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Eighteenth Quarterly Report of the Refugee Settlement Commission

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Eighteenth Quarterly Report of the Refugee Settlement Commission [Distributed to th e Council C. 215. M. 71. 1928.11. and the Members of the League.] [F. 520.] Geneva, May 21st, 1928. LEAGUE OF NATIONS Eighteenth Quarterly Report of the Refugee Settlement Commission Athens, May 14th, 1928. FINANCIAL SITUATION A. Situation on March 31ST, 1928. Liabilities : £ s. d. Proceeds of the 7% 1924 L o a n ....................................................................... 9,970,016 6 9 Proceeds of the 6% 1928 L o a n ....................................................................... 499,759 17 0 Contributions of the Greek Government for the purchase of cereals in 1924 ................................................................................................................. 219,619 13 0 Receipts (interest, e t c .) ......................................................................................... 329,335 9 4 Bonds deposited by refugees as security for their d e b ts ........................ 144,425 0 0 C om m itm ents............................................................................................................ 167,320 5 10 Various per contra a c c o u n ts ................................................................................ 350,001 3 11 £11,680,477 *5 10 Assàs : Balances available at Bank and Head Office. 1,260,442 12 6 Bonds deposited ........................................................ 144,425 o 0 Recoverable advances............................................... 4,164 9 9 Expenditure : Agricultural Settlement : x s. Establishment ex­ s. d. penses .... 7,723,010 12 4Y2 General expenses 753,915 16 6 % 8,476,926 8 11 Urban Settlement : Establishment ex­ penses .... 1,153,582 10 4 General expenses 21,375 19 9 1,174,958 10 Central Administration: General charges . 139.386 Furniture and fittings ................................. 23,610 9,814,881 11 1 Sums applied to redemption of the 7 % 1924 Loan ................................................................... 106,562 18 7 Various per contra a c c o u n ts .......................................... .........................................................3 5 0 ,0 0 1 3 h Total .... £11,680,477 15 10 s- d' N. 975 (F.) + 775 (A.) 5/28. Imp. J. de G. Publications of the League of Nations li. ECONOMIC AND FINANCIAL 1928. II. 20. The following notes facilitate the reading of this balance-sheet. L i a b il it ie s . £ s. i Proceeds of the 6% 1928 L o a n ........................................................................................... 499.759 17 0 In accordance with the Protocol signed at Geneva on September 15th, 1927, the Hellenic Government was enabled to contract a loan of £9,000,000 for the purpose of stabilising the Greek currency, liquidating the budget arrears of the Hellenic State and continuing the work of the establishment of the refugees. With this object, in February 1928, the Government, through the intermediary of the Hambro and Speyer Banks, raised a 6% Loan for £4,070,960 and $17,000,000 (approximately £6,500,000). The equivalent of the other £2,500,000, in accordance with the Agreement concluded between the Hellenic Government and the Government of the United States of America dated January 18th, 1928, will be furnished by the latter by a loan of $12,167,000 at 4 per cent. The total sum destined for the establishment of the refugees is £3,000,000, of which £500,000 (i.e., £266,666 and 81,137,498) is to be charged against the proceeds of the £6,500,000 Loan, and the remainder against the proceeds of the American Loan, which, in virtue of Article 6 of the Agreement mentioned above, is to be devoted in its entirety to the establishment of the refugees. The first sum of approximately £500,000 was paid to the Commission by the Hambro and Speyer Banks during the months of February and March, i.e., £266,666 by Hambros Bank and §1,137,498 by Speyer & Co. These two sums added together produce the amount mentioned above of £499,759 17s., dollars having been converted into £ sterling at the rate of 84.88. With regard to the proceeds of the American Loan of $12,167,000, these have not as yet been paid to the Commission, in view of the fact that the Agreement relating thereto must previously be ratified by the American Congress (it has already been ratified by the Greek Chamber). This Agreement has already been transmitted by a Note of the President of the United States dated February 6th, 1928, to Congress, and has been examined by the Ways and Means Committee of the House of Representatives, which has pronounced favourably upon it. Although everything would point to an early ratification, it is not possible to state with absolute certainty wTien the funds in question wrill be placed at the disposition of the Commission. £ s. I Receipts ................................................................................................................................. 