+--------------------+--------------+-------------+
| | Imports from.| Exports to. |
+--------------------+--------------+-------------+
| | Frs. | Frs. |
| Russia | 27,725,218 | 810,925 |
| Great Britain | 27,516,928 | 24,436,707 |
| Austria-Hungary | 19,444,415 | 7,876,806 |
| Turkey | 15,538,370 | 4,516,403 |
| Germany | 13,896,687 | 7,514,474 |
| France | 10,101,070 | 7,078,321 |
| Italy | 6,190,253 | 4,266,210 |
| Bulgaria | 5,135,718 | 133,106 |
| Rumania | 3,814,641 | 1,152,207 |
| America | 2,656,501 | 6,440,648 |
| Belgium | 2,276,393 | 2,068,138 |
| Netherlands | 1,921,762 | 7,180,301 |
| Egypt | 634,035 | 5,928,555 |
| Switzerland | 348,281 | .. |
| Other countries | 4,555,781 | 4,288,365 |
| | ----------- | ---------- |
| Total | 141,756,053 | 83,691,166 |
+--------------------+--------------+-------------+
An enumeration of the chief articles of importation and exportation,
together with their value, will be found in tabular form overleaf.
Greece does not possess any manufacturing industries on a large scale;
the absence of a native coal supply is an obstacle to their
development. In 1889 there were 145 establishments employing steam of
5568 indicated horse-power; in 1892 the total horse-power employed was
estimated at 10,000. In addition to the smelting-works at Laurium, at
which some 5000 hands are employed by Greek and French companies and
local proprietors, there are flour mills, cloth, cotton and silk
spinning mills, ship-building and engineering works, oil-presses,
tanneries, powder and dynamite mills, soap mills (about 40), and
some manufactures of paper, glass, matches, turpentine, white lead,
hats, gloves, candles, &c. About 100 factories are established in the
neighbourhood of Athens and Peiraeus. The wine industry (10 factories)
is of considerable importance, and the manufacture of cognac has
latterly made great progress; there are 10 large and numerous small
cognac distilleries. Ship-building is carried on actively at all the
ports on the mainland and islands; about 200 ships, mostly of low
tonnage, are launched annually.
_Principal Articles of Importation._
+-----------------------------+--------------------------+--------------------------+
| | 1904. | 1905. |
| +------------+-------------+------------+-------------+
| Articles. |Total value |Imported from|Total value |Imported from|
| | in francs. | the United | in francs. | the United |
| | | Kingdom. | | Kingdom. |
+-----------------------------+------------+-------------+------------+-------------+
| Cereals | 27,735,808 | none | 32,511,784 | none |
| Textiles | 17,999,344 | 10,762,464 | 13,460,620 | 5,497,172 |
| Raw minerals | 13,341,191 | 7,630,633 | .. | .. |
| Forest products | 10,146,500 | 9,769 | 12,254,190 | 61,309 |
| Wrought metals | 7,757,444 | 2,162,250 | .. | .. |
| Coals and pit-coal | 6,522,086 | 6,087,068 | 5,073,841 | 4,308,357 |
| Yarn and tissues | 4,739,819 | 2,504,667 | 8,021,523 | 6,838,079 |
| Fish | 4,992,615 | 2,394,224 | 1,014,164 | 186,072 |
| Raw hides | 4,558,101 | 478,965 | 3,909,657 | 215,745 |
| Various animals | 4,271,151 | none | 3,373,523 | 1,268 |
| Horses | 3,011,450 | none | 2,070,250 | none |
| Paper, books, &c. | 3,327,144 | 157,017 | 3,319,700 | 76,454 |
| Coffee | 2,957,601 | 293,610 | 3,060,904 | 107,296 |
| Sugar | 2,606,696 | none | 2,887,854 | 70 |
| Rice | 1,977,894 | 63,882 | 1,901,486 | 236,027 |
| Colours | 1,750,858 | 341,839 | 2,146,509 | 281,433 |
+-----------------------------+------------+-------------+--------------------------+
_Chief Articles of Exportation._
+-----------------------------+--------------------------+--------------------------+
| | 1904. | 1905. |
| +--------------------------+------------+-------------+
| Articles. |Total value | Exported to |Total value | Exported to |
| | in francs. | the United | in francs. | the United |
| | | Kingdom. | | Kingdom. |
+-----------------------------+------------+-------------+------------+-------------+
| Currants | 28,841,678 | 14,569,137 | 34,299,780 | 17,008,929 |
| Minerals and raw metals | 19,134,185 | 5,161,898 | 15,125,072 | 5,438,698 |
| Wines | 10,084,960 | 429,143 | 5,832,139 | 881,696 |
| Tobacco | 7,285,385 | 39,512 | 6,157,092 | 147,565 |
