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Updated: August 18, 2024
You will see Lesseps to-morrow, and arrange the enquête with him." Encouraged by the Khedive's firmness, and fully convinced that no good result would follow if the Debt Commissioners, who only considered the bondholders' interests, were on this inquiry, Gordon met Lesseps the next morning in the full expectation that business would now be begun.
Just because the bondholders have no right of action against it, unless it can be shown that it issued a prospectus containing incorrect statements, it is all the more bound to see that their money shall not be imperilled by any action of its own.
Under these circumstances it is no wonder that foreign bondholders complained loudly to their Governments, or that in the general confusion all manner of wrongs to Englishmen, Frenchmen, Austrians, and Spaniards called loudly for redress. That cry reached the French emperor's ears.
The main object of these administrations is to secure for European bondholders payment of the debts incurred by Egypt chiefly under the incredibly profligate government of Ismail Pasha. The Caisse de la Dette has commissions from six of the Powers. It receives from the tax-gatherer all the taxes apportioned to the payment of the interest for foreign indebtedness.
By no means all the bondholders signed, but enough, I understand, to have justified your Government in repudiating the bonds 'at the request of the people' thus destroying the national credit at home and abroad.
This would be unfortunate for the bondholders, no doubt, but it would sooner or later secure for Egypt those institutions for which she is suited.
Some Dutch bondholders, independently of the committee, asserted that Kennedy had not played fair, and Farley, the receiver of the road, sued Hill for a share of the profits which he alleged had been promised for his collusion.
It should be noted that these steps were taken by the Gladstone and Gambetta Cabinets, which were not likely to intervene against a genuinely democratic movement merely in the interests of British and French bondholders.
The proposal was, to guarantee the interest, not exceeding six per cent, on half the bonds of any railway over seventy-five miles long, whenever half the road had been constructed, the province to be protected by a first charge after the bondholders' lien. MacNab seconded the resolution; voices from Bytown and the Saguenay mildly questioned the policy, but the resolution passed unanimously.
The British went to Egypt for the sake of the bondholders, the French to Morocco for the sake of its minerals and wealth.
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