establishing the eventual right of the bondholders to obtain repayment of this tax shall be delivered to them at the time of the repayment of the coupons. If, after the expiration of this period, our Government considers it necessary to maintain, either during a certain number of years, or permanently, the tax established by the present Article, it can only be done after the institution, in agreement with the Powers, of an International Commission, similar to that which drew up the Law of Liquidation, and whose duty it would be to institute a general inquiry into the financial situation of Egypt, and to propose to us such measures as would appear to it suitable, in order to insure a fresh distribution of the resources of the country.

The composition of this Commission shall be settled in agreement with the Powers.

Art. XIII. In the event of our Government having to furnish to the Daïra Sanieh in 1885 and 1886, in accordance with the provisions of Arts. XLIV and XLVII of the Law of Liquidation, a subsidy destined to complete the interest on its debt, it shall deduct from such subsidy, up to the amount thereof only, a sum equal to the proceeds of the tax of 5 per cent. on the whole of the interest at 4 per cent. of the Daïra Debt.

Art. XIV. The same procedure shall be adopted as regards the eventual subsidy paid to the Domains Administration to complete the interest of 5 per cent. which is guaranteed to it by our Government.

The certificates mentioned in Art. XII shall be delivered under the same conditions to the bondholders of the Daïra and Domains.

Art. XV. No tax shall be levied on the coupons of the Daïra and Domains Debts in the event of the revenues specially assigned to those two debts sufficing for their service.

Art. XVI. The redemption of the Privileged and Unified Debts is suspended from the date of the signature of the International Convention, except in the case provided for by Art. XXII which follows:—

The sinking fund of 42,500l. provided for by Art. IV of the Convention concluded on the 14th April, 1880, between our