dency of the Powers interested in our question. We repeat what we have said before, namely, that if the Powers support our cause they do it to insure their own interests. But, as these very interests are most closely bound up with the solution of the Bulgarian question, they are compelled to devote attention to the latter. That opinion seems to us very ill-considered which supposes that our question will be decided independently of other pending European questions. On the contrary, we are inclined to think that our question, as one of the most important European questions, will, by its solution, assist that of the others. The interests of the Powers are now so clearly defined as to make it difficult to believe that any one of them, whether it be Austria or Russia, would agree to renounce its future. In face of this state of things, the Bulgarian question loses nothing. It depends only on our own prudence and moderation to gain the situation. Whatever is said, or written in the press, it is a fact that our Bulgarian question has considerably advanced, and that, moreover, it cannot be settled except according to the wishes of the Bulgarians themselves. The Bulgarians themselves are the principal factor, and the solution of the question depends on the prudence of our own Government. We have in our country neither Russian nor Austrian officers; Bulgaria is ruled by the Bulgarians themselves; therefore they have no cause for fear. Provided we remain firm as a nation and preserve our position, no one can do us violence. But, should Russia decide to do so, then the consequence will be a general war, which, in all probability, will not reach us. This is why we are not troubled by the various reports. Whatever the Powers may do, whatever combinations are made, Bulgaria must remain for the Bulgarians and protected against Russian aggression. On us it depends to secure the position. Should we proceed, as the Russian organs counsel us, to bow the head before Russia, to ask pardon, and to retreat, then, naturally, our servitude is prepared, and none can be sorry for us; but if we maintain worthily the standard of Bulgarian independence, and guard our country with the same energy and patriotism, we shall overcome all the difficulties, and Bulgaria will gain the situation. Everything, therefore, depends on the Bulgarians themselves. As we make our bed, so shall we lie on it." MY LORD, Mr. O'Conor to the Marquess of Salisbury.—(Received December 13.) Sophia, December 9, 1889. REFERRING to my despatch of the 28th October last, I have now the honour to inclose herewith to your Lordship the conditions of the loan for 1,200,000l. (30,000,000 fr.) secured on the Bulgarian Government railway lines Tsaribrod-Sophia-Vakarel and Yamboli- The Marquess of Salisbury. (Inclosure.)-Extract from the "Svobodá" of (Translation.) N. R. O'CONOR. November 25, 1889. Particulars of the Issue of the Loan for 30,000,000 fr. (1,200,0007.), secured on the Government Railway Lines Tsaribrod - SophiaVakarel and Bourgas-Yamboli. IN accordance with the Law for the conclusion of a Loan for 50,000,000 fr. (2,000,000l.) sanctioned by Oukaz of the th December, 1887, and in conformity with a Decree of the Council of Ministers of the 28th instant [?], the Minister of Finance, on the proposition of the Imperial and Royal Privileged Länder Bank and the Vienna Bank-Verein has concluded with the aforementioned banks a Government Loan for 30,000,000 fr. (1,200,0007.) nominal on the following conditions: 1. In conformity with the Law of the 13th December, 1887, the Minister of Finance announces that he issues a Loan for 30,000,000 fr. (1,200,000), 24,300,000 marks (12,000,000 Austrian florins gold nominal), in 60,000 bonds, each of 500 fr. (207.), 405 marks (200 florins gold), and the Imperial and Royal Privileged Austrian Länder Bank and the Vienna Bank-Verein undertake to take up such bonds, part firm and part on option. 2. The bonds to be issued by the Bulgarian Government will bear interest at the rate of 6 per cent. per annum, payable in gold in 20-fr. pieces, in two equal instalments by half-yearly coupons falling due the 20th March and the 19th September, in each year. The first coupon to be due on the 20th March 1890. 1st April 1st April 1st 1st February 3. The sinking fund of such loan to be 1 per cent. of the nominal sum annually by means of half-yearly drawings, which will take place every six months, two months before the date on whieh the coupons fall due. The first drawing to take place the 20th January 1890. Bonds drawn to be paid in gold in 20-fr. pieces at the nearest date on which coupons fall due. The drawings to take place at Sophia, in accordance with regulations to be drawn up after an agreement between the Contracting Parties. The bonds may not be previously redeemed before the 1st January, 1895. 4. The payments of coupons and drawn bonds are guaranteed by a first mortgage on the railway lines Tsaribrod-Sophia-Vakarel and Yamboli-Bourgas. For this purpose the Bulgarian Government constitutes, in accordance with the Bulgarian Civil Code, a first mortgage on the aforesaid lines, with all their stations, lines, plant, rolling-stock, and other property. The mortgage will be given to the banks aforesaid for account of the bondholders. Should the Bulgarian Government fail to pay the coupons and drawn bonds due within six months of their maturity, the bondholders will have the right to take over the working of the hypothecated lines for their own benefit. Should the Bulgarian Government continue for two years in default in its obligations resulting from this loan, the bondholders will have the right to sell the aforesaid railway lines, and apply the proceeds of such sale to the payment of the overdue coupons, drawn bonds, and unredeemed remainder of the loan, unless recourse be had to the Government for the unredeemed portion. All these rights may be exercised by the Länder Bank and Bank-Verein, in the name and for account of the bondholders. h 13th 5. The Imperial and Royal Länder Bank and the Bank-Verein bind themselves to take firm one-half of the whole loan, namely, 15,000,000 fr. (600,0007.), at the price of 85 per cent. The amount corresponding to such portion is to be paid in the following instalments two-fifths, or 6,000,000 fr. (240,0007.) on the 15th November, 1889; two-fifths, or 6,000,000 fr. (240,0007.) on the December, 1889; and one-fifth, or 3,000,000 fr. (120,0007), on the 1st March, 1890, the amount in each case to be paid upon receipt of the corresponding amount in bonds, duly signed by the Bulgarian Government. Should the bonds not be ready the banks will accept, for the time being, a general bond for the nominal amount of the bonds to be received from the Government; but the latter is bound, under all circumstances, to hand over the bonds to the aforesaid banks at Vienna, not later than the 15th December, 1889, for the first two instalments, and the 1st March, 1890, for the third. 