EXPENDITURE, 1900-1903 (Fractions omitted).

* The Expenditure does not include the 1,217,258 dr. produced by the surtax on Tobacco and temporarily deposited in the National Bank for the service of the Four per Cent. Loan of 1902, and 403,200 dr. due to an Extraordinary Session of the Legislative body.

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

As regards the Revenue and Expenditure, Mr. Harvey has also kindly furnished the Council with the following Table, in which a comparison is attempted between what may fairly be considered as normal Revenue and Expenditure. The Budget Estimates for 1902 and 1903 can perhaps scarcely be taken as indicating the true state of affairs, but it will be observed that the surplus shown by the provisional liquidation for 1901 is only 572,908 dr., as against a surplus of 2,249,060 dr. under the provisional liquidation for 1900.

The trade movement for the years 1900-1902 is shown in the annexed Table. It should, however, be noted that only the figures for 1900 are definitive, those of 1901 and 1902 being subject to future modifications.

GUATEMALA.

New Four per Cent. External Debt of Guatemala of

1825.-A Six per Cent. Loan for £1,428,571 was offered by the Centra 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 Sinking Fund of 3 per cent. The Import Duties of the Republic were assigned as security for this Loan.

1876. The Loans of 1856 and 1869 went into default.

1878.--One-third of the Coupon due 1st April, 1876, was paid in