[Communicated to the Council O 2 9 4 M 1 0 6 IQ25 II. and the Members of the League].

LEAGUE OF NATIONS

Geneva, June 5th 1925.

GREEK REFUGEES.

Sixth Quarterly Report on the Work of the Refugees Settlement Commission.

Athens, May 25th, 1925.

F in a n c ia l p o s it io n .

The proceeds of the Refugees' Loan were collected during this quarter and the sums thereby realised by the Commission were as follows :—

A. Net proceeds of the subscription of 375,000 bonds

in London (Ham bros Bank) : 1st payment January 6 t h ...... £2,000,000 2nd payment February 1 7 th ...... £1,875,000 3rd paym ent March i S t h ...... £2! 100^000 £5,975,000

B. Net proceeds of the subscription of 115,000 bonds

in New York (Speyer and Co.) :

Sole paym ent $8,539,990.10 at 4.77 3/«...... £1,787,543 C. Proceeds of the subscription of 125,000 bonds

in Greece (National Bank of Greece and other Banks) : 1st paym ent Jan u ary 6 t h ...... £ 875,000 2nd paym ent F ebruary 1 7 t h ...... » 625,000 3rd paym ent March 1 8 th ...... » 650,000

T o ta l...... £2,150,000 Lesscommission of 5% . . > 125,000 £2,025,000

r ° ta l...... £9.787.543

A sum of about £187,000 was held back by the London and New York Banks to pay the interest on the first coupon. We pointed out to the Greek Govern­ ment that this sum ought to be repaid to us as it formed part of the net pro­ ceeds of the loan. We received a letter from the Minister of Finance, dated May 19th, 1925, in which he admitted the justice of our request and pro­ mised shortly to pay the sum. If we add this sum o f ...... £ 187,000 the Refugees Settlement Commission will have received a total o f ...... £9,974,543 Of this total we have been obliged to repay advances from the B ank of E n g la n d ...... £2,000,000 from the National Bank of Greece ...... £1,700,000 £3,700,000

leaving a balance o f ...... £6,274,543

The last is the amount on which the RefugeesSettlement Commission has had to base its estimates for the future development of its work.

s. d. N.9C0 a.) + rn (F. i. 6 25. Imp Kucdig. It has, therefore, in agreement with the Government, drawn up a plan for the appropriation of its funds. This plan includes : a reserve fund amounting to £800,000, for unforeseen expenses, for possible participation in the expenses of surveying the lands handed over to the Refugees Settlement Commission, and for general expenditure up till the end of 1927, at which date we expect the repayment of the advances made to the refugees to become general, and an estimate for the construction of houses in certain provincial towns for the urban refugees together with the Commitments already incurred in this respect, a sum of £1,380,000. The balance is appropriated for agricultural settlements in Macedonia, Thrace and other parts of Greece where the Government is supplying us with arable land. We have, unfortunately, been compelled to modify our original calculations in the direction of reducing the number of families to be settled. In fact, as a result of the continued exodus to Greece from Turkey and Bulgaria of exchangeable persons as well as of persons who have found continued residence in Turkey impossible, the number of families requiring settlement is steadily increasing. When drawing up our plans for the allocation of the available funds we have been obliged to refuse about 6,000 refugee families of those who had already been in communication with us with a view to their settlement. This was, of course, only done after consultation with the Government. On the other hand, we have made important reductions in the estimates submitted by the different colonisation centres and have reduced the allowance of each family to the strict mini­ mum, often to the detriment of the general development of the future production of our colonists. We hope in this manner to be in a position to inform the Greek Government that we can at once undertake the settlement of at least one-third of the 6,000 families. It must be recalled here that in addition to the latter there are still tens of thousands of refu­ gee families without homes or regular occupation. The Government is now undertaking a general census of these families by means of which we hope to ascertain the exact number among this total of the agricultural families, — those in which our Commission is more particularly interested. In view of this situation the Greek Government and the other competent authorities are consi­ dering the possibility of obtaining the necessary funds for completing the operation of settling these refugees. Although this discussion has so far had no result, it may be hoped that a satisfactory solution will be arrived at, as the preliminary examination leaves no doubt that sufficient resources exist to make it possible to obtain the necessary funds.

Balance Sheet.

