COTTON IN EGYPT AND THE SUDAN. 



companies are not allowed to issue more than the amount of share 

 capital in debentures ; even the Land Bank of Egypt has a concessipn 

 for only five times its capital. The loans of this German bank will 

 also, by preference, be on land, as an estimate of all mortgages shows 

 that about three-quarters of the whole of the mortgages in Egypt 

 are on cultivated land not building sites and only one-quarter on 

 house property in towns. The "Egyptische Hypothekenbank " has 

 on its board a gentleman who is one of the best land experts in the 

 country. 



In the Egyptian law courts a mortgage book is carefully kept. 

 LIST OF MORTGAGE AND LAND BANKS ESTABLISHED IN EGYPT. 



The " Credit foncier egyptien," which is worked largely with 

 French money, has, besides an issue of 3 per cent, premium lots, 

 debentures at 3, 3|, and 4 per cent., the Land and Mortgage Com- 

 pany has debentures at 4, 4^, and 5 per cent., the Agricultural Bank 

 has preference shares at 4 per cent, and debentures at 3i per cent. 



Through the competition of the Agricultural Bank the other 

 mortgage banks have been compelled to charge even less than 

 8 per cent, interest, and they debit, according to the amount and period 

 of the loan, 6 to 8 per cent. The " Credit foncier," whose money 

 costs 4 per cent, net, charges, generally, 6 per cent., the " Egyp- 

 tische Hypothekenbank," which up to now has not been able to issue 

 debentures, 6 to 1\ per cent, per annum. Still cheaper are loans 

 advanced by the English insurance companies, which, during the 

 latter years, have invested part of their reserve funds in this way, 

 at 5 to 6 per cent., but quite recently they seem to be withdrawing 

 their money again. When selling land payable at fixed periods, the 



