Ainsi que vous le remarquerez par l'Article 7, ce Règlement ne sera pleinement applicable qu'à partir du 1 Mars, 1283, commencement de l'année financière, c'est-à-dire, du 13 Mars, 1867 (N. s.) Toutefois, je vous remets également ci-inclus, conformément à l'Article 8, un Tableau portant mon sceau et indiquant les sommes dues, pour le service de la totalité de la Dette Publique, à partir du 1 Août de l'année courante, jusqu'au 1 Mars, 1867 (v. s.), ainsi que le montant et la nature des revenus affectés à ce service. Comme l'indique ce tableau, le montant des diverses échéances des Emprunts Extérieurs jusqu'au 1 Mars prochain, et de celles de Juillet et de Janvier de la Dette Générale, s'élève à 627,187 bourses; et 641,300 bourses de revenus de l'année courante ont été désignées pour faire face à ces échéances et mises à cet effet à la disposition de la Banque Impériale Ottomane. Sur les sommes portées au même tableau à titre de garantie, 350,000 bourses, prises sur le produit des contributions indirectes; 80,000 bourses du produit de la taxe sur les moutons 15,000 bourses des contributions de la capitale; 14,000 bourses du produit de la fonte des monnaies métalliques; 30,000 bourses du Tribut d'Egypte, et 2,300 bourses de celui de Serbie seront, comme par le passé, directement versées à la banque; quant aux 140,000 bourses, qui sont prises sur les revenus généraux des Sandjaks, elles seront remises aux succursales de la Banque par les Caisses provinciales des localités où se trouveront ces succursales, et les sommes recouvrées dans les localités où la Banque ne possède pas de succursale seront transmises à Constantinople et seront aussi directement versées à la Banque. Toutes ces sommes pourront être encaissées jusqu'au mois de Mars prochain. Les annuités de la Dette payables pour compte de l'exercice courant ne vont pas au delà du 1 Janvier prochain; cependant comme il n'est pas possible d'employer en temps utile à leur destination les revenus dont le recouvrement n'aura lieu qu'à l'entrée du nouvel exercice, et de fixer dès à présent les revenus destinés à garantir le service de la Dette de façon à faire correspondre les époques de leurs recouvrements à celles des échéances, l'encaissement de la totalité des revenus qui forment cette garantie devra nécessairement se prolonger jusqu'au mois de Mars prochain. Et c'est dans le but de satisfaire ponctuellement au service de ces échéances que le Gouvernement a entrepris de contracter un emprunt qui n'aura que le caractère d'un prêt temporaire remboursable par les revenus spécifiés dans le tableau. Les revenus qui seront assignés au service de la Dette Publipue pour les années à venir seront régulièrement fixés par le Ministère des Finances, et le tableau en sera transmis dans quelques jours à la Banque. Ce document montrera que les dispositions prises par le Gouvernement Impérial, en ce qui concerne le service des Emprunts Extérieurs et de la Dette Générale, sont de nature à inspirer la confiance au public. (L.S.) Agréez, &c. Le Ministre des Finances. (Translation.) Regulations adopted by the Council of Ministers, and sanctioned by His Imperial Majesty the Sultan, relative to the assessment and assignation of the Revenues set apart to guarantee the service of the Foreign Loans and of the General Debt of the Ottoman Empire. Art. 1. THE service of the foreign loans is guaranteed by special revenues, in virtue of Conventions concluded between the Imperial Government and the contractors of these loans. Art. 2. The proceeds of the revenues assigned to the annuities of the foreign debt offering a considerable surplus, this excess shall contribute, together with the funds derived from the revenues of the Empire, to secure the payment of the obligations of the general debt. Art. 3. On the March of each year, a statement in two parts shall be drawn up, under the direction of the Ministry of Finance, the first part of which shall contain :— (1.) The amount of the interest and sinking fund of the foreign debt payable in the course of the year. (2.) An estimate of the probable receipts in the course of the same year from the revenues apportioned to the service of the foreign loans. (3.) Lastly, the nature and amount of the general revenues apportioned to supply integrally the requirements of the general debt, with the surplus of the guarantees of the foreign loans. The second section of the statement will show the measures taken by the Ministry of Finance to make the periods of collecting the revenues annually apportioned to the service of the foreign loans and of the general debt coincide with every falling due on account of the same service, with a view to put a stop to the difficulties and irregularities which have occurred hitherto in the payment of the annuities of the public debt, and which are principally due to this want of coincidence. This statement, after having received the sanction of His Imperial Majesty the Sultan, will be officially transmitted by the Ministry of Finance to the Imperial Ottoman Bank, to whom assignments for the sums necessary for the repayment of the annuities will be given, and it will be published by the Ministry of Finance and by the Imperial Bank in the "Djéridei Havadis" and the "Turquie." Art. 4. The Ministry of Finance and the Bank will publish at