In accordance with the provisions of its constitution, the Commission communicated to the Greek Government and the Council of the League of Nations its annual financial statement for the period ending December 31st 1924, together with a report from the auditors. M. Vardakis and M. Moraïtis, who were appointed at our request, the former by the Minister of Finance and the latter by the National Bank of Greece 1. For the current year we intend to request the International Supervisory Commission to appoint a third commissioner to assist the other two.

The financial position on April 30th may be summarised as follows :

1. Expenditure for agriculturalsettlements ...... £4,699,092 19 9 2. » » urban » ...... » 467,236 7 4 3. Cost of first settlement...... » 2,038 2 5 4. General expenditure...... » 31,622 5 10 5. Available at the National Bank ofGreece...... » 4,o6o,oro 4 8 6. » » » Bank of England ...... » 502,543 14 0

T o ta l2 ...... £9,762,543 14 0

The rate of exchange plays an important part in the expenditure of the Commission. The mean rate of the sums converted by us up to December 31st, 1924, was Dr. 254.53 to the pound sterling, against an actual mean rate of Dr.246.67. Since January 1st. 1925, the rate is Dr.293.12 against a mean rate of Dr.286.80. The question of the recovery of the sums advanced is already engaging the attention of our Commission. It is not possible to undertake this work as yet, but the prospects of the forthcoming harvest are such as to afford us hopes of beginning to collect the money sooner than we had anti­ cipated. Up till now this account has been credited with only £4,701.6.11, of which £1012.8.8 repre­ sented purely voluntary repayments of advances made for agricultural purposes, and £3,688.18.3 were the proceeds of sales of land.

1 These documents are annexed to the present report. 2 The figure of £9,762,543 differs from that of £9,787,543 on page 1 owing to the fact that an instalment of £25,000 on account of the loan was paid after April 30th. Minor items such as interest, rents collected, guarantees confiscated, not included in the above account, augment the available resources of the Commission bv ft0,795. A gricultural s e t t l e m e n t .

Position on March 31 si, 1925. Families settled : In M acedonia...... 44,130 In Thrace ...... 15,4861 Other provinces...... 7,322

T otal...... 66,938 Families settled by the State before the creation of the Refugees Settlement Commission and whose settlement has been com­ pleted by the Commission: In M acedonia...... 66,920 Other provinces...... 5,661

T otal...... 72,581

Total of families settled...... 139,519 Houses constructed : In addition to the 5,023 houses built by the State, and the 50,000 houses belonging to exchange­ able Turks in Macedonia, the Commission has built : In M acedonia...... 15,322 plus 11,261 \ in course of In T h r a c e ...... 3,085 » ) construction Other Provinces...... 1,732 » 3,063

Total .... 20,139 plus 14,324 Live Stock Distributed : In M acedonia...... 168,029 In T h r a c e ...... 12,662 Other Provinces...... 5,237

T o t a l ...... 185,928 From this total must be substracted the live stock distributed by the S t a t e ...... 39,935 Handed over by the a r m y ...... 15,782 Distributed by the Ministry of A g ric u ltu re ...... 903

T o t a l ...... 56,620

Total of the live stock distributed by the C o m m issio n ...... 129,308 Ploughs : In M acedonia...... 46,732 In T h r a c e ...... 8,891 O ther Provinces...... 2,705

T o t a l ...... 58,328 Wagons : In M acedonia...... 7,325 In T h r a c e ...... 617 O ther P ro v in ces...... 443

T o t a l ...... 8,385 Various tools (units) : In 'M a c e d o n ia ...... 138,507 In T h r a c e ...... 3,973 Other Provinces...... 13-353

T o t a l ...... 155,833 Seed Grain : In M acedonia...... Okes 23,136,458 In T h r a c e ...... 11 3,600,253 O ther P ro v in c e s...... » 1,042,139

Total .... Okes 27,778,850

1 These families cannot all be considered as delioitely settled until there purchase of Turkish properties has been completed. — 4 —

Forage : In M acedonia...... Okes 24,947,405 In T h r a c e ...... » 5.652,336 Other Provinces ...... 11 724,601

Total . . . Okes 31,324,342 Subsistence advances in kind: In M acedonia...... OkesOkes 21,885,532 In T h r a c e ...... )) 3,050,533 O ther P ro v in c e s...... )) 272,514

