SETTLEMENT OF GREEK REFUGEES

Transcription

1 [Distributed to the Council and the Members of the League] C M II. Geneva, O ctober 30th, LEAGUE OF NATIONS THE SETTLEMENT OF GREEK REFUGEES SCHEME FOR AN INTERNATIONAL LOAN PROTOCOL Arranged by the League of Nations and signed at Geneva on September 29th, Amended by the Additional A ct signed at Geneva on September 19th, 1924 W IT H T H E R E L E V A N T D O C U M E N T S AND PU B LIC S T A T E M E N T S, IN C L U D IN G T H E S T A T U T E S O F T H E R E F U G E E S E T T L E M E N T CO M M ISSIO N

2 LEAGUE OF NATIONS RRATUM AND ADDENDUM TO DOCUMENT C M II The Settlement of Greek Refugees. Page 6. Heading III. The beginning of the second paragraph should read as follows: "As will be seen from Document XII, the property so transferred, and to be transferred to, (2) and held with a clean title by, the Refugee Settlement Commission", etc. A note should be added at the bottom of page 6 as follows : (2). The position as to the delivery of land is as follows: In accordance with the terms if the Protocol of Geneva, the Hellenic Government has already transferred to the Refugee iettlement Commission all the cultivable lands left in Greece by Musulmans who have départi from Greece under the Lausanne Convention for the Exchange of Populations between :eece and Turkey. After deducting from this area such portions as are not available for irious reasons for the settlement of refugees, it is estimated that at least 220,000 hectares of iltivable land will remain on which refugees can be established. In addition, the area of the nds already requisitioned with a view to expropriation, and the physical possession of which is already been given to the Commission with an undertaking on the part of the Hellenic ovemment that the lands will be formally transferred later to the Commission, amounts to jproximately 40,000 hectares. In addition to these areas 25,000 hectares of lands belonging >the Greek State have been formally transferred to the Commission. The total of these areas 285,000 hectares. Refugees are, in fact, occupying this area of land. The application of the Agrarian Law throughout Greece places the Hellenic Government in a position to obtain nd transfer to the Commission the 215,000 hectares necessary to make up the half-million hecires which, under the Protocol of Geneva, they have undertaken to provide for the purposes 1the Commission. Arrangements to secure and transfer to the Commission this balance of ^.ooo hectares are actively in progress. The statements and amounts mentioned under heading III above and in Document X II lould by read subject to the fuller statement contained in this note.

3 C O N T E N T S Preface by Sir A rthur Salter... ^ I. Extracts from the Report by Dr. Nansen, November 18th, j II. Resolution adopted by the Council of the League of Nations, April 23rd, III. Extracts from the Report of the Financial Committee, June 25th, IV. Letter from the Greek Minister in London to the Secretary-General, August 16th, V. Extract from the Minutes of the Twenty-sixth Session of the Council of the League of Nations, September 29th, VI. Report of the Refugee Settlement Commission (August 25th, 1924)...16 VII. Report of the Financial Committee on the proposed amendments to the Protocol and the Statute (September 12th, 1924)...22 VIII. Resolutions adopted by the Council and the Fifth Assembly of the League of Nations (September 1924)...28 IX. Protocol and Statutes relating to the settlement of refugees in Greece, signed at Geneva on September 29th, 1923, and amended by additional act on September 19th, X. Declarations signed by three Governments concerning the International Financial Commission a t Athens (1923 and )...33 XI. Memorandum addressed by M. Tsouderos, Greek Minister for Finance, to the Financial Committee relating to revenues assigned to the refugees loan (September 18 th, 1924)...34 XII. Declaration by Mr. Morgenthau and Mr. Campbell, September n th y

4 PR EFA CE L E V E N T S F R O M 1922 T O J U L Y The late Greco-Turkish W ar involved a very considerable displacement of population. The Treaty of Lausanne requires members of the Greek Orthodox Church established in Turkey to emigrate to Greece, and Moslems established in Greece to emigrate to Turkey. This provision of the Treaty had already, however, been anticipated by the flight of a large proportion of the persons concerned. During the retreat of the Greek Army and the capture of Smyrna and the rest of Asia Minor by the Turkish troops in the latter part of 1922, hundreds of thous a n d s and ultimately more than a million of inhabitants of these regions left their homes and fled to the coast. Some of them reached Greece by their own efforts; others were collected in concentration camps and transported later to Greece with the assistance of Dr. N a n s e n, acting on behalf of the League. Those who remained have since been, or are now in the course of being, transported under the arrangements made by the Mixed Exchange Commission set up by t h e Treaty of Lausanne. The total number of refugees so added to the population of Greece amounts to some million and a-half. About 200,000 or 300,000 of this number were possessed of some means, and a considerable proportion of the others have claims in respect of the property left behind in Asia Minor. The great bulk, however, am ounting certainly to over a million, came practically estitute and in urgent need of assistance; and most of these found their way into Greece in 1922 or early in 1923, before the regular machinery of the Mixed Commission was in operation. In the first months the situation of the refugees was appalling (see Document I); em ergency assistance had to be improvised as best it could by the Greek Government, assisted by the invaluable work of American and British charitable societies, particularly the American Red Cross, the Near East Relief and the All-British Appeal. The refugees on the islands were jchiefly fed through the agency of Dr Nansen. In this way the immediate distress was relieved, and many hundreds of thousands of lives [saved; but relief of this kind was obviously only a temporary measure and could give no permanent solution. As early as the autum n of 1922, representatives of the League, Colonel P r o c t e r and Colonel T r e l o a r, made attem pts to establish some of the refugees on a self-supporting basis. By the middle of 1923, some 15,000 had been established in a colony of fifteen villages. This experiment demonstrated the practicability of settlement, and showed that the refugees Iwere good material and capable of supporting themselves if once given a reasonable start ('). j It was, however, evident that private relief organisations could not be expected to provide the sums necessary for the definite settlement of all suitable refugees in productive work. Nor could the Greek Government hope to accomplish such an immense task without the assistance of a n external loan. The refugees numbered more than 2 0 per cent of the total population; and the resources of the country had been strained by a period of more than twelve years of (intermittent war and continuous mobilisation. A loan of the dimension required, however, presented great difficulties, for the financial credit of the Government in the money markets of the world had been necessarily weakened b y the recent war. In February 1923, therefore, the Government asked the Council (2) for the moral support land technical help of the League of Nations; and the Council transm itted the request to the Financial Committee for examination and report. On behalf of the Committee, M. P a r m e n t i e r, Imember of the Committee, and M. S t o p p a n i, of the Secretariat, visited Athens to enquire into me situation, particularly as to the securities which the Greek Government could offer and to the most suitable organisations for the control of the securities and the expenditure of r!f *0an" Simultaneously, Colonel Procter made a full investigation as to the needs of the Meanwhile, the situation became more acute on receipt of a note dated March 31st from the I cretary of State of the United States to the British, French and Italian Governments to the I.ec,. at the American Red Cross had decided to terminate on June 30th, 1923, its emergency n w^*ch more than 500,000 refugees were entirely dependent, and that the Near L. also desired to discontinue its emergency relief as soon as possible. The note added, f o r th ^ ^ a constructive plan could be worked out for an apportionment of the task and Ico. 8radual solution of the refugee problem, American relief agencies would be ready to lon T>erate even a^ter the termination of the emergency relief work of the American Red Cross IN ea ^actj charitable assistance has been continued, particularly through the I r,p^ast though on a reduced scale. Greek's gestion was discussed by the Council (*), which constituted for the purpose a special to wh ommittee, composed of the British, French and Italian Members of the Council, a, a representative of the Greek Government was added (Document II). Comm- " the *nvestigations of M. Parmentier, M. Stoppani and Colonel Procter, the Financial ItheSuh r rep.orted on the whole problem (Document III) and, after considering their report, l f a sch t *ttee t *le Council, at its meeting of July 9th, 1923, approved the main lines lindfn«jme ior ^ e settlement of refugees to be financed by a loan and administered by an I «pendent Settlement Commission. $S 5^ Document I. m n ' Council Minutes (Official Journal, 4th year, No. 3, page 234). ' 96o of Council Minutes {Official Journal, 4th year, No. 6, page 602).

5 II. E V E N T S FR O M JU L Y 1923 TO S E P T E M B E R It proved impracticable, however, to issue a long-term loan immediately, principally because political conditions in Greece had not become sufficiently stable. There w a s in the latter part of 1923 considerable doubt as to the form of Government which Greece would adopt whether monarchical or republican and as to whether any form adopted would be permanent. The Government in power at the time had no parliamentary mandate; a n d good as the securities available for the loan were in themselves, it was evident that a long-continued political instability might seriously diminish their value. It was mainly on account of this political uncertainty th at the Financial Committee while recognising that a suitable refugee scheme needed 10,000,000 and that (apart from this uncertainty) the security available was amply sufficient for this sum, had recommended that the loan should not exceed a maximum of 6,000,000. After its report, the increase in the political tension made it impracticable for the time to issue a long-term loan even of these dimensions. Fortunately, however, the work of settlement was enabled to proceed by an offer bv the Bank of England in conjunction with the Bank of Greece of a provisional advance of 1,000,000 on certain conditions, of which one of the most im portant was the establishment of an independent Refugee Settlement Commission on lines approved by the League, one-quarter being contributed by the National Bank of Greece. W ith this offer before it, and on the basis of further proposals of the Financial Committee, the Council, on September 29th, 1923, approved (a) a Protocol containing the general conditions of a loan and the establishment of a Refugee Settlement Commission, and (b) the Statutes of this Commission; and both documents were signed on the same day by the Hellenic Government It was also provided th at certain functions, described below, should be assigned to the International Financial Commission, which has existed at Athens since 1898 and is composed of representatives of France, Great Britain and Italy. These three countries undertook (Document X) to give the necessary instructions to their representatives. The Protocol and the Statutes contain the conditions on which the loan was to be issued; define the objects on which it was to be expended; and establish the organisation the Refugee Settlem ent Commission through which the work was to be executed. The provisions of the scheme are described in more detail below, as they have been slightly modified by the decisions of the Council in September 1924 (see final text, Document IX)( The task of the Commission was confined to establishing the refugees in productive work either upon the land or otherwise, i.e., in industry. The Commission has consisted of : (a) M r. Henry M o r g e n t h a u, member of the Executive of the American Red Cross and the Near East Relief Societies, and former U.S. Ambassador at Constantinople, Chairman. (b) Mr. John C a m p b e l l, of the Indian Civil Service, former Director of Civil Supplies of the United Provinces. (c) M. Etienne D e l t a, Advisor to the National Bank of Greece, ' (ci) M. Pericles A r g y r o p o u l o s, former Greek Minister at Christiania, now replace! by M. E u sta th o po u lo s. The work of this Commission during the last year is described in three quarterly report1 the third of which (Document VI) summarises all the work done. The Commission first met at Salonica on November Ilth, 1923, and after inspection 01 tit settlement work already begun by the Greek Government in Macedonia, proceeded to Athens, its headquarters. The Commission found the work already well advanced, though handicap?» by lack of funds. An organisation already existed covering not only M acedonia (divio* into three administrative areas, Western, Central and Eastern), but other provinces, especia. Western Thrace and the Islands (for example, Crete) and the region round Athens, where mw of the refugees destined for agricultural settlem ent were temporarily housed and many otn were gradually absorbed into industrial work. In the first seven months of its work (January to July 1924), the Commission had ac settled 23,300 families (15,000 in Macedonia, 5,500 in Thrace and 2,800 in Old Greece), constructed 8,600 houses and distributed 15,228 ploughs and considerable quantities 0 and forage. In addition, considerable expenditure had been engaged in o b t a i n i n g the eq ment, etc., required for further settlement. The overhead expenditure was kept within centage of 3.2; the average cost of each house was 48. Over 90 per cent of the cultiva 0 being settled in Macedonia and Western Thrace, where there are large areas of cultivate vacated by emigrants to Turkey or belonging to large landowners or the State. The re a ^ are being placed in smaller settlements over a wide range, extending to Crete and certain islands. Assistance has also been given in housing urban refugees, particularly in the n j( bourhood of Athens; and some arrangements have been made for the absorption of su refugees in industrial employment. o000 In May 1924 when the first 1,ooo,ooo was near exhaustion a second advance of was arranged, on similar lines, by the Bank of England (the Bank of Greece again ^ a quarter) ; and, some months later, a further 1,ooo,ooo was secured from the Greek ment through the Bank of Greece. These resources will be sufficient to enable work to p in the winter. (1) The Hellenic Parliament ratified the original text on June 7th, 1924, and the additional Act on 24th, 1924.

6 III. T H E SC H EM E. This settlement scheme is the third of the im portant reconstruction tasks undertaken by, T. ie As with Austria and Hungary, the problem was a complex one, with political, 3 financial and legal aspects, and the Council used all the appropriate parts of its orgattn to solve it As stated above, it appointed a sub-committee of three members of the (the British, French and Italian), with the addition of a representative of the Greek r^tpmirient Enquiries were made on the spot as to the hum anitarian aspect of the problem.,.1.» Hicrh Commissariat and, with regard to the financial aspects, by the French member fthe Financial Committee, accompanied by an Italian member of the Secretariat. Assisted!" L. Hrafting by the Legal Section, the Financial Committee itself undertook the main task nf drawing up the scheme and prescribing at once the securities of the loan and the conditions / :tg expenditure. The composition of the Commission entrusted with the execution of the scheme includes, as has been seen, both the necessary qualifications and experience and at t e «me time takes into account the League s responsibilities and Greece s interests. The problem and the solution adopted are different in essential respects both from the Austrian and Hungarian. In Austria, the whole finances of the country had collapsed and were insucha serious condition as to threaten an immediate political and social catastrophe. C o n - spnuentlv the League scheme provided not only for the raising of the loan and its expenditure on appropriate purposes, but for the control of the whole of the Austrian budget; and in addition the loan itself was guaranteed by a number of Governments. In Hungary the general problem was the same, th at is to say, the finances as a whole needed reconstruction but they were not in such a serious condition as to threaten political collapse. The League plan, therefore, as in the case of Austria, included a control of the Hungarian budget, but it did not arrange for the guaranteeing of the loan by Governments. In Greece the problem was a smaller one. The general financial position was sound excep for the sudden strain thrown upon it by the necessity for settling nearly one and a-half million refugees some 20 per cent of the total population. The problem, therefore, serious as it was, was more restricted in scope, and the League scheme is confined in the mam to determining adequate securities for the loan and the control of its expenditure. While providing certain safeg u ard s for the general financial position, it does not include a general control ot the The loan is to be of an am ount not exceeding in net yield 10,000,000, out of which advances already made will be repayable. The expenditure of the money is under the control ot a Refugee Settlement Commission, of which the composition is stated above. It is to be devoted to settlement in productive work, mainly, bu t not exclusively, upon the land. No part ot it is to be used for relief purposes. The necessity for charitable aid therefore remains. As 'was pointed out in the resolution taken by the Council in the spring of this year : "The Greek Refugee Settlem ent Commission is limited by its Statutes to the establishment of refugees in productive work and is explicitly prevented from giving charitable assistance. The temporary relief by charitable means of refugees who cannot be immediately placed in productive work is an essential complement of the scheme of reconstruction, which is intente to place them ultimately on a basis of self-supporting independence (1). The full property in the land required for settlement is to be transferred to the Settlement Commission by the Greek Government, which has undertaken to provide not less than 500,000 hectares (or about a million and a quarter acres) for the purpose. IV. S E C U R IT IE S F O R T H E LO A N. The securities for the loan consist of : I. A first charge on certain revenues. II. An inferior charge on all other existing revenues which are already subject to certain prior charges in respect of earlier loans. These revenues, both I and II, will all be placed under the control of the International Financial Commission, the members of which will receive instructions from their respective Governments (see Document X) to discharge the duties which the Protocol contemplates shall be performed by them. III. Land assigned for settlem ent and the buildings erected on it. IV. Repaym ent by refugees and taxes payable by them. These securities are, of course, to be considered cumulatively. I and II. A s s i g n e d R e v e n u e s. (Full particulars are given in Document X I below, Cert'fied by M. T s o u d e r o s. The following re's urn é is for convenience only.) (T) Official Journal, July 1924, Annex 639.

