The Sun.
London, England, 1865-08-05 00:00:00

CONVERSION and UNIFICATION of the
INTERNAL DEBTS of the OTTOMAN EMPIRE.
NOTICE IS HEREBY GIVEN, That the CONVER-
SION of the INTERNAL DEBTS of the OTTOMAN
EMPIRE, in accordance with the laws of 17th (29th), 18th
(30th), and 19th (31st) March, 1865, will be OPENED on
TUESDAY, the 3d (15th) August 1865, in the cities and
by the establishments hereinafter mentioned :
Constantinople—By the Provisional Agency of the General
Credit and Finance Company of London, at the building
of the late Exhibition, Place de l'Hippodrome.
London—By the General Credit and Finance Company of
London, 27 Austinfriars.
Paris—By the Societe Generale pour favoriser le Dive-
loppment du Commerce et de l'lndustrie en France, 68,
Rue de Provence.
Amsterdam—By the Banque do Credit et de Diptits des
Pays-Bas.
Frankfort-on-Maine—By Messrs. Von Erlanger and Sons.
Alexandria—By the Ar.glo-Egyptian Bank.
Vienna—By the Credit Anstalt of Austria.
Turin—By the Credit Mobi
de lier r Italien
Genevois.
Geneva—By the Banque Credit
Brussels—By Messrs. J. Matthieu and Sons.
The law of the 17th (29th) of March, 1865, creates the
Grand Livre de la Dette Generale de l'Empire Ottoman,
and that of the 18th (30th) March ordains the inscription of
a sum of 40,000,000 Medjides d'or, composed of 29,000,000
intended for the unification of the internal debts of the
empire ; of 4,000,000 issued by public subscription ; and of
7,000,000 intended for public works, and only to be issued
as follows :-2,000,000 at the soonest one year after the
subscription of the 4,000,000; 3,000,000 at the expiration
of two years ; and 2,000,000 at the expiration of three years.
According to the law of the 17th (29th) of March, no
further inscription can be made in the Grand Livre except
ia virtue of a special law legally published, and after suffi-
cient provision has been made for the interest and sinking
fund of tho now inscription.

-The general debt inscribed in the Grand Livre is
guaranteed by the reserve fund, by the general revenues of
the empire actually unencumbered, and by the revenues
already charged as they become available by the amortisa-
tion of the existing foreign debt; of which they constitute
the special guarantee.
• The debt inscribed on the Grand Livre is to be amortised
in 37 years by means of redemption (rachat), and the
numbers of the bonds redeemed will be published by the
special council charged with the superintendence and con-
trol of all the operations of the sinking and reserve funds.
The bonds bear an annual interest of 5 per cent., pay-
able in gold on the Ist (13th) January and the Ist (13th)
of July of each year at Constantinople, London, Paris
Amsterdam, and Frankfort-on-the-Maine, at the fixed rate
of 110 gold 316djidies, = £lOO sterling, = 2,500 francs.
-By the provisions of the law of the 19th (31st) March,
1865, the conversion of the principal classes of internal
debts, viz., of the Eshami-Djidides of the four issues, of
Tahvilati-Mumtazis, and of the 10-year Serghis will be
effected on the following conditions :
Against 100 gold Medjidies of Eshami-Djedid6 (con-
solid6s) of the Ist, 2d, 3d, and 4th issue; there will be
delivered 121 gold Medjidies of the general debt, equal to
£llO sterling, or to 2,750 francs.
Against 100 gold Medjidies of Tahvilati-Mumtaz4, there
will be delivered 143 gold Medjidies, equal to £l3O ster-
ling, or to 3,250 francs.
Against 11,000 piastres of 10 years Serghis (on s6ngliks),
there will be delivered 110 gold 116djidi6s, equal to £lOO
sterling, or to 2,500 francs.
The Bonds of the General Debt form three classes, viz :
Bonds of 110 Gold Medjidies----,-£lOO sterling=2,soo francs
71 11 55 £5O „ =1,250 „
11 = £lO , = 250 „
" Each bond will be separately inscribed in the Grand
Livre, and will be signed by the Minister of Finance by
the Governor of the General Debt, and by a Controller de-
legated by the Grand Council.
The first Coupon of Interest on the Bonds of the General
Debt being due the Ist (13th) July, 1865, the bearers of the
old Bonds will receive from the Commissioner-delegate at
the time of verification of their bonds special coupons re-
presenting the interest due to them in virtue of the law of
19th (31st) March, 1865.
These Coupons will be payable at the Imperial Ottoman
Bank at Constantinople, London, and Paris, on presenta-
tion, except the special Coupons relating to the arrears of
interest on the Ten-years' Serghis, and due the Ist (13th)
January, and Ist (13th) July, 1866, which will be paid on
their respective clue dates in accordance with Art. 7.
• In virtue of Articles 11 and 12 of the law of the 19th
(31st) March, 1865, all securities of the internal debts, to
whatever class they may belong, not presented for conver-
sion within the period of three months from the opening of
the conversion—that is to say, between the 3d (15th)
August, and the 2d (14th) November following, will not
bo convertible, except with a reduction of 10 per cent., and
only during the period of one month and a half from the
2d (14th) November, 1865. On the expiration of this
second period the operations of the conversion will be de-
clared closed.
In order to facilitate the operation of the conversion,
and to avoid the necessity of issuing Provisional Certifi-
cates, and sending the original bonds for verification to
Constantinople, the Imperial Ottoman Government has
appointed, besides the Commissioners-delegate, verificatory
to attend at London and Paris during the whole period
appointed for the conversion, to verify the bonds pre-
sented for conversion. _

Securities presented elsewhere than at Constantinople,
London, and Paris will be transmitted for verification to
London, except those presented at Alexandria, which will
be sent to Constantinople.
Definitive Bonds of the General Debt of the Ottoman
empire, with coupons for 37 years, now in course of manu-
facture, will be delivered as soon as ready in exchange for
the securities presented for conversion.
In the meantime the securities presented will receive, at
the time of verification, an official stamp and the signature
of the Commissioner-delegate attesting their verification,
to be exchanged by the bearers for the definitive bonds of
the general debt.
Forms of application for conversion may be obtained at
all the offices where the conversion will take place.
Copies of the laws may be obtained at the same places,
and also at the offices of the solicitors, Messrs. Baxter,
Rose, Norton, and Co., No. 6, Victoria-street, Westminster.
For the General Credit and Finance Company

of London (Limited), Agents for the Con-
tractors,
JAMES MACDONALD, General Manager.