Al-Ahram: A Diwan of contemporary life (569)
Bank interest
The 15th anniversary of the founding of The Bank of Egypt was a grand occasion. Being one of the most important by-products of the 1919 Revolution, the bank was a national institution, eventually evolving into a conglomerate of huge proportions. Professor Yunan Labib Rizk explains why the bank was feted so
"Al-Ezbakiya Gardens was the happiest and richest spot in Egypt yesterday. Gathered together on its green carpet were thousands of Egypt's finest and its foreign guests to celebrate the Bank of Egypt's 15th anniversary in what we hope will be a long and blessed life.
"The audience at this cherished ceremony represents all segments and classes of society. They were brought here together by their love for the Bank of Egypt and the people of the Bank of Egypt, and their hearts are united in their veneration for this national institution that stands higher and prouder than the sky, and that rivals time in glory and perpetuity.
"One of the rarest and dearest possible spectacles these days is to see all classes, parties and sectors of the nation present in a single assembly, rejoicing in a purely Egyptian atmosphere beneath the shade of a noble national ideal, as was the case yesterday in the Bank of Egypt celebration."
The foregoing was the introduction to a lengthy Al-Ahram report on "The great national holiday: the 15th anniversary of the Bank of Egypt", as the headline read. Appearing on 8 April 1935, the article proceeds to further details. Bank founders Talaat Harb and Fouad Sultan stood at the garden's gateway to receive guests. The reception itself was held "on an open stretch of ground, upon which chairs had been arranged in long rows or small circles. A podium had been set up at the western end of the location, and chairs were arranged on either side for the guests of honour. In view of the large gathering, large amplifiers had been installed on either side of the podium."
Because of the patriotic nature of the gathering, not a key figure from the political spectrum was missing, as we note from the newspaper's lengthy list of those present. Topping the list were: "Prime Minister Tawfiq Nasim and their excellencies the ministers of his cabinet; His Excellency Ahmed Hussein, first secretary of the Royal Cabinet, representing the king; and His Excellency Nahhas Pasha, leader of the Wafd Party accompanied by Makram Ebeid, who were greeted by resounding applause." But what must have raised many eyebrows was the appearance of the British High Commissioner Sir Miles Lampson. After all this was a patriotic occasion, symbolising the quest for Egyptian independence, economically-wise above all.
The Bank of Egypt was one of the most important byproducts of the 1919 Revolution. The first demands for a nationally-owned bank were first aired in Al-Ahram on 27 April 1919, which is to say only a few weeks after the uprising started. Under the headline, "Our economic condition and the need for a national bank", an editorial spoke of a "propitious climate" and "the time to accept advice". The advice was that "there can be no turning back. The only route is to found a national bank in which can be collected those moneys that are otherwise squandered left and right." The article continued, "A spirit of solidarity is coursing through our veins. Men and women are standing side by side in the quest for the good of this nation. Now that all are aware that Egypt's awakening is a blessed resurgence, we appeal to you in the name of this nation to lend this project your support."
The bank was founded soon afterwards. As a child of the revolution, it was only natural for it to be decided to restrict shares only for Egyptians. Against the anticipated objections by foreign investors in the country, Talaat Harb maintained that the decision was hardly an innovation in the world of banking. The Swiss and Swedish national banks had adopted this policy. In France, although foreigners were permitted to hold shares in the Bank of France, the shares were purely nominal and foreign shareholders did not have the right to attend general shareholders' meetings. A similar system was applied in the Austrian national bank.
The Bank of Egypt was thus a national institution in more than just name, which is why the anniversary of its founding was deemed worthy of such fanfare. It also explains why Al-Ahram should consider the occasion important enough to allocate a quarter of its editions -- four out of 16 pages -- of 8 and 9 May 1935 to the "Great National Celebration".
Naturally preparations for the occasion had begun well before then. On 23 April, Al-Ahram reported that organisers had just held a meeting for that purpose in the Commerce Club. Several public and community organisations participated -- the Royal Agricultural Society, the Agricultural Club, the Muslim Youth Society, the Civil Servants Union, the Association of Graduates of the Higher Teachers College and the National Chamber of Commerce. "Also represented were nearly all the Arabic-language newspapers, with the weekly and daily press taking the lead in this domain." The outcome of the meeting was the creation of the national committee for the celebration of the passage of 15 years since the founding of the Bank of Egypt."
