Bulgaria - Palgrave Connect

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 Bulgarian, 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 - PalgraveConnect - 2012-11-24