Law, and that they have engaged to bring it collectively to the cognizance of the other Powers who took part in the es 1 The Convention was signed on 18th March, 1885, by the Plenipotentiaries of all the Powers except Turkey. The signature of the Turkish Plenipotentiary was added on 30th March. 3 2 Supra, p. 169. Signed on behalf of Turkey on 30th, on behalf of the other Powers on 18th March, 1885; Russia restricting her liability to one-sixth. tablishment of the Mixed Tribunals in Egypt and to invite them to adhere to it, At the instance of our Council of Ministers, Have decreed and decree: ART. I. Our Minister of Finance is authorized to issue at a rate not to exceed 3 per cent., the quantity of securities required to produce a sum not exceeding £E. 8,775,000 (9,000,000l.). A subsequent Decree shall fix the rate, conditions, and dates of issue. ART. II. The coupons of this loan will be paid in gold in Egypt, in London, and in Paris, on the 1st March and 1st September of each year. In Paris, the payments shall be made at a fixed rate of 25 fr. to the pound sterling. ART. III. The bonds of this loan shall not be subject to any tax for the benefit of our Government. ART. IV. A fixed annuity of E. 307,125 (315,000l.) to be applied to the service of this loan, shall be levied as a first charge, and under the guarantee resulting from the International Convention of 1 upon the revenues assigned to the service of the Preference Debt and the Unified Debt 2. ART. V. The portion of this annuity which is not absorbed by the payment of the interest shall be assigned to the redemption of the Guaranteed Loan. The redemption shall be effected by purchase at the market price. If the market price be above par, it shall be effected by drawings at par. ART. VI. The service of the Guaranteed Loan shall be conducted by the Treasury of the Public Debt, under the same conditions as the Preference and Unified Debts. ART. VII. The Commissioners of the Treasury of the Debt shall, fifteen days previous to each payment falling due, furnish us with an account, in a special Report to be published in the 'Journal Officiel,' of the state of the funds assigned to the service of the loan. ART. VIII. All instalments of the loan shall be carried to the account of the Treasury of the Debt. 1 Signed 18th March, 1885. 2 This provision is of course in contravention of the Law of Liquidation (Texts, No. XVII). |