Within less than a week, the committee announced the programme of the festivities that would take place in Al-Ezbakiya Gardens. Nothing, it appeared, would be lacking. There would be a play, comedy sketches, musical performances, a fireworks display, contests in speech, poetry and song composition, a children's beauty contest, a live radio broadcast and an open-air cinema. "The entrance fee will be five piastres, which will entitle ticket holders to behold all the afore-mentioned spectacles."
Further details were announced over the following days. The children's beauty contest, which would also judge contestants on the basis of their health and dress, would have two categories: two to five-year-olds and five to eight-year-olds. The former would be judged by a panel in the National Health Authority building, the latter by separate judges' panels in their schools. "The festival committee will award a commemorative medal to all children whom the preliminary judges' panels have deemed more qualified to participate in the final contest. The six winners will receive awards, the nature of which will be revealed soon."
On the literary contests, prospective contestants were notified that they had to send in their poems, songs or speeches by no later than 9 May. "There will be three committees consisting of Egyptian literary luminaries to judge the submissions. Winners will be awarded valuable prizes." Literary luminaries they were indeed: Taha Hussein, Anton El-Gamil, Tawfiq Diab and Fikri Abaza on the speeches panel; Khalil Matran, Ali El-Garem and Ahmed Rami would be judging the poetry; and Hussein Shafiq and Abu Butheina headed the song-writing panel.
Although it had not been mentioned in the festivities committee's initial announcement, there would also be three types of athletic competitions, in boxing, freestyle wrestling and Graeco-Roman wrestling. The contests would conclude with a display of free wrestling between Egyptian champions Sayed Nosseir and Ahmed Mustafa which in turn would be followed by a weightlifting display.
Before turning to 7 May, we should note that the bank, whose anniversary was being celebrated, did not shoulder any of the expenses for the festivities. Perhaps it was thought that encumbering it in this manner would have detracted from the national character of the occasion. In all events, the organisers mounted a donation drive, which succeeded in collecting a considerable LE974. National associations were the largest contributors, with the Royal Agricultural Society donating LE100. This was a hefty sum by the standards of the time, especially when we consider that such notables as Wafd Party leader El-Nahhas and Liberal Constitutional leader Mohamed Mahmoud contributed LE10 each, Makram Ebeid LE5 and El-Naqrashi and Fakhri Abdel-Nur all of LE2 each.
We should note, secondly, that celebrations were not confined to Cairo. Alexandria, Port Said, Al-Mehalla Al-Kubra, Zaqaziq, Mansoura, Sohag and many other provincial capitals hosted their own festivities. In addition, the national broadcasting company dedicated a large segment of its programming on 8 May to the occasion.
Also before proceeding to Al-Ezbakiya Gardens, it is useful to turn to Al-Ahram editorial of 7 May in order to better understand why the anniversary of the Bank of Egypt had become such a national occasion. Under the headline, "Bank of Egypt companies", the newspaper offers what we might term an audit of the bank's activities over the preceding 14 years. Soon after establishing itself, the article observes, the bank had to make a choice. Either it could continue operations as an ordinary bank or it could adopt the principle that it had a national duty to perform. This duty was "to help lift the nation and contribute to the building of the national institutions it needs".
Naturally, the bank opted for national duty. Taking the backbone of Egypt's national wealth -- cotton -- as its starting point, it founded the Egyptian Company for Cotton Ginning and the Egyptian Transportation and Navigation Company, the latter of which permitted the construction of ginneries in the major cotton producing centres. The bank then proceeded to phase two of its programme, which was to establish the Egyptian Company for Cotton Spinning and Weaving. Based in Al-Mehalla Al-Kubra, the company and the new industrial suburb that was created for it were hailed as "a veritable source of pride for Egypt. No sooner had the bank created this company," the article continues, "than it contemplated embarking in the field of selling cotton abroad, for which purpose it created the Egyptian Company for Cotton Exports."
When anxieties were raised over the dangers to the economy of depending so exclusively on cotton, the bank began to diversify. Thus, also in Al-Mehalla Al-Kubra, the bank founded the Egyptian Linen Company.
Because the new companies needed to import machinery, coal, spare parts and other requirements for their operations from abroad, and because the Egyptian Company for Cotton Exports needed to transport its produce abroad, the Bank of Egypt founded the Egyptian Maritime Transport Company. To supplement its income, the maritime firm also established as one of its aims "the transport of pilgrims to Mecca during the pilgrimage season and of Egyptian tourists to Europe".
