MISCEIvIvANEOUS INFORMATION REI^ATING TO CREDIT 

 IN VARIOUS COUNTRIES. 



EGYPT. 



THE "CRI6DIT FONCIER igGYPTIEN " (Egyptian Land Credit) IN 1915-1916. — La rJ- 

 vue economique ct financiire (The Economic and Financial Review), 38th year, No. 30, 

 Paris, 28 July 191 7. 



The report on the year 1915-1916 presented by the administrative 

 council of the Credit Fonder Egypiien at the annual meeting held on the 

 7th of last February shows that in that year the signs of an improvement in 

 the economic situation were accentuated and that this was principally due 

 to the general rise in the prices of agricultural products. 



The cotton harvest of the 1915 season was affected by the reduction 

 of acreage. It produced only 4,775,000 cantars (i), although the average 

 harvest of the last three years surpassed 7,000,000 cantars, but the average 

 price rose to 19 34 talaris (2) so that the harvest brought in 21,790,000 

 Egyptian pounds (3). Sowing in 1916 was in no way restricted and the offi- 

 cial estimates point to a harvest of 6,023,820 cantars. Complaints of at- 

 tacks by. worm have been general. But the giddy rise in the price of cot- 

 ton, which passed in a few weeks from 5 to 10 Egyptian pounds, allowed 

 excellent results to be attained with a mediocre harvest. The price of 

 grain and sugar-cane also rose, so that trade got rid of its stocks, and old 

 debts have begun to be lightened wliile the absence of new debts has led 

 gradually to healthier conditions. 



The happy influence of this state of aft'airs favourably affected the 

 making of annual payments to the Credit Fonder Egyptien, especially in 

 the two last months of 1915-1916 ; and therefore more satisfactory re- 

 "ceipts may be anticipated for 1916-1917. 



On 31 October 1916 total arrears amounted to 2,966,842 Egyptian 

 pounds, in addition to 121,416 Egyptian pounds from their amount at the 

 end of 1914-1915. The amount falling due in the year was 2,652,210 Egyp- 

 tian pounds. The report notes that this amount includes an amortization 

 of more than 1,000,000 Egyptian pounds. Recoveries of the principal of 

 the annuities amounted to 2,530,794 Egyptian pounds. Settlements in 

 cash amounted to 2,418,940 Egyptian pounds, the highest figure reached for 

 five years, while settlements by way of consolidation reached 110,909 Egyp- 

 tian pounds, the lowest figure in the same period. The amount represent- 



(i) I cantar = 99.043 lbs. (2) i talari = about 4s 11 '^ d at par. (3) i Egyptian pound = 

 abt. £ I. 4s Sdat par. 



