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

[Communicated to th e Council and th e M embers of th e League]. O 2 9 4 M 1 0 6 IQ25 II. LEAGUE OF NATIONS Geneva, Ju n e 5th 1925. GREEK REFUGEES. Sixth Quarterly Report on the Work of the Refugees Settlement Commission. Athens, May 25th, 1925. F in a n c ia l p o s it io n. The proceeds of the Refugees' Loan were collected during this q uarter and the sums thereby realised by the Commission were as follows : A. N et proceeds of the subscription of 375,000 bonds in London (Ham bros Bank) : 1st paym ent Ja n u a ry 6 t h... 2,000,000 2nd paym ent F ebruary 1 7 t h... 1,875,000 3rd paym ent March i S t h... 2! 100^000 5,975,000 B. N et proceeds of the subscription of 115,000 bonds in New York (Speyer and Co.) : Sole paym ent $8,539,990.10 at 4.77 3/«... 1,787,543 C. Proceeds of the subscription of 125,000 bonds in Greece (National B ank of Greece and other Banks) : 1st paym ent Ja n u a ry 6 t h... 875,000 2nd paym ent F eb ru ary 1 7 t h...» 625,000 3rd paym ent March 1 8 th...» 650,000 T o ta l... 2,150,000 Less commission of 5%.. > 125,000 2,025,000 r ta l... 9.787.543 A sum of about 187,000 was held back by the London and New York Banks to pay the interest on the first coupon. We pointed out to the Greek Governm ent th at this sum ought to be repaid to us as it formed part of the net proceeds of the loan. We received a letter from the Minister of Finance, dated May 19th, 1925, in which he adm itted the justice of our request and promised shortly to pay the sum. If we add this sum o f... 187,000 the Refugees Settlem ent Commission will have received a total o f... 9,974,543 Of this to tal we have been obliged to repay advances from the B ank of E n g la n d... 2,000,000 from the N ational B ank of G re e c e... 1,700,000 3,700,000 leaving a balance o f... 6,274,543 The last is the am ount on which the Refugees Settlem ent Commission has had to base its estimates for th e future developm ent of its work. s. d. N.9C0 a.) + rn (F. i. 6 25. Imp Kucdig.

It has, therefore, in agreem ent w ith the G overnm ent, draw n up a plan for the appropriation of its funds. This plan includes : a reserve fund am ounting to 800,000, for unforeseen expenses, for possible participation in the expenses of surveying the lands handed over to the Refugees Settlem ent Commission, and for general expenditure u p till the end of 1927, at which date we expect the repaym ent of the advances m ade to the refugees to become general, and an estim ate for th e construction of houses in certain provincial towns for th e urban refugees together w ith the C om m itm ents already incurred in this respect, a sum of 1,380,000. The balance is appropriated for agricultural settlem ents in Macedonia, Thrace and other p a rts of Greece where the G overnm ent is supplying us w ith arable land. We have, unfortunately, been compelled to modify our original calculations in the direction of reducing th e num ber of families to be settled. In fact, as a result of the continued exodus to Greece from T urkey and B ulgaria of exchangeable persons as well as of persons who have found continued residence in T urkey impossible, the num ber of families requiring settlem ent is steadily increasing. W hen draw ing up our plans for the allocation of the available funds we have been obliged to refuse about 6,000 refugee families of those who had already been in com m unication w ith us w ith a view to their settlem ent. This was, of course, only done after consultation with the G overnm ent. On the other hand, we have m ade im portant reductions in the estim ates subm itted by the different colonisation centres and have reduced the allowance of each family to the strict minim um, often to the detrim ent of the general development of the future production of our colonists. W e hope in this m anner to be in a position to inform the Greek G overnm ent th a t we can at once undertake the settlem ent of at least one-third of the 6,000 families. It m ust be recalled here th a t in addition to the latter there are still tens of thousands of refugee families w ithout homes or regular occupation. The Governm ent is now undertaking a general census of these families by m eans of which we hope to ascertain the exact num ber among this to ta l of the agricultural families, those in which our Commission is more particularly interested. In view of this