1084
TURKEY AND TRIBUTARY STATES
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 con- ceded to the bondholders. The loan of 1855 was guaranteed by France and England, and that of 1869 of 2,480,000Z. was redeemed by October, 1873. The Ottoman Government being unable to meet its liabilities, made an arrangement with its creditors, confirmed by the Trade 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 536,363^. 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 308,260^. The Council of Administration now undertakes the service of all the Turkish loans except those secured on the Egyptian tribute, the guaran- teed loan of 1855, the loan of 1886 secured on the Customs, and the Tumbeki loan of 1894 (900,000Z.).
The amounts collected by the Council of Administration in two years have been : —
Salt . Spirits Stamps Fisheries . Silk .
Tobacco duties
,, tenth
Resie
1S96-97
1897-98
£T
£T
787,003
261,235
207,941
47,832
784,780 261,283 201,774
42,865
59,164 1,913
48,135 2,280
' 91,062 768,771
96,628 701,609
Cyprus tribute . Tumbeki . Eastern Rumelia Various
Total . Expenses .
Net revenue
1896-97
£T
102,596
50,000
38,007
47
2,415,571 830,535
2,085,036
1897-98
£T
102,596
50,000
139,357
2,123
2,433,430 336,126
2,097,304
The condition of the Turkish debt was as follows in the middle of 1898 :—
Series A. B. C. D. outstanding . Various loans 1888-94 Lottery bonds .... Five jjer cent, customs loan, 1886 Four per cent. Tombac bonds, 1894 Five per cent, loan, 1896
Total loans .
78,303,942 28,304,620 13,045,084
4,892,471 859,600
2,945,200
128,350,917
Of debts which are not loans, the sum, in 1896, according to Sir Edgar Vincent's Report, was £T31,551,958, including £T31,228,464, the outstand- ing amount^f th«; Russian War Indemnity, £T50,000 of indemnity to Russian subjects, and £1273,494 to tlie Damascus Serghis Railway.