the end of every month, through the medium of the above-mentioned papers, the sum total of the collection effected by the Bank from the revenues apportioned to the service of the Foreign and Internal Public Debt. Art. 5. The Imperial Ottoman Bank shall not be allowed to take any sum from the funds derived from these revenues in order to apply it to obligatory payments, whether on account of the transactions of the Treasury with that Establishment, or on any other account; such payments shall be secured by the Ministry of Finance by means of special assignments. Art. 6. At the end of each year the Bank will place at the disposal of the Ministry of Finance the surplus of the revenues which have served to discharge the engagements on account of the Public Debt for the same year. Art 7. The present regulations will come into force from March 1, 1867 (N.s.). Temporary Arrangements. Art. 8. The first half of the financial year of 1282 having passed, and the form of accounts hitherto adopted for the transactions between the Treasury and the Bank since the beginning of the year not agreeing with the rules of the present regulations, the latter cannot be fully carried out during the second half of the current year. Consequently a statement has been transmitted to the Bank, giving the sums required for the payment of the service of the Foreign Loans and of the General Debt from the 1st of August, 1866, up to the end of February, 1867 (o.s.), as well as the nature and amount of the revenues appropriated to the payment of this service during that period. The necessary assignments have also been given to the said Bank. The Ministry of Finance and the Imperial Ottoman Bank will publish this statement in the papers mentioned above, Art. 9. The Ministry of Finance is charged with the execution of the present regulations. The 27th Rebi-ul-Akhir, 1283 (September 6, 1866, N.s.). STATEMENT drawn up in accordance with Article 8 of the Regulations of September 6, 1866, showing the sums due for the Service of the Foreign Loans, and of the General Debt, from August 1, 1866, till March 1, 1867 (o.s.), and the Revenues apportioned to that Service for the same period. "Echéances" of the Loans of the General Debt. On the taxes of the capital and duties on I have the honour to transmit to you herewith copy of the Regulations sanctioned by His Imperial Majesty the Sultan, which have reference to the assessment and assignment to the Imperial Ottoman Bank of the revenues apportioned by the Imperial Government as guarantees for the service of the annuities of the foreign loans and of the general debt. As you will perceive in Article 7, these Regulations will not come into full operation before the 1st of March, 1283, the beginning of the financial year, that is to say, before March 13, 1867, N.s. However, I nevertheless transmit to you herewith, in conformity with Article 8, a statement bearing my seal and showing the sums due for the service of the whole public debt from the 1st of August of the current year to the 1st of March, 1867, o.s., as well as the amount and nature of the revenues assigned to this service. 1st 18th As this statement shows, the sum total of the different obligations on account of the foreign loans up to March next, and of those of July and January, on account of the general debt, amounts to 627,187 purses; and 641,300 purses of the revenues of the current year have been assigned to meet these obligations, and placed with that view at the disposal of the Imperial Ottoman Bank. Of the sums inserted in the statement as guarantees, 350,000 purses, taken from the proceeds of the indirect taxes, 80,000 purses from the proceeds of the sheep tax, 15,000 purses from the taxes of the capital, 14,000 purses from the proceeds of the melting of metallic coin, 30,000 purses of the Egyptian tribute, and 2,300 purses of that of Servia, will, as in the past, be paid in directly to the Bank; with regard to the 140,000 purses which are taken from the general revenues of the Sandjaks, they will be transmitted to your branch banks by the provincial Treasuries of the places where the branch banks are situated, and the sums touched in places where the Bank has no branch establishments will be sent to Constantinople, and likewise paid in directly to the Bank. All these sums may be kept in deposit till March next. The Public Debt Annuities charged on the present budget cease after the 1st January, but, as it is not possible either to apply in time to their proper use the revenues which will only be levied when the new Budget comes into force, or to fix at the present moment what revenues shall be assigned as guarantee for the service of the debt, so as to make the date of the collection of the revenues correspond with the date on which the interests fall due, the collection of the whole of the revenues forming this guarantee must necessarily be delayed until the month of March next. And it is with the express purpose of providing for the punctual payment of such interests that the Government has undertaken to contract a loan which will merely bear the character of a temporary advance, repayable out of the revenues specified in the abovementioned Table. The revenues to be affected in future years to the service of the National Debt will be fixed by the