Total . . . Okes 25,208,579 Subsistence advances in money: In M ace d o n ia ...... Dr. 39,647,822 In T h r a c e ...... )) 1,177,270 O ther P ro v in c e s...... )) 12,736,782

T o t a l ...... 53,561,874 Professional loans : In M aced o n ia...... Dr.Dr. 15,225,498 In T h r a c e ...... )) 289,500 O ther Provinces ...... » 79,533

T o t a l ...... 15,594,531 Various advances in money : In M acedonia...... Dr. 76,767,580 O ther P ro v in ces...... )) 6,019,561

T o t a l ...... 82,787,141

G rand to tal of advances in money . 151,943,546 Lands colonised : The latest data just received by us respecting the land at the disposal of the State for coloni­ sation up to March 31st are as follows :

In Macedonia.

Area in stremmata Bureaux cultivable land non cultivable land Total 1. V e rria ...... I l 6,000 5,200 121,200 2. V o é m i t s a ...... 110,000 81,155 191,155 3- Y é n i t s a ...... • • • 230,830 99,550 330,380 4 - D r a m a ...... 328,000 117.'I 43 445,143 5. E d e s s a ...... • ■ • 180,350 18,109 198,459 6. S a lo n ic a ...... • • ■ 525,650 369,250 894 900 7 - C a v a l l a ...... • ■ • 153,523 143,188 296,711 8. K a ïla ria ...... l80,000 42,600 222,600 9. C a s to ria ...... 100,000 72,050 172,050 10. Catèrini...... 88,700 7,400 96,100 11. K ilk is ...... 827,000 97,461 924,461 12. Kozani ...... • • • 291,470 235,400 526,870 13- L an g ad a...... • • • 212,354 82,015 294,369 14- Serrés ...... 24,298 149,385 IS- Sidirocastron...... ■ • . 145-420 145,420 16. F i o r i n a ...... ■ • • 59,220 59,220

Total . . . 3,673,604 i,394,8i 9 5,068,423

I n Thrace.

Area in stremmata Bureaux cultivable land non cultivable land Total 1. Alexandropolis...... 137,718 2. D y d y m o tic h o n ...... 62,046 109,134 171,180 3. C om otini...... 127,314 32,050 I 59,364 4. X a n t h i ...... 46,768 46,768 5. Crestias ...... 131,783 48,644 180,427

Total 505,629 189,828 695,457 — 5 —

I n Old Greece, Epirus and the Aegean Islands.

Area in stremmata Districts cultivable land non cultivable land Total

1. Attica-Béotia...... 25,575 11,978 37,553 2 . Aetoloacarnania . . . 6,353 12,475 18,828 3- Achaïa-Elis ...... 10,425 4,375 14,800 4- Euboea ...... 37,985 600 3 8 ,5 8 5 5- Thessaly...... 80,847 27,377 108,224 6. L am ia...... 10,333 430 10,763 7- L a c o n ia ...... 601 215 816 . J a n n i n a ...... 8 8,669 7,320 1 5 ,9 8 9 9- T sa m o u ria ...... 12,147 100 12,247 10. Prévéza ...... 21,350 7,550 28,900 11. C r e t e ...... 153,379 47,150 182,529 12 . L e m n o s ...... 20,500 30,727 51,227

Total 370,164 150,297 520,461

Total: In Macedonia . str. 5,010,445 of which 3,673,604 are cultivable In Thrace . . » 695,457 » » 505,629 » » Other Provinces » 520,461 » » 370,164 » »

Grand total. . » 6,226,363 of which 4,549,397 are cultivable

[11 all 4,549,397 stremmata of land that can be cultivated out of a total of 5 million stremmata which the Greek State is under the obligation to furnish. No measurements have been taken and all the above figures are based on personal estimates and information gathered by our agents. They must therefore be considered as subject to modification. As far as the figures relating to Thrace are concerned, we would point out that four-fifths of the land occupied by the refugees have not yet been formally handed over to the Commission, this operation being dependent on the repurchase of the large Turkish estates in that district which is only just beginning, only two estates — those of Soubassi and Couvambali — having so far been repurchased. But there is every reason to hope that these operations when completed will set the seal of permanency on the present state of things. On the other hand we would add that meadows employed for the cattle refugees' are included under the heading "land that cannot be cultivated”.

