n't mean a land-sale for each summons. Another fact is that in real
life some men don't get on as well as others. Either they don't farm
well enough, or they take to hashish, or go crazy about a girl and
borrow money for her, or--er--something of that kind, and they are sold
up. You may have noticed that.'

'I have. And meantime, what is the fellah doing?'

'Meantime, the fellah has misread the Act--as usual. He thinks it's
retrospective, and that he needn't pay past debts. They may make
trouble, but I fancy your Bank will keep quiet.'

'Keep quiet! With the bottom knocked out of two-thirds of its business
and--and my five hundred pounds involved!'

'Is that your trouble? I don't think your shares will rise in a hurry;
but if you want some fun, go and talk to the French about it,'

This seemed as good a way as any of getting a little interest. The
Frenchman that I went to spoke with a certain knowledge of finance and
politics and the natural malice of a logical race against an illogical
horde.

'Yes,' he said. 'The idea of limiting credit under these circumstances
is absurd. But that is not all. People are not frightened, business is
not upset by one absurd idea, but by the possibilities of more,'

'Are there any more ideas, then, that are going to be tried on this
country?'

'Two or three,' he replied placidly. 'They are all generous; but they
are all ridiculous. Egypt is not a place where one should promulgate
ridiculous ideas.'

'But my shares--my shares!' I cried. 'They have already dropped several
points.'

'It is possible. They will drop more. Then they will rise.'

'Thank you. But why?'

'Because the idea is fundamentally absurd. That will never be admitted
by your people, but there will be arrangements, accommodations,
adjustments, till it is all the same as it used to be. It will be the
concern of the Permanent Official--poor devil!--to pull it straight. It
is always his concern. Meantime, prices will rise for all things.'

'Why?'

'Because the land is the chief security in Egypt. If a man cannot borrow
on that security, the rates of interest will increase on whatever other
security he offers. That will affect all work and wages and Government
contracts.'

He put it so convincingly and with so many historical illustrations
that I saw whole perspectives of the old energetic Pharaohs, masters of
life and death along the River, checked in mid-career by cold-blooded
accountants chanting that not