[Distributed to the Council O. 406. M. 128. 1928. II. and the Members of the League.] [F. 560.] Geneva, August 22nd, 1928. LEAGUE OF NATIONS Nineteenth Quarterly Report of the Refugee Settlement Commission. Athens, August 15th, 1928. FINANCIAL SITUATION. A. S i t u a t i o n o n J u n e 30T H , 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 o Contribution of the Greek Government for the purchase of cereals in 1924 219,619 13 o Receipts (interest, etc.)..................................................................................................... 346,692 18 7 Bonds deposited by refugees as security for their debts ................................... 171,983 15 o Commitments ............................................................................................................ 167,4997 2 Various per contra accounts ........................................................................................ 349,126 4 11 T o t a l .........................................................................£11,724,698 2 5 Assets: £ s. d. Balances available at Bank and Head O ffice ........................................................ 979,942 1310 Bonds d e p o s i t e d .............................................................................................................. 171,983 15 0 Recovered advances ............................................................................... 4,798 17 9 Expenditure : A gricultural Settlement : £ s. d. £ s. d. Establishment expexpenses . 7,944,391 12 9 General e x p e n s e s ....................... 780,936 13 11 8,725,328 6 8 Urban Settlement: Establishment expenses . 1,185,767 9 4 General e x p e n s e s ....................... 22,978 11 1 -------------------------- 1,208,746 o 5 Service of the indemnification of agricultural refugees . 1,354 9 5 Central Administration: General charges ............................................................... 149,634 5 9 Furniture and fittings ................................................................ 25,145 10 0 11,110,208 12 3 Sums applied to redem ption of the 7 % 1924 L o a n ................................................ 108,637 I 8 8 Various per contraaccounts .............................................. 349,126 4 11 T o t a l .........................................................................£11,724,698 2 5 The following notes facilitate the reading of this balance-sheet. L i a b i l i t i e s . £ s. d. R eceipts........................................................................................................................................ 346,692 18 7 The analysis of this heading is as follows: £ s- d. Interest on balances............................................................... 263,411 13 8 Caution money fo rfeited ...................................................... 8,646 2 5 Various receipts............................................................................. 11,847 8 2 Share of the Refugee Settlement Commission in the payments by refugees (25 per cent of capital repay­ ments and 100 per cent of the payments of interest) 62,787 14 4 T o ta l....................... £346,692 18 7 S-d-N. 975 (F.) 775 (A.) 8/28. Imp. Kundig. Publications of the League of Nations II. ECONOMIC AND FINANCIAL 1928. II. 41. Of the above sum of £62,787, representing the share of the Refugee Settlement Commission in the payments by refugees, £32,066 was collected before, and £30,721 after the agreement of September 1927 with the Government regulating the employment of these funds. This latter amount has had to be used, as provided in the said agreement, in order to meet the following extra­ ordinary expenditures : , 1. Purchase of seed, etc., for those districts in Macedonia affected by £ s. d, drought and h a il......................................................................... 28,000 0 0 2. Subsidies to districts whose crops were ruined by floods...... 17,800 0 0 3. Credit for the establishment of dispensaries in the flooded districts . 2,857 2 10 48,657 2 10 To this amount must be added the sum of 3,500,000 drachmae (£10,000) employed for the organisation of the service of the indemnification of agricultural refugees, undertaken by 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. £ s. d. Bonds deposited by the refugees in provisional account as security for their debts. 171,983 15 0 Bonds of the 6% 1923 Loan for the indemnification of £ d. s. immigrants from Bulgaria, 34,904,500 drachmæ . 87,261 5 o Bonds of the 8% 1926 Loan for the indemnification of exchangeable refugees from Turkey, 33,889,000 drachmae 84,722 10 o (Converted on the basis of £2 10s. per 1,000 drachmæ) . 171,983 15 0 £ s. d- Commitments............................................................................................................................... 167,499 7 2 (a) Share of the International Financial Commission £ d. s. (75 per cent) of repayments of capital by refugees and 100 per cent of the proceeds of sales to non-refugees............................ 108,637 8 (b) Rents to be refunded ..................................... 3 ,4 3 ! 10 8 (c) Caution money and sundry creditors ..... 55,429 17 10 167,499 7 2 A s s e t s . £ s. d. Balances available....................................................................................................... 979,942 13 10 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 deposited........................................................................................................................... 171,983 15 0 See analysis above (" Bonds deposited by refugees, ” etc.). Sums applied to extraordinary amortisation of the 7 % 1924 L o a n ..................... 108,637 18 8 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. The following analysis shows the detail : £ s. d. Paym ents by re fu g ee s.............................................................. 107,996 0 1 Payments by non-refugees..................................................... 641 18 7 108,637 18 8 £ s. d. Various per contra a c c o u n ts ............................................................................................... 349>12^ 4 11 £ s. d. Value of buildings m ade over by the Caisse d’Assistance . 319,708 0 4 Sums to be derived from the sale of urban property . 27*945 J3 7 State d e b to rs................................................................................ 95 5 0 Various d e p o s i t s ....................................................................... x ,377 6 o 349,126 4 11 — 3 — B . S upplementary C r e d i t s . During the quarter April-June 1928, the following supplementary credits were granted from the reserve derived from the difference in the exchange : Drachmæ (1a) General expenses of the Colonisation Bureau at Mytilene...................... 236,920 (6) Agricultural settlement of ten families at Malcrynitsa, near the frontier 200,000 (c) For the refugees of the flooded districts in Macedonia.......................... 7,030,000 (i) For the construction of a dam against the floods at Karadjakeuy (Serres) goo,000 (e) For the service of the indemnification of agricultural refugees (supple­ m entary c r e d i t ) .............................................................................................. 1,000,000 (/) For the establishment of dispensaries in the flooded districts in Macedonia 1,000,000 (g) For advances to the vine-growers in M a c e d o n ia ......................................... 2,000,000 11,966,920 C. D istribution o f t h e S upplementary B u d g e t o f £1,000,000. In our last report we stated that the Commission had applied to the Government for an advance of £1,000,000 from the National Bank of Greece chargeable against the future loan of £2,500,000. The negotiations with the Bank did not meet with success, and therefore, with the consent of the Government, the Commission approached the Chairman of the Financial Committee of the League of Nations in order to obtain an advance of £500,000 from the unused proceeds of the 1928 Stabilisation Loan. It has been agreed that this sum shall be placed at the disposal of the Commission as need arises. In view of the fact that it will certainly be able to obtain a further sum of £500,000 as soon as required, the Commission has already proceeded to distribute among its services supplementary credits for a total amount of £1,000,000. The distribution has been made as follows on the basis of 375 drachmæ to the £ : A gricultural S ettlement. Drachmæ Drachmae M a c e d o n ia .............................................................................................. 134,750,000 T hrace........................................................................................... 15,750,000 Old Greece, Epirus and the Islan d s ................................ 31,500,000 ---------------- 182,000,000