The Sun.
London, England, 1860-12-12 00:00:00

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revenue of the empire, it will be acknowledged, in spite ofl
every prejudice, that three things appear as clear as day :
" In the first place, it is, that a budget of between 275
an 00 millions is very low for so vast an empire, and in-
dicat , a very moderate taxation.
" econdly, it is that a funded debt of 310,000,000 is alto-
gether a trifling charge when compared with the debts con-
tracted during only half a century by the great States of

Europe.
" Thirdly and lastly, it is that this situation, taken altoge-
ther, proves that the Turkish administration is less irregn,
lar or more economical than is generally believed."
VI.
After having exposed, as exactly as possible, the financial
eituation of the Ottoman Empire, andbefore indicating the
gme,”antees furnished by the Government of his Imperial
majm•ty, it remains to point out the character and the ob-
ject of this loan.
An ex.ample borrowed from the financial history of Eu-
rope in thy.se recent years will clearly elucidate the idea that
has influenc'e'd the contractors.
Four years L.,7e the Queen of Spain had just dissolved the
Cortes and summoned Marshal Narvaez to the Presidency
of the Council of Ninisters. At that very moment a bad
harvest of cereals was
_producing an uneasiness that further
aggravated the general and political state of the country.
It was then that one of the contractors, M. Mires, was sum-
moned to Madrid by the interim:di:Alan of an influential
personage, and was put in communication with Marshal
Narvaez for the negotiation of a loan. ,lle found at Madrid
something analogous to what was mcas-, with at Constan-
tinople—that is a commercial situa,tica little developed,
which gave but few outlets to capital, anyl left the bankers
scarcely any other custom than that of the p,•overnment.
It will be understood, in short, that vel&n commercial
and industrial affairs do not offer sufficient Itliment to capi-
talists, they turn away from their natural mission to pursue
the path which offers them greater and more inaZnediate ad-
yantage.
7he Spanish government was desirous of making: a lode.
at that period, not only to pay for the grain it was buying in'
different ports of the Mediterranean, but also to pay the in-
terest of the public debt. The Madrid bankers wore aware
of these aembarrassments and were not willing to facilitate
the loan fitrther than within the urgent wants of the treasury.
There resulted to the government a precarious situation,
that damaged its credit and obliged it to pay a very high
interest (10 and 12 per cent.) for the smallest sums fur-
nished by the bankers. This situation is exactly that of the
Ottoman government.
M. Mires was struck with the danger that such a state of
things presented to the prosperity of Spain, and in a confer-
ence with Marshal Narvarz and M. Barsanallina, then Mi-
nister of Finances, he offered to remedy it, by taking the
entire balance of the loan of two millions o reale authorised
by the Cortes. This balance consisted of 800 millions of reals.
This was the basis of the loan of which he obtained the con-
• cession, and the realisation of which may be said td
into
o have
been the point of departure for the ascendieg perio
which Spain has entered. The. large resourceo placed by
that loan at the disposal of the Spanish governmezit gave a
spring to its credit., and the Spanish Three per Cents,., which
were at 36f. in 1856, are now at Of.
Such iv the object that was attained in Spain, such is
that pursued at Constantinople. The contractors could
make a loan Pr a more restricted figure than that at
which they have stopped, but then the Ottoman Em-
pire would not be with sufficient resources to withdraw'
from circulation the paper money which clogs commercial
enterprise, nor to extinguish the greatest part of its floating
debt, nor lastly to escape' from the exigencies of a few
bankers.
The contractors have done still more. By an agreement
concluded with the directors of the Bank of Turkey, they
have insured to that institution great advantages, by
facili-
tating for it some important operations useful to Ottoman
credit. They are creating a financial company for public
works and the construction of railways. Already the con-
cession of the railway from Constantinople
sts to Adrianople is
demanded by a powerful company of capitali aankers.
In fine, everything leads to the presumptiont that the
for reathli-
sation of this „loan will be the dayspring of a new era e
Ottoman Empiie, just as the Spanish loan has been one of
the causes of the ilevelopment of prosperity in the Iberian
peninsula.

