ta.H., OTTOMAN PUBLIC DEBT.
THE publication of the Annual Report of the Ottoman Public, Debt is always an event for those who want to try to unravel the mysteries of Turkish finance. The summary and comments by Sir Adam Block, the representative of the British and Dutch Bondholders, are always clear and informing. Naturally his task in the latest Report is more difficult than ever. It is not merely that peace is not yet made with the Allies, and that Anatolia is still the scene of contention between the Nationalists of Angora and Greece ; a still graver fact is that the Nationalists of Angora under Kemal have employed for their own use the Revenues which ought to have gone to the Bondholders. The Administration of the Debt has no accounts from its provincial branches and is unable to state exactly how much Revenue the Bondholders have lost. It has to be added that since the evacuation of Cilicia by the French army the Adana Revenues are also lost. Sir Adam Block says that the sum lost up to date may be estimated at about £T16,000,000. No one who understands Turkey, will be surprised to learn that the Administration of the Debt has been informed that the lost money has only been " borrowed" and will be reimbursed. Unfortunately, even with the help of the Bondholders' Revenue, the Angora Nationalists are unable to pay their way. Sir Adam Block points out that this is the first time since the Decree of Muharrem was signed in 1881 that there has been a systematic infringement of the conditions of the Debt. Even during the late war the authorities at Con- stantinople respected those conditions. Sir Adam Block is well justified in his warning that the result of the violation will be further to impair the credit of Turkey.
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