The Sun.
London, England, 1855-08-03 00:00:00

THE CREDIT OF TURKEY.

With reference to the credit of Turkey in connexion
with the approaching loan for that country, a corres-
pondent calls attention to some facts of her modern his-
tory showing the good faith she has exercised under im-
portant financial sacrifices. Ever since the commence-
ment of the present struggle there have been parties who
have endeavoured to damage her character by any means;
and if their object is to cause her to imitate the defaults
of the majority of other foreign nations to whom Eng-
land has lent money, they could adopt no surer way than
by teaching her that past honesty is to count for
noshing :
"In the recent discussions in Parliament on the ques-
tion of the proposed guarantee of a loan of 5,000,003. ster-
ling to be raised for warlike purposes on account of the
Turkish Government, doubts were expressed by some of
the members as to how far its integrity and good faith
were to be relied on.
" It may, therefore, not be ont of place to state facts which
' tend to remove those doubts, which you will be pleased to
make use of in such way as in your better judgment may
bo thought necessary to that end.
"After the war between Russia and Turkey, which was
followed by the treaty of Adrianople, the latter Power
had to pay to the former as indemnity for the• expenses of
the war a sum amounting to about 2,003,0001. sterling,
and further, 1,500,000 of Austrian ducats in compensation
for Russian commercial losses, in guarantee for which
Russia held possession of the fortresses of Silistria,
Ibrahim, &c.
"In the course of five years these sums were paid by
Turkey without having had recourse to loans.
'-Again, in 1840, during the war with Egypt, the
British Government aided Turkey by supplying her with
warlike stores to a large amount, which were, in like man-
ner, duly paid by that Power.
"The good faith of the Turks in their engagements with
foreign Powers is proverbial, and nothing has ever occurred
in their transactions of that nature tending to produce a
contrary impression.
"The resources of Turkey are known to be immense,
and only require a good administration to make them
) available. This, it is hoped, may be brought about under
the advice and council of the Allies."

DECLARATION EXCHANGED BETWEEN THE
BRITISH AND FRENCH' GOVERNMENTS
RELATIVE TO THE TURKISH LOAN.

The following official document was issued yesterday :
" Whereas by the convention signed at London on the
27th of June, 1855, between Great Britain, Franco, and
Turkey, for the guarantee of a loan of 5,000,0001. sterling,
to be raised by his Imperial Majesty the Sultan, his Im-
perial Majesty engaged that he will cause to.be remitted to
the Bank of England, on or before the 25th of June and
645th of December in each year, the full amount of one half-
year's interest and sinking fund on the whole amount of
the said loan, or on so much thereof as may be raised, until
the whole capital borrowed shall be repaid; .
" And whereas, in consequence of the guarantee con-
tained in the said convention, the Governments of Great
Britain and France are conjointly answerable forth° pay-
ment of the interest on the said loan ;
" It is agreed between the governments of Great Britain
and France,
" That in the event of the Turkish Government failing,
in whole or in part, so to remit the amount of the half-
year's interest, the British Government shall advance the
amount which may be necessary to enable the Bank of
England to pay the said interest at the appointed time ;
that the British Government shall then transmit to the
French Government an account of the amount so advanced;
and that the French Government, on its part, shall imme-
diately remit to the British Government the half of such
amount; it being understood that any sums so advanced
by the British and French Governments shall be proper-
tionrlly repaid to them out of any funds which may be
remitted by the Turkish Government to the British Go.;
vernment.
" In witness whereof, the undersigned, being duly au-
thorised by their respective Governments, have signed the
present declaration, and have affixed thereto the seal of
their arms.
"Done at London, the 27th day of July, 1855.
(L.S.) " CLASENDON.
(L.S.) " F DEXEBBIGNY."