VII.
THE GUARA.ATTEES FOR THE LOAN.
Although the rank of the Ottoman Empire in Europe, its
immense resources, and the relatively small amount of it
debt, offer to capitalists absolute security and great advan- •
tages, the contractors, however, 1.;lt it incumbent on them,
though it appeared unnecessary, to &mend special guaran-
tees beyond the general assignment of all the revenues of
the empire. These guarantees have beau accorded with the
greatest sincerity and, the most perfect goad th ; the
duc-
f tible aiy do
not depend upon contingent revenues, suscep of re
tion, but on the surest and most important returns, for
they
ar© all farmed, and easy of realisation. Their amount greatly
exceeds the sum necessary for the payment of the interest-
and for the redemption of the loan in a period of 36 years.
Whatever might be the conviction of the contractors upon
the really favourable financial condition of Turkey, they felt
compelled to take into consideration the errors propagated
against the Ottoman Empire, and it is with , the object of
combating and destroying these errors that, independently
of the guarantees accorded, they have demanded and ob-
tained tho formation of an international commission com-
posed of digtjnguished men. .
This estmaission of 12 members, resident at Constanti-
nople, Paris, and London, is deputed to supervise the re-
turn of the TOTOTIIIt.'S assigned in guarantee, and the regular
payment in Paris cut,l London of the isterest and redemp-
tion of the loan.
It is on those InerahErt,s of this commission resident at
Constantinople that will traturaity fall the most useful task,
viz., that of superintending ,the returns of the revenues
given as guarantee.
It will, therefore, be of service it.' announce their personal
situation, because it is precisely this' which has determined
the choice of which they have been tht: object.
The members resident at Constatttinople
The Marquis de Plceuc, inspector of the Finances of
France, sent on a mission to Constantinople,. at the request
of the Ottoman government, to co-operate in the financial
reorganization, and in this capacity member of tile Superior
Council of the Finances of the Ottoman Empire.
M. David Glavani, banker at Constantinople, and the
highest and most honourable of the financial notabilities of
the empire.
Mr.
•Ch. S Hanson, banker, one of the censors of the
Ottoman Bank at Constantinople, and brother of one of
the directors of the Bank of England.
Mr. Ch. Arland, one of the principals of the house of
Arland, G. Court and Co., and a partner of the special
commissioner of the Ottoman government for the loan.
Members residing in London :
The direction of the Bank of Turkey, composed of—
RusoeiJ Ellice, Esq., of the firm of Roberts, Lubbock,

and Co.
William eatidstene, Esq., of the limo of Thomson, Bonar,
and Co.
B
.
H. G. Gordon, Esq.., of the Oriental Rodocanachi
M. E.:Rodocanachi, Bag , of the firm of
Sons, and Co.
Members residing in Paris :
Count Simeon, senator.
ul
M. Donon, banker, cons-gsneral of Turkey.
M. Lichtlin, director of the Societe Generale de Credit
Commercial of Induetriel.
M. Isadore Fould.

After having summarily exhibited the general situ'ati°n
of the Ottoman Empire, and the financial consideratx:eng
which have determined thp contractors to undertake thieloae7,
they have the right to add that, whilst seeking advantages,
for the interests they represent, they further believe they
will be useful to the great European family by contributing
to the prosperity of an empire so necessary to the equili-
brium of all States, and the integriti of which has been
assured by the concurrence of the Grelt Wester Powers
when they admitted the Ottoman Empia into then uropean
compact.—R ec sive, &c.
F of the Ottoman Loan,
Tor the Contractors
I. MIRES.

The Charicari publishes a caricature, in which
two Chinese mandarins are represented in the background
piece. llere, then,
in great affliction, while in front two French soldiers appear
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that, 2,0 Li t most joyously "Ah 1"
cdeetrt
hsaf.ve .
cries one of the soldiers,
it turns up again.
imaginedthat it would have found &
riiiongeoepuSliac
in
China
1,,
" Ay," replies the other, " and
see how happ7 it appears again to behold its countrymen.'
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