| Olive oil | 4,163,262 | 212,081 | 2,150,285 | 64,310 |
| Figs | 3,583,428 | 62,304 | 3,309,432 | 338,196 |
| Minerals and metals (worked)| 2,754,245 | 7,750 | 2,607,580 | 900 |
| Olives | 1,793,362 | 9,833 | 1,138,116 | 18,800 |
| Valonea | 1,558,678 | 200,849 | 1,917,014 | 146,927 |
| Cognac | 1,027,224 | 12,099 | 1,091,160 | 2,283 |
+-----------------------------+------------+-------------+------------+-------------+
_Public Works._--The important drainage-works at Lake Copais were
taken over by an English company in 1890. The lake covered an area of
58,080 acres, the greater part of which is now rendered fit for
cultivation. The drainage works consist of a canal, 28 kilometres in
length, and a tunnel of 600 metres descending through the mountain to
a lower lake, which is connected by a second tunnel with the sea. The
reclaimed land is highly fertile. The area under crops amounted in
1906 to 27,414 acres, of which 20,744 were let to tenants and the
remainder farmed by the company. The uncultivated portion affords
excellent grazing. The canal through the Isthmus of Corinth was opened
to navigation in November 1893. The total cost of the works, which
were begun by a company in 1882, was 70,000,000 francs. The narrowness
of the canal, which is only 24.60 metres broad at the surface, and the
strength of the current which passes through it, seriously detract
from its utility. The high charges imposed on foreign vessels have
proved almost prohibitive. There are reduced rates for ships sailing
in Greek waters. Up to the 31st of July 1906, 37,214 vessels, with a
tonnage of 4,971,922, had passed through the canal. The receipts up to
that date were 3,207,835 drachmae (mainly from Greek ships) and
415,976 francs (mainly from foreign ships). In 1905, 2930 vessels
(2735 Greek) passed through, the receipts being 281,935 drachmae and
34,142 francs. The total liabilities of the company in 1906 were about
40,000,000 fr. The canal would be more frequented by foreign shipping
if the harbours at its entrances were improved, and its sides, which
are of masonry, lined with beams; efforts are being made to raise
funds for these purposes. The widening of the Euripus Channel at
Chalcis to the extent of 21.56 metres was accomplished in 1894. The
operations involved the destruction of the picturesque Venetian tower
which guarded the strait. A canal was completed in 1903 rendering
navigable the shallow channel between Leucas (Santa Maura) and the
mainland (breadth 15 metres, depth 5 metres). Large careening docks
were undertaken in 1909 at Peiraeus at an estimated cost of 4,750,000
drachmae.
_Communications._--Internal communication by roads is improving,
though much remains to be done, especially as regards the quality of
the roads. A considerable impetus was given to road-making under the
Trikoupis administration. In 1878 there were only 555 m. of roads; in
1898 there were 2398 m.; in 1906, 3275 m. Electric trams have been
introduced at Patras. Railways were open to traffic in 1900 for a
length of 598 m.; in 1906 for a length of 867 m. The circuit of the
Morea railways (462 m.) was completed in 1902; from Diakophto, on the
north coast, a cogwheel railway, finished in 1894, ascends to
Kalavryta. A very important undertaking is the completion of a line
from Peiraeus to the frontier, the contract for which was signed in
1900 between the Greek government and the Eastern Railway Extension
Syndicate (subsequently converted into the _Societe des Chemins de Fer
helleniques_). A line Connecting Peiraeus with Larissa was begun in
1890, but in 1894 the English company which had undertaken the
contract went into liquidation. Under the contract of 1900 the line
was drawn through Demerli, in the south of Thessaly, to Larissa, a
distance of 217 m., and continued through the vale of Tempe to the
Turkish frontier (about 246 m. in all). Branch lines have been
constructed to Lamia and Chalcis. The establishment of a connexion
with the continental railway system, by a junction with the line from
Belgrade to Salonica, would be of immense advantage to Greece, and the
Peiraeus would become an important place of embarkation for Egypt,
India and the Far East.
