Minister of Finance, and Herr von Helfferich, who repre- sented
the German syndicate. The Constantinople corre-_ spondent of the Times says that the syndicate takes a 4 per cent. loan of £T.7,040,000 at 84. The expenses of the issue are to be paid by Turkey. Djavid Bey also signed an -option on another loan for 2T.3,960,000. It was further arranged tint ET.5,50D,000 should be advanced to Turkey against Treasury bonds. The bonds will bear interest at 5i per cent. It is said that the Credit Mobilier offered a loan at 86 net—the German loan may be taken at 82 net— and that the Ottoman Bank would have offered even better terms had the Turkish Government been willing to accept the French conditions. In other words, Turkey pays about £2.240,000 more for her money than she would have paid in the French market. This is buying freedom from restrictions in the expenditure of the money rather dearly; but Djavid Bey bas expressed his satisfaction at "the friendly attitude of Germany at a critical moment," and said the way was now prepared for further consolidation in Turkey.
