sum of 2,000,000l., can be freed from this guarantee and detached from the Joint Administration as soon as 3,000,000l. of these preference bonds shall have been redeemed or repaid.
The railways being comprised in this guarantee for 15,000,000l. sterling in preference stock, can be freed by the redemption or the repayment of 15,000,000l. of this stock.
Art. XXVIII. The Administrators will propose for our choice and nomination the superior employes of the railways and the port.
They will name the other employés direct.
They will have the right to suspend all the employes from their functions; they may also dismiss them after a regular inquiry.
They alone will have the right to make any modifications in the tariffs and in the regulations in force, under our sanction.
They will be exclusively charged with the duty of making contracts for the purchase of rolling-stock or of fixtures, and for the materiel necessary for the working of the railways and the service of the port. They will decide on the necessity of repairs in the materiel or the permanent way, as well as for the maintenance of the port, all under our approval.
Art. XXIX. Provision will be made from the general resources of the Budget for extraordinary expenses, which will have been decided on by the Administrators and approved by us.
Art. XXX. All the receipts of the railways and of the port of Alexandria according as they come in, with the exception of what is necessary for the ordinary outlay for maintenance and for working expenses, and with the exception of the rights of the contractors of the port provided for in the contracts, will be paid into the Treasury of the Public Debt, to which they are assigned.
The Preference Bonds.Art. XXXI. The Commission of the Public Debt will open a special account for the service of the preference 5 per cent, bonds. The Commission will be bound to send any funds which are paid into it by the Administration of the Railways and the Port, to the Banks of England and France,