situation the Greek G overnm ent and the other com petent authorities are considering the possibility of obtaining the necessary funds for completing the operation of settling these refugees. A lthough this discussion has so far had no result, it m ay be hoped th a t a satisfactory solution will be arrived at, as the prelim inary exam ination leaves no doubt th a t sufficient resources exist to m ake it possible to obtain the necessary funds. Balance Sheet. In accordance with the provisions of its constitution, the Commission com m unicated to the Greek Governm ent and the Council of the League of N ations its annual financial statem ent for th e period ending December 31st 1924, together w ith a report from the auditors. M. Vardakis and M. Moraïtis, who were appointed at our request, the form er by the M inister of Finance and the latter by the N ational B ank of Greece 1. For the current year we intend to request the International Supervisory Commission to appoint a third commissioner to assist the other two. The financial position on April 30th m ay be sum m arised as follows : 1. E xpenditure for agricultural s e ttle m e n ts... 4,699,092 19 9 2.»» urban»...» 467,236 7 4 3. Cost of first settlem ent...» 2,038 2 5 4. General expenditure...» 31,622 5 10 5. Available at the N ational B ank of G r e e c e...» 4,o6o,oro 4 8 6.»»» B ank of E n g la n d...» 502,543 14 0 T o ta l2... 9,762,543 14 0 The rate of exchange plays an im portant part in the expenditure of the Commission. The m ean rate of the sums converted by us up to December 31st, 1924, was Dr. 254.53 to the pound sterling, against an actual m ean rate of Dr.246.67. Since Jan u ary 1st. 1925, the rate is Dr.293.12 against a m ean rate of D r.286.80. The question of the recovery of the sums advanced is already engaging the attention of our Commission. It is not possible to undertake this work as yet, but the prospects of the forthcoming harvest are such as to afford us hopes of beginning to collect the money sooner th an we had anticipated. U p till now this account has been credited w ith only 4,701.6.11, of which 1012.8.8 represented purely voluntary repaym ents of advances m ade for agricultural purposes, and 3,688.18.3 were the proceeds of sales of land. 1 These documents are annexed to the present report. 2 The figure of 9,762,543 differs from th at of 9,787,543 on page 1 owing to the fact that an instalment of 25,000 on account of the loan was paid after April 30th. Minor items such as interest, rents collected, guarantees confiscated, n o t included in the above account, augment the available resources of the Commission bv ft0,795.

A g r ic u l t u r a l s e t t l e m e n t. Families settled : Position on M arch 31 si, 1925. In M acedonia... 44,130 In Thrace...... 15,4861 O ther provinces... 7,322 Families settled by the State before the creation of the Refugees Settlem ent Commission and whose settlem ent has been completed by the Commission: T otal... 66,938 In M acedonia... 66,920 O ther provinces... 5,661 Houses constructed : T otal... 72,581 Total of families settled... 139,519 In addition to the 5,023 houses built by the State, and the 50,000 houses belonging to exchangeable Turks in Macedonia, the Commission has built : In M acedonia...15,322 plus 11,261 \ in course of In T h r a c e... 3,085» ) construction O ther P rovinces... 1,732» 3,063 Live Stock Distributed : T otal.... 20,139 plus 14,324 In M acedonia... 168,029 In T h r a c e... 12,662 Other P rovinces... 5,237 T o t a l... 185,928 From this to tal m ust be substracted the live stock distributed by the S t a t e... 39,935 Handed over by the a r m y... 15,782 Distributed by the Ministry of A g r ic u ltu r e... 903 T o t a l... 56,620 Total of the live stock distributed by the C o m m is s io n... 129,308 Ploughs : In M acedonia... 46,732 In T h r a c e... 8,891 O ther Provinces... 2,705 Wagons : T o t a l... 58,328 In M aced o n ia... 7,325 In T h r a c e... 617 O ther P ro v in c e s... 443 Various tools (units) : Seed Grain : T o t a l... 8,385 In 'M a c e d o n ia... 138,507 In T h r a c e... 3,973 O ther P ro v in c e s... 13-353 T o t a l... 155,833 In M aced o n ia...okes 23,136,458 In T h r a c e... 1 3,600,253 O ther P ro v in c e s...» 1,042,139 Total.... Okes 27,778,850 1 These families cannot all be considered as delioitely settled until there purchase of Turkish properties has been completed.

