The Sun.
London, England, 1865-04-29 00:00:00

BUSINESS OF THE COMPANY.

As Commission Merchants, the Company will receive,
on the usual terms, consignments of goods fir sale in
English and Foreign markets, from merchants and others
in the Ottoman Empire, as well as from merchants, ma-
nufacturers, and others in this country and abroad, for
sale in Turkish markets, and will execute orders for their
correspondents both in Western Europe and the Ottoman
Empire.
An important branch of the Company's business will
consist in making Cash Advances to the native cultivators.
The rate of interest usually paid for such loans is very
high, ranging from 1 to. 4 per cent. per month (from 18 to
48 per cent. per annum), the security consisting of stand-
ing crops, articles of value easily convertible, and, when
required, responsible personal guarantee. On this subject
much valuable information has been obtained from the
English Consuls in Turkey, in reply -to a recent circular
despatch from his Excellency Sir Henry Bulwer, H.B.M.
Ambassador at Constantinople. One of the inquiries directed
by his Excellency was, "Do farmers borrow-money com-
monly in anticipation of their. crops ? How are the ad-
fances secured; and art losses c.:ten incurred -by the-ren
der ?" The following are extracts from the official re-
plies :
ADRIANOPLE.—Mr. Vich-Consul Blunt :—" Farmers
quite frequently borrow money upon their crops. The or-
dinary rate of interest is 2 per cent. a-month (24 per cent.
per annum), and even higher than that. Often the money
is secured by other responsible persons becoming security,
and by pledges of personal property. Losses are seldom
incurred by the lenders."
ARTA.—Mr. Acting-Consul Caravias:—" The common
rate of interest is 2 per cent. a-month. Such loans or ad-
vances are always secured on the crop, and losses are
rarely incurred by the lenders."
CAVALIA.—Mr. Vice-Consul Maling :—" From 15 to
30 per cent. are the rates of interest charged by merchants;
the crop being pledged for the advanees, and the security
valid, losses are seldom incurred. Money-lenders charge
the peasantry 5 to 7 per cent. per month, and realise in this
way enormous gains.'
CONSTANTINOPLE.—Mr. Consul-General Cumber-
bach :—" A farmer who requires money to carry on his
pursuits, sells his produce before he realises it at a certain
price, which is always much below what he could obtain
for it in the market; and thereby loses on an average from
20 to 80 per cent., the usurer-taking care, by giving him-
self a very-large margin, to secure himself against even-
tualities."

CYPRITS.—Mr. Vice-Consul White :—" The custom of
borrowing money in anticipation of the crops is common.
The rate of interest varies from 12 to 20 per cent. ; few
losses are incurred."

DARDANELLES,—Mr. Acting-Consul Raby Far-
mers commonly borrow money in anticipation, and on
security of their crops, 15 and even 25 per cent. interest
being charged fora few months. The lender very seldom
incurs any losses."
DIARBEKILR—Mr. Consul Taylor:—Capitalists ad-
vance money on the crops, charging 2 to 3 per cent. inte-
rest per month ; losses are rare.
GALLIPOLI—Mr. Acting Vice-Consul Whitaker :
" As a rule the farmers in this province all borrow money
on their crops ; even those who are wealthy, and have gold
hoarded up, will borrow to defray the expenses of cultiva-
tion, rather than encroach upon their treasure. The rate
of interest is generally 20 per cent., and the farmers are
very well pleased to borrow at this rate. Losses must be
very rare, as I have never either experienced or heard of
others suffering any."
JANINA.—Mr. Vice-Consul Stuart :—`• Interest is 21
3, and 4 per per cent. a month. The advances are always
secured upon the crops, and losses are but rarely incurred
by the lenders."
SALONICA.—Mr. Consul Wilkinson :—" Farmers bor-
row money in anticipation of their crops. The rate of in-
terest usually charged is seldom less than 20 per cont."
SAYADA.—Mr. Consul Zarb :—" Money is lent to the
cultivators at the rate of 5 per cent. per month ; the ad-
vances are always secured on the crops, and losses by the
lenders are very rare."
SMYRNA.—Mr. Consul Blunt:—" The native cultiva-
tors always require advances in anticipation of their crops,
at a nominal rate of interest, say 1 to 2 per cent. per
mouth, but it is actually more. The title deeds of the farm
are transferred to the Turkish Court under the title of
Istilall, or mortgage."
TRIPOLI.—Mr. Consul-General Herman :—" Almost
the totality of them (the merchants) derive their chief
sources of profit from lending money on pledges, on which
they levy a rate of interest of 4 to 6 per cent. per month (48
to 72 per cent. per annum), and sometimes more."
VOL o.—Mr. Vice-Consul Suter.-"Loans to the growers
are secured by pledging the produce, and are not often at-
tended with loss. The rates of interest are never less than
12, and often more than 20 per cent. per annum."
As Financial Agents the Company will give its assist-
ance to the Ottoman Government in the promotion of re-
productive public works, conducing to the improvement of
internal transit and the development of external trade, and
act generally as Financial Agents in, and in connection
with, the Ottoman Empire.
The Company is prevented by the terms of the Memo-
randum of Association from trading for its own account.

GENERAL ARRANGEMENTS.
The Head Office of the Company will be in London, with
Agencies in Leeds, Liverpool, and Manchester. Branches
will be established at the ports of Constantinople, Smyrna,
and Beyrout, and Agents will be appointed in the interior,
subject to the superintendence and control of the branches
to which their districts may be attached.
The exclusive services of gentlemen of established repu-
tation and acknowledged local experience having been ob-
tained, the operations of the Company will immediately
commence at Smyrna, where a valuable and old-established
business of 60 years' standing has been secured.
APPLICATIONS FOR SHARES.
Applications for Shares may be addressed in the annexed
form to the Directors, and copies of the Prospectus may be
obtained at the Temporary Offices of the Company, or at
the Offices of the Bankers, Brokers, and Solicitors ; but no
application will be considered unless a deposit of £1 per
Shares on the number of Shares applied for has been paid.
A copy of the Memorandum and Articles of Association
may be inspected at the Offices of the Solicitors, or at the
Temporary Offices of the Company. Copies will be for-
warded by post, without charge, on application to the
Secretary.

FORM OF APPLICATION FOR SHARES.
(To be retained by the Bankers.)
No.
To the Directors of the Ottoman Company (Limited).
Gentlemen,
Having paid to your Bankers the sum of 7
being a deposit of £1 per Share on Shares in the above
Company, I hereby request that you will allot me that
number, and I agree to become a member of the Company
in respect of such Shares, or in respect of any less number
you may allot me, and to execute the Articles of Associa-
tion when required; and I request that my name may be
placed on the Register of Members for the Shares so
allotted.

Usual Signature
Name in full
Residence
Profession of Business
Date

MURRAY and CO.'S BOOK of INFORMA-
TION for RAILWAY TRAV ELL ERS, RAILWAY
OFFICIALS, Ac., Illustrated with Anecdotes, by R. Bolin,
Sup. G. W. Railway.
Murray and Co., 13, Paternoster-row; and all booksellers
and ra lway bookstalls.