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Algeciras ConferenceThe Algeciras Conference of 1906 took place in Algeciras, Spain. The purpose of the conference was to mediate the Moroccan dispute between France and Germany, and to assure the repayment of a large loan made to the Sultan in 1904. The Entente Cordiale between France and the United Kingdom gave the British a free hand in Egypt in exchange for a French free hand in Morocco. France tried to achieve a protectorate over Morocco, but was opposed by Germany. The full diplomatic corps of the European powers was involved. The mediator, representing Theodore Roosevelt, solved the dispute largely in France's favor, though he assured the protection of German investments. The final agreement, signed April 7, 1906 covered the organization of Morocco's police and customs, regulations concerning repressing the smuggling of armaments, and concessions to the European bankers from a newly-formed State Bank of Morocco, issuing banknotes backed by gold, with a 40-year term. The new state bank was to act as Morocco's Treasury Department, but with a strict cap on the spending of the Sherifian Empire, with administrators appointed by the national banks that guaranteed the loans: the German Empire, the U.K., France and Spain. Spanish coinage continued to circulate. Rights of Europeans to own land were established. Taxes were to be levied towards public works. Opium and kif (hashish) continued to be a government monopoly of the Sultan's. The Sultan of Morocco retained control of a police force in the six port cities, which was to be composed entirely of Moroccan Muslims (budgeted at an average salary of a mere 1000 pesetas a year), but now to be instructed by French and Spanish officers who would oversee the paymaster (the Amin) and regulate discipline, and who could be recalled and replaced by their governments. The Inspector-General in charge would be Swiss and reside in Tangiers. At the last moment the Moroccan delegates found that they were unable to sign the protocol, but a decree of Sultan Abdulazis-ben Hassan on June 18 finally ratified it. See also External link
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