Including a sum of 3,777,306 dr., borrowed from the National Bank of Greece, and spent on the purchase of an estate.

+ Exclusive of 454,000 dr. on account of the Extraordinary Session of 1904. Including the following assignments to the "Caisse de la Défense Nationale":

Dr.

1,750,000

350,000

150,000

2,250,000

A comparison is made in the annexed Table between Revenue and Expenditure in the years 1901-1904. With regard to the returns for recent years Mr. Harvey observes, in his Report to the Foreign Office, that the figures "tend to show that, notwithstanding the large increase in receipts, Greece is allowing her expenditure to outstrip her means. The reasons for this are not far to seek. So long as heavy arrears of taxation are allowed to remain uncollected, and the Chamber votes extra budgetary credits without satisfying itself of the existence of means to meet them, it will be impossible to make sure of a favourable balance on the Budget."

* Exclusive of the loan of 3,777,306 dr., mentioned above in the note under the Table of Expenditure, and of a deposit of 38,950 dr. at Messrs. Hambro's.

The trade movement during the years 1902 and 1903 is given in the following Table. The figures are, however, only provisional.

GUATEMALA.

New Four per Cent. External Debt of Guatemala of

Right Hon. Lord Avebury, Chair- L. Hansard, Esq.

1825.-A Six per Cent. Loan for £1,428,571 was offered by the Central American Federation, of which the present Republic of Guatemala then formed part, but only £163,000 was issued,

at 73 per cent.

1827. On the breaking up of the Federation, Guatemala assumed five-twelfths of the £163,000, or £67,900.

1828-55.-The Loan was in default during this period.

1856.-An Arrangement was made which provided for the conversion of the outstanding Loan and arrears of interest into a Five per Cent. Federal Loan for £100,000, Guatemala acknowledging her liability for one-third of the original Loan of 1825, viz., £54,433, and the interest in arrear from 1828 to 1856, reduced and estimated at £45,567. The Conversion was carried out in London by Messrs. Isaac & Samuel. As security 50 per cent. of the Customs Dues was hypothecated.

1863. A Five per Cent. Loan for £11,000 was issued privately in London for the construction of roads, piers and bridges. This Loan went into default in February, 1864.

1869.-Messrs. Thomson, Bonar & Co. issued a Loan for £500,000 at 70, bearing interest at 6 per cent., with an accumulative