7 1. Revenue: not hitierto controlled by the International Financial Commission. These revenues are the following : drati * (a) Monopolies in the new provinces (salt, matches, playing-cards, cigarette paper) ;... 55,ooo,«J (b) New Customs duties (Canea, Candia, Samos, Chios, Mitylene, Syra).. 55, 727 ccol (c) Tobacco monopoly in the new provinces ,000 ocol (d) Stamp duties in the new provinces... 50, 600 cool (e) Alcohol in the whole of Greece ,ooo'oool T o t a l ,327TÔÔô All these public revenues are free of all charges, except the receipts of the tobacco mono-1 poly in the new provinces, which is subject to a lien in favour of the 5 1/2 per cent loan oil This lien is estimated at 29,070,000 drachmae. After deducting this amount from the I above figure, there remains a total sum of free revenues amounting to 542,257,000 drachmz. I The above figures are the estimates of the Greek Finance Minister for the yield of the year I As will be seen, these estimates correspond very closely in the aggregate with the I reported results of the last quarter for which returns are available (viz., May to July 1924). 2. A considerable amount of revenue is already subject to the control of the International I Financial Commission. The receipts are estimated for the year 1925 at over 1,200,000 oco I drachmae. These revenues (Customs duties, monopoly receipts and stamp duties in the old provinces) are already subject to two liens, of which one has priority over the other. They form a guarantee, in the first instance, for a series of loans managed by the International Financial Commission and, after the service of these loans has been deducted, leave free a sum estimated at 858 million drachmae. This excess serves as security for a second series of loans which absorb 186,640,000 drachmae. The third mortgage, therefore, covers a sum of ,357,9361 l e s s ,640,000 leaving ,717,936 [ Adding up the value of all the securities mentioned under I and II : 1. The revenues not yet under the control of the International Financial Com mission ,257, The revenues which are already under its c o n tro l ,717,936 reach a total of...1,213,974,9361 which represents five times the am ount necessary for the service of a loan of 10,000,000. III. The land itself affords a separate and additional security. As full p ro p e rty is transferred to the Refugee Settlement Commission, it could if necessary be realised to supplement revenues for the purpose of meeting the service of the loan. As will be seen from Document X I I, the property so transferred with a clean title to the Refugee Settlement Commission is estimated by the Chairman and Vice - Chairman ot the Commission as worth not less than 10,400,000, exclusive of any value added by expenditure of the loan itself. They add that this is a very conservative estimate, the Bar.k of Greece estimating the value of the land as being at least 6,000,000 higher. IV. Moreover, grants of land b e in g made on a basis of paym ent in respect of purchase and/or rent by settlers, money so received is available as a further source from which the service of the loan could be met. It should also be noted (see Document VI, Report of the Refugee Settlement Commission) that the financial responsibility for the supply of tools, cattle and agricultural implements is borne co-operatively by the settlers. Another source of income for the Commission will be the taxes paid by the refugees, as these taxes w ill be handed over by the Government to the Settlement Commission. Incidentally, it should be remarked th at testimony is unanimous as to the good quality of the average refugee. Once supplied with land and a modest equipment, he makes in most cases with remarkable rapidity. These securities should, of course, be considered cumulatively. They clearly offer a very considerable margin over the service of the loan in the absence of any danger arising from eitm political or general financial difficulty in Greece. It is in view mainly of the fir s t possibi 1> th at the issue of the loan has been deferred for a year. By the testimony of all observers, including in particular the Chairman and Vice-Chairman of the Refugee Settlement Commission, the political situation has enormously improved in this period and has steadily dev<slop towards stability. Attention is called to the statem ent in the Commission s reportv)tha ^ changes of Government which have taken place since the beginning of the C om m issio n s"o in December last have had no effect whatever upon the continuity in the policy of re towards the settlement schemes or in regard to its general financial position.,,, W ith * regard to the financial position, it will be noted... that.... the K drachma, which which had na bee;- ^ fluctuating violently before the plebiscite and which had fallen as low as 450 to the in ^ ^ 1923, has remained remarkably stable. The rate of exchange of the drachma on Londo" (weekly average) in the last week of each month beginning September 1923: 269; 2w 209 (December 1923); 232; 254; 254; 221; 226 (May); 251 (June); 256; 246:257 (Septem ber (1) See Document VI, last paragraph but two.

8 During the period of war and unsettlement, as well as at other times, Greece has of course c o n s is te n tly maintained payments due under the obligations of her external debt. It will be observed, too, that while the League does not, in view of the comparatively stable financial and budget position of Greece, contemplate any general control of the Greek budget, the Protocol includes an undertaking (Article VI) by the Greek Government "immediately to make and to persist in making every effort to secure as soon as possible a complete equilibrium between the ordinary receipts and the expenses of the State". It also provides, as stated above, for definite and effective control by the International Financial Commission of the revenues assigned to the loan, and the special safeguard that the Government may not pledge for the purpose of another loan new taxes not assigned to this loan unless the International Financial Commission certifies that the character of those new taxes is not such as to impair the yield of the assigned revenues. V. CO N C LU SIO N. In concluding it may be convenient to call attention to the following aspects of the scheme to which reference is made above : (a) While the scheme does not aim, as the Austrian and Hungarian schemes did, at directly reconstructing the whole of the Greek finances and for this purpose controlling the budget, it provides for the one abnormal burden upon the Greek finances, apart from which Greece herself shows every sign of being able to maintain a stable financial position. (b) Relief work is no part of the present scheme, which is specifically limited to establishment in productive employment. Charitable assistance remains necessary, but as a complement to, and not a part of, this scheme. (e) Both the political position and the financial position have since the work was first undertaken greatly improved in stability, particularly since the plebiscite of April In the experience of competent observers, this is very largely the result of the moral and material assistance already given by the scheme itself. [dj The risk during this earlier period has been taken by those who made the advances; lenders to the long-term loan which is now proposed have the advantage both of the definite improvement and stability that has been realised during this period and of the experience of the actual working of the scheme under the control of the Refugee Settlement Commission. October 15th, (Signed) J. A. SALTER.

9 [C. 736 (a). 1921] I EXTRACTS FROM A- REPORT BY D r. NANSEN Geneva, November 18th, P a r t II. T h e Q u e s t i o n o f R e f u g e e s i n G r e e c e a n d A s ia M in o r. 1. Im m ediately after the close of the session of the Assem bly of the League of Nations, I proceeded to C onstantinople to carry out the enquiries into the problem of the refugees in the N ear E ast w ith which the A ssem bly had charged me. F rom Constantinople I proceeded on a journey of inspection through Eastern Thrace and from there to A thens. In Constantinople, Salonica and A thens I had the advantage of establishing close contact on the problem of refugees with all the com petent authorities of the Turkish and G reek G overnm ents and w ith the leaders of the relief organisations which have already begun to bring assistance to the refugees. The conclusions which I venture to present to th e Council of the League of N ations in this report are therefore based on a close stu d y of the actual situation, and are arrived at after careful consideration of the problem s w hich it raised. 2. A lthough I was prepared to m ake a jo u rn ey in Asia Minor, I was unfortunately not able to carry this intention into effect. I have had therefore to rely for my information concerning the situation in Asia Minor upon w h at I have been able to learn from official sources and from relief workers on the spot. I am satisfied, however, from what they have told me, th a t there has been real distress on a large scale am ong a great number of th e population inhabiting the area in w hich the m ilitary operations of September last w ere carried out, and I endeavoured to do w h at I could to assist the authorities of the Turkish Red Crescent in alleviating this distress. I despatched 200 tons of flour, bought w ith the funds placed at m y disposal b y the A ssem bly of the League, to Smyrna. I also provided transport for a num ber of Turkish refugees from Constantinople to reach their homes on the shores of Asia Minor in tim e to carry through the autum n cultivation of their fields. Colonel Gauthier, the representative of the League of Nations Epidemic Commission, was able to come to the aid of the T urkish Red Crescent with medical supplies, especially vaccine and serum. The International Red Cross has also brought a certain am o u n t of relief and a num ber of blankets to Sm yrna, and the American Red Cross and the Near E ast Relief are carrying out w ork of assistance on a generous scale. Nevertheless, it is clear, from the evidence which I have received, that the situation of th e population in this area of Asia Minor, although undoubtedly serious, is one with which the Turkish authorities are in a position to deal w ithout great assistance from outside, and I do not th in k th a t the problem there is com parable in gravity to that of the refugees in Greece. 3. There are already, w ithin the frontiers of Greece, refugees of Greek and Armenian race am ounting, according to inform ation received, to not less than g The collection of exact statistics is still a m a tte r of great difficulty, but it appear.- that a t least 5 0,000, and probably a greater num ber, of these refugees are A rm enians. To these A rm enians the Greek G overnm ent is, w ith great generosity, extending hospitality and relief. It is calculated that, of the 900,000 refugees, approxim ately 300,000 are fro E astern Thrace and the rem ainder from Asia Minor. Those from Eastern T h r a c e who left their homes after the conclusion of the A rm istice of M udania ~re in c o m p a r a tiv e ly good conditions. T hey were able to bring aw ay w ith them a t least some of their m ovable possessions, including for the m ost p art their cattle, wagons, clothing and in som e cases their agricultural im plem ents. A lthough th e y were obliged to leave behind the a b u n d a n t crops which th ey had reaped this year, th e y have nevertheless, genera ) speaking, a certain am o u n t of money. The refugees from Asia Minor, on th e other hand, have left their homes with such precipitation th a t th ey have no other possessions of any kind than the light sum eg clothes which th e y wear. T hey urgently require not only shelter b u t a l s o w i n t e r clot and blankets to enable them to face th e severity of the coming winter ; they afe a" w ith o u t an y m oney w ith which to supply them selves w ith food.

10 The Greek G overnm ent has m ade great efforts to distribute these refugees throughtthe country in such a w ay as to perm it of their absorption b y th e local population. For the refugees from E astern T hrace who are agriculturists, this absorption is less "cult and a certain m easure of success has already been achieved in placing them t h e v a c a n t lands in M acedonia and W estern Thrace, w here th e y will be able to grow next year the crops w hich th e y will require to enable th em to live. F or the whole the refugees from Asia Minor, however, and for th e tow n population from E astern ace, the difficulties are far greater. In spite of the great efforts w hich have been e by the Greek G overnm ent and people, and b y the various relief agencies, the situan of these refugees is v ery grave. 4. It id not possible to give in this rep o rt a detailed account of th e w ork w hich being done and th e problem s th a t are being dealt w ith b y th e relief agencies. I will a a later occasion give a detailed account to the Council of th e use w hich I have m ade the funds placed a t m y disposal. I succeeded in acquiring a considerable q u an tity flour with the least possible delay, w hich was used to m eet a difficult situation on the lands of Samos and Chios. League representatives are now carrying out direct relief Western Thrace. I venture to appeal urgently and insistently to th e G overnm ents the Members of th e League to provide th e further contributions w hich are required enable me to acquire th e whole of th e 50,000 prom ised b y the B ritish G overnm ent en a similar sum has been contributed b y the other M embers of the League... I am very happy to be able to say th a t the A m erican R ed Cross, under th e able dership of Dr. Ross Hill, has come into the field and is now bringing help in th e form ffood and other direct relief w hich will go far to solve the m ost im m ediate problem s, e American people, through th e agency of the A m erican Red Cross, are thus about add another chapter to their already long record of great acts of charity. It m ay hoped that, if the response to the appeal for charity from other quarters of th e world equally generous, and if there is no further influx of refugees into Greece, the problem (feeding the refugees during th e n ex t few m onths m ay be satisfactorily solved. This ult can only be achieved, however, if the charitable organisations of other countries ke a response corresponding in degree to th a t of the A m erican R ed Cross I need not draw th e atten tio n of the Council of the League in an y detail to the ious results which the situation I have described m u st entail for the Greek State, inevitably imposes a terrible strain upon its financial, economic and m oral resources, thafood supply for this v ast influx of refugees were to break down, it m ight threaten e whole social and economic stab ility not only of Greece itself b u t even of neighbourcountries in the N ear E ast.... In my opinion, the only w ay in w hich the necessary capital can be found is by me form of international loan. I believe it is in the interests of the other M embers f the League th at such an international loan should be granted to the G reek people enable them to re-establish on a firm footing their national econom y. I venture hope that this is a question w hich the G overnm ents concerned, acting through the until of the League of N ations or otherw ise as th e y m ay th in k fit, m a y find it postale to study a t the earliest possible m om ent. There is no need to add th a t the eek Government w ould be prepared to allocate revenues for th e paym ent of the Merest and the am ortisation of the capital of such a loan... II resolution a d o p t e d b y t h e c o u n c i l o f t h e l e a g u e OF NATIONS ON APRIL 23rd, 1923 [Fourteenth Meeting, Twenty-Fourth Session). The Council, having heard Dr. N ansen s sta te m en t as to the position of the refugee Nblem in Greece; I, ^dprstanding th a t th e Greek G overnm ent is now engaged in collecting the essential J f n which th e Financial C om m ittee requires in order to exam ine, in accordance the authorisation already given b y the Council, the practicability of the flotation a oanon the basis of securities w hich Greece could offer : Now requests th e H igh Com m issariat, in consultation w ith the Greek G overnm ent, gkeek REF.

11 I O - to consider w hether, if a loan should prove practicable, it would be possible to replu the tem porary relief m easures which, except in a p art of W estern Thrace, have hither alone been undertaken, by a general plan enabling refugees in other parts of Gret to be settled on the land or otherwise established on a self-supporting basis, and ifs to prepare a schem e for the purpose; And hereby appoints a Sub-Com m ittee, consisting of the British, French and Ita lian M embers of the Council, w ith au th o rity to invite the Greek Government to adi a fourth m em ber, to receive th e reports from the Financial Committee and from tk High Com m issariat, and to advise the Council a t its n ex t session whether the Leagua itself can properly and usefully accept any responsibility or take any action. Ill EXTRACTS FROM THE REPORT OF THE FINANCIAL COMMITTEE! PRESENTED IN 1923 T O THE GREEK SUB-COMMITTEE OF THE COUNCIL June 25th, I n t r o d u c t io n. In accordance w ith the Council s resolutions of F ebruary 2nd and A p ril 23rd, the! Financial C om m ittee has studied the question of the practicability o f the flotation ofl a loan b y the G reek G overnm ent, on the basis of securities offered by i t fo r the sedition! of the Greek refugees problem. It has had to assist it in this stu d y a considerable mass of information, in parti supplied by the Greek G overnm ent in answer to a questionnaire, and in part prepared! by the Secretariat. In particular, however, it has had the advantage of a special report,! supplem ented b y oral explanations, prepared b y one of its members, M. Parmentier,r assisted b y M. Stoppani, who m ade a special visit to A thens on its behalf. In addition,! it has had before it the report of Colonel Procter, who, as Dr. Nansen s represeata-l tive, has been studying in Greece the practical m easures of relief and re-settlem entl required;, and a less detailed statem en t of the Greek G overnm ent s own proposals. I The Com m ittee has necessarily approached the question from the purely business! point of view, th a t is, from the point of view of the prospective lenders. From this! point of view, it has found the task one of particular difficulty because of the existencrl of conditions, some of them not prim arily of a financial character, which at the sam tl tim e seriously affect the prospects of an y loan. P a r t I. P relim in a ry C onditions of the Loan. It thinks it well, therefore, in the first instance, to point out some of the 8ene^ difficulties and to sum m arise some of the more im p o rtan t points upon which lent-l will wish to be satisfied. I 1. T hey will wish to be satisfied th a t any engagem ents entered into by ^ recl'e«]c constitutionally binding upon the present and any future Greek Government. I Com m ittee understands th a t national assets and revenues can only be pledged by Greek G overnm ent w ith the approval of Parliam ent. D # 2. T hey will also, no doubt, wish to be satisfied th a t the negotiations fora*^ T reaty w ith T urkey will result in the definite assignm ent to Greece of those terri 0^ whose revenues are proposed to be allocated as security for the intended l o a n, further, th a t the m easure in which these revenues m ay be encumbered shall not 1 the security for the refugee loan.. 3. They will also require some definite assurance th a t budgetary equilibrium be established in the near future, and th a t the intervening period will not be bn g m onetary inflation b u t b y sound financial measures, including drastic reduction 01 e-p diture, especially of a m ilitary character., n0j (If a large budget deficit is met, in the absence of other resources, by im a ^ a large scale, the result m ust inevitably be such a depreciation of the drachma as