T h e C o m m is s io n a n d t h e U r b a n R e f u g e e s B a n k .

In our 5th report we mentioned the question which has arisen between the Government and the Commission respecting certain categories of land abandoned by the exchanged Turks. The Ministry of Agriculture thought these be allocated to the Refugees Bank, which it had been decided to establish for the urban refugees. t he Government recently abandoned its initial intention of establishing a special bank and concluded an agreement with the National Bank of Greece (Convention of May 5th, 1925), by which are transferred to this establishment all the rights of the Greek State over urban real property for- merly belonging to exchanged Mussulmans, as well as over those agricultural properties which have not been legally surrendered for colonisation needs including, in accordance with Article 1 of the said Convention. The estates planted with olives, graps vines and other shrub cultivations, which the Bank might employ for the establishment of specialist refugee cultivators, either in return for immediate payment or in consideration of repayments in annual instalments of their exchange value” — the latter to be fixed by valuers. The Commission reminded the Government that, according to the letter from the Ministry of Agriculture dated August 21st, 1924, the State had granted to the Commission "the whole of the cultivable land belonging to exchangeable Mussulmans, reserving to itself the right to confirm this transfer by a special ordinance, as soon as the competent services should have collected the details necessary for the specific designation of the areas thus granted.” The situation has been considerably modified as a result of the allocation of new lands to colonisation. The figures given under the preceding heading shew that we are not far from the figure of 5 million strem m ata.

T opographical S e r v ic e .

In the absence of any survey and any maps 011 a sufficiently large scale, a final distribution of the land has more often than not proved impossible. This distribution, in most cases, is made in a more or less temporary way, pending an exact fixing of boundaries. The valuation, of the lands also their transfer to the Committee, are both made difficult by the above circumstances. Before organising tax collection, two things are indispensable ; a map of each village showing the individual lots, and a valuation of land of different qualities. This work is both long and difficult, on account of the great extent of the land and the fact th a t a t is very scattered. Private topographical societies have proposed to the Commission to undertake surveys from aeroplanes or balloons. The Commission is also considering an other proposal which would perhaps be more effective, quicker and cheaper : a technical service would make a polygonic plan of the whole of the properties of each village, in which plan a special practical service would then mark the limits of each individual lot. The staff of this latter service would be locally recruited, after undergoing special instruction for three or four months. Whatever system the Commission adopts will be put in force the following spring. It is calculated that the clearing of the ground will be sufficiently advanced at that period to permit of establishing a survey which shall be as nearly as possible final. The question of expense will shortly be taken up with the Government.

S y s t e m o f C onstruction .

In Macedonia the 10,000 houses being built under the Sommerfeld-Dchatcge contract arc nearly finished. The Macedonian colonisation service is at present engaged in plastering the outer and inner walls of these houses and in placing a wooden floor and a wooden ceiling in the prin­ cipal room of each. It has been decided to construct 15,000 supplementary farmhouses in Macedonia during 1925. The Commission had the choice between three systems for building these houses. I he first con­ sisted in entrusting the construction to small local firms or, where possible, employing the refugees established in each village as workmen under the supervision and control of the ( ommission’s technical service. The second system was to make contracts, with building societies who would take the sole responsibility for the work. The third method proposed consisted in lending to each family the sum necessary for building the house and leaving to each the responsibility of buying the materials and carrying out the work. The Commission proceeded to Macedonia last March and examined on the spot the result< obtained by these methods of construction. After having abandoned the third system as failing in practice to offer sufficient guarantees for rapid and methodical construction, the Commission decided on the first of the proposed systems. This method of construction is, on the one hand, cheap in comparison with the tenders submitted this year by the large building firms and, on the other hand, permits a more satisfactory adaptation to local conditions and to the labour resources of the refugees themselves, which have considerable increased as the work of colonisation has progressed.

Other Provinces of Greece. —■ The same system of construction by small local firms has been applied in the other Provinces of Greece, with the exception of a few villages where the refugees themselves have untertaken the construction of their houses with the help of grants of materials and money from the Commission.

H e a l t h S e r v i c e .

