TURKISH LOAN.

Dominion, Volume 3, Issue 659, 9 November 1909, Page 5

TURKISH LOAN.

EIGHTY PER CENT. FALLING ON. THE ■:■'/ ; : 'y"::'C UNDEEWEITERS. . ;/: - : - .18/ . To!oEtaph.~lW • ■ '„■ ■■■■'■'; : '.■:'■'; ; ; : London, November 7.- . .The underwriters take 80 .per cent, ofthe new Turkish!, per ceiit. loan. .'■• '. ;.:;.' ... ; .-: .-■■: '■■: ; -purposes: of the ,/ ■ v.The.loanis: for. ieT7,oao # Obo : (the: Turkish poTOd : ,s,equal .to ;2to. Gjd.). Of - this amount five ?"^ on ?. tl . ls^mg T floated . in Paris, v and two injUions ~in London..,: of the proin mm n°n7v : t loan ' m! 10 ,. suw - of approximately 10 000 000 francs : will be paid to \L Oriental Railways Company, by, virtue of tho recent agreement, 12,000,0(Wfrancs b 0 dvotedto the payment of the debts of ! the ox-Sultan,"and it is saul that 3,000,000 francs will be. applied to the payment of compensation for, the damages caused by the.events in Adana. The remainder of the loan-will bo employed for covering ,the Budget deficit, :the payment of compensation arnksalaries to officials whose ■services, under the new ; order .of the : State Departments are unnecessary, aud the: increase' of the .allocations to.: the- civil and military pension fund; .which are also requisite owing e n n r n o£ 2 rms --"ft .^proposed'.to:raise tho £ißso,pOO.required.for the payment of intemt on the redemption of the.loan by-means of the tithes of various, vilayets, but-in;case this income should not be sufficient for'the purpose the amount of the difference.is to.be covered out; of the ordinary State!revenue/ A deduction or reduction on,the payment of the bonds and interest: coupons of .the loan will not be"allowed, to be, made,' and -thevbonds and coupons aretel befree now and in the future-from any tax,'duty .or.: stamp, ■:-, :. : ' ■ ■ / .'.The .Government will. not 'take any. steps' to convert the loan before Jnnuary 1, 1920, arid tho amounts, required- for tho annual redemption will be I :collected■ by : the Ministry' of • nWS C ? ,: . i TjK ™ sin & of the revenue' mentioned will be ceded.to the Public Debt Commission if I the. Government, fails:to pay the' loan at any' one of. the appointed periods. The financial in-' sUtutions which take'over the .loan will have to_ bear .the stamp; charges and the cost of printing and publication, and', the; Ministry of Finance will only makii over'the'loan to the group taking it over on ithe' whole and without right of option on a portion , thereof. Itis' further provided that- the, proceeds; of the loan- are ■ to.be placed , at the disposal'of the Government —atthe periods stated in the loan contract and by the end of February, 1910, at 'the latest