12 II n b s t a n t i a l l y impair the value of any revenues which the Greek G overnm ent could assign security for the loan.), 4. Finally, the C om m ittee understands th at, under an agreem ent entered into by Jjreece with the U nited States of America, France, and G reat Britain, dated F ebruary [oth 1918, Greece has undertaken "ju sq u au rem boursem ent desdites obligations, Lcun <rage nouveau ne pourra être affecté à un em p ru n t extérieur sans l assentim ent Hes Gouvernements des É tats-u nis, de la France et de la G rande-b retagne. The release by these Powers of their right of veto under this agreem ent would there- ore appear necessary in order to m ake th e assets available as pledges for th e prod loan. In view of the hum anitarian character of the proposed loan, it is perhaps sonable to anticipate th a t this and other outstanding m atters in connection w ith ne before-mentioned agreem ent and other obligations can be adjusted satisfactorily. P a r t II. Securities w hich can be assigned to a Loan. Subject to the above general conditions, the G reek G overnm ent has certain securities which it could offer as the basis for a loan, and it will be convenient to exam ine here what these securities are and to w h at extent th e y are available for a refugee loan. In a note handed to M. P arm entier w hen he was at A thens, the Greek G overnm ent irnished the following estim ates of the securities w hich Greece could provide : Drachmae Surplus of revenue specially assigned and administered by the International Financial C om m ission ,000,000 Surplus of revenue specially assigned but not administered by the International Financial C om m ission ,000,000 Free receipts... 80,000,000 T o t a l ,0 0 0,0 0 0 As the"amount of th e receipts and expenditure, from which the above figures were [«tinted, was calculated a t the rate of dr. to the pound sterling, the Greek G overnment considers th a t it is in a position to give, as security, revenue-producing annual [receipts to the extent of 2,2 5 0,0 0 0 sterling. The International Financial Commission estim ates a t only 1 3 0,0 0 0,0 0 0 dr. the free [surplus from the revenue w hich it adm inisters, and w hich is calculated above a t 250,000,000 dr. It did not feel th a t it could give any estim ate of the other receipts proposed as securities b y the Greek G overnm ent. The extreme difficulty of m aking such calculations should, moreover, be em phasised, for the receipts in question are, of course, very considerably affected b y general Political conditions, fluctuations in the rate of exchange, the economic condition of the country and the organisation and stability of th e adm inistrative services. This difficulty is sufficiently brought out b y th e following discrepancies which have ten noted in the docum ents supplied from tim e to tim e b y the Greek G overnm ent. Receipts specially assigned and otherwise. (In millions of drachmae.) Estimates furnished to the Secretariat on May 4th, 1923 Estimates furnished to M. Parmentier in June 1923 As calculated by the International Financial Commission Monopolies in Old Greece... p; c and Stamp D u t y... ïus Customs... er Customs Auctions for th e se rv ic e of th e lo a n s.. Frte surplus i,355 1,009 1, I QjgjJ1. I1656 circumstances, it is only possible to note th a t the International Financial «timatssl0n' reck ning th e average rate of exchange as 300 dr. to the pound sterling, I es at 130 million dr. the probable surplus of th e revenue w hich it adm inisters.

13 As the population of New Greece, again, is about equal to tw o-thirds of that of then kingdom, the estim ates furnished b y the Greek M inistry of Finance for the follow taxes levied in the new provinces appear to be not unlikely. Duties Stamp d u t y... Tobacco... S a lt... M atch es... Playing-cards... Cigarette-paper... T o t a l Estimated revenue for New Greece Drachma; 22,000, ,000, ,500, ,500,000 Revenue estimate an: confirmed en bloc b y * I International Financial L Commission in Old G.-ttsI Drachmae , 000, , 000,000 9, 6/ 1,000 14, 400, , 071,000 The d u ty on alcohol in the whole of Greece and th e Customs which are at present free cannot furnish a basis for any similar comparison. The Greek Government estimate the am ount which will be obtained from the form er a t 122,630,000 dr. It canonlyl pointed out th a t th e Customs charges have recently been very considerably raised, ani th a t the am ount produced has steadily increased during the last few years (25 millionsii 1920, 33 millions in 1921, 74 millions in 1922). The am ount from free Customs is estfl m ated a t the relatively m odest sum of 32 millions. U nder these conditions, it appears if we ad o p t the sam e premises as the Greek] G overnm ent, w ith all the reservations referred to above th a t we may be justified ia[ estim ating th e annual receipts available to provide security as follows : Drachms Surplus of receipts administered by the International Financial Commission (Commission s figures) ,000,000 Receipts not administered by the International Financial Commission (figures of the Greek Ministry of Finance) ,000,000 T o t a l ,000,000 which, a t 300 dr. to the pound sterling, would give 1,850,000 sterling. These estim ates may, of course, be subject to considerable modification as a result I of fluctuations in the rate of exchange. B u t such a case m ight be provided for bysti-l pulating th a t the tariff should not be lowered w ithout the consent of the International! Financial Commission and th a t the Greek G overnm ent, moreover, should, at the request! of the Commission, raise the charges to the extent necessary to render the tariff, expressed! in drachm æ, capable of producing a fixed revenue in pounds sterling. 1 It would appear, however, essential to deduct a certain am ount from the above! m entioned figure, in order to cover financial and economic risks, and the Committee proposes to fix this am ount a t 20 per cent. This deduction brings the total amou available for security dow n to 1,480,000 sterling. If the treaties now being draw n up debited Greece w ith p art of the Ottoman involving an annu 1 paym ent of 500,000 sterling, and if this annual payment is secur b y revenue from the New Provinces, only 980,000 sterling would remain availabej If we assume th a t a loan is floated, the total service of which (including amortisation) wtould require 10 per cent of the capital, the security offered by the Greek Governm could, if the above estim ates prove correct, accordingly provide security for a ^oa.n about 10,000,000 sterling. This total would clearly be diminished if, as a result 0 treateis, certain securities were deducted from the total in order to guarantee 0 obligations. E ven if we adm it th a t the treaties will not burden the Greek Treasury with c ajs other th a n p art of the O ttom an Debt, the theoretical m axim um of 10,000,000 stff referred to above cannot be reached in the case of a loan which would be used en to solve the refugee problem. It m ust not be forgotten th a t Greece will shortly av provide for the paym ent of arrears, the am o u n t of which it is difficult to esti and that, moreover, she will have to m eet the deficit on her c u r re n t budge,, doubtless, even if extraordinary expenditure (mobilisation, war material, reiuge abolished in the near future, a certain deficit in the next budget. ^ As the Greek G overnm ent is unable to borrow a t home, it can, in order 0 ^ these two categories of expenditure and avoid suspending paym ent, only re^ rt0 ] foreign loan or to the inflation of the currency. It can therefore only ^evoetuef refugee loan a part of its rem aining securities, and it will be obliged to reserve for a further credit operation. It is difficult to see how it could otherwise preve

14 ation of the currency, which, am ong other consequences, would be such as to ace the actual value of the securities w hich are assigned to the refugee loan. It appears to be impossible to give an y precise figures concerning the im perative s for which the Greek G overnm ent will have y et to provide; we either possess indent information concerning these needs (arrears) or they depend on future events ibility of returning, in the near future, to a strict balance of the total receipts and nditure of the State). However, it cannot be doubted th at, even in the m ost vourable circumstances, a very im p o rtan t p art of the security m ust be reserved and -,t the refugee loan m ust be reduced to very m odest dim ensions unless securities other those indicated by the Greek G overnm ent can be furnished. In this connection, it should be pointed out th a t the refugee loan is destined, as far possible, to restore once m ore to productive labour a population which is at present ctive. The Greek G overnm ent is determ ined to devote to this purpose not only e amount which m ay be produced b y th e loan b u t also very considerable areas of tivable land which it possesses and th e area of w hich it estim ates a t 400,000 hectares. It would therefore seem th a t this land, w hich would a tta in a definite value b y being ought under cultivation, m ight furnish security for the loan. In other words, the farm rents w hich the refugees, who had thus become farm ers ce more, would have to pay, and the paym ents w hich they m ight m ake in order ito tain the ownership of their land, m ight easily be assigned to the service and speed er ortisation of the debt. The sam e w ou d apply in the case of the repaym ent of dvances which the adm inistrators of the loans m ight m ake to undertakings capable relieving them of all totally unproductive ex p e n d itu re on upkeep by the em ploym ent refugees (1). IV LETTER FROM M. D. CACLAMANOS, GREEK MINISTER IN LONDON, TO THE SECRETARY-GENERAL OF THE LEAGUE OF NATIONS London, August 16th, I have the honour to inform you th at, subsequent to the adoption b y the League Nations Council, during its tw enty-fifth session, of th e proposal of the Financial Comnuttee of the League in favour of the flotation of a loan of from 3,000,000 to 6,000,000 y Greece for the establishm ent of th e refugees, M. Diomede, Governor of the N ational L f Greece, has opened negotiations to th a t effect in London. The conclusion of a loan for the whole am ount proposed at the present juncture unfortunately encountered certain difficulties. However, in order to ease the situation and to facilitate the im m ediate com m encen t of the establishm ent of th e refugees pending the flotation of the whole loan e Hank of England has consented, subject to certain conditions, to arrange for a pro- 1S onal advance of approxim ately 1,000,000 to the N ational B ank of Greece, the S 1S-a conc^tion th a t the am o u n t of the advance is to be placed at the disposal of last Settlement Commission suggested b y the Council of the League during its session, to be applied b y th em under th e term s of th e Annex. It is therefore of the importance th a t the m em bers of this Commission should be appointed a t once, a view of the above, I should be very grateful to you if you would be good enough Com*1 6 necessary steps to be ta k en for the appointm ent of the two m em bers of the Stat 15! 011 to be appointed b y the L eague of N ations and the G overnm ent of th e U nited 65 of America. ibi»; j 5i t Jjjjy Secretariat. The portions of the Financial Committee s report which followed those given in full il;;; jj anj the form to be given to the organisation to be adopted. The text will be found in Doc. C , *»" ; thc p The Council, after discussion, adopted as a form of organisation the Refugee Settlement Commis- * tin Cm,-» anc* statutes of the Refugee Settlement Commission were drawn up by the Financial Committee al s decision.

15 14 On the other band, arrangem ents are being m ade for the appointment by Gr«of the other two m em bers of the Commission provided for according to the deci of the Council. It is m y earnest hope th a t you will kindly see your w ay to cause these appointment! to be m ade a t your early convenience, so th a t the utilisation of the advance consented! b y the B ank of Englan'd m ight be delayed as little as possible, and th at the all-important w ork for Greece, of the establishm ent of even a part of the refugees, might commence forthw ith. (Signed) D. Caclamanos. A N N E X * - The Refugee Settlem ent Com mission to undertake, as regards the disbursement tl the m oneys to be provided by m eans of the proposed tem porary a d van ce to the National B ank of Greece : 1. To adopt the lines of the proposals approved b y the Council of the League of j N ations a t its tw enty-fifth session. 2. To effect settlem ents solely on lands provided free of charge and w ith ou t encum-] brance by th e Greek G overnm ent. 3. To obtain security for all paym ents. 4. To m ake paym ents only for productive purposes. 5. To m ake no charitable or ex gratia paym ents. 6. To hand over all eventual assets and security to the International Financial Commission. EXTRACT FROM THE MINUTES O F T H E T W E N T Y -S IX T H S E S S IO N O F TH E COUNCIL OF THE LEAGUE OF NATIONS Twenty-fourth Meeting {private), held on Saturday, September 29th, 192 }, at jjo/um Present : All the representatives of the Members of the Council, and the Secretary-1 General. The British E m pire was represented by Sir Rennell R o o d. Greek Refugees Schem e : Report of the Greek Sub-C om m ittee. M. M i c h a l a k o p o u l o s, representative of Greece, came to the Council table. M. H a n o t a u x introduced the Protocol and S tatutes approved by the Greek Sabj C om m ittee for the creation of a Refugees Settlem ent Commission. He recalled the * th a t, a t its last session, the Council had, a t the request of the Greek G o v e rn m e n t, a w ith the assistance of Dr. Nansen, established a general office for the relief of refug' by means of em ploym ent in Greece. He need not, he thought, emphasise th e im m ediate necessity of these numéro refugees finding on their own soil some em ploym ent w hich would allow of their self-supporting, and also to diminish to some extent th e heavy expenditure whic on the Greek G overnm ent in this connection. Up to the present, the refugees in question had been assisted both by the G overnm ent and by English and Am erican relief organisations. Some of these nisations had m ade it known th a t they would not be able indefinitely to c o n tin u e elief work. It was therefore very urgent th a t the scheme subm itted by the Gree C om m ittee should be p u t into execution as soon as possible., He then read the draft resolution proposed b y the Greek S u b -C o m m itte e an gested th a t this resolution should be published in order to encourage subscrip 1 M. M i c h a l a k o p o u l o s wished to express to the Council and the Secretariat^ behalf of the Greek people, his deep gratitude for th e p art they had taken

16 15 fing-up of this scheme, which he was sure would result in great benefit to the refugees, accepted th e text of the resolution as proposed by M. H anotaux. He had received instructions from his G overnm ent to sign the scheme w ithout delay. M Ha n o t a u x added th a t th e G reek Sub-C om m ittee had heard the representative Dr Nansen, who had stated th a t he had no objection to the draft resolution. Sir Rennell R odd entirely approved the draft resolution but wished to make e or two observations. He wished, in particular, to express his great adm iration for the w ork already done v Colonel Procter and Colonel Treloar in W estern Thrace. In spite of the very small :m5 at their disposal, these two gentlem en had succeeded in assisting 15,000 Greek Vees t0 become self-supporting. H e thought th a t all the M embers of the Council ouîd agree with him in thanking th em for the w ork th e y had done and, at the same 'me inexpressing the hope th a t the Commission entrusted w ith th e d u ty of relieving refugees would profit b y their experience. M. Michalak o po u los stated th a t M. Politis had already had occasion to express Colonel Procter and Colonel Treloar the gratitude of the Greek G overnm ent for their mirable work. He would add th a t it was chiefly owing to the interest aroused b y the ork of these two gentlem en th a t it had been possible to conceive the idea of a general lan for the relief of all the refugees. M. Branting drew the atten tio n of the Council to the following resolution of the ssembly on the subject of these refugees : "The Assembly : "Having noted w ith great interest the report of the H igh Commissioner for R e fugees on the work which he has so successfully carried out on behalf of the refugees of Asia Minor, particularly w ith a view to carrying into effect a scheme for their permanent settlem ent in Greece, Desires to express to him its gratitude for the em inent services w hich he has rendered to the League and to th e refugees; and, "Considering it desirable th a t he should continue to collaborate in the w ork undertaken on behalf of the refugees : "Invites the High Commissioner to co-ordinate the w ork of the other organisations dealing w ith the refugees; and "Decides to place the necessary sum s for this purpose a t his disposal. The Council adopted the following resolution : "The Council : "1. Approves the schem e for the establishm ent of a Greek Refugees S ettlem ent Commission for the settlem ent, in productive work, of refugees in Greece, set out in the draft Protocol for signature by the G reek G overnm ent; "2. Approves the appointm ent of M. E tienne D elta and M. Pericles Argyropoulos, nominated b y the Greek G overnm ent, as m em bers of th e above Commission; "3. Appoints Mr. Campbell as League m em ber on th e above Commission; "4- Appoints Mr. H enry M orgenthau, on th e nom ination of the N ear E ast Relief, as fourth m em ber and C hairm an of the Commission; "5. Decides to issue a public com m unication which will m ake it clear th a t, since the loans to be adm inistered by the Refugees Settlem ent Commission are to be devoted exclusively to settlem ent in productive work, and the Commission is specifically prevented from using them for the purpose of relieving distress, and since it is inevitable th a t m uch distress m ust rem ain w hich cannot be dealt with, or cannot be dealt with a t once, by those m eans, the w ork of charitable societies is an essential complement to the settlem ent scheme. "The Council therefore hopes th a t the charitable subscriber will continue to support these societies as generously as in th e past indeed, even more generously, *n the knowledge th a t such support will not be as it has been hitherto a palliative "but an im portant contribution and an essential factor tow ards a definite and final soution of the Greek refugee problem.

