This was constituted in 1886 and was chiefly made up of the net savings of the Egyptian government on its share of the annual surpluses from revenue.
Between 1885 and r9o~ the revenue of Spain varied from 30,000,000 to 40,000,000 and the expenditure was approximately equal; deficits were commomi towards the beginning of this period, surpluses towards the end For an analysis of the budget the \ear 1008 may be taken as typical mriasnuch as trade had then resumed it~ normal condition, aftem the disturbing influence of tariff revision in 1906 and the failure of many crops in 1907.
Moreover, some 10,000,000, being accumulated surpluses in the hands of the Caisse after meeting the charges of the debt, were handed over to the Egyptian tceasury.
At the same time a new General Reserve Fund was created, made up chiefly of the surpluses of the old General Reserve, Special Reserve, and Conversion Economies funds.
This new fund started with a capital of 13,376,000 and was replenished by the surpluses of subsequent years, by the interest earned by its temporary investment, and by the sums accruing by the liquidation of the Daira and Domains loans.