BANKS AND CREDIT — MONET, WEIGHTS, ETC. 271
The working expenses, £E5,120,429 in 1919-20, represent an average of 72*82 per cent, of the gross receipts, which were £E7,031,303.
The telegraphs ami telephones belonging to the Egyptian Government were, on March 31. 1919, of a total length of 6,311 miles, the length of the wire being 21,310 miles. The Eastern Telegraph Company, by con- cessions, have telegraph lines across Egypt from Alexandria vid Cairo to Suez, and from Port Said to Suez, connecting their cables to England and India. The number of telegrams in 1919-20 was 2,711,228, as against 2,155,443 in 1918-19, not including railway service telegrams and those sent by the Eastern Telegraph.
There were, in 1919, 2,501 post offices and stations. In the internal service (1919) there passed through the post-office 37,278,000 letters and post-cards, and 16,527,000 newspapers, &c. , and samples; in the external service, 22,162,000 letters and post-cards, and 8,015,000 newspapers, fco., and samples. Official correspondence, not here included, amounted in 1919 to 7,131,000 articles Receipts £E437,424 ; expenses £E431,564.
Banks and Credit.
The National Bank has a capital of 3,000,000/. with reserve funds amounting to 2,000,OOOZ. The Agricultural Bank has a capital of 3,740,000?. It has Government guarantee of interest at 3 per cent., and it lends money to the Fellahin at 8 per cent, interest.
There are in addition eight mortgage banks and five ordinary banks working chieflv in Egypt with a total paid up capital of £E41,011,369, i.e., £E39,381,066 for "the former and £E1,630,303 for the latter. The reserve funds of these two groups of banks and of the National and the Agricultural Banks of Egypt amount to £E5,220,330 and £E3,091,368 respectively.
In 1901, a Post-Office Savings Bank was opened, and on December 31 of that year, it had 6,740 depositors with balances amounting to £E47,492. On December 31, 1919, the depositors numbered 224,760, and their balances amounted to £E1, 016,400.
In April, 1912, a rural savings bank service was inaugurated. At the end of that year the balance of deposits in the new branch amounted to £E25,413, and the number of accounts to 127,927. On December 31, 1919, the balance amounted to £E9, 787, and the number of accounts to 58,441. The balance of deposits in the savings banks of the foreign banks on the same date amounted to £E970,8S9 and the number of depositors to 11,515.
Money, Weights, and Measures.
Monet.
By decree of October 18, 1916 (20 Zi-1-Higga 1334), the monetary unit of Egypt is the gold Egyptian pound of 100 piastres. It weighs 8 '5 grammes '875 fine, and therefore contains 7 '4375 grammes of fine gold. Its value in sterling is £1 0*. 6\d. A new coinage was introduced at the same time. It replaces the monogram of the Sultan of Turkey by that of the Sultan of Egypt.
The 10-piastre silver piece weighs 14 grammes -833 fine, and therefore contains 11 67 grammes of fine silver. The piastre is worth 246<i. in English money. It is subdivided into tenths (ushr el girsh or milliemes*.
Coins in circulation are the Egyptian pound (100 piastres) and half pound in gold ; 20, 10, 5, and 2 piastre pieces in silver ; 1, J, \, ^ piastre pieces in
