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Persian Gulf as far as Basrah or Baghdad. I had to reply at the time that even if we were to consider such a suggestion, we could never obtain the Sultan's consent. Abdul Hamid was so suspicious of any. body penetrating into his empire that, in the Baghdad Convention of 1903, much against our will, he inserted article 29, prohibiting us from opening to traffic any line south of Baghdad until the connexion north of Baghdad with Constantinople was completed. I have pointed out that the Company has to pay the interest on the subvention loans until the respective section of the line be opened to traffic. That article 29 of the Baghdad Convention therefore meant that we could not, as would have been easy and reasonable, build at once from both sides. Here is another instance of a simple and easily-to-be-understood situation, which, however, has frequently been quoted to show our Machiavellian intentions.

In this same connexion I will insert a letter, which has not hitherto been published, but was made known to our British associates in April 1903 and which we had to sign when obtaining the Baghdad concession. The letter is dated Constantinople, the 5th of March 1903, addressed to the Turkish Minister of Public Works, and runs as follows: Monsieur le Ministre,--Pour faire suite à la Convention du Chemin de fer de

20 Février 1318 Konia-Bagdad-Bassorah en date du

nous avons l'honneur

5 Mars 1903 de déclarer que le Concessionnaire s'egage à ne pas amener et installer des colons étrangers dans les environs de la ligne susmentionnée.

Veuillez agréer, &c. So much to dispose of the fable of German colonisation in Mesopotamia.

The understanding with Great Britain having failed, there was no further possibility then of continuing the Baghdad Railway by an increase of the Turkish Customs, and we had to find or create fresh sources of revenue to continue our work. With this object in view I took up the scheme of Unifying the Ottoman Public Debt, which some time earlier had been moved by some French parties but apparently had been dropped. Under the so-called Decree of Mouharrem Turkey had assigned to the Council of Administration, named by the bondholders of the several countries, certain Revenues which for about twenty years had remained stationary: Turkey had no immediate interest in their increase, as any surplus over the fixed low rate of interest on the bonds went to redeem the capital of the Debt. This system was changed by the Unification of the Ottoman Debt brought about in 1904. The bondholders received a considerably higher rate of interest and Turkey obtained 75 per cent. of any surplus over and above a certain appropriation for a sinking fund sufficient to wipe out the entire old Turkish debt within about fifty years. This arrangement or décret-annexe, as it is called, was negotiated by Paris friends of ours, France representing by far the largest interest in the Ottoman Public Debt. It was sanctioned by the Turkish Government and agreed

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to by the bondholders' representatives of the several countries, lastly by the English bondholders. It became the ungrateful task of Sir Henry Babington Smith, then Delegate of the British bondholders, to oppose that scheme. He did so in a long and able speech and in the manner of a gentleman by birth and education. The bondholders' meeting, however, unanimously accepted the scheme with a few unimportant modifications. The result of the Unification of the

‘ Ottoman Debt has been a very large gain in the value of all the Ottoman loans comprised therein and, without any new taxation or increase of charge to the Turkish people, a profit to the Treasury of about 3,000,0001. in capital, besides an annual increase in Turkey's free revenue, which a year ago had risen to nearly 400,0001.

Whilst we were building up the country and its wealth the opponents to the Baghdad Railway scheme continued their campaign by all means in their power. They now accuse us of not having built sooner over the Taurus range, because it would have been more than human flesh and blood would be expected to disgorge a loot of a million and a quarter of profit already pocketed.' But they know that they are not speaking true. It was not allowed to appear that the amount of British interests in the Ottoman Debt had long ceased to hold the second place, yet every broker in Throgmorton Street knows there is hardly a Turkish bond left in English hands. Possibly this may change under the new régime, but formerly no occasion was missed to cripple Turkey's financial development in order to hinder the building of the Baghdad Railway; it had to be admitted, however, in a published document that an increase of the very low Turkish Customs Tariff is not borne by foreign trade, but by the Turkish consumers, Turkey not having an industrial production of her own.

Meanwhile we passed a convention in 1907 with the Ottoman Government, whereby we undertook to advance 800,0001. for bringing the waters of Lakes Beychehir and Karaviran through the gorges of the Tshartshamba river into the plain of Karaman and Konia, a distance of nearly 200 miles. When those irrigation works, the first in Turkey, now under work, are completed, they will make a garden of the arid land now traversed by the first section of the Baghdad Railway, and the burden of the railway subvention now lying upon the Government is sure to disappear. The Anatolian Railway Company is advancing that money at 5 per cent. interest repayable within thirty

The Baghdad Railway was not wealthy enough to advance that money, but it will reap the profit thereof, or rather it will go to the country and the Public Treasury which we are said to be ‘milking.'