Eager to keep up with global trends, the bank branched out into even more areas of activity. The newest and most enticing prospect was the cinema, in view of the great popularity of the many cinema houses that had sprouted almost overnight in Egypt's major cities. As the majority of films screened were foreign, "it was only natural that the Bank of Egypt should want to create an Egyptian cinema, towards which end it founded the Egyptian Company for Drama and Cinema. And in keeping with its commitment to its national duty to elevate the name of Egypt among nations abroad, it helped disseminate propaganda about Egypt, making it one of its primary aims."
The bank was also quick to seize upon another rapidly growing modern industry: aviation. EgyptAir, with its domestic services between Egyptian cities and its routes connecting Egypt and Palestine and Lebanon, was an immediate success. In addition, Egyptian tourists to the Levant must have greatly appreciated the bank's efforts to facilitate their visits there by participating in the founding of the Franco-Egyptian Bank and the Egyptian-Syrian- Lebanese Bank. Then, in order to promote tourism in Egypt, the bank founded the Egyptian Tourist Company.
As the Bank of Egypt evolved into a huge conglomerate, with millions invested in each of its firms, its officials quickly realised the importance of having these firms insured. They therefore moved to found the National General Insurance Company. As these many companies also had many printing needs, the bank also founded the Egypt Printing Press.
Al-Ahram 's account of the expansion of the bank's activities inspired the newspaper's readers to offer their own accounts of the 15- year-old institution. Of particular note was an enjoyable article by Hussein Kamel Farid, in the banking supervisory department of the Ministry of Finance. "To truth and history: the Bank of Egypt over a decade and a half", as his article was called, noted that the idea of founding a national bank had first occurred to Egyptian economists and entrepreneurs before the Great War. Foremost among its advocates was "that leader in the world of finance and economy, Talaat Harb Pasha who, with the help of several of his fellow citizens, ultimately succeeded in procuring the official royal decree for the establishment of the bank".
Farid then cites several articles of the bank's preliminary charter. One stipulated that the bank would perform all ordinary banking operations, a second that the company would have a base capital of LE80,000 apportioned into 20,000 shares; and a third that all shareholders would be Egyptian subjects. Another article stipulated that Talaat Harb and Fouad Sultan would be appointed as the bank's acting directors.
The new bank grew very quickly. Citing its growth rate between 1920 and 1934, Farid declared that such figures provide the most cogent testimony to the great confidence the Egyptian public had vested in the bank. He adds, "The Bank of Egypt has surpassed all other banks in its volume of deposits and transactions because its national policy meshes so well with its commercial policy. It always seeks to ascertain that in serving the individual it serves the whole and that its approach to the public is that of the compassionate father towards his sons... In the eyes of the bank, the governments of Egypt in their diverse political orientation were no less deserving of its patriotic commitments. It thus participated in many of their studies and public works and set aside in its vaults huge sums of money to be earmarked for industrial and agricultural loans."
Farid held that if the only benefit of the founding of the bank had been its mere existence as proof of the ability of Egyptian enterprises to succeed when based on solid foundations, that would be sufficient. However, the bank had accomplished so much more. "It has opened a new avenue for employment for our youth who now occupy 616 posts as of the end of 1934, which is not to mention the more than 13,000 jobs in the bank's other companies. This alone is cause to celebrate the 15th anniversary of the Bank of Egypt."
The national broadcasting company featured a diverse programme which included poetry, music and speeches. In addition, there was a lecture on "The Bank of Egypt's secrets of success", by Abdallah Fikri Abaza, chairman of the Higher Commerce Club. The first secret resided in its founders and management, and specifically in the person of Talaat Harb. Talaat Harb clearly had a hands- on approach. He personally managed the bank's accounts and worked alongside his staff in entering figures and balancing books. He was also known for his remarkable stamina and industry; he would read every file, memo, letter, periodical and budgetary or statistical report that came his way. He was keen to benefit from all individuals who could serve the bank, "without discriminating on the basis of their religious affiliations, as long as they were Egyptian". He kept the bank resolutely above political party squabbles, for he firmly believed that his was "a bank for all Egyptians, whose motto has always been Egypt over all". He was further renowned for his good memory which was "more capacious than the bank's archives" and which could serve as "an information retrieval office for anyone needing the tiniest detail on the operations of the bank and its companies".
