Page:The European Concert in the Eastern Question.djvu/183

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No. XVI[1].

1880. 31st March.

Decree for the appointment of a Commission of Liquidation. 31st March, 1880.

With reference to the Report of the Superior Commission of Inquiry, dated the 8th April, 1879;

Whereas the Decree of the 6th April, 1876, has postponed the payment of the debts of the Egyptian Government, at the same time diminishing the rate of interest, and has announced the necessity of arriving at a financial combination with a view to the settlement of the Egyptian debt;

Whereas the Commission of Inquiry in its Report dated the 8th April, 1879, has recognized the impossibility of meeting at the present moment all the liabilities as they fall due of the various consolidated debts, and of liquidating entirely and immediately the non-consolidated debt;

Whereas the Commission of Inquiry has further recognized the fact that, in order to proceed to an equitable division among the creditors of the Government of the resources available, the Law of Liquidation which is to be drawn up must be made obligatory for all the creditors, and recognized as such by the Tribunals of the Reform;

Whereas Germany, Austria-Hungary, France, Great Britain, and Italy have announced their acceptance beforehand of the law which will be prepared by the Commission constituted in virtue of the present Decree[2], and whereas they have undertaken to bring it collectively to the knowledge of the other Powers who took part in the establishment of the Mixed Tribunals in Egypt, and to invite them to adhere to it[3];

We Decree:

Art. I. A Liquidation Commission is instituted. After having examined the financial position in its entirety, and after having listened to the observations of the parties interested, this
  1. Parl. Papers, 1884, Egypt, No. 10, p. 3.
  2. By a joint Declaration signed by their respective Consuls-General, on 31st March, 1880.
  3. This was done and the adhesion of all the other nine Powers was obtained by 19th August 1880. See Correspondence, in Parl. Papers, 1884, Egypt, No. 10.