17 i 6 VI THIRD QUARTERLY REPORT ON THE OPERATIONS OF THE REFUGEE SETTLEM ENT COMMISSION [C ] Athens, August 25th, A lthough we have adhered strictly, in the use of the funds received fro m the Bank I of E ngland, to the conditions laid dow n in the Protocol and Organic Statutes, we are I hap p y to state th a t we were enabled greatly to enlarge our sphere of usefulness by obtain-1 ing from the N ational B a n k of Greece a loan of one million pounds sterling free of the I restricting conditions under w hich the ordinary funds of the Commission m u s t be expended, [ F i n a n c i a l P o s i t i o n. The total sum s w hich have been p u t a t the disposal of the Refugee Settlement Com-1 m ission since its inauguration now am o u n t to three million pounds sterling. Of these, the first million w as advanced by the B an k of E ngland in N ovem ber last, and the second million by the sam e institution in M ay of this year; both these am ounts were advanced through the N ational B an k of Greece, w hich participated in them to the extent of onequarter. The third million was advanced b y the Greek G overnm ent through the National B an k of Greece on J u ly 9th, T his latte r g ran t of a million sterling entailed great sacrifices on the part of I G reek G overnm ent and dem onstrates in the m ost conclusive fashion the importance I th a t it attaches to the w ork of settlem ent being pushed through at a maximum velocity and its approval of the m ethods adopted b y the Com mission to th a t end. The sum is placed a t the Com m ission s disposal to utilise in establishing refugees on lands not yet the p ro p erty of the Commission th a t is, not yet form ally and legally transferred free and unencum bered to their ow nership b u t w hich the Greek Governm ent binds itself to transfer in proper form as soon as it is possible to do so. It is a great advantage to the Commission to have this sum to d raw upon in circum stances where all the Protocol conditions are not satisfied at th e m om ent w hen expenditure is called for. Disbursem ents can now be m ade and the w ork of settlem ent pushed ahead in many directions w hich heretofore were excluded b y the term s of th e Protocol. B u d g e t. T he expenditure actually incurred is as follows : Up to August 15th X S. d. Agricultural Settlem ent... 1,043,247 5 U rban ,244 9 Headquarter E x p e n se s... 12, Up to Mav 15th s. d. 302, , ,424 o 5 Up to February 15th s. i 76, I 60, , ,258, , , T here is also the sum of 160,000 still held in reserve, as explained in the last ReP0!^ against expenditure entered into under the arrangem ent w ith the National Bank 0 Greece. This m atter will be liquidated very shortly., It will be noted th a t the rate of expenditure during the period of three m o n th s en 1 A ugust 15th is more th a n double th a t of the previous quarter. This in cre ased rate " be m aintained and probably slightly increased. j No a tte m p t has been m ade to forecast exchange m ovem ents over a long Pe b u t advantage is taken of sharp rises in the value of the pound sterling to lay in as of drachmae sufficient for the needs of the im m ediate future. The a v e ra g e convfr t figure for the value of the pound sterling in drachmas (calculated on the 19 exc operations which have ta k en place since the beginning of the year) is

18 It has been decided to consider, for a u d it purposes, Ja n u a ry 1st, 1924, as the date oa which the Commission began financial operations, and to have the accounts for the twelve months ending on Decem ber 31st, 1924, audited by persons nom inated by the Ministry of Finance and th e N ational B an k of Greece respectively. O v e r h e a d E x p e n s e s. An analysis has been m ade of the expenditure up to Ju n e 30th, In one category have been put the item s w hich have directly benefited refugees, such as the am ounts spent on materials (ploughs, seed, w heat, cattle, etc.), including tran sp o rt and the incidental expenses of purchase (insurance, inspection, legal fees, etc.) ; and on the wages of workmen or the paym ent of contractors for building houses or other constructions directly useful to refugees. In the other category have been put the salaries and travelling or other expenses of the Commissioners, the headquarters staff of every grade, the inspection staff, the )irectors of Colonisation and their staffs, th e district agriculturists and superintendents with their clerical and technical em ployees; the rent or other expenditure incurred on buildings occupied as offices, stores or for personnel accom m odation; cleaning, stationery and other office expenses, and all item s of a like n atu re w hich can be classified as indirect expenditure. The amounts spent under these two headings am o u n t in round figures respectively to 840,000 and 28,000, from w hich it appears th a t the percentage which overhead expenses bear to total expenditure is 3.2. L a n d S e t t l e m e n t. More than 90 per cent of the cultivators are being settled in M acedonia and W estern Thrace. Both these provinces contain large areas of cultivable land w hich belongs either to large landowners or to the State, and the form er province comprises a large area of land left vacant b y th e evacuation of th e M ussulm an population. These conditions do not obtain in the rem ainder of Greece, except in Crete, were som e arable land becomes available owing to th e dep artu re of the C retan M ussulmans. The transport difficulties in M acedonia and Thrace are one of the m ost serious obstacles in the work of settlem ent. T he railw ays are short of rolling-stock and the tran s port of material is consequently often delayed, while m a n y im p o rtan t centres are situated at great distances from th e railw ay and all m aterial m ust be carried there b y m otor lorries and animals, of w hich there is a shortage. The cereal crop, w ith the exception of maize, has not been good this year in these provinces owing to the prevalence of d rought in the spring, b u t notw ithstanding this there is more land under cultivation, and there will be a larger production of agricultural produce than has ever been know n before. The following statistics show the w ork accom plished during th e period Ja n u a ry 1st to July 31st, 1924 (seven m onths) : Fam ilies of Agricultural Refugees settled : M acedonia ,0 0 0 Thrace... 5,5 0 0 Old G r e e c e... 2,8 0 0 T o t a l ,3 0 0 Houses constructed : Macedonia... 6,5 0 0 Thrace... 1,8 0 0 Old G reece T o t a l... 8,6 0 0 Drought anim als distributed : Macedonia... 7,401 Other d is tr ic ts... 1,307 T o t a l... 8,7 0 8 Ploughs distributed : Macedonia... 14,085 Other districts... 1,143 T o t a l ,228 GREEK r e f. **

19 i S Seed grain distributed : Macedonia._... 2,257,641 okes Other districts... 64,000» T o t a l... 2,321,641 okes Forage distributed : Macedonia... 5,771,984 okes Other districts... 80,334» T o ta l... 5,852,318 okes C o n s t r u c t i o n o f H o u s e s. The houses w hich are being erected in M acedonia and Thrace for th e agricultural refugees consist of tw o living rooms, a stable and a granary. The roof is of locally m ade tiles, the floor of beaten earth; the walls v a ry according to the local resources and consist of brick, m ud-brick, m asonry or reeds covered with m ud plaster. Doors and windows, shutters, and a hearth of local pattern are provided, There are several types, differing only in the size of rooms and in the provision in som e of a covered verandah for drying tobacco leaves and other produce, which are used according to the size of the fam ily they will shelter. There is also a type specially designed for fishermen, in which the stable and granary are om itted and sheds substituted. The average cost of these houses, disregarding overhead charges and transport of m aterials by rail, is about 12,000 drachmae, equivalent a t the present rate of exchange to 48. T hey are erected b y local labour, working under the supervision of foremen of works who are employees of the Commission. T he necessary m aterial is purchased by the headquarters purchasing departm ents a t Salonica or Athens, either overseas or locally. In addition, a contract was entered into in Ju ly w ith a G erm an syndicate, Messrs. D ehatoge and Sommerfeld, for the construction of 8,000 houses of this type. The delivery and erection will be according to a tim e scale, and will be completed b y the first w eek in December The syndicate has an option to co n tra ct for the erection of a further 2,0 0 0 houses, to be com pleted w ithin one m onth of this date, i.e., b y J a n u a ry These houses are erected complete by the syndicate (including doors and windows), except the walls. The walls will be added, w hen the fram ew ork and roof are completed, by the refugees themselves, working under the supervision of employees of the Commission. M e c h a n i c a l P l o u g h i n g. M otor tractors have been em ployed in Thrace and M acedonia to break up virgin land and render it fit for allocation to refugee settlers. A total of 21 tractors has been employed, and some 18,000 strom m as have been ploughed up to date. The statistics available indicate th a t the average cost per strom m a is 50 orachmæ. L a n d s. The Hellenic G overnm ent has recently enacted certain legislation whereby the greater p a rt of landed estates exceeding a certain area is expropriated by the State. P a rt of the land so expropriated will be allocated to indigenous peasant proprietor.-, b u t the larger p art is being used for the settlem ent of refugees, and although up to date none has been actually handed over in full title to the Commission, the execution of this transfer will take place in the near future. The Commission is entirely satisfied not only w ith the bona fides of the Hellenic G overnm ent and the genuine good-will of the various successive ministries to put tne. lands into the legal possession of the Commission b u t also w ith the strenuous measure: which th ey are taking to carry through this expropriation of properties. This the)'^ doing despite the opposition of the landlords concerned and the inevitable friction w arises in such circumstances, and in apparent disregard of political consequences. As regards the lands abandoned by M ussulmans who are leaving Greece under ægis of the Mixed Commission for the E xchange of Populations, the recent decision th a t Commission th a t these properties will rem ain a t the disposal of the Hellenic Cover m en t is highly satisfactory. The exact te x t of this decision is as follows : "As from to -d ay s date, property abandoned on d eparture by persons who liable to exchange will rem ain a t the disposal of the G overnm ent on whose terr

20 i9 it is situated, subject to the obligations im posed on th e two G overnm ents by the provisions of A rticle 14 of the Convention. N.B. This decision does no t affect an y questions relating to m ovable property, which will be discussed later. In informing th e Com mission of this decision, by an official letter dated Ju n e 24th, the Hellenic G overnm ent added : "As there is no longer an y legal obstacle to th e lands subject to exchange and claimed in virtue of the Protocol of Geneva being handed over to you in full ownership in conformity w ith th a t Protocol, we w ould request you to appoint a delegate to confer w ith th e G overnm ent regarding the form alities attending this transfer and to furnish him w ith th e necessary particulars respecting the area, situation, etc., of the land to be transferred. The Commission replied expressing its satisfaction a t the readiness of th e G overnment to fulfil the conditions of th e Protocol and suggested the m ethod w hereby the transfer could be carried out-m ost effectively. It was recognised th a t th e great obstacle to a formal transfer of the properties was th e fact th a t no proper survey exists, and th a t lists and plans are lacking in E pirus and M acedonia w here m ost of the abandoned M ussulman lands are and the arrangem ents to be m ade in order to ascertain in each case w h at portion, if any, of the p ro p erty m ust be assigned to th e "colons and native tenants. Material progress has been m ade in this regard w hich is em bodied in th e letter quoted below, which can be regarded as th e in stru m en t of transfer. From the M in is tr y of A griculture ( General D irection of E xchange of P opulations) to the R efugee Settlem ent C om m ission. Athens, August 21st, In reply to your letter of Ju ly 12th, 1924, we have the honour to inform you that we transfer to you from now, in full proprietory rights, the entirety of the cultivable lands of M ussulm ans subject to exchange. This transfer is in fulfilm ent of the obligations of the Hellenic S tate arising under the Protocol of Geneva. We engage ourselves to ratify the present transfer b y transfers in detail as soon as the exact inform ation necessary for such individual transfers has been collected b y the authorities concerned. " It is to be understood, however, th a t lands under cultivation b y colons or by other native cultivators on a sim ilar basis will be exem pt from the present transfer in favour of th e refugees, and th a t the areas thus deducted will be replaced b y other lands subject to exchange or com pleted in som e other w ay b y other lands which will be transferred to you b y us, so as to fulfil com pletely the conditions laid down in the Protocol of Geneva. (Signed) A. M y l o n a s, M in iste r of A griculture The actual transfer in detail has already begun, and properties containing a total of approximately 160,000 strom m as of cultivated land have actually been m ade over legally to the Commission since th e receipt of the above-quoted letter. Such transfers will continue piecemeal as and w hen th e necessary topographical and m ensural information becomes available for individual properties. Twelve survey parties belonging to the Topographical Department of the Ministry of Agriculture started work a month ago in Macedonia on delimiting, marking out, and Preparing plans of Mussulman properties; the Commission s Colonisation Service in Macedonia is co-operating and pointing out the properties which it desires to be dealt W1th first. W e s t e r n T h r a c e. In Western Thrace the Mussulman population is not being evacuated, and consequently no Mussulman lands become available for the settlement of refugees., Even in the case of the large estates belonging to Mussulmans, it is not possible for Hellenic Government to expropriate them without paying at once and in cash their «tie. The Hellenic Government has therefore entered into an arrangement with the - a >onal Bank of Greece for the expenditure of a sum of fifty million drachmae (some 00,000) on the purchase of land belonging to private persons. This land will be at nce transferred to the full ownership of the Commission, along with some 100,000 stromas crown land which exists in that province. y Should the land th u s acquired still prove insufficient for the needs of settlem ent in es em Thrace, the Hellenic G overnm ent can, under their arrangem ent w ith the N ational t ktain a further sum of 5 0,0 0 0,0 0 0 drachmae (this m aking ;0 0 0,0 0 0 drachmae, *400,000, in all) for the purchase of lands.

21 2 0 - U r b a n S e t t l e m e n t s. I The accom m odation a t Volo has been increased during the last quarter by 166 living. rooms, bringing up the total num ber of families w hich can be accommodated thereto I 786. No further extension is contem plated and, except for certain accessory buildings I w ork is com pleted there. A lthough th e program m e of construction at V odona was considered complete three 1 m onths ago, it has since been decided to extend settlem ent. 90 more living-rooms have! been constructed ; 272 are under construction and will be finished during September I 105 more living-room s have been erected a t Eleusis, giving a total num ber of 82; I room s there. This com pletes the program m e, and it is not proposed to extend this I settlem ent, as it is doubtful if an y more refugees can be absorbed in the economic life I of the town. 1 A t the four A thens and P iru æ s settlem ents the whole original program m e has been I com pleted. The total num ber of room s n o w am ounts to 15,660 (as ag a in st 11,500 three I m onths ago). C ontracts for the construction of 3,624 m ore rooms have been entered I into. Their total cost will am o u n t to 52,000,000 drachmae; some 80 per cent of these I room s are grouped in two-storied blocks, the rem ainder in one-storied. 2,492 are being I built in m asonry, 732 in cem ent blocks and 400 in m ud-brick. They w ill be all com-1 pleted b y the end of Ja n u a ry next.! These room s are m ostly grouped in two, so to perm it of the fam ily possessing a livingroom and a sleeping-room, in addition to a small kitchen and a sanitary annex (which are not counted in the above enum eration of rooms). In m any cases at the present time these two-room ed dwellings are being tem porarily used to accom modate two families. Som e groups, however, contain three room s and one room in addition in each case to the kitchen and sa n itary annex. A sum of nearly 16,500,000 drachm ae has been set aside for supplementary work, such as w ater-supply, drainage, road-m aking and the replacem ent of ephemeral tarredpaper roofs b y tiles. Since the middle of April last, w hen the Com mission instituted the system of leasing room s and shops, until A ugust n t h, 846 room s and shops have been leased and some 300,000 drachmae relalised. The am o u n t of rent collected each month shows a progressive increase, the am ount for A ugust being nearly 100,000 drachmas. This system of leasing houses does not interfere w ith the granting of accommodation to d estitute refugees, w ho are still sheltered gratis. A com m ittee has b e e n set up to deal both w ith the allocation of n e w room s as they become ready for occupation and the rea d ju stm en t of th e families already installed, T he m ethod on w hich this com m ittee is proceeding w ith regard to the allocation of new room s is to clear system atically the schools and other public buildings in Athens which are occupied by refugees. The M inistries of E d ucation and of Public Assistance are consulted on this question and indicate to the Com mission w hich building shall be cleared first. Once cleared, th e building is cleared and re-appropriated by the governmental or m unicipal authorities to the purpose for w hich it was originally intended. A certain proportion of the new rooms, however, are reserved to be allotted to d estitute refugee families w ho are not quartered in public buildings and whose case is considered specialty w orthy of assistance. ; r-?.< s fe-. It has been decided to construct an u rb an settlem ent a t Salonica, consisting 0 2,000 living-rooms capable of accom m odating 2,000 families, b u t arranged in groups 0 two so as to be suitable for one-half th a t num ber of families at some future date w en the dem and for accom m odation is lessened. A suitable site w ith an adequate watersupply and facilities for drainage and com m unications has been selected, and steps are being ta k en to p u t the construction in hand forthw ith. It has been decided to erect houses for u rb an refugees throughout the smaller towns and larger villages of Greece generally. T he num ber of houses in each case will be deter m ined in consultation w ith the local authorities, and depends upon the capacity oi place for economic absorption, upon the facilities for obtaining land and building an other local considerations; it is estim ated th a t some 7,000 living-rooms will be reiîuiretjj and inform ation is being collected and all necessary prelim inary steps being taken^^ enable the Commission to p u t this program m e into execution as soon as funds are a\ able. ^ In W estern Thrace, contracts have been signed for 3,900 rooms in masonry cem ent blocks a t the following places : 1,400 rooms at Komotini (Gumuldgina) 1,400»» Xanthi 550»» Didimotychon (Demotica) 55»» Alexandroupolis(Dedeagatch) The total cost for these settlements will amount to approximately 50,000, drachmae.