The two other key figures in the bank were Medhat Yakan, chairman of the board of directors of the bank and 14 of its companies, and Fouad Sultan. Yakan, Abaza writes, was the epitome of honour, integrity and humility while Sultan, nicknamed "the Gentleman" by the British, was the model of excellent business ethics, organisation and industry. Abaza referred to the three men together as the "blessed triumvirate".
The bank's second secret of success resided in the care with which it selected its staff. "They represent the quintessential Egyptian youth who puts his heart and soul into his work and who regards his service to the bank as a form of devotion to God and the nation. There is a vast difference between the worker who works only to fill his pockets and the worker who is constantly productive because fulfilment at work is an article of faith."
Its third secret was that it never grew complacent, never resting on the belief that Egyptians would always be driven by their patriotic sympathies to patronise their national bank. "It never used this as a pretext for not constantly striving to attain the highest standards of work and the most up-to-date methods of operations."
Back to the festivities, the Higher Commerce Club must have attracted quite a crowd with its automobile parade. Al-Ahram reports that participants assembled in the club and then, at precisely 10.00am, they filed out, headed towards Al-Maghrebi Street and got in their cars. There must have been at least 100 convertibles, although many private sedans joined in. Each car carried an average of six people, mostly students, all waving small Egyptian flags with the Bank of Egypt emblem drawn on it. The cars from beginning to end stretched for more than half a kilometre.
As the parade proceeded, reports the Al-Ahram correspondent who had the good fortune to be riding in the lead vehicle, "the voices of our youth boomed out with cheers to Egypt and its leaders. The sudden cheering in the neighbourhoods through which the parade passed brought people rushing out onto their balconies and along the pavements. Store and factory employees also hastened out to watch this magnificent spectacle. When the procession reached the Bank of Egypt, the students' cheers resounded louder and more passionately... The cars which had been following each other now filled Emadeddin Street so densely that it became impossible to walk in the street."
Meanwhile, in Al-Ezbakiya Gardens the various contests were in progress. One imagines a lot of cooing and trilling at the children's beauty contest, the winners of which in the two to five- year-old category were Lola Mohamed Hamdi, Nihad Salem and Faten Ahmed Hamama. If the latter came in only third place, she would eventually become Egypt's number one star of the screen, if our suspicions are correct and this was indeed the famous Faten Hamama. In the five to eight-year-old category, the winners were Awatef El-Masri (for her "bronze complexion, black hair and Egyptian beauty"), Naila Hassan Ali Aluba (for her "clear white complexion and chestnut hair"), Himet Kamel ("soft powdery complexion, brightly coloured dress and sporting the Egyptian flag") and, finally, Shahira Haggag ("who played the part of a Bank of Egypt pilgrim and sang an anthem on this subject").
The literary contest was attended by a large crowd of writers and intellectuals. The winners were Ahmed Muharram and Sheikh El-Sawi Ali Shaalan in poetry, Ahmed Fawzi and Ahmed Qutb in oratory and Abdel-Fattah Youssef and Youssef Mumtaz in lyrics.
That evening the festival's organising committee hosted a large banquet which opened with several speeches. Fikri Abaza made another appearance here and, on this occasion, audiences were treated to his well-known wit. When Talaat Harb opened the bank with a base capital of only LE80,000 he was the joke of the town, said Abaza. "But Talaat Harb said, 'That's a sum just about my size. Let's play with it a bit and see what happens. If it works it works, if it doesn't so be it. So let's get to it!' So, the LE80,000 got into play and before you knew it they grew to LE160,000 and they continued to whirl until they reached a million. The bank that began with a nudge, budged, then crawled, then rolled, then flourished, can now have the last laugh!"
With his typical hyperbole, Abaza swore that if he were given a 10-year, million pound a year contract to take Talaat Harb's and Fouad Sultan's place in the bank he'd turn down the offer. He would never want to rummage through the piles of morning post, the requests for favours, the destitute debtors seeking reprieves, the entrepreneurs with madcap schemes, job seekers of all shapes and sizes, the pleas for interceding with the higher- ups, and that woman in a fit because she received a notice. "And in between all these, you get a steady parade of ministers, dignitaries, notables and other eminent personalities who sit for hours drinking coffee, smoking cigarettes and basking with the greatest self-assurance in their own importance."
