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The Syndicate referred to in the Council's last Report as having been formed by the Bank of Spain and certain Spanish Railway Companies for the purpose of giving stability to the rate of exchange, was dissolved at the close of the first year of its existence, viz., on the 17th January last, having, as far as can be seen, proved an entire failure with regard to the purposes for which it was formed.
In the following Table are reproduced the official average rates of exchange given in the Gaceta de Madrid for each fortnight of the year ending 1st August, 1904 :—
VALUE OF IMPORTS AND EXPORTS, 1901, 1902, AND 1903.
229,965.744 278,895,489 308,940,285 2,196,720 3,390,109 3,997,499 21,690,024
138,592,414 110,509,650 122, 108,078
837,843,365 810,543,436 835,670,436 706,200,343 767,936,230 810,628,863
TURKISH EXTERNAL DEBT.
(NOTE-The figures are given in Turkish Pounds.
£10=£T.11. The amounts given in the case of the Unified Converted Debt and the Lots Turcs are those outstanding on 13th March, and in the case of the other Loans on 30th June, 1904.)
I. LOANS SPECIALLY SECURED ON THE
• The service of these Loans being charged on the revenues of Egypt, they can scarcely be regarded as forming part of the Debt of Turkey. The 1855 Loan is quoted under "British Funds."
+ These Loans are not officially quoted on the London Stock Exchange. None of this Loan has as yet been issued to the public.
Estimated Area (immed.ate possessions in Europe and Asia only) Estimated Population Capital, Constantinople. Population +External Debt per head
F. D. Ibbett, Esq.
W. Trotter, Esq.
Dyson Weston, Esq.
Turkish Ambassador in London
Representative of British Bond
holders at Constantinople...
710,000 square 24,028,900. 880,000.
£2. 16s. 10d.
British Ambassador at Constantinople Right Hon. Sir Nicholas
O'Conor, G.C.B., G.C.M.G.
James P. Cooper, Esq.
• These Loans are not officially quoted on the London Stock Exchange.
+ Exclusive of Loans secured upon the Egyptian Tribute.
Adam Block, Esq., C.M.G.
HISTORY OF THE FOREIGN DEBT.
1854. Six per Cent. Loan. Original amount, £5,000,000, of which only £3,000,000 was issued in England at 80 per cent. specially secured on the Egyptian Tribute. Sinking Fund: 1 per cent. accumulative. In 1877, on condition that the funds for the service of the Loan should be remitted direct from Egypt to the Bondholders, the interest was reduced to 5 per cent. and the Sinking Fund to per cent. on the £1,800,300 Bonds then outstanding. Converted in 1894. (See below.)
1855. Four per Cent. Guaranteed Loan. Original amount, £5,000,000. Issued by Messrs. Rothschild at 102 per cent. Sinking Fund 1 per cent. per annum from August, 1859. Interest and Sinking Fund were secured upon the whole Revenue of the Ottoman Empire, and specially upon the balance, remitted directly to the Bank of England, of the Egyptian Tribute, and also upon the Customs Duties of Smyrna and Syria. The interest was further guaranteed by England and France, and the Loan, which is quoted with British Funds, did not go into default in 1876. Since May, 1875, no Bonds have been redeemed. The drawings have, however, been regularly continued, so that the whole of the Bonds outstanding have been drawn. The amount unredeemed is £3,815,200, on which interest is punctually paid. Since 1878, the Tribute payable by Cyprus to the Turkish Government has been retained by Great Britain and applied to the service of this Loan.
858. Six per Cent. Loan. Original amount, £5,000,000. Issued in London at 85 per cent. to the amount of £4,380,000, and at 62 per cent. for the remaining £620,000 in 1859. Sinking Fund 1 per cent. Specially secured upon the Customs and Octroi of Constantinople. The dividends and drawings were paid regularly until September, 1876. Included under the Decree of 1881.
1860.-Six per Cent. Loan. Original amount, £2,037,220. Issued in Paris in Bonds of 500 francs, or £20, at 62 per cent. Sinking Fund, 0.823 per cent. secured on indirect taxes and certain tithes. Included under the Decree of 1881.