22 21 A l t h o u g h it was feared b y m a n y th a t there w ould be outbreaks of epidem ic disease uuung the summer m onths am ong the crowded populations m assed in the large agglom e r a tio n s of houses composing the A thens and Piraeus settlem ents, the health of these pop u lations has been extrem ely satisfactory and appears, as far as local health statistics are a v a i l a b l e t o show, to be quite up to, if not to surpass, th a t of the tow n populations of Athens and Piraeus. I n d u s t r i e s. Two more lots of land have been sold a t the A thens U rb a n Settlem ents to carpet m a n u facturers for the purpose of building factories, containing 40 loom s each, and the sale of another plot to a facto ry w hich is startin g w ith 20 looms, b u t expects to extend its operations considerably, is on th e verge of com pletion. The co-operative schem e of carpet-m aking a t N ea Ionia, m entioned in the last Report, is under way, b u t it is too early yet to know w h a t degree of success it will attain. The sum of 340,000 drachmae has been handed over to Dr. K ennedy, the D irector of the Save the Children F und, who is acting as supervisor, and wrho has obtained satisfactory assurances th a t th e products can be sold, and the experim ent will be w atched w ith great interest, as it m ay, if successful, lead to an extension of the co-operative m ethod and an increase in hom e industries am ong the m a n y skilled carpet-m akers and w eavers to be found among thç refugees. Among the agricultural settlem ents it is necessary to have a certain proportion of tradesmen and artisans sm iths, wheelw rights, carpenters and the like and to furnish these persons w ith the im plem ents of their trade, the Com mission has allocated the sum of 53,000, and thereby the outfits and tools necessary to each trade are provided in each agricultural settelem ent w here there are skilled w orkm en and wrhere there is scope for the exercise of their trades. T he financial responsibility for this expenditure is taken by the settlem ent co-operatively as in the case of the issue of cattle and agricultural implements. The issue of tools and outfits to tradesm en w ho do not form p art of a com m unity of agricultural settlers does not offer the sam e facilities for eventual repaym ents, and this need is being m et b y th e g ran t b y the Hellenic G overnm ent of a sum of 50,000,000 drachmas which will be expended b y the N ational B ank of Greece in loans to u rb an tradesmen. F u r t h e r A r r i v a l s. During the last three m onths 40,000 refugees have arrived in Greece, transported under the ægis of the Mixed Com mission for the E xchange of Populations. A nother 15,000 are actually on board ship, or on the point of em barkation, on their w ay hither; and it is estimated by the Mixed Com mission th a t a further 90,000 will be landed before December. C h a n g e s i n P e r s o n n e l. The Chairman, Mr. M orgenthau, left for the U nited States on M ay 10th and returned on August 13th. Dr. B onzon was appointed as Acting C hairm an during the tem porary absence of Mr. Campbell, arrived in July, filled th a t post until the retu rn of Mr. M orgenthau, and will continue to fill it during the absence of the la tte r a t G eneva during September. M. Argyropoulos resigned in Ju n e owing to his ap p o in tm en t as Director-General at the Ministry of Foreign Affairs ; his w ithdraw al was m uch regretted b y the Com m ission, who value highly th e services he has perform ed and w ho appreciate th a t his organ- sing ability, his knowledge of G reek adm inistrative m ethods and his charm ing personality will be difficult to replace. M. Negroponto, who worked for the Commission during many months voluntarily without financial rem uneration, was obliged for reasons of health and the need of repose, to withdraw in July. His w ork as D irector of th e U rb a n S ettlem ent w as of ^reat Va-Iue to the Commission.. e work of the staff, b o th those em ployed directly b y the Com mission and those has Unc^ r t ^le Com mission s orders while still rem aining governm ental servants, een satisfactory. It is, of course, of unequal quality, b u t steady efforts are being e to improve it b y the re-organisation of cadres and replacem ent of personnel. P r o p o s e d A m e n d m e n t s t o t h e P r o t o c o l a n d O r g a n i c S t a t u t e s. men^ e Hellenic G overnm ent is subm itting to the League of N ations certain am endthe Co ted' 0n t *le one hand, to give m ore elasticity to the conditions under which and Itl J!ss*on can accept lands for the settlem ent of refugees and can expend its funds, ^rmsn ot*ler hand, to retain the safeguards and securities envisaged by th e original

23 2 2 C o n c l u d i n g R e m a r k s. It is our pleasant d u ty to report th a t m ost of the refugees are now recognising th effectiveness of the w ork of our Commission and are beginning to appreciate what J being done for them. The 500,000 th a t are still aw aiting help are clamouring constantly! for p ro m p t assistance. I In addition we desire to record th a t the various changes of cabinets which have tak en place since our inauguration have had singularly little embarrassing effect upon! our work. E ach successive m inistry has vied w ith the last in recognising our status! in th e fullest and m ost cordial m anner, in tendering practical help and in assisting jn carrying out our efforts. There prevails a definite conviction th a t our Commission is entirely outside of poli-l tics and a fixed and popular non-political departm ent. ] F rom our experience up to date, we can assert positively th a t this tremendous andl w h a t seem ed im possible problem the peaceful orderly absorption of about one andl a-half million im poverished im m igrants can be solved, b u t it requires ten million! pounds to do so. T he three millions being expended under our supervision in addition to the I 2,000,000 spent b y the Hellenic G overnm ent prior to our appointm ent has made a startling change in the condition of these u n fortunate people. We hope th a t w ith the issue of the loan contem plated under the Protocols the work I begun under th e auspices of the League of N ations m ay be prosecuted. Greece requires I all th e help she is asking from the League of N ations : the stam p of its approval and its I m oral support to apply to the public for a w ell-guaranted loan to enable her to spend [ ju st fifty pounds on each refugee family. The League of N ations has successfully u ndertaken so m an y diverse problems, none I of w hich equal in hum an interest this dem onstration, th a t, through very slight outside I guiding and the granting of a well-justified financial credit to a member of the family I of nations, this great calam ity can be so treated th a t it will not alone help to makel Greece economically independent b u t enable her to contribute her f u ll share towards m aintaining social stability and peace in the Balkans. H e n r y M o rgenthau, Chairman. V I I REPORT OF THE FINANCIAL COMMITTEE T O THE COUNCIL IN 1924 ON THE PROPOSED AMENDMENTS T O THE PROTOCOL OF SEPTEMBER 29th, 1923, CONCERNING THE SETTLEMENT OF THE GREEK REFUGEES [C ] Geneva, September 12th, On Ju n e 14th, 1924, the Council of the League of N ations approved the va!. resolutions passed in London by the C om m ittee appointed by it to deal with ques^hd. concerning the plan for the settlem ent of the refugees. The Council was of P'm^ th a t the experience gained in the course of th e first year of the Refugee Settlement mission s w ork m ight point to the desirability of m aking certain modifications int e tocol. The Greek representative requested the Council s authorisation to enter into 1 negotiations, should need occur, w ith the Greek C om m ittee of the Council and the 1 cial Com m ittee, w ith a view to arriving a t an agreem ent in regard to the modi ca to be - m ade veither i^ iv x Uin i th e X Protocol 1 VlUVUl VI or the H iv O S Ltatu ex L u tes UI of the U11C XV Refugee VI VV Settlem ent Commi IT n A t its m eeting in June 1924, a first exchange of views took place between t e ^ cial C om m ittee and M. Argyropoulos, th e representative of the Greek 'e orjer The Financial Com m ittee forw arded a questionnaire to th e Greek G o v e r n m e n t in

24 I h various points in regard to th e financial situation m ight be m ade clear. T he replies Itothe questionnaire w ere forw arded a t the sam e tim e to th e S ecretariat of th e Financial I Committee at Geneva, to th e Refugee S ettlem ent Com m ission and to the International I Financial Commission a t A thens. T he Financial C om m ittee was also in possession, at L beginning of its present meeting, of the w ritten replies of the G reek G overnm ent. H t w a s ay e further to consult Mr. M orgenthau, C hairm an, and Mr. Campbell, m em ber, Lf the Refugee Settlem ent Commission. Lastly, M. Tsouderos, M inister of Finance, andm. Andreades, Greek delegates to th e F ifth Assem bly, laid before the Financial Committee the desiderata of th e G overnm ent, and discussed possible m odifications. Experience has led the Greek G overnm ent to request alterations of a technical and financial character. In the various m em oranda subm itted to th e Com m ittee, the G overnment sets forth the following reasons for its requests. From the technical point of view, certain provisions of the Protocol referring to the Ianis allocated to th e refugees appeared insufficiently elastic; a p a rt from lands of which the Refugee S ettlem ent Com mission had unquestionably acquired possession, the G r e e k Government m ight present to the Com mission certain lands, held on perpetual oronlong leases, or requisitioned, or expropriated, b y the Hellenic G overnm ent. T he legal title to such lands did not coincide exactly w ith th e title provided for in the Protocol, but none the less th e use of such lands w ould be extrem ely advantageous to certain dasses of refugees. F urther, w hen the Refugee Settlem ent Com mission had established whole suburbs and villages, it was proposed th a t it should undertake, for instance, the erection of schools or hospitals; such w ork, however, was not covered b y the exact terms of the Statutes or th e Protocol, as it was not itself productive in character. From the financial point of view, th e G reek G overnm ent subm itted th a t the m axim um ofsix millions sterling provided for in A rticle IV of th e Protocol for the Refugees L oan was insufficient. T he w ork of settlem ent, the cost of w hich could not be accurately estimated in 1923, is now in full process of developm ent. T he prospects are excellent, provided that the w ork is done on a sufficiently large scale and th a t consequently th e too-narrow limits laid dow n in th e Protocol are extended. Furthermore, th e G reek delegation wishes m odifications to be m ade as regards th e strict application of Article V I of the Protocol as it stands a t present. In consequence of these discussions, the G reek G overnm ent has p u t forw ard proposals inamendment of Articles I, II, IV, V and V I of the Protocol and of A rticles X I I and X V of the Statutes. T he Financial C om m ittee has accepted in principle all th e requests of the Greek Government. As regards the technical alterations (Articles I and II of the Protocol and Articles X I I and XV of the Statutes), th e C om m ittee considers th a t not only do th e y not com prom ise the working of the Com mission b u t are of a n atu re m aterially to assist its activities. Furthermore, the m easures in question are principally m atte rs for the S ettlem ent Com m ission itself, which, through its directors, Mr. M orgenthau and Mr. Cam pbell, has given its full consent to the Greek G overnm ent s proposals. The first of the financial alterations refers to Article IV of the Protocol. After examining the situation as a whole in the light b o th of th e inform ation supplied by the Greek Government and of the statem en ts m ade b y the S ettlem ent Commission, the Financial Committee has decided th a t there is no objection to the m axim um figure of six millions sterling being increased to te n millions. In g u aran tee of th e proposed in tern a tional loan, the Greek G overnm ent will offer various securities, the total value of w hich the Financial Com m ittee considers to be sufficient to cover a loan of ten millions sterling, he new factors, as com pared w ith the situation in 1923, are the following : I- The Greek G overnm ent offers to place under th e control of the International mandai Commission no t only the revenues enum erated in Schedule 1 of th e Protocol ut also those in Schedule 2. The to tal value of these revenues appears to be in the neighbourhood of 700 million drachmae per annum. } In regard to the value of the land, w hich it w as im possible to estim ate at the cbmmng of 1923, we now have certain general estim ates from an authorised source, r0m which we m ay take it th a t, including the buildings and various accessories, this r movahle property guarantee (which w ould be rath e r difficult to realise, it is true) presents a value of ab o u t te n millions sterling. j,, *le increase in the m ax im u m of the loan from six to te n millions should involve, e opinion of the Financial Committee, an increase in the share of the Greek financial beeu^s" în the Protocol, this share had been fixed at one million sterling. It had to thc ns^ ered more equitable to specify not a fixed sum but an am ount proportional, e total of the loan. The Greek Government agreed that this proportion should " least 25 per cent. Article iys eonnect*on' th e C om m ittee wishes to em phasise the following sentence in. "The Government will arrange for the subscription by Greek banks or finangroups of a block equivalent to..

25 24 This sentence does not refer to the Greek N ational Bank. The F in a n c ia l Committee considers th a t the b u rden of the loan should not fall either directly or in d irectly on the B ank of Issue. A detailed discussion took place on the possibility of relaxing the severity of Article VI of the Protocol. T he Financial C om m ittee wishes th a t every precaution should I tak en to ensure th e stability of the budgetary situation and of the drachm a, and to prevent the issue of certain loans com prom ising the value of the securities assigned to the Refugees Loan. It has, however, taken into account the fact that the Protocol of Geneva, w hich was signed in O ctober 1923 by th e old G overnm ent, was ratified by P arliam ent on Ju n e 7th, T he general financial situation of Greece appears, in certain respects, to have im proved. Moreover, as the tex t of Article V I now stands, the Governm en t m ight be ham pered if it had to give public revenues as security for a lo an contracted for th e purpose of im proving the economic situation of the country. In view of these various considerations, the Financial Com m ittee has felt able to agree to the a tte n u a tio n of some of the m easures laid down in Article VI. W hile asking the Greek G overnm ent not to create any charges on its revenues, e x c e p t fo r productive purposes or for carrying out its obligations under the Treaties of Peace, the Financial C om m ittee considers th a t for these p u rp o s e s the Greek G overnm ent m a y be left free to create a charge of inferior ran k u p o n.th e revenues assigned to the Refugees Loan; as regards other revenues, the G overnm ent undertakes not to create charges thereon unless the International Financial Commission shall have recognised th a t the nature of the revenues on w hich it is proposed to create a charge is such as not to com prom ise the yield of th e revenues assigned to the Refugees Loan. T he Financial C om m ittee therefore asks the Council to approve the Annex to the present report, containing technical and financial alterations in the P ro to co l (') which have been agreed to b y M. Tsouderos. I f the Council approves them, the Protocol will be am ended in accordance w ith the sam e procedure as was em ployed in 1923 (signature by th e G reek G overnm ent and D eclarations b y the British, French and Ita lia n Governm ents). F IC A T IO N S TO T H E P R O T O C O L O F S E P T E M B E R 29th, 1923, RELATING TO T H E S E T T L E M E N T O F G R E E K R E F U G E E S. A. Technical Alterations. 1. In the P rotocol. Old T ext. A r t. I. A N N E X TO T H E R E P O R T O F T H E F IN A N C IA L C O M M IT T E E ON THE MODI th e Hellenic G overnm ent undertakes to establish a Refugee S ettlem ent Com m ission to possess th e constitution, capacity and functions set out in the O rganic S tatu tes which form an annex to the present Protocol and are considered as ' being an integral p art thereof. T he r a tification of this Protocol and of the A nnex b y Greece shall constitute an assurance th a t th e Hellenic G overnm ent has tak en th e m easures required b y the internal law of th e country to establish the Com mission and to ensure to it during th e period of its existence the prescribed capacity and powers. Particulars concerning these m easures shall forthw ith be com m unicated to th e Council of the League and no alteration ln th em shall be m ade w ith o u t the Council s consent. N ew Text. A r t. I. The Hellenic Governm ent undertakes to establish a Refugee Settlement Commission to possess the constitution, capacity and functions set out in the Organic Statutes w hich form an annex to the present Protocol and are considered as being an integral p art thereof. The ratification 0 this Protocol and of the Annex by Greece shall constitute an assurance that t e Hellenic G overnm ent has taken the mea sures required b y the internal law of t e co u n try to establish the Commission _an to ensure to it during the period oi inexistence the prescribed capacity an powers. Particulars concerning these measures shall forthw ith be c o m m u n ic a t e th e Council of the League, and no a er tions shall be m ade w ithout the consen. the S ettlem ent Commission. Any a rations w hich m ay be made shall e m ediately com m unicated to the Cou (1) Note by Secretariat. The amendments referred to above appear in the final text of the following (Doc. IX).