Such an occasion could not pass without a proposal to commission a statue to commemorate Talaat Harb, the "leader of the economic revival". The proposal was greeted with loud applause although it was another 20 years before it came to fruition. Today, the statue of Talaat Harb stands in one of Cairo's central squares, having shunted aside the statue of Suleiman Pasha, who was French.
"Al-Ezbakiya Gardens was the happiest and richest spot in Egypt yesterday. Gathered together on its green carpet were thousands of Egypt's finest and its foreign guests to celebrate the Bank of Egypt's 15th anniversary in what we hope will be a long and blessed life.
"The audience at this cherished ceremony represents all segments and classes of society. They were brought here together by their love for the Bank of Egypt and the people of the Bank of Egypt, and their hearts are united in their veneration for this national institution that stands higher and prouder than the sky, and that rivals time in glory and perpetuity.
"One of the rarest and dearest possible spectacles these days is to see all classes, parties and sectors of the nation present in a single assembly, rejoicing in a purely Egyptian atmosphere beneath the shade of a noble national ideal, as was the case yesterday in the Bank of Egypt celebration."
The foregoing was the introduction to a lengthy Al-Ahram report on "The great national holiday: the 15th anniversary of the Bank of Egypt", as the headline read. Appearing on 8 April 1935, the article proceeds to further details. Bank founders Talaat Harb and Fouad Sultan stood at the garden's gateway to receive guests. The reception itself was held "on an open stretch of ground, upon which chairs had been arranged in long rows or small circles. A podium had been set up at the western end of the location, and chairs were arranged on either side for the guests of honour. In view of the large gathering, large amplifiers had been installed on either side of the podium."
Because of the patriotic nature of the gathering, not a key figure from the political spectrum was missing, as we note from the newspaper's lengthy list of those present. Topping the list were: "Prime Minister Tawfiq Nasim and their excellencies the ministers of his cabinet; His Excellency Ahmed Hussein, first secretary of the Royal Cabinet, representing the king; and His Excellency Nahhas Pasha, leader of the Wafd Party accompanied by Makram Ebeid, who were greeted by resounding applause." But what must have raised many eyebrows was the appearance of the British High Commissioner Sir Miles Lampson. After all this was a patriotic occasion, symbolising the quest for Egyptian independence, economically-wise above all.
The Bank of Egypt was one of the most important byproducts of the 1919 Revolution. The first demands for a nationally-owned bank were first aired in Al-Ahram on 27 April 1919, which is to say only a few weeks after the uprising started. Under the headline, "Our economic condition and the need for a national bank", an editorial spoke of a "propitious climate" and "the time to accept advice". The advice was that "there can be no turning back. The only route is to found a national bank in which can be collected those moneys that are otherwise squandered left and right." The article continued, "A spirit of solidarity is coursing through our veins. Men and women are standing side by side in the quest for the good of this nation. Now that all are aware that Egypt's awakening is a blessed resurgence, we appeal to you in the name of this nation to lend this project your support."
The bank was founded soon afterwards. As a child of the revolution, it was only natural for it to be decided to restrict shares only for Egyptians. Against the anticipated objections by foreign investors in the country, Talaat Harb maintained that the decision was hardly an innovation in the world of banking. The Swiss and Swedish national banks had adopted this policy. In France, although foreigners were permitted to hold shares in the Bank of France, the shares were purely nominal and foreign shareholders did not have the right to attend general shareholders' meetings. A similar system was applied in the Austrian national bank.
The Bank of Egypt was thus a national institution in more than just name, which is why the anniversary of its founding was deemed worthy of such fanfare. It also explains why Al-Ahram should consider the occasion important enough to allocate a quarter of its editions -- four out of 16 pages -- of 8 and 9 May 1935 to the "Great National Celebration".
Naturally preparations for the occasion had begun well before then. On 23 April, Al-Ahram reported that organisers had just held a meeting for that purpose in the Commerce Club. Several public and community organisations participated -- the Royal Agricultural Society, the Agricultural Club, the Muslim Youth Society, the Civil Servants Union, the Association of Graduates of the Higher Teachers College and the National Chamber of Commerce. "Also represented were nearly all the Arabic-language newspapers, with the weekly and daily press taking the lead in this domain." The outcome of the meeting was the creation of the national committee for the celebration of the passage of 15 years since the founding of the Bank of Egypt."