4 Forage : In M aced o n ia...okes 24,947,405 In T h r a c e...» 5.652,336 O ther Provinces.... 1 724,601 Subsistence advances in kind: Total... Okes 31,324,342 In M aced o n ia...okes 21,885,532 In T h r a c e... )) 3,050,533 O ther P ro v in c e s... )) 272,514 Subsistence advances in m oney: Total... In M a c e d o n ia... In T h r a c e... O ther P ro v in c e s... Okes 25,208,579 Dr. 39,647,822 )) 1,177,270 )) 12,736,782 Professional loans : T o t a l... 53,561,874 In M aced o n ia...dr. 15,225,498 In T h r a c e... O ther Provinces... ))» 289,500 79,533 Various advances in money : Lands colonised : In M aced o n ia... O ther P ro v in c e s... T o t a l... 15,594,531 Dr. 76,767,580 )) 6,019,561 T o t a l... 82,787,141 G rand to ta l of advances in m oney. 151,943,546 The latest d ata just received by us respecting the land at the disposal of the State for colonisation up to March 31st are as follows : Bureaux In Macedonia. cultivable land Area in strem m ata non cultivable land 1. V e rria...... I l 6,000 5,200 121,200 2. V o é m i t s a...... 110,000 81,155 191,155 3- Y é n i t s a... 230,830 99,550 330,380 4 - D r a m a...... 328,000 117.'I 43 445,143 5. E d e s s a... 180,350 18,109 198,459 6. S a lo n ic a... 525,650 369,250 894 900 7 - C a v a l l a... 153,523 143,188 296,711 8. K a ïla r ia...... l80,000 42,600 222,600 9. C a s to ria...... 100,000 72,050 172,050 10. C a tè r in i...... 88,700 7,400 96,100 11. K ilk is...... 827,000 97,461 924,461 12. Kozani... 291,470 235,400 526,870 13- L an g ad a... 212,354 82,015 294,369 14- Serrés... 24,298 149,385 IS- S idirocastron.... 145-420 145,420 16. F i o r i n a... 59,220 59,220 Total Total... 3,673,604 i,394,8i 9 5,068,423 I n Thrace. Area in strem m ata Bureaux cultivable land non cultivable land Total 1. A lexandropolis... 137,718 2. D y d y m o tic h o n... 62,046 109,134 171,180 3. C om otini... 127,314 32,050 I 59,364 4. X a n t h i... 46,768 46,768 5. C r e s tia s... 131,783 48,644 180,427 Total 505,629 189,828 695,457

5 I n Old Greece, E pirus and the Aegean Islands. 1. 2. 3-4- 5-6. 7-8. 9-10. 11. 12. Districts A ttica-b éotia... Aetoloacarnania... A c h a ïa - E lis... E uboea... T hessaly...... L am ia... L a c o n ia... J a n n i n a... T sa m o u ria... Prévéza... C r e t e... L e m n o s... Total cultivable land Area in strem m ata non cultivable land Total 25,575 11,978 37,553 6,353 12,475 18,828 10,425 4,375 14,800 37,985 600 3 8,5 8 5 80,847 27,377 108,224 10,333 430 10,763 601 215 816 8,669 7,320 1 5,9 8 9 12,147 100 12,247 21,350 7,550 28,900 153,379 47,150 182,529 20,500 30,727 51,227 370,164 150,297 520,461 Total: In Macedonia. str. In Thrace..» O ther Provinces» 5,010,445 of which 695,457»» 520,461»» 3,673,604 are cultivable 505,629»» 370,164»» G rand to ta l..» 6,226,363 of which 4,549,397 are cultivable [11 all 4,549,397 strem m ata of land th a t can be cultivated out of a total of 5 million strem m ata which the Greek State is under the obligation to furnish. No m easurem ents have been taken and all the above figures are based on personal estim ates and inform ation gathered by our agents. They m ust therefore be considered as subject to modification. As far as the figures relating to Thrace are concerned, we would point out th a t four-fifths of the land occupied by the refugees have not yet been formally handed over to the Commission, this operation being dependent on the repurchase of the large Turkish estates in that district which is only just beginning, only tw o estates those of Soubassi and Couvambali having so far been repurchased. B ut there is every reason to hope th a t these operations when completed will set the seal of perm anency on the present state of things. On the other hand we would add th a t meadows employed for the cattle refugees' are included under the heading "land th at cannot be cultivated. T h e C o m m is s io n a n d t h e U r b a n R e f u g e e s B a n k. In our 5th report we m entioned the question which has arisen between the Government and the Commission respecting certain categories of land abandoned by the exchanged Turks. The Ministry of A griculture thought these be allocated to the Refugees Bank, which it had been decided to establish for the urban refugees. t he G overnm ent recently abandoned its initial intention of establishing a special bank and concluded an agreem ent with the N ational B ank of Greece (Convention of May 5th, 1925), by which are transferred to this establishm ent all the rights