the earl of cromer
when baring first arrived in egypt in 1877, country s finances in shambles. ismail pasha, khedive of egypt, borrowed millions of pounds european financiers projects build suez canal, personal use, , cover persistent tax shortfalls. finances depended on money obtained egypt s cotton industry, flourished during american civil war. after war, american cotton entered european markets once again, price of cotton fell dramatically. result, egypt s cotton no longer cash crop used be. ismail pasha found himself unable pay off interest on debts.
at first, ismail attempted call on parliament raise more tax money, parliament resisted, consisted of large landowners, lightly taxed. in desperation, ismail turned european powers him out of financial troubles. after rocky negotiations dual control system instituted, whereby french , british controller appointed oversee egypt s finances. sir evelyn baring appointed british controller. egyptian historian al-sayyid marsot considers desperate attempt on ismail s part obtain european have opened floodgates british control of egypt s finances, , eventual incorporation empire.
as british controller-general, baring enormously successful in serving british interests. , fellow controller s de facto control of egypt s finances meant wielded considerable influence in both egyptian , british governments. owning large proportion of egypt s debt himself, when ismail refused declare bankruptcy, baring pressured government depose ismail, did in 1879. general population of egypt blamed ismail country s financial struggles, , removal greeted relief. ismail succeeded son tawfiq, cooperated european consuls.
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