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FAROUK HAILED AS KING CAIRO, Egypt, May 7.— The new ruler of Egypt, King Farouk, 16 years of age, was accorded a tremendous reception Wednesday as he arrived from England to succeed to the throne left vacant by the death of his father, the late King Fuad I. The entire nation had been in deep mourning in respect to its late monarch, who died recently of a throat infection. That sadness gave way to colorful ceremonies, in which the populace paid tribute to its new leader.