of the Greek State over urban real property formerly belonging to exchanged Mussulmans, as well as over those agricultural properties which have not been legally surrendered for colonisation needs including, in accordance w ith Article 1 of the said Convention. The estates planted with olives, graps vines and other shrub cultivations, which the B ank m ight em ploy for the establishm ent of specialist refugee cultivators, either in return for im m ediate paym ent or in consideration of repaym ents in annual instalm ents of their exchange value the latter to be fixed by valuers. The Commission rem inded the G overnm ent th at, according to the letter from the M inistry of Agriculture dated August 21st, 1924, the State had granted to the Commission "the whole of the cultivable land belonging to exchangeable Mussulmans, reserving to itself the right to confirm this transfer by a special ordinance, as soon as the com petent services should have collected the details necessary for the specific designation of the areas thus granted. The situation has been considerably modified as a result of the allocation of new lands to colonisation. The figures given under the preceding heading shew th at we are not far from the figure of 5 million strem m ata. T o p o g r a p h ic a l S e r v ic e. In the absence of any survey and any m aps 011 a sufficiently large scale, a final distribution of the land has more often than not proved impossible. This distribution, in most cases, is made in a more or less tem porary way, pending an exact fixing of boundaries. The valuation, of the lands also their transfer to the Committee, are both made difficult by the above circumstances. Before organising tax collection, two things are indispensable ; a m ap of each village showing the individual lots, and a valuation of land of different qualities.

This work is b o th long and difficult, on account of the great extent of the land and the fact th a t a t is very scattered. P rivate topographical societies have proposed to th e Commission to undertake surveys from aeroplanes or balloons. The Commission is also considering an other proposal which would perhaps be m ore effective, quicker and cheaper : a technical service would m ake a polygonic plan of the whole of the properties of each village, in which plan a special practical service would then m ark the limits of each individual lot. The staff of this latter service would be locally recruited, after undergoing special instruction for three or four months. W hatever system th e Commission adopts will be put in force the following spring. It is calculated th a t the clearing of the ground will be sufficiently advanced at th at period to permit of establishing a survey which shall be as nearly as possible final. The question of expense will shortly be taken up with the Government. S y s t e m o f C o n s t r u c t io n. In Macedonia the 10,000 houses being built under the Sommerfeld-Dchatcge contract arc nearly finished. The M acedonian colonisation service is at present engaged in plastering the outer and inner walls of these houses and in placing a wooden floor and a wooden ceiling in the principal room of each. It has been decided to construct 15,000 supplem entary farmhouses in Macedonia during 1925. The Commission had the choice between three system s for building these houses. I he first consisted in entrusting the construction to small local firms or, where possible, employing the refugees established in each village as workmen under the supervision and control of the ( ommission s technical service. The second system was to m ake contracts, with building societies who would take the sole responsibility for the work. The third m ethod proposed consisted in lending to each fam ily the sum necessary for building the house and leaving to each the responsibility of buying the m aterials and carrying out the work. The Commission proceeded to Macedonia last March and exam ined on the spot the result< obtained by these m ethods of construction. A fter having abandoned the third system as failing in practice to offer sufficient guarantees for rapid and m ethodical construction, the Commission decided on the first of the proposed systems. This m ethod of construction is, on the one hand, cheap in comparison with the tenders subm itted this year b y the large building firms and, on the other hand, perm its a more satisfactory adaptation to local conditions and to the labour resources of the refugees