Within less than a week, the committee announced the programme of the festivities that would take place in Al-Ezbakiya Gardens. Nothing, it appeared, would be lacking. There would be a play, comedy sketches, musical performances, a fireworks display, contests in speech, poetry and song composition, a children's beauty contest, a live radio broadcast and an open-air cinema. "The entrance fee will be five piastres, which will entitle ticket holders to behold all the afore-mentioned spectacles."
Further details were announced over the following days. The children's beauty contest, which would also judge contestants on the basis of their health and dress, would have two categories: two to five-year-olds and five to eight-year-olds. The former would be judged by a panel in the National Health Authority building, the latter by separate judges' panels in their schools. "The festival committee will award a commemorative medal to all children whom the preliminary judges' panels have deemed more qualified to participate in the final contest. The six winners will receive awards, the nature of which will be revealed soon."
On the literary contests, prospective contestants were notified that they had to send in their poems, songs or speeches by no later than 9 May. "There will be three committees consisting of Egyptian literary luminaries to judge the submissions. Winners will be awarded valuable prizes." Literary luminaries they were indeed: Taha Hussein, Anton El-Gamil, Tawfiq Diab and Fikri Abaza on the speeches panel; Khalil Matran, Ali El-Garem and Ahmed Rami would be judging the poetry; and Hussein Shafiq and Abu Butheina headed the song-writing panel.
Although it had not been mentioned in the festivities committee's initial announcement, there would also be three types of athletic competitions, in boxing, freestyle wrestling and Graeco-Roman wrestling. The contests would conclude with a display of free wrestling between Egyptian champions Sayed Nosseir and Ahmed Mustafa which in turn would be followed by a weightlifting display.
Before turning to 7 May, we should note that the bank, whose anniversary was being celebrated, did not shoulder any of the expenses for the festivities. Perhaps it was thought that encumbering it in this manner would have detracted from the national character of the occasion. In all events, the organisers mounted a donation drive, which succeeded in collecting a considerable LE974. National associations were the largest contributors, with the Royal Agricultural Society donating LE100. This was a hefty sum by the standards of the time, especially when we consider that such notables as Wafd Party leader El-Nahhas and Liberal Constitutional leader Mohamed Mahmoud contributed LE10 each, Makram Ebeid LE5 and El-Naqrashi and Fakhri Abdel-Nur all of LE2 each.
We should note, secondly, that celebrations were not confined to Cairo. Alexandria, Port Said, Al-Mehalla Al-Kubra, Zaqaziq, Mansoura, Sohag and many other provincial capitals hosted their own festivities. In addition, the national broadcasting company dedicated a large segment of its programming on 8 May to the occasion.
Also before proceeding to Al-Ezbakiya Gardens, it is useful to turn to Al-Ahram editorial of 7 May in order to better understand why the anniversary of the Bank of Egypt had become such a national occasion. Under the headline, "Bank of Egypt companies", the newspaper offers what we might term an audit of the bank's activities over the preceding 14 years. Soon after establishing itself, the article observes, the bank had to make a choice. Either it could continue operations as an ordinary bank or it could adopt the principle that it had a national duty to perform. This duty was "to help lift the nation and contribute to the building of the national institutions it needs".
Naturally, the bank opted for national duty. Taking the backbone of Egypt's national wealth -- cotton -- as its starting point, it founded the Egyptian Company for Cotton Ginning and the Egyptian Transportation and Navigation Company, the latter of which permitted the construction of ginneries in the major cotton producing centres. The bank then proceeded to phase two of its programme, which was to establish the Egyptian Company for Cotton Spinning and Weaving. Based in Al-Mehalla Al-Kubra, the company and the new industrial suburb that was created for it were hailed as "a veritable source of pride for Egypt. No sooner had the bank created this company," the article continues, "than it contemplated embarking in the field of selling cotton abroad, for which purpose it created the Egyptian Company for Cotton Exports."
When anxieties were raised over the dangers to the economy of depending so exclusively on cotton, the bank began to diversify. Thus, also in Al-Mehalla Al-Kubra, the bank founded the Egyptian Linen Company.
Because the new companies needed to import machinery, coal, spare parts and other requirements for their operations from abroad, and because the Egyptian Company for Cotton Exports needed to transport its produce abroad, the Bank of Egypt founded the Egyptian Maritime Transport Company. To supplement its income, the maritime firm also established as one of its aims "the transport of pilgrims to Mecca during the pilgrimage season and of Egyptian tourists to Europe".
