the returns from the assigned Revenues during 1902 might almost be attributed to the abrupt advance which the year 1901 showed in comparison with the preceding years. The nature of most of the assigned Revenues was such as to imply a gradual rate of progress. The gross Receipts in 1901, however, surpassed those during 1900 by 2,289,492 dr. This fact alone would suffice to diminish the importance of the decline in 1902, for on comparing the Receipts for that year with the average for the preceding three full years (1899, 1900 and 1901) of the Commission's existence, it would be found that the balance in favour of 1902 amounted to 501,787 dr. This view was borne out by the detailed examination of the returns from the various Revenues. The falling off in the Stamp Revenue was the main cause of the decreased Receipts in 1902. At the time of the publication of the Commission's Report, the details relating to the consumption of Stamps in 1902 had not been published by the Ministry of Finance, but there was good reason for believing that the shrinkage was only partially due to a diminution in the consumption.* Setting aside certain minor decreases, the state of affairs as regarded the Receipts from the assigned Revenues had therefore been on the whole satisfactory during 1902. On the other hand, the year had been practically barren with regard to the introduction of the measures suggested in the Reports of the Commission for the improvement of the general conditions under which these Revenues were collected.

The general interest which the question of exchange

* The Council, however, understand that this falling off, though no doubt partially due to a reduction in the stock of Stamps remaining at the end of the year in the hands of the Government officials, is mainly to be attributed to a considerable diminution in the actual consumption by the public, resulting from the General Election, which took place in the latter part of 1902, and the consequent closing of the Law Courts for two months.

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had excited appeared to have died down, and during 1902 it had ceased to form the subject of discussions which might have been regarded as the forerunners of measures to be taken with a view to preparing the way for the suppression of the forced currency.

Contraband trade and frauds in connection with the Tobacco tax were still carried on on a vast scale. The Commission, whilst recognising certain efforts on the part of the proper authorities to diminish this abuse, felt that there was but little chance of reaching the desired goal so long as these efforts remain isolated, and often dependent merely upon the goodwill of subordinate officials.

The general receipts and expenses of the Commission during the year 1902 (O.S.), were as follows:

* The total Gross Receipts in Currency from the assigned Revenues for 1902, available for the Debt Service, amounted to 50,393,063.95 dr., as will be seen by reference to the Table

given below on page 164. The discrepancy is accounted for by the Government having

made up the sum of 47,358.20 dr. representing the difference between the actual Receipts (2,874,019.80 dr.) from Cigarette Paper, and the minimum amount guaranteed from that source (2,921,378 dr.).

† Of this total of fr. 1,383,334 a sum of fr. 1,190,838.30 was added to the remittances on account of the Gold Loans, and the balance of fr. 192,495,70 appears amongst the Receipts as available for distribution in 1903.

The Expenditure for the service of the Currency Debt comprised the service of the old Currency Loans, amounting to 4,148,342.50 dr.; that of the new PyrgosMeligala 5 per cent. Loan for the first half-year, amounting to 305,268,75 dr., and that of the Floating Currency Debt, which absorbed 2,892,759.70 dr. The latter amount included the 2,000,000 dr. which, in virtue of Article 30 of the Law of Control, is annually appropriated for the withdrawal of the forced paper currency. The following Table shows the situation of each of these Debts at the close of the years 1898 to 1902 inclusive :—

CURRENCY DEBT.

CAPITAL ACCOUNT.

* Of this Loan 922 Bonds, representing 92,200 dr., in the possession of the Greek Government, were issued in 1900.

The ordinary service commenced on 15th-28th July, 1902, the payment of the first Coupon and the first Amortisation being on 15th-28th January, 1903.

Item 7 of the Expenditure - payment to the State Treasury-included the balance from 1901, which could not be paid over until the accounts relating to the plusvalues during the year were definitely closed. The proportion of the surplus Receipts from the assigned Revenues belonging to the Government was fr. 103,128.46 (gold) and 17,375,715.96 dr. (paper) including 2,717,632.50 dr. resulting from the increase in the Tobacco Tax.

SERVICE OF THE EXTERNAL DEBT.

The remittances made by the Commission during 1902 amounted to fr. 15,822,312.99 including interest. The sum necessary for the service of the Debt was, as is shown by the following Table, fr. 15,715,265.89, including the increase in the Amortisation of the old Gold Loans, in virtue of Article 3 of the Regulations annexed to the Law of Control, amounting to fr. 76,715.79, and fr. 459,787.50 on account of the service of the new "Greek Railways Loan"; these amounts being, however, more than counter-balanced by the cessation of remittances for the payment of the Certificates in respect of the 70 per cent. unpaid of the Coupons matured in 1896 and 1897, whereby an economy of fr. 918,687.58 was realised: