Of this total of fr. 1,141.757.60 a sum of fr. 868,207.95 was added to the remit tances on account of the Gold Loans, and the balance of fr. 273,549.65 appears amongst the Receipts as available for distribution in 1904.

Under the Service of Currency Loans was included the service of the old Currency Loans, requiring 4,153,605.60 dr.; that of the Pyrgos-Meligala Five per Cent. Railway Loan amounting to 614,808.75 dr.; that of the Floating Currency Debt, which absorbed 872,759.70 dr., and the sum of 2,000,000 dr., which, in accordance with the provisions of Article 30 of the Law of Control, is annually devoted to the withdrawal of forced paper currency. The situation of these Loans at the close of each year from 1899 to 1903, inclusive, is shown in the annexed Table:

1868 4% King Otho 1885 Patriotic Loan (without interest) 1898 5% Unified.. †1900 5% PyrgosMeligala Railway Forced Currency of Bank notes and Bonds

Dr. (Paper). Dr. (Paper). Dr. (Paper). Dr. (Paper). Dr. (Paper). 1,400,001.55 1,261,335.70 1,110,207.60 952,977.25 789,405-15

2,263,950.00 2,227,670.00 2,191,390.00 2,155,110.00 2,118,830.00 76,147,300.00 $76,160,000.00 76,080,000.00 75,990,000.00 75,890,000.00

11,750,000.00 11,730,000.00

93,775,974-94 91,775 974-94 89,775,974-94 87,775,974-94 85,775-974-94

Total

173,594,326.49 171,424,980.64 169,157,572.54 178 624,062.19 176,304,210.09

*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.

It will be observed that the last item (No. 9) in the Statement of Expenditure given above included the Government's share of the surplus of the assigned Revenues in respect of the second half-year of 1902. This could not be paid over until the accounts relating to the plus-values during the year had been closed. The propor tion of the total surplus Receipts from the assigned Revenues accruing to the Government during 1903 was fr. 138,906.55 (gold) and 16,234,055.96 dr. (paper), including 2,914,147.50 dr. produced by the surtax on Tobacco.

SERVICE OF THE EXTERNAL DEBT.

During 1903 the remittances made by the Commission amounted to fr. 17.417.334.72, including interest and the value of coupons missing on certain Bonds purchased for amortisation. As is shown by the following Table, the amount actually required for the service of the Debt, including the Four per Cent. "Greek Railways" Loan of 1902, was slightly less, being fr. 17,344,272.93.

The total disbursements effected by the paying establishments in 1903, on account of that and preceding years, amounted to fr. 17,651,842.09, and there remained in their hands on the 31st December a balance of fr. 4,020,076.23 to provide for the Coupons maturing on 1st January, 1904, and to meet the payment of such unprescribed Coupons of earlier date as had not then been presented.

With regard to the additional interest on the Funding Loan, the final distribution in respect of which will take place in October of the current year, the amount in hand on the 31st December, 1903, after allowing for Coupons not presented for payment, was fr. 35.454-36, reckoning at par the Guaranteed Bonds in which the money has been invested. This sum, however, owing to the loss on the sale of the Guaranteed Bonds, would not suffice to pay the additional interest, at the rate of 8 per cent. per annum of the original interest, on all four Coupons maturing during 1904, and, consequently, the October Coupon would probably be paid at a lower rate which would be fixed after payment of the July Coupon.

The following Table gives a summary of the payment of Coupons during 1903, classified according to countries. Eliminating the amounts paid on account of the Greek Railways Loan, the Coupons paid in England represented fr. 6,252,045 out of a total of fr. 12,471,228. The sum paid in this country, therefore, shows a slight falling off as compared with the corresponding figures for 1902, although it still amounts to 50 per cent. of the total. It may also be noted that the Table shows that a steady transfer of Greek Bonds from Germany to France is taking place.