Ministry of Finance, and they will be specified in a table which shall be forwarded in a few days to the Bank. This document will show that the measures adopted by the Imperial Government with respect to the necessary provisions for the External Loans and the General Debt are of a nature to inspire public confidence. No. 21. Accept, &c. My Lord, London Institution, Finsbury Circus, November 6, 1866. IT is rumoured that the Turkish Government has submitted to requirements made for the security of the public creditors of the Porte generally, and the Imperial Ottoman Bank has just announced that it has obtained authority at once to prepay to itself and others the interest due 1st January next upon its own 6 per cent. loan of 1865. Referring to my previous representations on behalf of Anglo-Turkish bondholders of 1862, I beg leave respectfully to invite a communication of what has been effected by Her Majesty's Government for the protection of those bondholders specifically, whether in modes suggested heretofore or otherwise. Foreign Office, November 7, 1866. I AM directed by Lord Stanley to acknowledge the receipt of your letter of the 6th instant, and, in reply, I am to transmit, for your perusal, the accompanying extract from "La Turquie" newspaper, containing a regulation recently adopted by the Council of Ministers, and sanctioned by the Sultan, for making provision to defray the charges on account of the Ottoman loans;* and I am to request that you will return to me the inclosed papers, which contain the only information his Lordship has to give you on the subject. I am, &c. (Signed) E. HAMMOND. No. 23. My Lord. Mr. Franklin to Lord Stanley.-(Received November 9.) London Institution, Finsbury Circus, November 8, 1866. WITH thankful acknowledgments for the prompt courtesy of sending for my perusal the extract from "La Turquie" newspaper, I hasten to return it as requested, without detaining it to be copied and translated, as seems desirable. I will submit somewhat later observations suggested by the regulation embodied in the paper herewith returned. (Signed) I have, &c. J. A. FRANKLIN, * Inclosure in No. 29, page 35. My Lord, No. 24. Mr. Franklin to Lord Stanley.-(Received November 13.) London Institution, Finsbury Circus, November 12, 1866. I BEG leave respectfully to submit that the publication by the Turkish Government of the document just communicated, affords a favourable opportunity for reasonable requirements to be now made through Her Majesty's Minister at the Porte, having for their object the necessary protection of the Anglo-Turkish bondholders of 1862-requirements most likely to be conceded while the Ottoman Government itself believes, and wishes others to believe, in its ability henceforward to spare so considerable a share of the Ottoman revenues as would satisfy all its bonded creditors indiscriminately. On indirect revenues-now producing 50,000 purses per month-a sum of 7,847 purses represents a mortgage upon Customs dues in favour of the bondholders of 1858; and a sum of 11,807 purses represents the mortgage upon tobacco, salt, stamp, and other imposts, in favour of the bondholders of 1862 (i.e., about one-third of the estimated product of those imposts). But there is this important difference in the nature of those two mortgages-whereas Customs dues had existence before they were exappropriated to the mortgagees in 1858, the revenues assigned to the bondholders of 1862 had not any previous existence, but were specially created (at the instance of British officials) in order to become a provision, upon the security of which the loan of 1862 might be subscribed under the auspices of Her Majesty's Government. It is reasonable, therefore, that the British Miuister should require a nomination, successively, of competent and independent persons to share the custody and supervise the appropriation of those assigned revenues, from their collection (as in an analogous case), checked by a periodical publication of the accounts. It has become only too manifest that, unless that be done, the special nterests of the 1862 bondholders may be abandoned for the want of ready, willing, and disinterested supervision. Waiting your Lordship's concurrence, I have, &c. Foreign Office, November 15, 1866. Sir, I AM directed by Lord Stanley to acquaint you, in reply to your letter of the 12th instant, that his Lordship does not think it expedient to give, at the present time, any further instructions to Her Majesty's Ambassador at Constantinople on the subject of the appointment of a Syndicate in reference to the affairs of the Anglo-Turkish Loan of 1862. I am, &c. (Signed) E. HAMMOND. No. 26. Lord Lyons to Lord Stanley.-(Received March 2.) My Lord, his His Highness gave me the most formal and positive assurance that the arrangement for the assignment of certain revenues to the service of the public debt, which was made by the Iradé of September, would be religiously maintained by the Porte. He said that he held this arrangement to be, like the person of a Sovereign, sacred and inviolable. I went from his Highness' office at the Porte to that of Fuad Pasha, the new Minister for Foreign Affairs. He gave me assurances, in equally positive and distinct terms, that the arrangement would be scrupulously adhered to. [522] I have, &c. |