EGYPT: Amiable Grimaces

Things were looking up in Cairo last week as a new nightclub opened with a blare of hot music on one of ousted King Farouk's abandoned yachts. A glittering new Shepheard's Hotel, to replace the old one burned by antiforeign mobs back in 1952, was ready to open its doors again to foreign spenders. The Egyptian cost of living had momentarily ceased its steady climb; the stock market was active, and toll money from a once-again busy Suez Canal was pouring into the national treasury. A prospective purchase of $35 million worth of cotton by France gave a needed boost...

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