Eager to keep up with global trends, the bank branched out into even more areas of activity. The newest and most enticing prospect was the cinema, in view of the great popularity of the many cinema houses that had sprouted almost overnight in Egypt's major cities. As the majority of films screened were foreign, "it was only natural that the Bank of Egypt should want to create an Egyptian cinema, towards which end it founded the Egyptian Company for Drama and Cinema. And in keeping with its commitment to its national duty to elevate the name of Egypt among nations abroad, it helped disseminate propaganda about Egypt, making it one of its primary aims."
The bank was also quick to seize upon another rapidly growing modern industry: aviation. EgyptAir, with its domestic services between Egyptian cities and its routes connecting Egypt and Palestine and Lebanon, was an immediate success. In addition, Egyptian tourists to the Levant must have greatly appreciated the bank's efforts to facilitate their visits there by participating in the founding of the Franco-Egyptian Bank and the Egyptian-Syrian- Lebanese Bank. Then, in order to promote tourism in Egypt, the bank founded the Egyptian Tourist Company.
As the Bank of Egypt evolved into a huge conglomerate, with millions invested in each of its firms, its officials quickly realised the importance of having these firms insured. They therefore moved to found the National General Insurance Company. As these many companies also had many printing needs, the bank also founded the Egypt Printing Press.
Al-Ahram 's account of the expansion of the bank's activities inspired the newspaper's readers to offer their own accounts of the 15- year-old institution. Of particular note was an enjoyable article by Hussein Kamel Farid, in the banking supervisory department of the Ministry of Finance. "To truth and history: the Bank of Egypt over a decade and a half", as his article was called, noted that the idea of founding a national bank had first occurred to Egyptian economists and entrepreneurs before the Great War. Foremost among its advocates was "that leader in the world of finance and economy, Talaat Harb Pasha who, with the help of several of his fellow citizens, ultimately succeeded in procuring the official royal decree for the establishment of the bank".
Farid then cites several articles of the bank's preliminary charter. One stipulated that the bank would perform all ordinary banking operations, a second that the company would have a base capital of LE80,000 apportioned into 20,000 shares; and a third that all shareholders would be Egyptian subjects. Another article stipulated that Talaat Harb and Fouad Sultan would be appointed as the bank's acting directors.
The new bank grew very quickly. Citing its growth rate between 1920 and 1934, Farid declared that such figures provide the most cogent testimony to the great confidence the Egyptian public had vested in the bank. He adds, "The Bank of Egypt has surpassed all other banks in its volume of deposits and transactions because its national policy meshes so well with its commercial policy. It always seeks to ascertain that in serving the individual it serves the whole and that its approach to the public is that of the compassionate father towards his sons... In the eyes of the bank, the governments of Egypt in their diverse political orientation were no less deserving of its patriotic commitments. It thus participated in many of their studies and public works and set aside in its vaults huge sums of money to be earmarked for industrial and agricultural loans."
Farid held that if the only benefit of the founding of the bank had been its mere existence as proof of the ability of Egyptian enterprises to succeed when based on solid foundations, that would be sufficient. However, the bank had accomplished so much more. "It has opened a new avenue for employment for our youth who now occupy 616 posts as of the end of 1934, which is not to mention the more than 13,000 jobs in the bank's other companies. This alone is cause to celebrate the 15th anniversary of the Bank of Egypt."
The national broadcasting company featured a diverse programme which included poetry, music and speeches. In addition, there was a lecture on "The Bank of Egypt's secrets of success", by Abdallah Fikri Abaza, chairman of the Higher Commerce Club. The first secret resided in its founders and management, and specifically in the person of Talaat Harb. Talaat Harb clearly had a hands- on approach. He personally managed the bank's accounts and worked alongside his staff in entering figures and balancing books. He was also known for his remarkable stamina and industry; he would read every file, memo, letter, periodical and budgetary or statistical report that came his way. He was keen to benefit from all individuals who could serve the bank, "without discriminating on the basis of their religious affiliations, as long as they were Egyptian". He kept the bank resolutely above political party squabbles, for he firmly believed that his was "a bank for all Egyptians, whose motto has always been Egypt over all". He was further renowned for his good memory which was "more capacious than the bank's archives" and which could serve as "an information retrieval office for anyone needing the tiniest detail on the operations of the bank and its companies".
The two other key figures in the bank were Medhat Yakan, chairman of the board of directors of the bank and 14 of its companies, and Fouad Sultan. Yakan, Abaza writes, was the epitome of honour, integrity and humility while Sultan, nicknamed "the Gentleman" by the British, was the model of excellent business ethics, organisation and industry. Abaza referred to the three men together as the "blessed triumvirate".
