1130 TURKEY AND TRIBUTARY STATES Branches of Expenditure. Civil List Public debt : Tributary debt . . . . Loans under Debt Administration. Other loans . . . . . Floating debt . . . . Railway guarantees War indemnity to Russia Pious foundations, &
FINANCE 1131 Year of Original Converted Year of j Original Issue Amount into Issue 1 Amount 1854 £ 5,000,000 1894. 3Jp.c. 18S5 i 1850 5,000,000 1886 1858 5,000,000 1881. A. 1888 1660 2,037,220 — B. 1890 1862 8,000,000 — A. 1890 1863-4 6,000,000 — B. 1891 1865 1865 1869 6,000,000 87,200,0001 2,480,000 — — (J. D. 1894 1894 1894 1869 22,177,220 1881. C. 1896 1871 5,700,000 1894. 3J p.o. 1870-72 32,000,0001 1881. D. 1872 11,126,200 — B. 1873 27,777,780 — C 1877 5,000,000 1891. 4 PC 1K78 7.427.260 ' 1890. 4 PC £ Interest Purpose 930,000 Pr. cent 7 Railway 5,909,080 5 Bank Paym. 1,500,000 5 7,827,240 4 Conversion 4,545,000 4 Consolid. 6,316,920 4 Conversion 900,000 8,212,340 1,600,000 4 3J 4 Tumbeki Co. Conversion Railway 2,975,200 5 Financial 1 Approximate. The loans of 1854, 1871, and 1877 were secured on the Egyptian tribute ; that of 1878 (issued to consolidate advances by Galata bankers) at first on the Customs but afterwards by a first charge on the indirect contributions conceded to the bondholders. The loan of 1855 was guaranteed by France and England, and that of 1869 of 2,480,0002. was redeemed by October, 1873. The Ottoman Government being unable to meet its liabilities, made an arrangement with its creditors, confirmed by the Irade of December 8/20, 1881. All the loans then outstanding (with the exceptions mentioned) were with the arrears of interest reduced and converted into the four series denoted by the letters A, B, C, D. A Council of Administration at Constantinople was appointed, and to it were handed over for distribution among the bondholders the funds derived from the excise duties, from the <strong>Bulgaria</strong>n, Eastern Roumelian, and Cyprus tribute, and from the tax on Persian tobacco. The sum of 536,3632. was to be deducted for the service of the debt of 1878, and the balance was to be applied to the service of the four series, four-fifths to interest and one-fifth to amortisation. The interest was never to exceed 4 per cent., and any surplus was to be handed over to the government The interest paid has only been 1 per cent, but the reserve fund has accumulated to 308,2602. The Council of Administration now undertakes the service of all the Turkish loans except those secured on the Egyptian tribute, the guaranteed loan of 1855, the loan of 1886 secured on the Customs, and the Tumbeki loan of 1894 (900,0002.). The amounts collected by the Council of Administration in two years have been:— - Salt . . . . Spirits Stamps Fisheries . Silk . Tobacco duties . n tenth . „ Eegie . 1898-99 £T 870,789 265,068 233,407 52,310 65,505 779 91,815 721,378 1899-1900 £T 823,827 270,508 235,168 47,543 90,720 117 90,000 702,887 Bills on Customs, Cyprus . Tumbeki . Eastern Ruuielia Various . Total . Expenses . 1898-99 Net revenue 2,131,082 2,154,702 | These figures include the revenues of Thessaly. 4 D 2 £T 102,596 50,000 i 101,351 1,964 2,556,962 425,880 1899-1900 £T 102,596 50,000 202,702 666 | 2,616,735 462,033 10.1057/9780230270305 - The Statesman's Year-Book, Edited by John Scott-Keltie Copyright material from www.palgraveconnect.com - Trial Access - <strong>Palgrave</strong><strong>Connect</strong> - 2012-11-24
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