The case was tried before the Mixed Tribunals, an
institution which exists in Egypt superior to and independent of the
sovereign rights of that country.
On the part of the Egyptian Government and the four Commissioners it
was contended that the Mixed Tribunals had no competency to try the case;
that the attacking parties had no right of action; that the Egyptian
Government had, in applying, done all that the law of liquidation required;
and that the act of sovereignty was complete as soon as the Caisse,
which was the legal representative of the bondholding interest,
had pronounced its decision.
The argument was a strong one; but had it been ten times as strong,
the result would have been the same. The Mixed Tribunals, an international
institution, delivered its judgment on strictly political grounds,
the judges taking their orders from the different countries they
represented. It was solemnly pronounced that war expenses were not
'extraordinary expenses.' The proximate destruction of the Khalifa's power
was treated quite as a matter of everyday occurrence. A state of war was
apparently regarded as usual in Egypt. On this wise and sensible ground
the Egyptian Government were condemned to pay back EP500,000, together
with interest and costs. After a momentary hesitation as to whether the
hour had not come to join issue on the whole subject of the financial
restrictions of Egypt, it was decided to bow to this iniquitous decision.
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