REVENUE AND EXPENDITURE.
459
or Hypothecated Debts, contracted, as their designation implies, abroad, and secured on special sources of revenue ; and the Internal Debts, known principally under the generic term of Consolides, issued at Constantinople alone, and therefore dependent only on a compact between the Porte and its subjects, and secured on the general credit and resources of the Empire. The External Debts. with the exception of two loans, the first contracted in 1855, and guaranteed by England and France, bear an interest of 6 per cent., with a sinking fund of 1 and 2 per cent. Most of the Internal Debts bear an interest of 6 per cent., with a nominal sinking fund of 2 per cent.
The foreign debts of Turkey are as follows : —
Years of issue
Nominal capital
Interest
Sinking fund
Annual charge
£
£
1854
3.000,000
6 per cent.
1 per cent.
210,000
1855
5,000,000
4 per cent.
1 per cent.
250,000
1858
5,000,000
6 per cent.
2 per cent.
400,000
I860
2,070,000
6 per cent.
1 per cent.
144,900
1862
8,000,000
6 per cent.
2 per cent.
640.000
1863-4
8,000,000
6 per cent.
2 per cent.
640.000
18G5
36,363,363
5 per cent.
2 per cent.
2,545,435
1866
6.000,000
6 per cent.
2 per cent.
480,000
1867
2,500,000
6 per cent.
2 per cent.
200.000
1869
'2-2.222.220
6 per cent.
2 per cent.
1,198,400
1870 Total .
12.000.000 110,155,583
6 per cent.
2 per cent.
970.000
7,678,735
The first foreign loan of Turkey, of 1854, issued to meet the ex- penses of the war with Russia, was contracted with Messrs. Dent, Palmer, & Co., London, on the security of the tribute of Egypt, with stipulation to be repaid by annual drawings in or before the year 1889. The second loan, of 1855, was brought out under the guarantee of Great Britain and France. It is to be paid off at par by annual drawings, the last of which will be in August, 1900, and it is charged on the balance of the Egyj)tian tribute and on the customs duties of Syria. The third loan, of 1858, was contracted with Messrs. Dent, Palmer, & Co., and the Ottoman Bank, on the secu- rity of the customs duties and octrois of Constantinople, and of the general revenues of the empire. It was issued in two portions — 3,000,000/. in 185.S, at the rate of 85, and 2,000,000/. in 1859, at the rate of 60 — and is to be repaid, at par, by annual drawings before the year 1893. The fourth loan, of 1860, contracted with M. Mires, Paris, on the security of the customs and other revenues of the empire, was intended to be for 1(3,000,000/., but only 2,070,000/. could be issued, at the price of 62^. The fifth loan, of
