By Rodney Wilson (auth.)
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15 As the National Bank's agricultural lending scheme grew in both scope and scale, it was forced to go to the government for more funds, and as a temporary measure LE250,000 was advanced early in 1902 to help finance more loans, as those already outstanding amounted to over LE400,000. Later the same year however the decision was taken to establish a separate agricultural bank with its own funds, to be wholly owned by the National Bank, which would also exercise ultimate control. 5 million, took over the National Bank's agricultural business.
14 Of the 15,269 loans outstanding in September 1901, 3326 were repayable within a year, and 11,943 within five years. The new five-year loans were of course for greater amounts than the annual loans, but the average amount of credit granted still only worked out at under LE30, well within most peasants' capacity to pay over the longer period. There is little doubt that Palmer's venture was of considerable benefit to many in the rural areas, and encouraged the spread of cotton cultivation by smallholders which added to Egypt's export earnings.
With business in a state of depression, customers no longer wanted credit, especially for the finance of the cotton trade, the mainstay of Egypt's economy. The decline in deposits was more gradual and less severe in magnitude, but nevertheless serious, with their value declining by a quarter between 1920 and 1921 alone, and with a further 14 per cent fall the following year. The National Bank fared less badly during the crisis than most of its competitors, but as the supposed central bank in Egypt, it was blamed by many for the financial crisis, and out of expediency soon fell out of political favour.
Banking and Finance in the Arab Middle East by Rodney Wilson (auth.)