themselves, which have considerable increased as the work of colonisation has progressed. Other Provinces of Greece. The same system of construction by small local firms has been applied in the other Provinces of Greece, with the exception of a few villages where the refugees themselves have untertaken the construction of their houses with the help of grants of materials and m oney from the Commission. H e a l t h S e r v i c e. The Commission has been struck by the fact th at the colonists powers of production have been m uch lessened by illness and especially b y the m alarial fevers unhappily so widespread in Greece. It is, therefore, of opinion th at its program m e should include the organisation of a Health Service which should distribute quinine. It has chosen Macedonia as its first experim ental area, as it is there th at the greatest num ber of refugees is concentrated and th at the staff is best equipped for this Service. The system is as follows : Dispensaries, of which there are at present 51, are established in the small agricultural centres to which a certain num ber of neighbouring villages are affiliated. The inhabitants of these villages have the right to the services of a doctor appointed by the Commission, to medicines, and to the distribution of quinine. Medicines and quinine are distributed against a m inim um p ay m en t fixed by the Commission, b u t families which are known to be w ithout m eans receive them free. The takings under this head will constitute the capital required for next y ear s supplies. E x p erien ce moreover, has shown th at medicines are more appreciated and better employed if they are paid for. The cost of setting up these dispensaries and of the doctors and chem ists' salaries is debited to each refugee individually in equal shares. The Commission bought for this service 10 tons of quinine and the other medicines necessary for inaugurating the work of these dispensaries. The American Red Cross has been good enough, through the President of the Commission, Mr. Charles P. Howland, to send 5 tons of quinine for distribution by the Commission. W e wish to express to the Red Cross our deep gratitude in the nam e of those who will thus be preserved from malaria.

U r b a n S e t t l e m e n t. Budget of the Urban Department. W hen the last report was draw n up the Commission had not come to a definite decision concerning the sum which it would be able to devote to urban settlem ent ; the figure of 1,500,000 was only quoted subject to considerable reservations, for it was not desired to prejudice the equally im portant work of agricultural colonisation. Considering the large num ber of urban refugees and the obvious desirability of definitely establishing a portion of them in those districts where they had succeeded in creating resources for themselves, the Commission, in complete agreem ent w ith the Governm ent, has adhered to the credit of 1,500,000, which was the am ount fixed im m ediately after the issue of th e loan. A t the tim e when this decision was taken the firm obligations of the urban departm ent am o u n t ed to about 300,000, of which the following are the details: 1. For the construction of new dwellings (3620 rooms) in various districts in A thens-pireus.... D rachm ae 36,000,000 2. For excavations in th e same d is tr ic ts.» 4,500,000 3. For the com pletion of various works do. do..» 2,800,000 4. Balance due to the form er contractors....» 6,500,000 5. For the com pletion of works at Eleusis.... «250,000 6. Volo: Bridge, tiled roofs and various works..» 800,000 7. Edessa: For the com pletion of the quarter..» 300,000 8. Thrace: For the districts in Dédé-Agatch, Comotini, X anthi and D i d y m o t i c h o n...» 32,000,000 9. Crete: Q uarter of New H a lic a rn a s s u s...» 4,500,000 T o t a l... D rachm ae 87,650,000 As ten per cent of the available surplus, namely,,000, is to be used for the purpose ot establishing a reserve fund, the urban departm ent budget has been based on the sum of 1,080,000. This credit has been allocated in th e following m anner: Supplem entary works at A thens-pireus and Eleusis (a) Installation of 500 agriculturist families chosen from the Comm ission s urban districts in A t h e n s... (b) Professional grants... Thrace...2500 dwellings L e m n o s... 100» 60 Volo... 350» Skiathos / z- Aedipsos j... ')0 A t h e n s... 250» Athens (Greek Red C r o s s )... 