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.
Annuity to be a first charge. Art. IV. A fixed annuity of 315,000l., to be applied to the service of the loan, shall be levied as a first charge upon the revenues assigned to the service of the Preference and Unified Debts.
Redemption Art. V. Such portion of this annuity as shall not be absorbed 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.
to be managed by the Caisse, Art. VI. The service of the new loan shall be conducted by the Egyptian Treasury of the Public Debt, under the same conditions as the service of the Preference and Unified Debts.
guaranteed by six Powers. Art. VII. The Governments of Great Britain, Germany, Austria-Hungary, France, Italy, and Russia undertake either 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 Ofiiciel' 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-
- The necessary authority was given by a resolution of the House of Commons, on 27th March, 1885.