We also bought the Mersina-Adana Railway that had been pressed for sale upon us ever since 1903 : it is a poor affair, without subvention and paying no dividend, but it will be necessary for the purpose of continuing the Baghdad Railway construction, and within two years we have by better administration obtained an increase of its earnings

five years.

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of more than 20 per cent., as appears by the Company's published reports. Had it been possible to continue the Baghdad Railway to Adana sooner, that populous town would most likely not have become the scene of horrible massacres and would not now lie in ruins.

After having battled for nearly five years to protect the surplus earnings of the Ottoman Public Debt that were increasing, but which our opponents tried “to earmark' for other purposes, in June last Mr. Edouard Huguenin, our General Manager at Constantinople, and Doctor Helfferich, now my colleague and a Director of the Deutsche Bank, at last secured the signature of a fresh convention with the Ottoman Government, granting the surplus of the Ottoman Public Debt's free income as a security for two new Baghdad Railway loans. The proceeds of these loans shall carry the Baghdad Railway over the Taurus and Amanus ranges, beyond the Euphrates and through Upper Mesopotamia, some 840 kilometers further east to a place called El Helif, not far south from the town of Mardin and on the way to Mossul. Of the total distance of 2893 kilometers from Constantinople (Haidar-Pacha) to Basrah there are now opened to traffic 946 kilometers. The above 840 kilometers, construction of which is now in hand, will leave only 1155 kilometers, the easiest, to be constructed, and we mean to work on quietly and slowly, but persistently, until security and culture shall have been carried by the railway from one end to the other of our much decried but good and useful enterprise.

To many millions space I thus should give,
Though not secure, yet free to toil and live ;
Green fields and fertile ; men, with cattle blent,
Upon the newest earth would dwell content,
Settled forth with upon the firm-based hill,
Up-lifted by a valiant people's skill ;
Within a land like Paradise; outside,
E'en to the brink, roars the impetuous tide,
And as it gnaws, striving to enter there,
All haste, combined, the damage to repair.
Yea, to this thought I cling, with virtue rife,
Wisdom's last fruit, profoundly true :
Freedom alone he earns as well as life,
Who day by day must conquer them anew.
So girt by danger, childhood bravely here,
Youth, manhood, age, shall dwell from year to year;
Such crowds I fain would see,
Upon free soil stand with a people free.

(Faust, Part II. 5.

ARTHUR VON GWINNER. Biarritz. "TA 'I ****,

IT

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The Editor of THE NINETEENTH CENTURY cannot underlake

to relurn unaccepted MSS.

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ABDUL HAMID II and his Court,

Personal Recollections of, 980-
993
Aërial Peril, The, 800–809
Afforestation, National, 648-662
Allen (E. K.), A Year with the

Public Trustee, 411-418
American literature and Edgar Allan

Poe, 140-152
Anatolian Railway and Baghdad Rail-

way, 1083-1094
Anderson (Sir Robert), The Preven-

tion of Crime Act, 241-250
Anglo-German entente, Six German

opinions, 725–743
Anglo-German Problem, A German

View of the, 346-360
Arabia, Northern, Railway to India

across, 163-169
Arctic Ocean, Sledging as a Method

of Exploring, 690-698
Arendt (Dr. Otto) on German and

English naval rivalry, 732–735
Army Minister, The, and responsi.

bility for war, 925-935
Army, The, the Special Reserve, and

the old Militia, 11-15
Arundel (Sir Arundel), Decentralisa-

tion of Government in India, 810-

825
Australia, A Lesson from, 471-479
Austria-Hungary, the German Fleet,

and the Triple Alliance, 1068-1082

Barker (J. Ellis), British Work for

British Workers, 283-298; German
Armaments and the Liberal Govern.

ment, 570-583
Basle scheme of State-aided insur-

ance against unemployment, 272-

282
Beckford's (William) Adventure in

Diplomacy : an Unpublished Cor.

respondence, 783–799
Belligerents, neutrals, and contraband,

744-754
Bengali agitators and Indian reforms,

375-385
Berlin Convention on International

Copyright, 1056–1067
Berlin in the 'Fifties, Court and

Society at : a Reminiscence, 91-

108
Birrell's (Mr.) Irish Land Bill, 946-

964
Black (C. E. D.), A Railway to

India, 163-169
Bowles (Thomas Gibson), The Declara-

tion of London, 744-754
Brewers, the Budget, and Temperance

Reform, 994-1004
British Army, The, & hint from

India, 397-410
British co-operation in construction of

the Baghdad railway, 1083–1094
British naval supremacy and rival

Dreadnoughts, 541-564, 565-569,

570-583, 1068-1082
British Navy in European waters,

Peace standing of the, 1081-1082
British Work for British Workers,

283-298
Budget, Ireland and the, 855-861
Budget of 1909, The, 909-924
Budget, The, and the taxation of

land values, 699-710
Buxton (Noel), The Young Turks,

16-24

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and Ben Jonson, 419-434, 630-647,