250» N e v s h é h i r... 250» 150,000 51.000 60.000 300,000 6,000 42.000 15.000 30.000 30.000 10.000 Macedonia : Verria Naoussa Ekaterini Edessa 200 100 50 200 Jan n itsa... 100 K o z a n i... 100 F i o r i n a... 100 D ram a... 850 Cavalla... 900 S e r r é s... 650 P r a v i... 50 24,000 12,000 6.000 24.000 12.000 12,000 12,000 102,000 108,000 78,000 6.000 / i, 080,000 The above figures call for a certain am ount of explanation : The credit of 150,000 for supplem entary works in the urban districts in Athens-Pireus will be used to defray expenditure some of which is essential (particularly expenditure on water supply) and some merely desirable. The latter wall be postponed until the Commission is oble to judge how far these sums will be recoverable by the sale of the dwellings which we shad to refer later. Die professional grants, which am ount to 60,000, are intended to help artisans and small shop-keepers living in the agricultural groups, as well as fishermen settled by the Commission at different points on the coast, to carry on their trade. In fixing the price of the two-roomed urban dwelling at ( 100 being reckoned 01 t u house itself and 20 for works of general utility) the Commission was guided by the consideration

th at, ap art from social and economic reasons in favour of a certain superiority in the urban dwelling over the peasant s hut, such superiority constitutes for it the best guarantee for the recovery of its loans. The sites of the new urban districts have already been chosen. Ground has been selected in the im m ediate vicinity of towns in order th a t the value of the buildings m ay not be diminished by lack of communications. There are four classes of these sites, according as they belong : (1) to private persons, (2) to communities, (3) to the State, (4) to exchangeable persons. The sites belonging to the three first classes will be transferred in full ownership to the Commission by expropriation or transfer. The Government has promised to transfer to us those belonging to exchangeable persons in accordance w ith the Convention recently signed with the N ational B ank of Greece, under which it is agreed th a t the Governm ent can reserve the ownership of such land or buildings, provided it pays for them. C e n s u s. The Commission undertook the first census of the population of the districts in Athens- Piraeus during the January-M arch quarter. The sum m arised result is as follows : Population 1 Cultivators Families Persons Families Persons B vron.... 10,273 97 479 Cesarian i.. 2,341 11,002 444 2,154 Ionia.... 3,550 14,749 332 i,594 K okkinia.. 5,665 23,590 60b 2,772 tsf 00 The num ber of agricultural families living in urban districts is, as m ay be seen, considerable. This fact is due to the confusion subsisting at the beginning of the em igration in the groups which arrived sim ultaneously from all the different parts of Asia Minor and sought a refuge wherever they could find one. The building industry has shown so great a developm ent lately in the Athens district th at the m ajority of these cultivators have found work as artisans. A ny falling off in this trad e would re-act unfavourably on their situation, but, as is shown by the budget credit for this purpose, the Commission is endeavouring as far as possible to send such strayed agriculturists away from the capital.. The census of the districts in Athens-Piraeus was the first work of the recently organised statistics office which will be of great assistance to the Commission. In com m unicating this report for the last quarter we would point out th a t the work of the Commission is still attended by the difficulties which are inherent in a task of such m agnitude, though conditions tend to optim ism ; an optim ism which in the opinion of all im partial witnesses is being m ore and more justified by events. Criticisms, even attacks, are certainly not w anting they are indeed inevitable. Some are inspired by a real concern for the welfare of the refugees ; but m ost, dictated by considerations of every kind, sometimes hostile, by no means always disinterested, are generally quite unjustified, at any rate they do not always take sufficient account of the realities and difficulties of the work. In such a trem endous task as this, there will always, of course, be discontented people, but we m ust consider the work as a whole, the results already accomplished and those to be attained in the fard-distant future. The results achieved and those to be achieved in the future augur well for the future of the country. (Signed) Charles P. H o w l a n d, Chairman. 1 The smalls achiesed and there to the achiesed in the future augur well for the future of the contry

