108 



COTTON IN EGYPT AND THE SUDAN. 



America, and the larger part of the business with France is paid for 

 by direct drafts on the spinners, or their accounts are paid within 

 10 days from receipt of the goods. 



For negotiating the drafts drawn in Alexandria, and for the 

 general banking business, there are a large number of local banks 

 and branch houses of foreign banks in existence. Almost all these 

 institutions have a special department for the business in cotton and 

 act *' nolens volens " as storehouses for the products of the country 

 stored with them as securities ; some of them have warehouses even in 

 the interior, in which they have the goods stored under their own 

 control that are placed with them as security on loans. 



The banks established especially for Egypt and the neighbour- 

 ing countries are : 



*Reconstructed. fPaid up. 

 The following European banks have branches in Egypt : 



The latter, established by a group of German banks, under the 

 direction of the Dresdner Bank, possesses subsidiary branches in 

 Egypt at Alexandria, Cairo, Damanhour, Mansourah, Minieh, Tan- 

 tah, and Beni-Suef, and agencies in Port Said and Suez. In spite 

 of its short existence the Deutsche Orientbank in Egypt has, thanks 

 to able management, already a very honourable position and has 

 built up a large connection, especially amongst the rich native land- 

 lords. 