329.335 9 4 The analysis of this heading is as follows : £ s. d. Interest on b a la n c e s ....................................................................... 252,752 5 2 Caution money forfeited.................................................................. 8,652 10 4 Various r e c e ip ts ................................................................................ 10,792 6 4 Share of the Refugee Settlement Commission in the pay­ ments by refugees (25 percent of capital repayments and 100 per cent of the payments of interest) . 57,138 7 6 329,335 9 4 By the agreement concluded between the Government and the Commission in September 1927, the Commission undertook that the income resulting from payments by the refugees, other than the 75 per cent of same paid to the International Financial Commission for the extraordinary amortisation of the 7% 1924 Loan, would in the future be employed for the ordinary service of the same loan, in accordance with Article 16 of the Organic Statutes, excepting in the case of unforeseen accident, when the Commission might be called upon to use this income to meet extraordinary expenditures unforeseen in its budget. Unfortunately, various disasters (drought, hail, plague of grasshoppers, floods, etc.; affecting many districts in Macedonia during the last six months have obliged the Commission to take advantage of its right to use this income, in view of the fact that neither the Govern­ ment nor the Commission possessed any other funds with wTiich to help the stricken refugees. Consequently, while the income in question received since the conclusion of th e said Agreement only amounts to £25,070, the extraordinary credits available for unforeseen expenditure amounted to £45,143, viz : Purchases of seed, etc., for those districts in Macedonia £ s. d. attacked by drought and h a il ................................................ 28,000 0 0 Subsidies to districts whose crops were ruined by floods 17,143 o 0 Total .... £45,143 0 0 To this amount must be added the sum of 3,500,000 drachmas (£10,000) employed for the organisation of the service of the indemnification of agricultural refugees, undertaken b y the Commission for the account of the Government, the cost of which, at the special request of the Government, is to be charged against the receipts in question. This expenditure will later be covered by the proceeds of a special tax levied on those refugees to be indemnified. — 3 — Bonds deposited by the refugees in provisional account as security for their d e b t s ..................................................... £ s. d. 144,425 0 0 Bonds of the 6% 1923 Loan for the indemnification of £ s. d. immigrants from Bulgaria, 30,838,000 drach­ mas ............................................................................................. 77,095 o 0 Bonds of the 8 % 1926 Loan for the indemnification of exchangeable refugees from Turkey, 26,932,000 d ra ch m a s................................. 67,330 o o (Converted on the basis of £2 10s. per 1,000 d r a c h m a s .)......................................................................... £144,425 o o Commitments........................................................................................ £167,320 5 10 (a) Share of the International Financial Commission (75 per cent) of repayments of capital by refugees and 100 per cent of the proceeds of sales to £ s. d. n o n -r e fu g e e s .............................................. 106,562 18 7 (b) Rents to be refunded..................................................... 3,538 5 9 (c) Caution money and sundry creditors................... 57,219 1 6 Total ................................................. 167,320 5 ro A ssets. £ s. d. Balances a v a ila b le ........................................................................................................................... 1,260,442 12 6 By balances available we mean the sums which still remain at our disposal at banks and at the Head Office. Naturally, these do not refer to balances available in the budgetary meaning of the word, all the available balances of the Commission being already engaged in order to meet various credits opened. £ s. d. Bonds d e p o site d .......................................................................................................................... 144,425 0 o (See analysis above, “ bonds deposited by refugees,” etc.) Sums applied to extraordinary amortisation of the 7% 1924 L o a n ................... 106,562 18 7 This sum represents 75 per cent of the capital repayments made by the refugees, in addition to the whole of the sums collected from non-refugees for the value of land sold.
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