The bank's second secret of success resided in the care with which it selected its staff. "They represent the quintessential Egyptian youth who puts his heart and soul into his work and who regards his service to the bank as a form of devotion to God and the nation. There is a vast difference between the worker who works only to fill his pockets and the worker who is constantly productive because fulfilment at work is an article of faith."
Its third secret was that it never grew complacent, never resting on the belief that Egyptians would always be driven by their patriotic sympathies to patronise their national bank. "It never used this as a pretext for not constantly striving to attain the highest standards of work and the most up-to-date methods of operations."
Back to the festivities, the Higher Commerce Club must have attracted quite a crowd with its automobile parade. Al-Ahram reports that participants assembled in the club and then, at precisely 10.00am, they filed out, headed towards Al-Maghrebi Street and got in their cars. There must have been at least 100 convertibles, although many private sedans joined in. Each car carried an average of six people, mostly students, all waving small Egyptian flags with the Bank of Egypt emblem drawn on it. The cars from beginning to end stretched for more than half a kilometre.
As the parade proceeded, reports the Al-Ahram correspondent who had the good fortune to be riding in the lead vehicle, "the voices of our youth boomed out with cheers to Egypt and its leaders. The sudden cheering in the neighbourhoods through which the parade passed brought people rushing out onto their balconies and along the pavements. Store and factory employees also hastened out to watch this magnificent spectacle. When the procession reached the Bank of Egypt, the students' cheers resounded louder and more passionately... The cars which had been following each other now filled Emadeddin Street so densely that it became impossible to walk in the street."
Meanwhile, in Al-Ezbakiya Gardens the various contests were in progress. One imagines a lot of cooing and trilling at the children's beauty contest, the winners of which in the two to five- year-old category were Lola Mohamed Hamdi, Nihad Salem and Faten Ahmed Hamama. If the latter came in only third place, she would eventually become Egypt's number one star of the screen, if our suspicions are correct and this was indeed the famous Faten Hamama. In the five to eight-year-old category, the winners were Awatef El-Masri (for her "bronze complexion, black hair and Egyptian beauty"), Naila Hassan Ali Aluba (for her "clear white complexion and chestnut hair"), Himet Kamel ("soft powdery complexion, brightly coloured dress and sporting the Egyptian flag") and, finally, Shahira Haggag ("who played the part of a Bank of Egypt pilgrim and sang an anthem on this subject").
The literary contest was attended by a large crowd of writers and intellectuals. The winners were Ahmed Muharram and Sheikh El-Sawi Ali Shaalan in poetry, Ahmed Fawzi and Ahmed Qutb in oratory and Abdel-Fattah Youssef and Youssef Mumtaz in lyrics.
That evening the festival's organising committee hosted a large banquet which opened with several speeches. Fikri Abaza made another appearance here and, on this occasion, audiences were treated to his well-known wit. When Talaat Harb opened the bank with a base capital of only LE80,000 he was the joke of the town, said Abaza. "But Talaat Harb said, 'That's a sum just about my size. Let's play with it a bit and see what happens. If it works it works, if it doesn't so be it. So let's get to it!' So, the LE80,000 got into play and before you knew it they grew to LE160,000 and they continued to whirl until they reached a million. The bank that began with a nudge, budged, then crawled, then rolled, then flourished, can now have the last laugh!"
With his typical hyperbole, Abaza swore that if he were given a 10-year, million pound a year contract to take Talaat Harb's and Fouad Sultan's place in the bank he'd turn down the offer. He would never want to rummage through the piles of morning post, the requests for favours, the destitute debtors seeking reprieves, the entrepreneurs with madcap schemes, job seekers of all shapes and sizes, the pleas for interceding with the higher- ups, and that woman in a fit because she received a notice. "And in between all these, you get a steady parade of ministers, dignitaries, notables and other eminent personalities who sit for hours drinking coffee, smoking cigarettes and basking with the greatest self-assurance in their own importance."
Such an occasion could not pass without a proposal to commission a statue to commemorate Talaat Harb, the "leader of the economic revival". The proposal was greeted with loud applause although it was another 20 years before it came to fruition. Today, the statue of Talaat Harb stands in one of Cairo's central squares, having shunted aside the statue of Suleiman Pasha, who was French.
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