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PUBLIC DEBT.
Under an Annex to the Convention of 4th June, 1878, between Great
Britain and Turkey the former Power has undertaken to pay to the Porte annually
a sum representing' the excess of Revenue- over -Expenditure calculated on th« ^
average of the five years preceding the date of the Convention, excluding the
produce of State and Cvown lands let or sold during that period. The amount to
be paid has been determined to be £S7,6S6 per annum ; this to be in addition to
4,166,220 okes of Salt to be paid in kind.
The sum of £113 lis. 3d. per annum has also become payable, under
the same Annex, since the 4th September, 1884, when the Cyprus Government
took over the administration of the Lighthouse Service in the Island. This sum
represents 2 2 % of the receipts of the Ottoman Lighthouse Administration which
the Sublime Porte enjoyed under the concession granted the Company for
lighting the Coast of Cyprus.
By a further Agreement of 3rd February, 1879, a further sum ot £5,000 is
to be paid annually to the Porte in respect of the produce of State lands.
A sum of £60,000 provided for by a loan has been expended on Irrigation,
and £2,400 by way of interest and Sinking Fund is provided in the annual
Estimates. On 31st March, 1910, £55,462 was outstanding.
Further loans to the amount of £254,000 have been obtained on account of
rhe Famagusta Harbour and Railway, and £10,912 by way of Interest and
Sinking Fund was provided in the annual Estimates of which sum £10.262 was
expended as a further sum of £2,500 was contributed from the Locust Fund as
its share of debt charges. On 31sr. March, 1910, £231.280 was outstandino*.