The Commission has been struck by the fact that the colonists’ powers of production have been much lessened by illness and especially by the malarial fevers unhappily so widespread in Greece. It is, therefore, of opinion that its programme should include the organisation of a Health Service which should distribute quinine. It has chosen Macedonia as its first experimental area, as it is there that the greatest number of refugees is concentrated and that the staff is best equipped for this Service.

The system is as follows :

Dispensaries, of which there are at present 51, are established in the small agricultural centres to which a certain number of neighbouring villages are affiliated. The inhabitants of these villages have the right to the services of a doctor appointed by the Commission, to medicines, and to the distribution of quinine. Medicines and quinine are distributed against a minimum p aym ent fixed by the Commission, but families which are known to be without means receive them free. The takings under this head will constitute the capital required for next year’s supplies. Experience moreover, has shown that medicines are more appreciated and better employed — if they are paid for. The cost of setting up these dispensaries and of the doctors’ and chemists' salaries is debited to each refugee individually in equal shares. The Commission bought for this service 10 tons of quinine and the other medicines necessary for inaugurating the work of these dispensaries. The American Red Cross has been good enough, through the President of the Commission, Mr. Charles P. Howland, to send 5 tons of quinine for distribution by the Commission. We wish to express to the Red Cross our deep gratitude in the name of those who will thus be preserved from malaria. U r b a n S e t t l e m e n t .

Budget of the Urban Department. When the last report was drawn up the Commission had not come to a definite decision con­ cerning the sum which it would be able to devote to urban settlement ; — the figure of £1,500,000 was only quoted subject to considerable reservations, for it was not desired to prejudice the equally important work of agricultural colonisation. Considering the large number of urban refugees and the obvious desirability of definitely establishing a portion of them in those districts where they had succeeded in creating resources for themselves, the Commission, in complete agreement with the Government, has adhered to the credit of £1,500,000, which was the amount fixed immediately after the issue of the loan. At the time when this decision was taken the firm obligations of the urban department amount­ ed to about £300,000, of which the following are the details:

1. For the construction of new dwellings (3620 rooms) in various districts in Athens-Pireus .... Drachmae 36,000,000 2. For excavations in the same districts . » 4,500,000 3. For the completion of various works do. do. . » 2,800,000 4. Balance due to the former contractors .... » 6,500,000 5. For the completion of works at Eleusis .... « 250,000 6. Volo: Bridge, tiled roofs and various works . . » 800,000 7. Edessa: For the completion of the quarter . . » 300,000 8. Thrace: For the districts in Dédé-Agatch, Como- tini, Xanthi and Didym otichon ...... » 32,000,000 9. Crete: Quarter of New Halicarnassus ...... » 4,500,000

T o t a l ...... Drachmae87,650,000

As ten per cent of the available surplus, namely, £120,000, is to be used for the purpose ot establishing a reserve fund, the urban department budget has been based on the sum of £1,080,000. This credit has been allocated in the following manner:

Supplementary works at Athens-Pireus and Eleusis £150,000 (a) Installation of 500 agriculturist families chosen from the Com­ mission’s urban districts in A th e n s ...... 51.000 (b) Professional grants ...... 60.000 Thrace ...... 2500 dwellings £120 300,000 L e m n o s ...... 100 » 60 6,000 Volo ...... 350 » 120 42.000 Skiathos / z- 15.000 Aedipsos j ...... “■')0 A t h e n s ...... 250 » 120 30.000 Athens (Greek Red C r o s s ) ...... 250 » 120 30.000 N e v s h é h ir ...... 250 » 120 10.000

Macedonia : Verria 200 120 24,000 Naoussa 100 120 12,000 Ekaterini 50 120 6.000 Edessa 200 120 24.000 Jannitsa ...... 100 120 12.000 K o z a n i ...... 100 120 12,000 F i o r i n a ...... 100 120 12,000 D ram a ...... 850 120 102,000 Cavalla ...... 900 120 108,000 S e r r é s ...... 650 120 78,000 P r a v i ...... 50 120 6.000

