Printed papers on the political situation and military policy in Egypt [‎43v] (86/176)

28
The Egyptian Cotton Crop, 1910-21.
128. Areas under cotton in feddans and yield in kantars : —
Y ear.
Cultivated Area.
Area under Cotton.
Percentage under Cotton.
Total
Yield.
Average
Yield
per
Feddan.
Lower
Egypt.
Upper
Egypt.
Total.
Lower
Egypt.
U pper
Egypt.
Total.
Lower
Egypt,
Upper
Egypt,
Total.
Feddans.
Feddans.
Feddans.
Fed (tans.
Feddans.
Feddans.
Kantars.
Kantais.
1910
3,100,233
2,245,119
5,345,352
1,325,834
316,776
1,642,610
42 -8
14 1
30-7
7,495,600
4 '56
1911
3,022.304
2,241,554
5,263,858
1,347,536
363,705
1,711.241
44-6
16-2
32 -5
V / 4*0
4 '31
1912
3,038,932
2,246,522
5,285,454
1,346,254
375,561
1,721,815
44 '3
16-7
32 5
7,497,859
4 36
1913
3,052,917
2,229,710
5,282,627
1,339,609
383,485
1,723,094
43 -9
17 2
32 -6
7,663,801
4 *45
1914
3,019,510
2,003,720
5,023,230
1,373,243
382.027
1,755,270
*D
19 1
34 9
6,450 573
3 *67
1915
3,045,014
2,263,876
5,308,890
937,015
248,989
1,186,004
3(1-8
11 -o
22‘3
4,774,770
4 03
1916
3,012,983
2,219,288
5,232,271
1,289,869
365,643
1,655,512
42 *8
16 - 5
31 9
5,060,389
3 ’06
1917
3.057,553
2,261,595
5,319,148
1,293,789
383,521
1,677,310
42 3
17-0
31 'b
6,293,424
3 75
1918
3,038,968
2,243,348
5,282,316
1,023,888
291 684
1,315,572
33*7
13-0
24-9
4,820,650
3 ‘66
1919
3,05l'075
2.246,626
5,297,700
1,219,303
354,359
1,573,662
40-0
15 8
29 7
5,571,632
3 54
1920
3,048,270
2.256,966
5,305,236
1,378,503
449,365
1,827,868
45 2
19 9
34 '5
6,035 ,(X)0
3 - 50
1921
3,066,225
2,268,377
5,334.602
1,012,349
277,456
1,289.806
33 0
12-2
24 2
3,300,000*
2 '56
* Probably underestimated.
25. Currency.
129. The general economic tendencies already outlined have been reflected in
the movements of the currency. The note-issue, which stood at £ E. 40,400,000 at
the beginning of 1921, declined to £E. 30,400,000 in the course of the spring and
summer. In the autumn the seasonal demand for currency arose in connection with
the marketing of the cotton crop, and the issue increased to £ E. 38,000,000. It
afterwards declined to £ E. 37.000.000 at the end ot December, showing a net
decrease for the year of £ E. 3,400.000. This decrease represents the portion borne
by the note-holders in the diminution of the capital resources of the country during
the calendar year. At the end of June 1922 the issue stood at £ E. 29,000,000.
130. Silver coin has also been returned in considerable quantities from circula
tion. It had previously been hoarded to such an extent as to necessitate the issue of
small currency notes. These have nearly all been withdrawn, and silver coin has
again taken its proper place as the medium of subsidiary currency. The total amount 4
in the hands of the public stood at £E. 6,660,000 at the end of the year as against
£E. 6,800.000 at the beginning, the difference representing the amount returned to
the Treasury. It is to be foreseen that the quantities of coin thus returned from
hoards may* eventually become so large as to exceed all possible requirements for
years to come, in which case it will be necessary to dispose of a portion as metal and
write oft the consequent loss to the budget. At the end of May 1922 the sum in
circulation was £E. 6,432.000.
131. Nickel com has also returned from circulation in large quantities, the
amount in the hands of the public falling from £E. 847.000 to £E. 732.000 during
the year. The large stocks in the hands of the Government consist partly of worn
coin of the old imperforated issue, which is being sold as metal. At the end of May
1922 the nickel coinage in circulation stood at £E. 705.000.
26. Government Finance.
132. When my report for the year 1920 was written it w^as anticipated that a
final closing of the previous year’s accounts wamld show a deficit of £E. 12,900,000
on the working of that year. All the commitments in regard to the purchase of
supplies w r ere not at that time accurately known, and the deficit proved to be nearly
£ E. 14,750,000. Therefore, instead of the reserve fund having stood at
£E. 3,042,866 on the 31st March, 1921, as was believed when the 1921-22 budget was
passed, it actuallv stood at £E. 1,513,000.
133. The budgetary estimates of the year w r ere balanced by means of a projected
draft of £E. 1,981,000* on the reserve, which, on the figures then expected, would
still have left £E. 1.061,866 in the reserve fund at the end of 1921-22. When it was
found that the reserve was reduced to £E. 1,513,000 instead of £E. 3,042,866 at the
end of 1920-21, the Government were faced with the prospect of an overdraft on the
reserve fund by £E. 468,000 at the end of 1921-22. It had been imagined that
the worst consequences of the economic depression, of the excess purchase of coal, and
of the failure to unload excess stocks of cereals had been met in the preparation of
the 1921-22 estimates, and this unexpected aggravation of the situation caused great
anxiety during the first two-thirds of the recently-expired financial year.