1038-1055
Baddeley (St. Clair),

CALIGULA'S Galleys in the Lake

(St. Clair), Caligula's
Galleys in the Lake of Nemi, 495–

503
Baghdad Railway, The, and the

Question of British Co-operation,

1083-1094
Balfour (Mr. Gerald) and Irish agri.

culture, 956–964
Barclay (Edwyn), The Future of the

Public-house, 994-1004

of Nemi, 495-503

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Carlyle (Jane Welsh), her Love

EARTHQUAKE at Messina, 812-
Letters and Mr. J. A. Froude,
826-837

| Economic History, The New Era in,
Catholic Reunion, Scottish Orders 675-689
and, 386–396

Economic Science,

The Missing
Cattle-driving and boycotting in Ire- Essentials in, 435-452; 838-854
land, 535-540

| Education Problem, Some Sugges.
Cavendish (Lady Frederick), Some tions towards a Solution of the,

Suggestions towards a Solution of 453-460

the Education Problem, 453-460 Educational Problem, The, 109-116
Cecil (Lord Hugh), The Unionist Edward the Third and compulsory

Party and its Fiscal Sore, 584- military service, 251-257
598

Elliott (Sir Charles A.), Lord
Censored by the State, How we came Morley's Indian Reforms, 177-
to be, 504-520

190; State Feeding of School
Centenary of Mendelssohn, 337–345 Children in London, 862-874
Child-rearing, Instruction for mothers, England, The Lost Empire of (!?),
48-64

230-240
Children at school, Feeding, at English language, Milton's mastery
expense of ratepayers, 862-874

of the, 65-73
Church of Scotland, The, and minis- Erroll (Colonel the Earl of), Our
terial Orders, 386-396

Military Weakness, 11-15; A

A
Churches, Reunion of, and Lambeth Rude Awakening, 565–569

Conference, 761-774

Clyde and a Forth Canal, Strategic FEUDALo dnes and land taxation,

value of a, 9-10
Colles (W. Morris), Copyright at

Home and Abroad, 1056-1067
Colonial Office, Forty-four Years at

the, 599-618
Commissioners' Report on the Poor

Law, 875-890
Congested Districts Bill, its failure in

Ireland, 946-964
Constitution for South Africa, 904-

908
Contraband, International law con-

cerning, 744-754
Copyright at Home and Abroad,

1056-1067
Coulton (G. G.), Our Conscripts at

Crécy, 251-257
Court and Society at Berlin in the

'Fifties : a Reminiscence, 91-108
Cox (Harold), The Taxation of Land

Values, 191-205; a Reply to, 699–

710; The Budget of 1909, 909-924
Crafts, Neglect of training for, in

modern education, 1018–1025
Crécy, Our Conscripts at, 251-257
Curzon (Lord) and reforms in Indian

administration, 810-825

Fitz-Gerald (Edward): a Personal

Reminiscence, 461-470
Fleming (Rev. Archibald), Scottish

Orders and Catholic Reunion, 386–

396
Flying-machines, their use in war,

800-809
Forewarned but not Forearmed: a

Warning from 1870-71, 936-945
Franqueville (Comtesse de), Peace or

a Śword? Some Reflections of an

Extremist, 117-125
Free Trade and restriction in New

South Wales and Victoria, 471-479
Free Trade, low wages, and poverty,

283-298
Free Trade Unionists, Liberals, and

Tariff Reform, 584–598
French art at the Paris Salon, 1005-

1017
Frewen (Moreton), The New Era in

Economic History, 675-689
Froude (J. A.), Thomas Carlyle, and

Mrs. Carlyle, 826-837
Fuller (Sir Bampfylde), Quo Vadis!

a Prospect in Indian Politics, 711-
724

DARWIN

ARWIN (LADY), A Swedish Ex-

perience in Education, 1018-
1025
Davison (Charles), The Messina

Earthquake, 312-320
Decentralisation of Government in

India, 810-825
Divorce versus Compulsory Celi.

GE
VEORGE (Henry) and taxation of

land values, 191-205
George (Mr. Lloyd) and his Budget

proposals, 909-924
German Armaments and the Liberal

Government, 570-583
German Dreadnoughts and British

bacy, 299-811
Dunlop (Robert), his views on Ire.

land criticised, 480--494

naval supremacy, 541-564, 565-569,
570-583, 891-903, 1068-1082

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