26 25 Old Text. A rt. II. The Hellenic G overnm ent undertakes to Jgn to the Refugee S ettlem ent Com m ission to be held by it as its absolute property for the purposes contem plated b y its Statutes, an am ount of land of not less th a n 500,000 hectares approved b y th e Com mission as suitable for the said purposes in regard to both its character and situation. New Text. A rt. II. T he Hellenic G overnm ent undertakes to assign to th e Refugee S ettlem ent Com mission, to be held b y it as its absolute p ro p erty for the purposes contem plated by its S tatutes, an am o u n t of land of not less th a n 500,000 hectares approved b y the Com mission as suitable for the said p u r poses in regard to b o th Aits character and situation. Nevertheless, th e land shall continue to be subject to ordinary servitudes, w hether servitudes in favour of adjacent land or servitudes of user, and to obligations aris ing out of rights acquired by m etayer ten an ts and sim ilar holders; furtherm ore, the settlem ent of the refugees on the land shall not preclude the settlem ent of m e tayer tenants. B u t it is understood th a t land used in this w ay shall not be included in th e 500,000 hectares and th a t th e settlem ent of m etayer te n an ts shall not be a t the expense of the S ettlem ent Com mission, w hich m ay, however, a t the request of the Hellenic G overnm ent, cooperate w ith th e latter for the purposes of such settlem ent. 2. In the Statutes A rt. X II. The functions of the Refugee S ettlem ent Commission shall be, b y m eans of the lands ^signed to it, the funds placed a t its disposal and its own income, to prom ote the establishment of refugees in productive w rk either upon the land or otherw ise in Greece. A r t. X II. T he functions of the Refugee Settlem ent Com mission shall be, b y m eans of the lands assigned to it, the funds placed a t its disposal and its ow n income, to prom ote the establishm ent of refugees in productive w ork either upo n the land or otherwise in Greece. N evertheless, the Refugee Settlem ent Com mission m ay settle refugees on land of Turks subject to exchange w hich m ay be assigned to it as soon as it shall enter into actual possession of this land, and even before it has becom e the de ju re owner thereof. As soon as it is free to dispose of this land and is in a position to transfer the rights of ownership, the Hellenic Governm ent solem nly undertakes to give de ju re ow nership to th e S ettlem ent Com mission. T he S ettlem ent Commission m ay also proceed to settle refugees on land requisitioned, or in process of expropriation, before the form alities required b y law have been fully com plied w ith, provided th a t the Hellenic G overnm ent solem nly u n d ertakes to place the Com mission im m ediately in actual possession and to give it de ju re ow nership under the conditions laid dow n in Article II of the Protocol as soon as the form alities have been fully complied with. The S ettlem ent Com mission is also a u thorised to settle refugees on land ta k en on lease b y the Hellenic G overnm ent

27 36 Old Text. New Text. A r t. X I I (continued). when the lease is a perpetual one and has been transferred to the Commission. Lastly, in exceptional circumstances the Commission m ay settle refugees on land of w hich it does not possess the ownership b u t w hich is suitable fo r the settlement of refugees, and in respect of which the Commission considers th a t i t has acquired sufficient rights to ensure a permanent settlem ent of the refugees and adequate security for th e sum s w h ic h it propose; to spend on this land. A r t. X V. The income and funds of the Refugee S ettlem ent Commission m ay not be expended on the relief of distress or other charitable purposes as distinct from the settlem ent in productive w ork of the persons assisted. All assistance given shall be given on term s involving ultim ate repaym ent. A r t. X V. The income and funds of the Refugee S ettlem ent Commission m a y not be expended on the relief o f distress or for charitable purposes as distinct from the settlem ent in productive w o rk of the persons assisted. Nevertheless, w hen th e Commission establishes settlem ents on a large scale, e.g., w hen it creates suburbs o r villages, it may m ake such disbursem ents of a general or social nature as m ay serve to promote the developm ent of these se ttle m e n ts and improve the health conditions of the population. All assistance given s h a ll be given on term s involving ultim ate repayment. B. Financial Alterations. A r t. IV. A r t. IV. The Hellenic G overnm ent will, as soon as possible, raise a loan or loans to an am ount not falling below th e equivalent of three million pounds sterling, nor exceeding the equivalent of six million pounds sterling, and will arrange for the subscription by Greek banks or financial groups of not less th a n the equivalent of one million pounds sterling of such loan or loans. The issuing houses shall place the whole proceeds of the loan or loans directly under the disposal of the Refugee Settlem ent Commission for the purposes specified in its Organic S tatutes and for the repaym ent, if necessary, of any a d vances. A r t V. for exam ple, those indicated in Schedule I. The Hellenic G overnm ent w ill, as soon as possible, raise a loan or loans up to a net total not exceeding ten million sterling, anc will arrange for the subscription by Greek banks or financial groups of a block equivalent to at least 25 per cent of such loan or loans. The issuing houses shall place the whole proceeds of the loan or loans d ire ctly under the disposal of the R efugee Settlement Commission for the purposes specified in its Organic S tatu tes a n d for th e repaymen, if necessary, of any advances. A r t. V. for exam ple, those indicated in the annexe^ schedule. Schedule I. The revenues referred to in Article V of the Protocol under the n u m ber I are the following : (i) The monopolies of New Greece, i.e., salt, m atches, playing-cards and cigarette paper; A n n exed Schedule. The revenues spe cially referred to in Article V of t e tocol under th e num ber 1 are the follow (1) T he monopolies of New Greece, salt, m atches, playing-cards and ciga paper;

28 27 I Old Text. Art. V (continued). New Text. A rt. V (co n tin u ed). (2) The Customs receipts received at the customs of Canea, Candia, Samos, Chios, Mitylene, Syra. Schedule 11. The revenues specially referred to in Article VI of the Protocol are the following : (1) The surplus revenues already assigned to the International Financial Commission; (2) The tobacco duty in New Greece; (3) The stamp duty in New Greece; (4) The duty on alcohol in the whole of Greece; (5) Any of the revenues or any surplus of the revenues mentioned in Schedule I not utilised for the service of loans under the terms of Article V of the Protocol. A rt. VI. The Hellenic G overnm ent undertakes not to create any charges b y w ay of security, without the consent of th e In te rn a tional Financial Commission, upon its other revenues, and, in particular, those specified in Schedule II, except for th e purpose of meeting its external obligations or of obtaining loans destined exclusively to improve the financial position of Greece, so as to prevent depreciation of th e exchange value of Greek currency and a consequent depreciation of the value of the revenues assigned under Article V. It further undertakes to m ake im m ediately and to persist in m aking every effort to secure as soon as possible a com plete equilibrium between th e ordinary receipts and the expenses of the State. (2) The Custom s receipts received at the Custom s of Canea, Candia, Samos, Chios, M itylene, Syra; (3) T he tobacco d u ty in New Greece; (4) T he stam p d u ty in New Greece; (5) The d u ty on alcohol in the whole of Greece; (6) A ny surplus of the revenues already assigned to th e International Financial Commission, subject always to existing charges on such surplus. (Schedule Undeleted.) A rt. VI. T he Greek G overnm ent undertakes not to create any charges on its revenues by w ay of security for an y loans not intended either for productive purposes or for carrying out its obligations under the Treaties of Peace. Should the case arise of a loan for one of these objects, then : (a) T he G reek G overnm ent m ay create a charge of inferior ra n k upon the revenues or surplus revenues assigned to th e refugeesloanin conform ity w ith Article V, paragraph 2; (b) As regards revenues other th a n those assigned to th e Refugees Loan in conform ity w ith A rticle V, p a ra graph 2, th e Hellenic G overnm ent u n dertakes not to create charges thereon unless th e International Financial Com mission shall have recognised th a t the n atu re of th e revenues on w hich it is proposed to create a charge is such as not to com prom ise the yield of the revenues assigned to the Refugees Loan. The Greek G overnm ent further u n d ertakes im m ediately to m ake and to persist in m aking every effort to secure as soon as possible a com plete equilibrium betw een th e ordinary receipts and the expenses of the State.

29 28 VIII RESOLUTIONS ADOPTED BY THE COUNCIL AND THE FIFTH ASSEMBLY OF THE LEAGUE OF NATIONS SEPTEMBER 1924 A. Resolution adopted by the Council on September rgth, 1924 The Council of the League of N ations : H aving noted th e d raft am endm ents to the Protocol and S tatutes of the Greek I Refugee S ettlem ent Com mission of Septem ber 29th, 1923, proposed by the Greek Governm ent in agreem ent w ith the Financial Com m ittee and th e S ettlem ent Commission and I annexed to th e report of the Financial C om m ittee oi Septem ber I2th, 1924 : Approves these am endm ents; Consents to the signature b y the Greek G overnm ent of an additional act amending the said Protocol and S tatu tes; and Expresses the desire th a t the three G overnm ents w hich signed in 1923 a declaration regarding the duties of the International Financial Commission should give to their representatives an y su p p lem en tary instructions required by th e additional act. B. Resolution adopted by the Fifth Assembly of the League o f Nations on September 25th, T he A ssem bly : Learns w ith great satisfaction the progress m ade during the last year in the difficult and im p o rta n t ta sk of settling the G reek refugees in productive employment. It notes the -establishm ent and successful w orking of the Greek R efugee Settlem ent Commission; th e arrangem ents m ade to finance the w ork of the p a s t year through tem p o rary advances am ounting to three millions sterling; the allocation of suitable lane: b y the G reek G overnm ent; the housing and establishm ent upon the land and, to a smaller extent, in in d u stry of a large proportion of the refugees. T he A ssem bly further notes w ith satisfaction the im provem ent in the stability 0! Greek political conditions; the im proved economic position; and the m a i n t e n a n c e of a stead y value of the G reek currency. It is glad to learn th a t the Council, on the advice of the Financial C om m ittee, considers th a t the tim e has now arrived w hen the whole schem e m ay be placed u p o n a definite financial basis by the issue of the long-term loan; and th a t, in view of the a b o v e favour able circum stances; the land and the assigned revenues proposed in the Protocol anoro a sufficient security for the total sum of ten millions sterling required to complete the w ork of establishing all the suitable refugees. The A ssem bly expresses in conclusion the earnest hope th a t the loan m a y be successfully issued and th a t the whole of the undertaking, so vital to the economic and politico tab ility of Greece, m ay be carried thro u g h to a successful conclusion.

30 29 IX! P R O T O C O L R E L A T IN G T O T H E S E T T L E M E N T OF REFUGEES IN GREECE AND THE CREATION FOR THIS PURPOSE OF A REFUGEE SETTLEM ENT COMMISSION Text, including the m odifications, signed in Geneva by M. Tsouderos on Septem ber iqth, 1924, to the original text signed in Geneva by M. M ichalakopoulos on Septem ber 29th, The Hellenic P a rlia m e n t ratified the o rig in a l text on J u n e yth, 1924, and the a d d itional Act on October 24th, A. Protocol. I. The Hellenic G overnm ent undertakes to establish a Refugee S ettlem ent C om mission, to possess th e constitution, capacity and functions set out in th e Organic S tatutes which form an annex to the present Protocol and are considered as being an integral part thereof. The ratification of this Protocol and of the A nnex b y Greece shall constitute an assurance th a t th e Hellenic G overnm ent has ta k en th e m easures required b y the internal la w of the co u n try to establish th e Com m ission and to ensure to it during the period of its existence th e prescribed capacity and powers. P articulars concerning these measures shall forthw ith be com m unicated to the Council of the League, and no alterations shall be m ade w ithout the consent of the S ettlem ent Commission. A ny alterations which m ay be m ade shall be im m ediately com m unicated to the Council. II. The Hellenic G overnm ent undertakes to assign to th e Refugee Settlem ent Commission, to be held b y it as its absolute property for the purposes contem plated b y ist Statutes, an am ount of land of not less th a n 500,000 hectares approved b y the Com mission as suitable for th e said purposes in regard to b o th its character and situation. Nevertheless, the land shall continue to be subject to ordinary servitudes, w hether servitudes in favour of adjacent land or servitudes of user, and to obligations arising out of rights acquired b y m etayer ten an ts and sim ilar holders; furtherm ore, the se ttlement of the refugees on the land shall not preclude th e settlem ent of m etayer tenants. But it is understood th a t land used in this w ay shall not be included in the 5 0 0,0 0 0 hectares and that the settlem ent of m etayer ten an ts shall not be a t the expense of the S ettlement Commission, w hich m ay, however, a t the request of the Hellenic G overnm ent, co-operate with the la tte r for the purposes of such settlem ent. III. The Hellenic G overnm ent will secure th a t any advances which have been obtained by the National B ank of Greece, in connection w ith the Refugee S ettlem ent Com m ission's foundation, for the purpose of the establishm ent of refugees in productive work in Greece, shall be forthw ith placed at the disposal of the Commission. IV. The Hellenic G overnm ent will, as soon as possible, raise a loan or loans up to a net total not exceeding ten million sterling, and will arrange for the subscription by Greek banki or financial groups of a block equivalent to a t least 25 per cent of such loan or loans. The issuing houses shall place the whole proceeds of the loan or loans directly under the disposal of the Refugee S ettlem ent Com mission for the purposes specified in its Organic statutes, and for the repaym ent, if necessary, of a n y advances. V. The service of th e loans to be raised in pursuance of Article IV shall be assured in e first instance b y the International Financial Com m ission established b y the Law on the nternational Control of F ebruary 26th, 1898 (in accordance w ith the consent given b y the vernments at present represented on th a t Com mission by th e D eclaration annexed to this rotocol) out of certain public Greek revenues in accordance w ith the following provisions : 1. Such revenues and surplus revenues as m ay be agreed upon betw een prospective lenders and the Hellenic G overnm ent (for exam ple, those indicated in the annexed schedule) shall be assigned to and placed under the control of the In ternational Financial Commission, and shall be collected and paid to th a t Commission. 2. The revenues and surplus revenues above m entioned shall, so far as is con- S'dered necessary, be held and applied b y the International Financial Commission î r the purpose of m eeting the service of loans raised in accordance w ith Article IV. ihe service of the loans shall also be a first charge upon the property and income the Refugee Settlement Commission.

