FINANCE
()9o
Finance.
Ill iiccoiilaiicc with the peace picliiuinaiies Ix'twceu CJictHC and 'J'uikcy, and the Greek Law of Control of March, 1898, the fhiancial commission of <lele- gates representing Germany, Austria, Hungary, France, Great Britain, Italy, and Russia (the mediating powers) established at Athens, has investigated the general position of the revenue and expenditure of Greece ; has arranged i'or the service of the old debt and for the conclusion of the new loan ; and has organised a system of international control over Greek finance. A review of the revenue and expenditure for five years, 1892-96, showed that the average receipts amounted to 91,651,134 drachmai (currency) and the avenige admi- nistrative expenditure to 61,951,326 drachmai. These averages being taken as a basis, it was assumed, on the one hand, that owing to the recent war there would be a diminished revenue until the normal condition should be restored, and on the other hand, that, while certain branches of expenditure should be reduced, others, including the reorganisation of the police and of primary education in acconlance witii existing enactments, would require to be increased. The following table, compiled from the tables given (April, 1898) in the Report by Major Law, the British delegate to the commission, presents a summary of the estimated budgets for six years, showing the ordinary revenue, the expenditure for administration and for the service of the old debt, the sum available for service of the new loan, the annual expenditure for the new loan and international commission ; and the surplus or deficit ( — ) at the end of each year (exchange at 1 '60 drachmai currency = 1 franc, or 1 drachma = about 6d.) : —
1898
1899
1900
Ordinary revenue . . . .
Expenditure :
Administrative
Loan of 1833 and extornal debt . Special jiaynients to old creditors Internal debt and withdrawal of forced currency
Total expenditure ....
Balance available for new loan . Receipts from new loan
Total available receipts
Expenditure on new loan, &c. : Deficit of preceding year Service of new loan .... Commission expenses .... Temporary loan charges
Total . . .
Surplus or deficit at end of year .
Drachmai 85,556,500
Drachmai 89,639,040
Drachmai
92,598,780
65,501,326
15,658,750
6,580,000
5,545,610
64,051,326
15,658,750
1,780,000
5,145,610
63,851,326
15,658,750
1,780,000
7,145,6101
93,285,686
86,635,686
88,435,686
-7,729,186 4,425,000
3,003,954 8,000,000
4,163,094
-3,304,186
11,003,954
4,163,094
8,000,0002 200,000
6,504,186
6,050,0003
250,000
250,000
2,050,232
6,200,0004
250,000
250,000
3,200,000
13,054,186
8,750,232
-6,504,186
-2,050,232
-4,587,138
1 Including, for 1900 and onwards, 2,000,000 drachmai for withdrawal of forced currency. - Interest on liist issue for half year at 2i per cent.
3 Interest on first and second issues at 2i per cent.
4 Int«^rest and sinking fund together 3'0 per cent.
