THE MILITARY AND FINANCIAL 

 THE MILITARY AND NAVAL EXPENDITURE. 



No account of the Imperial expenditure has ever been published 

 by the Government of Turkey, and we have to rely on an official 

 report, from the British Embassy, supplied by the Budget Com- 

 mittee of 1889, which shows the last estimated annual deficit to be 

 T;^2,9oo,ooo. 



In 1880 the Turkish Government invited delegates, chosen by 

 her creditors, to Constantinople, for the purpose of reorganising her 

 finances. An arrangement was concluded and sanctioned by 

 decree of the Sultan in December, 1881, of which the following is a 

 summary : — 



The total Debt of Turkey, including arrears of interest (excluding 

 guaranteed loans of 1854, 1855, 1871, and 1872), was estimated at 

 _;^252,8oi,885. This sum has been reduced by the Convention to 

 ;^i 06,437,234. To meet the interest on this agreed debt, Turkey 

 surrenders to a Council of Administration of six members, represent- 

 ing England, France, Germany, Austria, Italy, and the Galatea 

 Bankers, certain revenues, which will be employed as follows, four- 

 fifths for interest, and one-fifth for amortisation. 



The Galatea Bankers, who claimed T;£8, 170,000, will be re- 

 imbursed by an annual payment of T;^S9o,ooo, which, with 

 accumulated interest, is at the rate of 5 per cent. The proportion 

 of the Turkish Debt due from Servia, Montenegro, Bulgaria, and 

 Greece, when paid, will be applied to the amortisation of these debts. 



The amount of interest of the guaranteed debts , of 1854, 1855, 

 1871, and 1872, is provided for by the Convention out of the 

 Egyptian Tribute, under the joint guarantee of England and France. 



The indemnity to Russia of ;^32, 000,000 is to be paid, without 

 interest, at the rate of ;^32o,ooo a year, from certain sources of 

 Turkish income, surrendered to Russia. According to the last 

 Budget estimate, the following are the figures as near as can be 

 ascertained, based on the agreement of 1881 : — 



Annual Interest of 



Expenditure, Army and Navy, National Debt, National Debt, 



1889. 1889. 1889. 1889. 



;^i9,26o,ooo. ;^6,2 10,000. ;^2, 136,962. ;^io4,458,7o6. 



EASTERN ROUMELIA, AND BULGARIA. 

 Conformably to the Treaty of Berlin (1878), Roumelia enjoyed 

 an autonomous administration under the immediate authority of 

 Turkey, but by the Revolution which occurred in 1886, its union 