31 30 VI. The G reek G overnm ent undertakes not to create an y charges on its revenue by w ay of security for an y loans n o t intended either for productive purposes or for earning o u t its obligations under the T reaties of Peace. Should the case arise of a loan for 0y of these objects, th e n : (a) T he G reek G overnm ent m ay create a charge of inferior rank upon the revenues or surplus revenues assigned to th e Refugees Loan in conformity with Article V, p arag rap h 2; (b) As regards revenues other th a n those assigned to th e Refugees Loan in conform ity w ith A rticle V, p arag rap h 2, th e Hellenic G overnm ent undertakes not to create charges thereon unless the International F inancial Commission shall have recognised th a t the n atu re of the revenues on w hich it is proposed to create a charge is such as no t to com prom ise th e yield of the revenues assigned to the Refugees Loan T he G reek G overnm ent further undertakes im m ediately to m ake and to persist in m aking every effort to secure as soon as possible a com plete equilibrium between the o rdinary receipts and the expenses of th e State. V II. T he H ellenic G overnm ent undertakes to exem pt th e Refugees Settlement Com m ission from all taxes and charges, w hether general or local, in respect of all operations and p ro p erty of the Com m ission and, in particular, of th e lands assigned to it or an y transactions affecting such lands; and to pay in respect of each fin a n c ia l year to the Com m ission (or to the In tern atio n al Financial Com mission if the Refugee Settlement Com m ission is dissolved) th e to tal sum a t w hich the occupiers of land o rig in a lly assigned to th e Refugee S ettlem en t Com m ission and still continuing to be its property (or, if the R efugee S ettlem en t Com m ission is dissolved, held a t th e disposal of the International F inancial Com m ission p u rsu an t to arrangem ents m ade in connection w ith such dissolution) are assessed for ta x a tio n upo n such lands for such year, until the loans raised in pursuance of A rticle IV are com pletely refunded. V III. T he reim b u rsem en t of advances m ade to refugees b y the Refugee Settlement Com m ission shall have p rio rity over ta x a tio n or an y other claim. IX. T he H ellenic G overnm ent, accepting the provisions contained in the Organic S tatu tes of the Refugee S ettlem ent Commissiftn under w hich th e Council of the League of N ations m ay enquire into and exercise a supervision over th e activities of the Commission, u n d ertak es to facilitate any enquiries w hich th e Council m ay d ire ct, and to accept and give effect to the Council s decisions ta k en thereupon in so far as they require action b y the H ellenic G overnm ent. X. N othing in this Protocol or the Organic S tatu tes thereto annexed shall change in an y w ay the obligations of th e Hellenic G overnm ent under the Greek-Turkish E xchange of P opulations C onvention signed a t L au san n e on J a n u a ry 30th, 1923, or under the G reco-b ulgarian Reciprocal E m igration C onvention signed a t Neuilly-sur- Seine on N ovem ber 27th, X I. T h e obligations assum ed by th e Hellenic G overnm ent u n d e r th is Protocol s h a ll cease as soon as th e Refugee S ettlem ent Com mission shall have been dissolved and th e loans raised in accordance w ith A rticle IV of this Protocol have been repaid in full. X II. In the event of an y difference as to the in terp re tatio n of this Protocol, the opinion of the Council of th e L eague of N ations will be accepted. X III. In the event of a n y difference betw een the F rench and English texts of this Protocol, the English shall be considered to be the a u th en tic text. X IV. This P rotocol shall be ratified and the ratification shall be deposited at the S ecretariat o f th e L eague of N ations as soon as possible, and in any case n o t later than O ctober 15th, It shall enter into force on the d ate of deposit o f ratification. A n n e x e d Schedule. T he revenues specially referred to in A rticle V of the Protocol under the number 1 are th e following : (1) T he m onopolies of New Greece, i.e., salt, m atches, playing-cards and ciga re tte pap er;. (2) T he C ustom s receipts received a t the Custom s of Canea, Candia, Samos, v M itylene, S yra; (3) T he tobacco d u ty in New Greece; (4) T he sta m p d u ty in New Greece; (5) T he d u ty on alcohol in th e whole of Greece; j (6) A ny surplus of the revenues alread y assigned to the International F,nan Com m ission, subject alw ays to existing charges on such surplus.

32 31 g Organic Statutes of the Greek Refugee Settlement Commission. I There is established in Greece, dom iciled a t such place as it shall select after its constitution, a Refugee S ettlem en t Com m ission invested w ith th e capacity and powers and entrusted w ith th e duties specified hereinafter. II. The Refugee S ettlem en t Com m ission is established as a legal person com petent to sue and be sued in its own nam e, to hold and alienate p ro p erty of all kinds, and generally to perform a n y acts w hich can be perform ed b y a corporation possessing full legal personality under th e law of Greece. III. The Refugee S ettlem en t Com m ission shall not be d ependent u pon any Greek executive or adm inistrative au th o rity, b u t shall be com pletely autonom ous in th e exercise of its functions. IV. The Refugee S ettlem en t Com m ission shall be com posed of four m em bers. Two members shall be appointed b y the H ellenic G overnm ent, w ith th e approval of the Council o f the League of N ations; one m em ber shall be appointed b y th e Council of the League of Nations; the fo u rth m em ber, w ho shall be th e C h airm an of the Com m ission, shall be a national of th e U nited S tates of A m erica and a person representative of relief organis a t i o n s, and shall be appointed in such m ethod as th e Council of the L eague of N ations shall from tim e to tim e determ ine. T he m em ber appointed b y the Council and the Chairman of the Com m ission shall enjoy diplom atic privileges and im m unities in G reece V. The m em bers of the R efugee S ettlem en t Com m ission appointed by th e Hellenic Government m ay a t a n y tim e be replaced b y th a t G overnm ent w ith th e consent of the Council of the League of N ations; th e o ther tw o m em bers m ay only be replaced b y the Council of the L eague of N ations. VI. The salaries of the tw o m em bers of th e R efugee S ettlem en t Com m ission appointed by the Hellenic G overnm ent shall be fixed b y th a t G o v ern m en t; the salaries of the other two m em bers shall be fixed b y the Council of th e L eague of N ations. T he salaries of all members shall be payable o u t of th e funds of the Com mission, b u t th e Hellenic Government shall refund to th e Com m ission th e am o u n t of the tw o salaries fixed b y it. VII. The first ap p o in tm en ts of m em bers of the Refugee S ettlem ent Com m ission shall be made not later th a n S eptem ber 30th, T hereafter, if an y vacan cy on the Commission is not filled b y the co m p eten t authorities, the Council of th e L eague of Nations shall be com petent forthw ith to ap p o in t a person to ac t and to exercise the full powers of th e m em ber w hom he succeeds until such tim e as the co m p eten t ap p o in t ing authority shall itself m ake a n ap p o in tm en t. T he Com m ission shall en ter u pon its functions as soon as all four m em bers have been appointed. In the event of tem p o rary absence, the absent m em ber shall designate a su b stitu te w ho shall have the rig h t to vote, failing which the C hairm an or th e m em ber acting as C hairm an shall designate such a substitute. In th e ev en t of the absence of th e C hairm an, th e chair shall be ta k en b y the member appointed b y th e Council of the L eague of N ations, who shall have th e sam e voting rights as the C hairm an. T he presence of three m em bers or their substitutes, including always the two m em bers no t appointed b y th e Hellenic G overnm ent or their duly appointed substitutes, shall be necessary to form a quorum and v alid ate decisions of the Settlem ent Com mission. VIII. The Com m ission shall ta k e all its decisions b y a m ajo rity vote of th e m em bers present at the m eeting. In the ev en t of the votes being equally divided, th e C hairm an shall have a second vote. S ubject to an y provisions in these statu tes, th e S ettlem ent Commission shall establish its ow n R ules of Procedure. IX. The C hairm an, or in his absence his su b stitu te, will convene all m eetings of the Settlement Commission, sign all docum ents and correspondence and b e responsible for the execution of th e decisions of th e S ettlem en t Com mission. X. The Refugee S ettlem ent Com m ission shall have pow er to ap p o in t and dismiss such personnel, either G reek or (w hen necessary for special reasons) of foreign nationality, as it may require for the discharge of its functions. T he w ork of th e Com m ission will e carried on as far as possible w ith th e assistance of G reek central and local adm inisîve authorities and of p riv ate organisations. XI. The expenses of th e Com m ission shall be payable o u t of th e funds placed a t 1s disposal or ou t of its incom e. I The functions of th e R efugee S ettlem en t C om m ission shall be, b y m eans of the e^ (7 assigned to it, th e funds placed a t its disposal and its ow n income, to prom ote the lishment refugees in productive w ork either upon the land or otherw ise in Greece, p ^ evertheless, th e Refugee S ettlem en t Com m ission m ay settle refugees on land of rks subject to exchange w hich m ay be assigned to it as soon as it shall enter into actual jo sessi0.n of this land, and even before it has becom e th e de jure ow ner thereof. As n as it is free to dispose of this land and is in a position to transfer the rights of

33 3 2 ow nership, the Hellenic G overnm ent solem nly u ndertakes to give de jure ownership to the S ettlem ent Com mission. T he S ettlem ent Com m ission m ay also proceed to settle refugees on land requisitioned, or in process of expropriation, before the form alities required by la w have been fully com plied w ith, provided th a t the Hellenic G overnm ent solem nly undertakes to place th e Com m ission im m ediately in actual possession and to give it de jure ownership under th e conditions laid dow n in A rticle II of the Protocol as soon as th e formalities have been fully com plied w ith. T he S ettlem en t Com m ission is also authorised to settle refugees on land taken on lease b y th e Hellenic G overnm ent w hen the lease is a perpetual one and has been transferred to th e Com mission. L astly, in exceptional circum stances, the Com m ission m ay settle refugees on land of w hich it does not possess the ownership, b u t w hich is suitable for the settlement oi refugees, and in.respect of w hich th e Com mission considers th a t it has acquired sufficient rights to ensure a p erm a n en t settlem en t of the refugees and ad eq u ate security for the sum s w hich it proposes to spend on this land. X I I I. T he R efugee S ettlem en t Com mission shall receive and hold in f u ll ownership th e lands w hich th e H ellenic G overnm ent undertakes to transfer to it under the Protocol signed on behalf of Greece a t G eneva on S eptem ber 29th, 1923, and shall a p p ly such lands for th e purpose specified in A rticle X I I above. T he lands shall p r im a r ily be applied to th e se ttle m e n t of refugees thereon, either as te n an ts or as owners, on th e terms fixed by th e Com mission, b u t th e Com m ission m ay, in its discretion, sell land held by it to persons n o t refugees, provided th a t an y sum s raised b y the Commission fro m the sale of such land shall be paid into a special account and applied, b y w a y of a sinking fund, to th e red em p tio n of the loan or loans referred to in A rticle X V I of these Statutes. The Com m ission shall sell land if such sale becom es necessary under the provisions of A rticle X V I. Sales of land to persons no t possessing G reek natio n ality shall require the consent of th e Hellenic G overnm ent, except in th e case contem plated b y the last sentence of the preceding paragraph. X IV. T he Refugee S ettlem ent Com m ission shall receive and apply, fo r the purpose specified in A rticle X I I above, an y advances obtained b y the N ational B a n k of Greece for th e purposes of establishm ent of refugees in productive w ork in Greece, and the proceeds of th e loans w hich th e Hellenic G overnm ent undertakes to raise and pay over to the Com m ission under th e Protocol signed on behalf of Greece a t Geneva on September 29th, X V. T he incom e and funds of th e Refugee S ettlem ent Commission may not be expended on th e relief of distress or for charitable purposes as distinct from the settlem ent in productive w ork of the persons assisted. N evertheless, w hen th e Com m ission establishes settlem ents on a large scale, e.g., w hen it creates su b u rb s or villages, it m ay m ake such disbursem ents of a general or social n atu re as m ay serve to prom ote th e developm ent of these settlem ents and improve the h ealth conditions of the population. All assistance given shall be given on term s involving u ltim ate repayment. X V I. In event of the revenues assigned by the H ellenic G overnm ent to the services of th e loan in accordance w ith the Protocol signed a t G eneva on September 29th, 1923, being insufficient, th e In tern atio n al Financial Com m ission shall call upon the S ettlem en t Com m ission to p a y o u t of its incom e or other funds, or if n e c e s s a r y from tie realisation of its property, such sum s as m ay be necessary to m eet any deficit on the service of th e loan. F u rth e r, it shall a t all tim es be th e d u ty of th e Settlem ent Comm11; dion to p a y to the In tern atio n al Financial Com mission for application to the service 0 th e loan a n y sum s w hich th e S ettlem ent Com m ission m a y find possible to contribute tor this purpose out of its cu rren t incom e w ith o u t prejudicing th e effective performance of 1 functions. In th e event of the In tern atio n al Financial Com m ission having in its P. session sum s exceeding th e am o u n ts necessary for th e service of th e loan the Fmand Com m ission will refund these sum s to the H ellenic G overnm ent. X V II. T he Refugee S ettlem ent Com m ission shall com m unicate every three a rep o rt upo n its operations to the H e'lenic G overnm ent and to th e Council of the Leag J of N ations and shall sim ultaneously publish such report. T he Council of the League N ations, acting, if need be, b y a m a jo rity vote, shall have th e rig h t to consider the repor - of the Com m ission and to tak e such m easures thereon as it m a y consider proper. T he Com m ission shallann ually publish and forw ard to the Council of th e League N ations and to the Hellenic G overnm ent audited accounts of its incom e and expend1 X V III. T he Council of th e L eague of N ations, acting, if need be, b y a majority m ay a t an y tim e enquire, b y such m ethod as it determ ines, into th e m anner inwhic Refugee S ettlem ent Com mission is discharging its functions, and the necessary cos such enquiries shall be payable to the Secretary-G eneral of th e League by the tom sion o u t of th e funds a t the disposal of th e Com m ission or ou t of its current incofli.

34 XIX. The Refugee S ettlem en t Com m ission m a y be dissolved w hen, in the opinion f the Council of th e L eague of N ations, acting if need be b y a m ajo rity vote, its services e no longer required, subject to th e establishm ent of arrangem ents approved b y the eoresentatives of th e lenders to secure th a t th e assets and incom e of the S ettlem ent ommission are on its dissolution placed under th e control and a t th e disposal of the nternational Financial Com m ission for th e purpose of enabling th e la tte r to m eet the e^ice of the loans (or to accelerate as far as possible the am o rtisatio n of the loans) raised y Hellenic G overnm ent in accordance w ith the Protocol signed on its behalf a t eneva on September 29th, 1923, until such loans have been repaid in full. XX. After the dissolution of the Refugee S ettlem en t Com m ission and the rep ay m en t n full of the loans m entioned in A rticle X I X above, th e balance still rem aining of all sets which have belonged to th e Com m ission shall becom e th e absolute property of e Hellenic State. XXI. In the event of an y difference as to th e in terp re tatio n of these S tatutes, the opinion of the Council of the L eague of N ations will be accepted. XXII. In the event of an y difference betw een the F rench and English tex ts of these Statutes, the English shall be considered to be th e a u th en tic text. XXIII. This A nnex shall be ratified and th e ratification shall be deposited at the Secretariat of the League of N ations a t th e sam e tim e as th e ratification of the Protocol to which this A nnex is attach ed. X DECLARATIONS SIGNED ON BEHALF OF GREAT BRITAIN, FRANCE AND ITALY, 1923 AND 1924 I. The undersigned, representatives of th e G overnm ents of G reat B ritain, France and Italy, duly authorised b y their respective G overnm ents, hereby agree th a t the In te r national Financial Com mission referred to in th e Protocol relating to th e settlem ent of refugees in Greece and th e creation for this purpose of a Refugee S ettlem ent Commission, which has been approved by the Council of th e L eague of N ations and executed on behalf of the Hellenic G overnm ent, shall discharge the duties w hich th e said Protocol contem plates shall be perform ed b y it; and th e y u n d erta k e on behalf of their respective G overnments that the necessary instructions will be given b y these G overnm ents to their rep resentatives upon the said In tern atio n al F inancial Commission. In witness whereof, th e undersigned, duly authorised for this purpose, have signed the present declaration. Done at Geneva on th e tw en ty -n in th d a y of S eptem ber, One th o u san d nine hundred and twenty-three, in a single copy, w hich shall be deposited w ith the Secretariat of the League of Nations and shall be registered b y it w ith o u t delay. Rennell R o d d D u p u y G a r b a s s o (G reat Britain). (France). (Italy). j The undersigned, representatives of the G overnm ents of France, G reat B ritain n taly, duly authorised b y their respective G overnm ents, hereby u n d ertak e th a t the ^cessary instructions shall be given b y th e said G overnm ents to their delegates to the n ernational Financial Com m ission a t A thens to tak e into account, in discharging the bv t-h T templated ^ th e Protocol relating to th e settlem en t of refugees in Greece and J,..e Statute annexed thereto, th e m odifications m ade in these in stru m en ts b y the 1tonal Act of Septem ber 19th, n witness whereof th e undersigned, d u ly authorised for this purpose, have signed Present declaration. and t ne ^ eneva n th e tw en ty -fifth d a y of S eptem ber, One th o u san d nine hundred Lea? Wen^y^ ùr, in a single copy, w hich shall be deposited w ith th e S ecretariat of the Nations and shall be registered b y it w ith o u t delay. B r i a n d P a r m o o r S a l a n d r a (France). (G reat B ritain). (Italy).

