The plus-values anticipated lor 1902 and 1903 are the surplus of the gross proceeds of the monopolies and tobacco and stamj) dues over 28,900,000 drachmai ; from such surplus 18 per cent, is to l)e deducted for expenses, and 60 per cent, of the remainder is to be a])i)lied to the .service of the old debt.
The expenditure represented by 3,000,000 drachmai will be incurred for the purchase of matches, i)laying cards, cigarette paper and stamps, to be .sold uuder the monoj^oly and stamp administration.
Before the issue of the new loan the gold debt of Greece consisted of the loan of 1833, guaranteed by Great Britain, France, and Russia, nominally 100,932,833 drachmai, with a charge of 900,000 drachmai ; consolidated loans amounting to 551,716,500 drachmai ; and floating debt amounting to 31,375,093 drachmai ; the amount of the consolidated and floating gold debt being thus 583,091,593 drachmai. The paper currency debt consisted of that due to the heirs of KingOtho, 1,800,000 drachmai ; the patriotic loan, 2,345,000 drachmai; consolidated loans, 60,723,795 drachmai; and the floating debt, 112,345,000 drachmai ; total paper currency debt, 177,213,795 drachmai.
The total amount of the new loan guaranteed by the Powers is 6,800,000Z. at 2i percent, in two issues of 5,004,900/. and 1,795,100/. The first issue has been applied to the payment of the war indemnity due to Turkey, £T4, 000,000, and of indemnities for private dainage estimated in the treaty of peace at £T100,000, the balance being a])])litd in aid of Greek finance. The cost of the debt is shown above in the budget table. Arrangements are proposed for the conversion of the internal debt in accordance with the Law of Control, so that an outstanding amount of 78,881,295 drachmai will be converted into new capital amounting to 76,353,575 drachmai.
Municipal taxation is limited to 2^ per cent, on Government direct taxa- tion, and an octroi of 2 per cent, on articles of consumption calculated on a Government valuation.
The municipal revenues amount to 17,180,802 drachmai, and the debts to 19,164,264 drachmai.
There is universal liability to service on all able-bodied males aged 21 years and upwards. The total service is for 19 years, of which 2 years (with considerable terms of leave) must be passed with the colours, 8 and 7 years in the reserve, and the remainder in the militia or Landwehr.
The nominal strength of the army in 1896 was : —
Branches cf the Military Service
General Services ......
Military Schools ......
93 222 101 206
1.5,182 1,509 2,065 1,112 295 168 3,086