ANNEX TO TH E SIX TH R E P O R T OF T H E G REEK R E FU G E E S S E T T L E M E N T C O M M ISSIO N To the Chairman of the Refugee Settlem ent Commission, Athens. A t h e n s, December 31st, 1924. W e have the honour to bring to your knowledge th at, having audited the entries of the books of the General A ccountant Office of the Refugee Settlem ent Commission and the vouchers and receipts of the Treasury from the establishm ent of the Commission up to now, we found all entries made in order, the balances of the general and auxiliary books as per attached statem ent, the vouchers and receipts of the T reasury duly audited and the balance in hand exact. Auditors: Sp. J. V a r d a k is. G. Moraitis. The Refugee Settlem ent Commission has adm inistered up to December 31st, 1924... 3,700,000 0 o There were disposable with the N ational B ank of Greece on D ecem ber 31st, 1 9 2 4,... 260,773 0 3 was disposed as under : A nd the balance, i.e.... 3,439,226 19 9 1,775,Goo 0 o were converted into Drs., i.e., 538,440,000, and 1,664,226 19 9 were spent in Pounds sterling as follows: Genera] Expenses (Salaries, Travelling Expenses, Stationery, etc.)....... Drs. 27,613,654.35 7,225 6 I I Works of common b e n e f i t....... 2,716,606.25 5,573 0 0 Transportation c h a r g e s....... 29,478,100. L993 0 0 H o u s in g....... 166,217,553.20 488,571 16 8 Subsistence....... 86,447,897.50 Seed g r a i n....... 27,130,197.05 185,991 0 0 Live s t o c k....... 107,115,028.60 264,980 18 0 Tools and im p le m e n ts... 36,978,538.65 56,374 0 0 Timber and building m aterials........ 19,804,583.95 252,601 18 2 Food for anim als....... 33,172,487.95 65,830 0 0 Wheat for s u b s is te n c e....... - 335,086 0 0 Loans to tr a d e s m e n... 1,765,352.50 Drs. 538,440,000.- 1,664,226 19 9

IO SUMMARY STA TEM EN T OF ASSETS AND A s s e t s. (Based on am ounts expended.) Available: Drs. Bank of England... National Bank of Greece, deposit in... 260,773 0 3 26,077,265.65 i»»» deposit in D rs... 1»»» deposit from proceeds of sale of urban p r o p e r ty... 1,305 o 9 % 130,501.50 Cash... 125,614.95 Disposed of: In U rban S ettlem en t... 42,258 12 3 V2 4,225,854.70 ->» In A gricultural S e ttle m e n t... 880,753 o 4 74,569,373 75 88,075,250.»»»' 5ir,i82,575.05 Advance of 160,000 of National Bank of Greece (contingent c r e d i t )... 15,990,582.50 Expended on Urban Settlement Property by Committee and by G o v e r n m e n t... 108,152,209.14 Revenues from sale of Urban Real Estates (Sinking Funds) 956 15 o 95,680.20 Various Accounts : E xchange difference from proceeds of sale of U rban P r o p e r ty... 314,097.90 Advances to be accounted f o r... 160 0 0 16,000.»»»» 123,601. Greek State (Commissioners S a la r ie s )... 1,100 o 0 110,000. Various tem porary A c c o u n ts... 607 6 4 60,731.80 Expenditure : Establishm ent E x p e n s e s... 146 6 5 14,631.65»» 396,550.05 A dm inistration E xpenses... 5,605 o 6 560,504.25»» 4,020,324.10 834,241,348.19

LIA B IL IT IE S ON D EC EM B ER 31st, 1924. L i a b i l i t i e s. (Based on am ounts received.) Advances against Loan: Drs. {a) of B ank of E n g l a n d... 2,000,000 0 0 200,000,000. - (b) of N ational B ank of G r e e c e... 1,700,000 o 0 170,000,000. Exchange D i f f e r e n c e :... 339.355,155-95 National B ank of Greece, Account of 160,000 (contingent lia b ility )... 15,990,582.50 Transfer of Urban Settlements... 103,720,994. Various Accounts: Greek State for supplies taken over (suspense account) 1,381,925. Greek State Account Relief F und for supplies taken over (suspense account)... 42,551.40 National B ank of Greece, our tem porary D ebt.... 83,867.75 Sundry Accounts (guarantees by tenderers and other d e p o s its )... 1,314,205.05 Income (included in Deposits) : Interest on our A ccount with B ank of E ngland.... 8,363 18 1 836,390.20 Interest Account, our deposit with N ational B ank... 962 6 1 96,230.20 Interest Account, our deposit with N ational B ank... 482,103.65 Interest on Sinking F u n d s... 5 7 8 538.15 Revenues of U rban P r o p e r t y... 879,403.40 Various R e v e n u e s... 57,400. 834,241,348.19 NOTE. The am ounts given in this statem en t regard expenses incurred in and in Drs. The am ounts given in Drs. represent : (1) The sums actually expended in Drs. and (2) The drachm a countervalue of sums expended in, the being calculated at the nominal rate of Drs. too to the.