35 3 4 XI MEMORANDUM ADDRESSED T O THE FINANCIAL COMMITTEE ON SEPTEMBER i 8 t h, 1924, BY M. TSOUDEROS, GREEK MINISTER OF FINANCE O n the eve of the signature of the additional Act em bodying the amendments tol the Protocol of Septem ber 29th, 1923, I think it advisable to give the following del as to th e securities guaranteeing the future loan. These securities are specified in thel new schedule annexed to the Protocol. W e are, of course, only concerned here with! th e public revenue assigned for th a t purpose, the loan being still further guaranteed asl follows : by the 500,000 hectares of land handed over b y the Greek Government ini accordance w ith Article II, b y the buildings erected on th a t land, b y the taxes due froml refugees and transferable to the Settlem ent Commission, b y the refund of advances! m ade to these refugees, and b y rents due from them. Of the public revenue to be applied in this w ay the greater portion is completely! exem pt from all charges. This applies also to monopolies in the new provinces to the new custom s receipts (Table I, A and B). It likewise applies to the tobacco duty, the stam p d u ty in the new provinces and the alcohol d u ty th roughout th e whole of Greece (Table I, C, D, E). The revenue under these headings is pledged as security for three loans, t h e total I service of w hich am ounts to 55,723,000 drs. (Table V). In point of fact, however, it I is only the service of item 3 of Table V th a t is draw n from the revenue from the tobacco I d u ty in the new provinces, th e service of the rem aining two being secured b y thel surplus revenue derived from the taxes applied to the loans assigned to the Inter-[ national Financial Commission (Tables II and IV). Thus, only 29,070,000 drs. are tol be deducted from this revenue (Table I, C, D, E) for the service of the '4 % loan.[ It should be added th a t negotiations have already been entered into with the Natio-1 nal B ank of Greece w ith a view to this loan being secured by other unencumbered revenues. There only remain, therefore, the surpluses from the receipts already a ss ig n e d to l the International Financial Commission (Article V of the Geneva Protocol annexed I table, paragraph 6), which were previously subject to prior claims or mortgages in res-1 pect of various form er loans (See Table IV). T he revenues applied to the service of the loans assigned to the International Finan-1 cial Commission, the results of the last fiscal year and the estim ates for next year, as I well as expenses connected w ith the raising of these loans, are shown in Tables II and III Discrepancies will be noticed in the figures in these tables, as well as in other tables already f subm itted to the League of Nations. This is due, as regards receipts, to the increase I from year to year in the yield of the taxes assigned, owing to : (a) the increase in the ra te of tax atio n and th e price of m onopoly goods, and (b) the increase i n the population, resulting in greater consum ption. Thirdly, we should add th a t more careful anc stricter m ethods are now em ployed in the collection of custom s duties and taxes generally. In regard to expenditure (service of loans) the difference is chiefly due to exchange fluctuations.. T he revenue surplus is pledged to secure the other loans specified in Table IV whir also gives the probable d ate of redem ption. Since the use of the surpluses as security for the % % (compulsory) _ is purely theoretical (in view of the fact th a t an additional 10 % tax on certain bta - revenues adequately secures th e service of the loan), the total service of the loans 1 T able IV is only 186,640,000 drs. Accordingly, out of these surpluses (estimate» 858,000,000 drs. for this year, Table IV), 671,000,000 drs. rem ain available for the retu^ loan. T able I (annexed) has been draw n up in accordance w ith these estimates and figurc-. R eceipts to a net am o u n t of 1,213,000,000 drs. or a t least 4,500,000 are assign^ to the refugee loan. This sum covers the service of a loan of 10,000,000 f i v e times o\ Geneva, September 18th, (Signed) E. T. T s o u d e ro s, F inance M inister, Greek Delegate to the Fifth. Assew. of the League of Nations. (Five tables are annexed to the present m em orandum.)

36 Receipts fo r t h e L a s t T h r e e M o n t h s (M a y, J u n e, J u l y, 1924) f r o m t h e T a x e s a s s i g n e d in r e s p e c t o f t h e R e f u g e e s L o a n, a n d E s t i m a t e d R e c e i p t s f o r t h e Financial Y e a r 1925/26. TAXES RECEIPTS for the last three months May to July 1924 ESTIMATED RECEIPTS for the financial year 1925/26 A. Monopolies in the New Provinces. l. S a lt... Drs. [2. Matches... j Playing-cards.... Cigarette p a p e r Canea. 2, Candia. k Samos. 4. Chios.. 5. Mitylene 6. Syra.. T o t a l...drs B. New Customs Offices. Drs. T o t a l...drs. C. Tobacco in the new provinces.. D. Stamp duty in the new provinces. E. Alcohol throughout Greece Drs. T o t a l...drs- [ Less loan service 5% % 1922 (see Table V). N e t T o t a l C, D, E... 4,046,876 6,146, ,290 2,169,174 12,671,030 2,7 3 2, , 230, ,959 2,870,513 4,3 5 4, ,5 95, ,429,533 57,683,659 13,129, ,3 2 9, ,143,133 20,000,000 24,000, ,000,000 10,000, ,727, ,600, ,600,000 29,070, ,530,000 F. Surplus of receipts, foreseen for as shown in Table II.. service of other loans guaranteed by above surpluses, as shown in Table I V ,720,000 Less forced loan 1922 sufficiently guaranteed by special tax. 136,080, OOO Net B a la n c e fo r F... G e n e r a l T o t a l A, B, C, D, E, F. 186,640, ,357, ,640, ,717,936 1,213,974,936 T a b l e s

37 Table No. II. R e v e n u e s a s s i g n e d t o L o a n s n o w c o n t r o l l e d b y t h e I n t e r n a t i o n a l F i n a n c i a l C o m m i s s i o n. F i g u r e s f o r 1923 a n d t h e F i r s t S e v e n M o n t h s o f 1924 a n d E s t i m a t e s f o r t h e W h o l e o f 1924 a n d TAXES GROSS RECEIPTS GROSS RECEIPTS ESTIMATES ESTIMATES from Jan. ist, 1923, to Decem. 31st, 1923 from January ist, 1924, to July 31st, 1924 for the whole of 1924 for the whole of 1925 Drachmas Drachmas Drachmas Drachmas S a l t... 17,590, ,876, ,359, ,395, O i l... 62,720, ,483,901 So ,258, ,883, M atches... 24,877, ,518, ,746, ,921, P la y in g -c a rd s... 5,546, ,093, ,017, ,719, Cigarette p a p e r... 12,542, ,703, ,205, ,526, Tobacco ,726, ,066, ,400, ,840, S t a m p s... 63,850, , 14;,210 OO ,106, ,016, Naxos em ery... 24,573, I I, 534, ,773, ,751, T otal (A) ,427, ,422, ,867, ,054, Customs : Piraeus ,095, , ,704, , ,493, , ,042, i i, L a u riu m , , , , Patras... 39,366, , ,431, ,168, ,585, Volo... 19,961, , ,933, i, ,172, , ,589, , C o rfu... 9,797, ,303, , 233, ,657, Salonica ,092, , b 112,213, ,234 l ,366, , ,603, , C a v a lla... 9,171, ,621, ,065, ,372, ,788, , ,397, , ,823, ,43i ,206, , (A) Brought forward. 471,427, ,422, ,867, ,054, G r a n d T otal ,215, , ,819, , ,295,691, ,43i 7 00 i,425,260, , V) Oi Gross Receipts... Régie Company s expenditure to be deducted ; estimated 011 the busis of the expenditure for Net Receipts... Sums required for the service of the Loans to be deducted (see Table No. [II)... D if fe r e n c e... IZxpenses. of the International Financial C o m m issio n... A v a i k v b l e s u r p l u s _ 5 4 ^ 6 5 4, OOO T o 5 0 2,6 7 0, , 366, ,000, Û6, 800 1<> 1,425,260, ,232, ,365,028, ,6 7 0, , 357, , OOO, O OO OO

38 Sums required for the Service of the L oans under the control of- t PRINCIPAL as a t March 31st, 1924 of Repay- I m en t In terest F inancial year 1923/1924 (decrees) (2) A m o rtisa tio n ch arges C om m ission charges SUMS REQUIRED FOR THE SERVICE OK THE LOANS Interest F inancial year 1924/1925 (according to estim ates) A m ortisation charges C om m ission charges D ifference on exchan ge TOTAL k) 1833 guaranteed by the three Powers ,046, B) Former debts in gold values : %... 77,861,000 (a) %... 67,768, % Monopolies. 104,556, % Rentes.. 116,724, % Piraeui-Lariasa. 44,518, % Funding.. 7,226,000 C) New debts in gold values : I % % Guaranteed.. 92,140,000 (b) % Greek railw ay... 54,694, I9 I4 5% (500 millions) ,362, ) Debt In paper d ra c h m a s : Patriotic (without interest).. 1, 393, % (consolidated). 72,570, % (Pyrgos- Meligala)... 10,825, E) C om pulsory issue of b ank-notes. 42,951, F) Service of S alonica-c onstantinople Railway Bonds ,875, BtilQ'ohSgS (1898) B-j-NA (1902) 2,981,593 2,595,196 3,576, ,382 1,705,517 86,750 1,151,750 2,191,030 m (1915) 605 (1915) 19,660, (1914)' A SO ST(1885) B<t>MA (1885) B< Æ (1900) 2467 of 1920 (а) Dependent on assigned revenues and rate of exchange. (б) Dependent on price on the Stock Exchange. (1) The sum of 615,061,759 drachmas should be increased by 6,915,150 drachmas,representing the service due 011 April 1st, 1923, of the %, the % and the /a%loans chargeable to the financial year 1922/1923, while it would be necessary to charge these sums to the account of the financial year 1923/1924, since the date of payment, April 1st, falls in the economic year just beginning. The difference on exchange of the above-mentioned sum has been entered in the account for the 1923/1924 financial year and is accordingly included in the amount of 559,072,382. 6,810 3,638, ,750 4, 305, , ,310 1,064,360 62, ,015 7,304 1,558, , , ,000 2,000, ,202 14,107 19,210 3,815 9, ,389 i i,090 i 10,426 9,746 3,043 24,854 Difference on exchange ,000 4,032,795 3,514,613 4,649, ,197 2,313,799 94,497 2,714,054 2,309,620 22, 195,738 36,020 3,907, ,793 2,000,000 4,995,529 55,089, ,972, ,061,759 (1) (2) The present schedule does not Rive : 1. Costs and duties of the Régie Company...4 4, Cost of ad v ertisem en t Expenses of the International FinancialConr,mission. 3*93 4. The sum mentioned in Note ,915 Total brought forward G r a n d T o t a l... 5Ji923i 615,061, ,984, , ,000 1,800,000 2,876,065 2,503,190 3,631,158 3,542,619 1,644, , ,310 1,170, , ,129 15,675 6,521 19,618 19,263 8,969 1,502 27,578,160 23,945,364 34,613,178 33,916,938 15,778,309 2,638,595 31,504,900 27,360,385 39,434,750 38,718,820 18,030,635 3,021,052 2,244,563 3,176,768 6,295 48,848,634 54,276,260 2,186, ,500 10,573 20,225, ,535,030 23,285,625 2,5 )5, , ,033, ,923,280 9,080 3,625, ,375 75,000 2,000,000 36, ,000 18,801 45,360 3,9 i4,05i 3, ,451 2,000,000 4,285, ,000 24,852 7,492,578 12,487, ,970, ,670,604 (3 615,061,759 for 1923/1924 more correctly 621,976,909 (615,061,759 6,915,150 in Note 1) there is a difference of about 120 millions due largely to differences in the rate of exchange (250 drachmas per sterling for 7924/1925 and ever 250 for 1923/1924). NJ

39 Table No. IV. S u m s r e q u i r e d f o r t h e S e r v i c e o f t h e L o a n s t h a t a r e n o t controlled b y t h e I n t e r n a t i o n a l F in a n c i a l C o m m is s io n b u t a r e s e c u r e d o n S u r p l u s R e v e n u e. LOANS AMOUNT March 31, 1924 SERVICE for WHEN redeemable LAW 5% 1907 D ef. Nat... 15,948,000 12,093, r. p. 0. e. of % I9I O... 99,282,000 46,190, P. X. M. B.-FijnE- A P O S T. 4% 1915 (40 mil. prov.). 40,000,000 I,608, of Decree 6% 1915 (15 mil. drs.). 2,722, , of % 1917 (5 mil. drs).. 5,000, , of Decree 6% 1917 floo mil. drs.). 72,302,300 8,577, of % 1918 (75 mil. drs.). 44, 533,500 6,686, of % C anada... 40,000,000 33,916, of % 1920 (300 mil. lots). 294,510,000 20,500, of % 1920 (12 mil. prov.). 12,000, , of % 1921 (75 mil. prov.). 75,000,000 4,522, of (550 million : 50 million at 5% interest and 500 million 533,750,ooo 20,356, of a t y2% commission). 6% 1921 (40 mil. frs).. 27,690,000 4,i53,ooo of % 1921 (125 mil. dr. p r o v. ) ,000,000 7, 538,ooo of , 550 mil. y2 % c o m ,500,000 19,167, of y2% 1922 (forced).. i, 495, 572,ioo 136,080,000 (1) of T o t a l ,720,000 (i) The guarantee of this loan from surplus revenue is nominal ; the additional 10 /0 tax on certain sources of State revenue adqua tel y secures the service of this loan. Table No. V. L o a n s s e c u r e d b y S u r p l u s a n d O t h e r R e v e n u e o r m e r e l y b y O t h e r R e v e n u e. LOAN REVENUE SERVICE 1. 5% 1920 (drawings) % 1921 (40 m.) % % 1922 (50 millions) Alcohol from the whole of Greece. 2. Surpluses Stamp duty in the New Provinces Surpluses... Tobacco in the New Provinces... Drs. 20,500,000 4,153,000 29,070,000

40 DECLARATION BY M r. M O R G E N T H A U A N D M r. C A M PB E L L efugees s e t t l e m e n t COMMISSION Geneva, September nth, We have been asked to give an ap p ro x im ate v alu atio n of the properties held by he Refugees Settlem ent Com mission in Greece w hich were no t purchased or contracted with its funds b u t were m ade over to it free of charge b y the Hellenic overnment. Exact data are not available as to the area or quality of the lands so m ade over to the Commission, or as to the num ber of houses left b y the departing T urks w ho have left or are leaving Greece under the term s of th e L ausanne Convention. Our estimates have been fram ed on a conservative basis; th e y are founded on the detailed knowledge we possess as to the approxim ate areas and qualities of the lands made over to the Refugees Settlem ent Commission, the approxim ate num ber of Turkish houses, and their state of repair. Our estimates under each m ain head, are : III) Value of 500,000 hectares of land... 7,OOO,OOO (2) Value of Turkish houses... 2,500,000 (3) Value of urban lands and houses in the vicinity of Athens and other towns in G reece ,000 10,400,000 We desire to emphasise th a t these estim ates are, in our opinion, very conservative For example, the N ational B ank of Greece (which possesses a special service for the issue and control of agricultural loans to peasants, and w hich has unequalled opportunities for forming a sound opinion on the question) estim ates the value of item (i) above at 13,000,000. In calculating item (2), the low figure of 30 a house has been adopted. Item (3) is considerably below the estim ate fram ed b y the Hellenic G overnment. (Signed) H en ry M o r g e n t h a u, J. C a m p b e l l. PRINTED BY BERGER-LEVRAULT, NANCY-PARIS-STRASBURG