18th 6. The contracting banks reserve, and the Bulgarian Government grants them, the option of taking, within six months from the 1st November, 1889, another portion of the loan (that is to say), 7,500,000 fr. (300,0007.) at the same rate of 85 per cent., and a similar amount within one year from the 1st November, 1889, at 87 per cent. These options may be exercised for the whole amount, or for one portion only, without taking into account the redemption effected. It is agreed that the banks will always return to the Government the amount of coupons drawn for redemption. 7. The banks are obliged to transport the amount of the bonds, whether taken firm or by option, in 20-fr. pieces to Sophia at their own expense. 8. The Bulgarian Government undertakes to transport the necessary sum for the payment of coupons and drawn bonds fifteen days [1890-91. LXXXIII.] 3 Y before their maturity to the places or bankers to be indicated to it three months before each maturity by the banks contracting at their risk. The expenses of such transport to be met by the Govern ment. 9. The text of the bonds to be drawn up in accordance with an understanding between the two parties. In such text the loan will be described a "mortgage loan on the railway lines TsaribrodSophia-Vakarel and Yamboli-Bourgas." The bonds will contain a paragraph specifying the date of the signature of such mortgage, as will also the temporary general bonds; the expenses of printing the bonds, whether taken firm or on option, to be met by the banks. The French text to serve as the original. 10. The Bulgarian Government undertakes to use all its influence to obtain a quotation for the present loan on the bourses of Vienna, London, and Berlin; the expenses of the quotation at Vienna to be paid by the two contracting banks, but at London (to a maximum amount of 2,000l. = 50,000 fr.) and Berlin by the Government. The contracting banks to pay any excess over the sum of 2,000. which may be incurred for expenses of the quotation in London. 11. The Bulgarian Government will pay to the contracting banks or to any other institutions or banks charged with the service of the loan a commission of per cent. for payment of the coupons and per cent. for drawn bonds. 12. All payments, coupons, and drawn bonds will be exempt from all taxes, imposts, or other duties imposed or hereafter to be levied by Bulgarian law. 13. Coupons due, as well as drawn bonds of the present loan, wili be accepted at their nominal value by all Government offices in par ment of dues, taxes, and customs, or other imposts payable according to the Budget of the Principality. These conditions, in conformity with Article 3 of the Law sanetioned by Oukaz dated the 13th December, 1887, have been sanctioned by Oukaz of His Royal Highness dated the 1st instant,* sub No. 233. IV. SALLABASHOFF. Sir R. Morier to the Marquess of Salisbury.—(Received December 16.) (Extract.) St. Petersburgh, December 11, 1889. THE extraordinary stillness in the political world has only been ruffled by the official admission of the Bulgarian Loan on to the Vienna Stock Exchange. The comments of the Russian press, on what they consider a political demonstration almost equivalent to the recognition of Prince Ferdinand, have been of the most furious description. This was naturally to be expected, but I also hear that the matter has caused much annoyance to M. de Giers. The Marquess of Salisbury. R. B. D. MORIER. Mr. F. R. St. John to the Marquess of Salisbury.-(Received (Extract.) December 18.) Belgrade, December 15, 1889. I was induced yesterday, by the statement in an English news. paper that 5,000 more Montenegrins were expected to emigrate to Servia (than I reported in my despatch to your Lordship of the 30th ultimo as having already left their native country), to ask General Sava Gruitch how the matter stood. His Excellency gave me to understand that no more were expected; and he spoke as though he thought that the providing for those already arrived, and who will have no means of subsistence of their own till next harvest, would be sufficiently onerous to the Servian Government in their present straitened circumstances. The Marquess of Salisbury. F. R. ST. JOHN. Sir R. Morier to the Marquess of Salisbury.—(Received December 30.) St. Petersburgh, December 25, 1889. MY LORD, I ASKED M. de Giers to-day what truth there was in the telegram published some days ago to the effect that the Porte had addressed a Circular to the Powers to learn their views on the subject of the quotation of the Bulgarian Loan on the Bourse at Vienna, the Porte being of opinion that this constitutes a violation. of her rights as Suzerain, and that the support given to the operation at Vienna implies in a certain sense the recognition of the Bulgarian Government. His Excellency said that, so far as he knew, no such Circular had as yet been sent, but that there was no doubt that the Porte had taken "en très mauvaise part" the permission given by the AustroHungarian Government to have the Bulgarian Loan officially quoted at Vienna and Pesth. He had reason to believe that what had caused most annoyance was the indiscriminate manner in which the Roumelian railways had been mortgaged in the same way as the Bulgarian. The Roumelian railways, which had been originally conceded by Turkey and had been worked by Turkish employés, were seized at the time of the revolution, the Turkish employés turned out, and the property treated on the same footing as if it had been Bulgarian. Anyhow, the "grief" of the Turkish Government was |