Five per Cent. Loan, Piræus-Larissa Railway,

Four per Cent. "Greek Railways Loan" of 1902, amount issued March, 1902

*Two and a-Half per Cent. Loan of 1898 (Guaranteed by Powers). Amount issued

* The total authorised issue of this Loan is an amount of Bonds sufficient to produce the sum of £6,800,000 net, of which Bonds to the amount of £6,023,700 have been issued to date, realising as nearly as possible £6,000,000 nett cash. (See History of the Debt below.)

1824-5.-Five per Cent. Independence Loan. Issued at 59 and 56 per cent. Original amount, £2,800,000. The interest was paid for two years and then fell into default.

1833. Five per Cent. Loan. Nominal amount, fr. 60,000,000, Contracted through Messrs. Rothschild. Guaranteed as to one-third each by England, France and Russia. A Stock Exchange quotation was never granted, Greece being in default at the time of issue. Interest and redemption were originally secured on the whole Greek Revenue; nevertheless the Greek Government for many years paid little or nothing, and the service was regularly met by the guarantors. Under an Arrangement made with the Guaranteeing Powers in 1864 the sum to be paid annually by Greece was fixed at fr. 900,000, one-third of the Customs Receipts of Syra having been assigned as security for the payments to be made by the Powers. The whole amount of the Loan in the hands of the Public was paid off about 1871, whilst the payments by Greece to the Powers have since been regularly continued.

.

1879. Five per Cent. Bonds. Issued to convert the Loan of 1824-5, including the overdue interest, £1,200,000, at the following

rates :

£31. 12s. per £100 for Bonds of the 1824 issue.

1879.-Six per Cent. Loan of fr. 60,000,000 issued in France at fr. 392.50 per fr. 500 Bond. Paid off in 1889.

1881. Five per Cent. Loan, £4,800,000. Issued at 74 per cent. Sinking Fund o8 per cent. Originally secured on the Tax on the consumption of Tobacco, the Revenues from National Lands and Plantations, and the free Balance of Customs Receipts of Athens, the Piræus, Patras and Zante. The principal and interest of this Loan were to be free of all taxation.

1884. Five per Cent. Loan.

Authorised amount, £6,800,000, of which £4,400,000 was offered for public subscription by Messrs. Hambro at 68 per cent., and £2,400,000 retained by the Government. Sinking Fund o8 per cent. Originally secured on the available Balance of the Customs Receipts of Piræus, Athens, Patras, Syra, Catacolo, Calamata, Cephalonia, Zante and Corfu, of the Stamp Tax, of the Revenues from National Lands and Plantations, and of the Tax on the consumption of Tobacco, with the whole Customs Receipts of Volo, Yagasi, and Arta. The Government officials were to be held personally responsible for the due employment of the above-mentioned Revenues. The principal and interest of this Loan were to be free of all taxation.

1887. Four per Cent. Monopoly Loan, £5,400,000. Issued at 78 per cent. Sinking Fund, about per cent. Originally secured on the monopolies of Salt, Petroleum, Playing Cards, Matches, Cigarette Paper and Naxos Emery, the administration of which was confided to the Monopoly Company. The principal and interest of the Loan were to be free of all taxation.

1889.-Four per Cent. Rentes, £6,200,000. Issued to the Public in two portions at 72 and 77 per cent.

Three Six per Cent. Loans, i.e., the External Loan of 1879, the Myli-Kalamata Railway Loan and the MissolonghiAgrinion Railway Loan, were redeemed out of the proceeds of this Loan.

1890.-Five per Cent. Loan (Piræus-Larissa Railway).

Amount

authorised, £3,595,000, of which £2,400,000 was issued to the Public in two portions at 93 and 86 per cent.

1893.-Five per Cent. Funding Loan. This was issued under the Decree of 11th June, 1893, for the purpose of funding the interest on the Debt for three years, except on the Monopoly Loan of 1887. The Coupons maturing in June, July, and October of that year were paid in the Bonds of this Loan. In November, 1893, however, the Government decided to discontinue the Issue.

By the Law of the 10th-22nd December, 1893, the Coupons on the External Debt, including the Monopoly Loan of 1887, were, pending an Arrangement with the Bondholders, to be paid at 30 per cent. in gold of their nominal value, with the exception of those on the Piræus-Larissa Railway Loan of 1890 falling due on the 15th December, 1893, and on the Loans of 1881, 1884, and 1887 (Monopoly) due on the Ist January, 1894, which were to be paid at the rate of 50 per cent. in bank notes. It was also provided that the Coupons which fell due in June, July, and October, 1893, which had not been exchanged for scrip of the Funding Loan should be treated in the same way. (The Agents abroad were authorised to purchase these Coupons at the market rate of the day, which has varied from about 4s. to 5s. 6d. per £.)

All Sinking Funds were suspended, and the Revenues hitherto assigned to the National Loans were ordered to be paid into the Public Treasury. The Government also suppressed the Caisse recently established for the service of the Funding Loan, and appropriated for its own purposes the funds in the hands of the Monopoly Company.

1894.--In accordance with the above-mentioned Law, the interest on the Funding Loan due the 1st January, 1894, was paid at 30