/ i , 080,000

The above figures call for a certain amount of explanation : The credit of £150,000 for supplementary works in the urban districts in Athens-Pireus will be used to defray expenditure some of which is essential (particularly expenditure on water supply) and some merely desirable. The latter wall be postponed until the Commission is oble to judge how far these sums will be recoverable by the sale of the dwellings which we shad to refer later. Die professional grants, which amount to £60,000, are intended to help artisans and small shop-keepers living in the agricultural groups, as well as fishermen settled by the Commission at different points on the coast, to carry on their trade. In fixing the price of the two-roomed urban dwelling at £120 (£100 being reckoned 01 t u house itself and £20 for works of general utility) the Commission was guided by the consideration that, apart from social and economic reasons in favour of a certain superiority in the urban dwelling over the peasant’s hut, such superiority constitutes for it the best guarantee for the recovery of its loans. The sites of the new urban districts have already been chosen. Ground has been selected in the immediate vicinity of towns in order that the value of the buildings may not be diminished by lack of communications. There are four classes of these sites, according as they belong :

(1) to private persons, (2) to communities, (3) to the State, (4) to exchangeable persons.

The sites belonging to the three first classes will be transferred in full ownership to the Com­ mission by expropriation or transfer. The Government has promised to transfer to us those belonging to exchangeable persons in accordance with the Convention recently signed with the National Bank of Greece, under which it is agreed that the Government can reserve the ownership of such land or buildings, provided it pays for them.

C e n s u s .

The Commission undertook the first census of the population of the districts in Athens- Piraeus during the January-March quarter. The summarised result is as follows :

Population 1 Cultivators Families Persons Families Persons 00 tsf B vron .... 10,273 97 479 Cesarian i . . • • • 2,341 11,002 444 2,154 Ionia .... • ■ • 3,550 14,749 332 i ,594 Kokkinia . . • • • 5,665 23,590 60b 2,772

The number of agricultural families living in urban districts is, as may be seen, considerable. This fact is due to the confusion subsisting at the beginning of the emigration in the groups which arrived simultaneously from all the different parts of Asia Minor and sought a refuge wherever they could find one. The building industry has shown so great a development lately in the Athens district that the majority of these cultivators have found work as artisans. Any falling off in this trade would re-act unfavourably on their situation, but, as is shown by the budget credit for this purpose, the Commission is endeavouring as far as possible to send such strayed agriculturists away from the capital.. The census of the districts in Athens-Piraeus was the first work of the recently organised statistics office which will be of great assistance to the Commission. In communicating this report for the last quarter we would point out that the work of the Commission is still attended by the difficulties which are inherent in a task of such magnitude, though conditions tend to optimism; an optimism which in the opinion of all impartial witnesses is being more and more justified by events. Criticisms, even attacks, are certainly not wanting — they are indeed inevitable. Some are inspired by a real concern for the welfare of the refugees ; but most, dictated by considerations of every kind, sometimes hostile, by no means always disinterested, are generally quite unjustified, at any rate they do not always take sufficient account of the realities and difficulties of the work. In such a tremendous task as this, there will always, of course, be discontented people, but we must consider the work as a whole, the results already accomplished and those to be attained in the fard-distant future. The results achieved and those to be achieved in the future augur well for the future of the country. (Signed) Charles P. H o w l a n d , Chairman.

1 The smalls achiesed and there to the achiesed in the future augur well for the future of the contry ANNEX TO THE SIXTH REPORT OF THE GREEK REFUGEES SETTLEMENT COMMISSION

A t h e n s , December 31st, 1924. To the Chairman of the Refugee Settlement Commission, Athens.

We have the honour to bring to your knowledge that, having audited the entries of the books of the General Accountant Office of the Refugee Settlement Commission and the vouchers and receipts of the Treasury from the establishment of the Commission up to now, we found all entries made in order, the balances of the general and auxiliary books as per attached statement, the vouchers and receipts of the Treasury duly audited and the balance in hand exact.

Auditors: Sp. J . V a r d a k is . G. Moraitis.

