ABSTRACT
Bankers had lent money to the Khedive in 1866 and the subsequent years at burdensome prices. But in the latter part of 1875 he passed into the hands of bill-brokers. They discounted his Treasury notes at what Lord Cromer calls “ruinous rates of interest”. 1 On 8th April, 1876, the crash came. Ismail suspended payment of this paper.
