COTTON IN EGYPT AND THE SUDAN, 105 



the time and place of delivery. The contracting parties are, through 

 the contract, subject to the rules of the Produce Exchange and of the 

 General Produce Association, and bind themselves to submit to 

 .arbitration by experts of the board of the General Produce Associa- 

 tion in all cases of differences arising out of the contract. The buyer 

 and seller each pay J per cent, as commission to the broker. 



Endorsed contracts are dealt with on the Exchange just as any 

 Bother share certificate ; they are called out publicly by the brokers, 

 .and the owner changes often and repeatedly. 



The contracts are made out in the French language. Although 

 the English have occupied Egypt for more than 30 years^ the 

 international commercial language, and the language of the best 

 :society in Alexandria and Cairo, is still French. 



Speculation is also active as regards premium transactions and 

 the fixing of the rates of premium for " Simple faculte," " stellage," 

 .and " double " is made at the end of the month. 



The brokers engage a number of agents whose reputation is 

 not always the best. They are called " Remisiers," and their duties 

 are to bring to their employers, against payment of a commission, 

 customers from the interior. 



Of very great influence is the Alexandria General Produce Asso- 

 ciation, which was established in 1883, an Association com- 

 prising the most important export firms ; it has established rules for 

 the trade of produce and fixes the different grades of the various 

 kinds, controls the arrivals, shipments, and market prices, publishes 

 weekly bulletins with regard to these matters, and acts as a court of 

 arbitration. 



This Association has a special sub-division for cotton, another 

 for cotton-seed, grains, and leguminous crops. The committee of this 

 Association fixes the standard types which serve as a basis for 

 transactions in cotton. These are kept at the offices of the Associa- 

 tion in Minet-el-Bassal, and, if necessary, during December of each 

 year these types are altered for the coming season. 



The General Produce Association publishes every Friday the 

 official prices and the actual cotton transactions which have taken 

 place in Minet-el-Bassal. Some firms publish these daily, but the 

 official figures are given only once a week. 



In " future " transactions in cotton the minimum quantity of 250 

 kantars, net, is taken as a basis of the contract, and also multiples 

 of this figure, say, 500, 750, 1,000, &c. The following principal 

 conditions, fixed by the Alexandria General Produce Association, are 

 in use. The quotation is made loco Alexandria in " Tailed " for 

 100 Rottls = l kantar net weight, less packing, which is charged to 

 the seller. " Fully good fair " forms the basis for all " future " 

 "business, but any other classes between " good fair " and " good " 

 may be delivered against a corresponding compensation, this being 

 determined for every delivery month by the Committee of the Asso- 

 ciation jointly with the Committee of the Produce brokers. The 

 seller has, however, not the right to offer cotton of a grade inferior 

 to " good fair," and grades superior to " good " may be tendered, 

 but will only be accepted at the price of " good." Against contracts 

 in Mit Afifi, Nubari may be tendered as a substitute at the same price. 

 On the contrary, against contracts for delivery of Mit Afifi, cotton 