The Refugee Settlement Commission has administered up to Decem­ ber 31st, 1924...... £3,700,000 0 o There were disposable with the National Bank of Greece on Decem­ ber 31st, 1 9 2 4 , ...... 260,773 0 3

And the balance, i.e. . . . £3,439,226 19 9

was disposed as under :

£1,775,Goo 0 o were converted into Drs., i .e., 538,440,000, and £1,664,226 19 9 were spent in Pounds sterling as follows:

Genera] Expenses (Salaries, Travelling Expenses, Stationery, etc.) ...... Drs. 27,613,654.35 £ 7,225 6 II Works of common b e n e f i t ...... 2,716,606.25 5,573 0 0 Transportation ch arg es ...... 29,478,100.— L993 0 0 H o u s in g ...... 166,217,553.20 488,571 16 8 Subsistence ...... 86,447,897.50 Seed g r a i n ...... 27,130,197.05 185,991 0 0 Live s t o c k ...... 107,115,028.60 264,980 18 0 Tools and im plem ents ...... ■ • • • 36,978,538.65 56,374 0 0 Timber and building materials ...... 19,804,583.95 252,601 18 2 Food for animals ...... 33,172,487.95 65,830 0 0 Wheat for s u b s is te n c e ...... - 335,086 0 0 Loans to tr a d e s m e n ...... ■ ■ • • 1,765,352.50

Drs. 538,440,000.- £1,664,226 19 9 — IO —

SUMMARY STATEMENT OF ASSETS AND

A s s e t s . (Based on amounts expended.)

Available: £ Drs. Bank of England ...... — — National Bank of Greece, deposit in £ ...... 260,773 0 3 26,077,265.65 •i » » » deposit in Drs...... — 11 » » » deposit from proceeds of sale of urban p r o p e r ty ...... 1,305 o 9 % 130,501.50 Cash ...... — 125,614.95

Disposed of: In U rban S ettlem en t...... 42,258 12 3 V2 4,225,854.70 -> » — 74,569,373 ■ 75 In A gricultural S e ttle m e n t...... 880,753 o 4 88,075,250.— » » »' — 5ir ,i82,575.05 Advance of £160,000 of National Bank of Greece (con­ tingent c r e d i t ) ...... — 15,990,582.50 Expended on Urban Settlement Property by Committee and by Government...... — 108,152,209.14 Revenues from sale of Urban Real Estates (Sinking Funds) 956 15 o 95,680.20

Various Accounts : Exchange difference from proceeds of sale of Urban P r o p e r ty ...... — 314,097.90 Advances to be accounted f o r ...... 160 0 0 16,000.— » » » » — 123,601.— Greek State (Commissioners’ S a la r ie s ) ...... 1,100 o 0 110,000.— Various temporary A ccounts ...... 607 6 4 60,731.80

Expenditure : Establishm ent E x p e n s e s ...... 146 6 5 14,631.65 » » — 396,550.05 A dm inistration E xpenses...... 5,605 o 6 560,504.25 » » — 4,020,324.10

834,241,348.19 LIABILITIES ON DECEMBER 31st, 1924.

L i a b i l i t i e s . (Based on amounts received.)

Advances against Loan: £ Drs. {a) of Bank of E ngland ...... 2,000,000 0 0 200,000,000.—- (b) of National Bank of G re e c e ...... 1,700,000 o 0 170,000,000.—

Exchange D ifference: ...... — 339.355,155-95

National B ank of Greece, Account of £ 160,000 (contingent lia b ility )...... 15,990,582.50

Transfer of Urban Settlements...... 103,720,994.94

Various Accounts: Greek State for supplies taken over (suspense account) — 1,381,925 .—■ Greek State Account Relief Fund for supplies taken over (suspense account) ...... — 42,551.40 National Bank of Greece, our temporary Debt.... — 83,867.75 Sundry Accounts (guarantees by tenderers and other d e p o sits)...... — 1,314,205.05

Income (included in Deposits) : Interest on our Account with Bank ofEngland .... 8,363 18 1 836,390.20 Interest Account, our deposit with NationalBank . . . 962 6 1 96,230.20 Interest Account, our deposit with NationalBank . . . — 482,103.65 Interest on Sinking F u n d s ...... 5 7 8 538.15 Revenues of Urban Property ...... — 879,403.40 Various R e v e n u e s ...... — 57,400.—•

834,241,348.19

NOTE. — The amounts given in this statement regard expenses incurred in £ and in Drs. The amounts given in Drs. represent : (1) The sums actually expended in Drs. and (2) The drachma countervalue of sums expended in £, the £ being calculated at the nominal rate of Drs. too to the £.