Posts and telegraphs.
In 1905 the number of post offices was 640. Of these 320 were also
telegraph and 89 telephone stations, with 664 clerks; the remaining
post offices possess no special staff, but are served by persons who
also pursue other occupations. The number of postmen and other
employees was 889. During the year there passed through the post
6,897,899 ordinary letters for the interior, 2,980,958 for foreign
destinations, 2,788,477 from abroad; 540,411 registered letters or
parcels for the interior, 309,907 for foreign countries, and 300,150
from abroad; 880,673 post-cards for the interior, 504,785 from abroad,
and 187,975 sent abroad; 100,680 samples; 7,068,125 printed papers for
the interior, 5,278,405 to or from foreign countries. Telegraph lines
in 1905 extended over 4222 m. with 6836 m. of wires; 841,913 inland
telegrams, 221,188 service telegrams and 129,036 telegrams to foreign
destinations were despatched, and 169,519 received from abroad.
Receipts amounted to 4,589,601 drachmae (postal service 2,744,212,
telegraph and telephone services 1,845,389 drachmae) and expenditure
to 3,954,742 drachmae.
Army.
The Greek army has recently been in a state of transition. Its condition
has never been satisfactory, partly owing to the absence of systematic
effort in the work of organization, partly owing to the pernicious
influence of political parties, and in times of national emergency it
has never been in a condition of readiness. The experience of the war of
1897 proved the need of far-reaching administrative changes and
disciplinary reforms. A scheme of complete reorganization was
subsequently elaborated under the auspices of the crown prince
Constantine, the commander-in-chief, and received the assent of the
Chamber in June 1904. During the war of 1897 about 65,000 infantry, 1000
cavalry, and 24 batteries were put into the field, and after great
efforts another 15,000 men were mobilized. Under the new scheme it is
proposed to maintain on a peace footing 1887 officers, 25,140
non-commissioned officers and men, and 4059 horses and mules; in time of
war the active army will consist of at least 120,000 men and the
territorial army of at least 60,000 men. The heavy expenditure entailed
by the project has been an obstacle to its immediate realization. In
order to meet this expenditure a special fund has been instituted in
addition to the ordinary military budget, and certain revenues have been
assigned to it amounting to about 5,500,000 drachmae annually. In 1906,
however, it was decided to suspend partially for five years the
operation of the law of 1904 and to devote the resources thus
economized together with other funds to the immediate purchase of new
armaments and equipment. Under this temporary arrangement the peace
strength of the army in 1908 consisted of 1939 officers and civilians,
19,416 non-commissioned officers and men and 2661 horses and mules; it
is calculated that the reserves will furnish about 77,000 men and the
territorial army about 37,000 men in time of war.
Military service is obligatory, and liability to serve begins from the
twenty-first year. The term of service comprises two years in the active
army, ten years in the active army reserve (for cavalry eight years),
eight years in the territorial army (for cavalry ten years) and ten
years for all branches in the territorial army reserve. As a rule,
however, the period of service in the active army has hitherto been
considerably shortened; with a view to economy, the men, under the law
of 1904, receive furlough after eighteen months with the colours.
Exemptions from military service, which were previously very numerous,
are also restricted considerably by the law of 1904, which will secure a
yearly contingent of about 13,000 men in time of peace. The conscripts
in excess of the yearly contingent are withdrawn by lot; they are
required to receive six months' training in the ranks as supernumeraries
before passing into the reserve, in which they form a special category
of "liability" men. Under the temporary system of 1906 the contingent is
reduced to about 10,000 men by postponing the abrogation of several
exemptions, and the period of service is fixed at fourteen months for
all the conscripts alike. The field army as constituted by the law of
1904 consists of 3 divisions, each division comprising 2 brigades of
infantry, each of 2 regiments of 3 battalions and other units. There are
thus 36 battalions of infantry (of which 12 are cadres); also 6
battalions of _evzones_ (highlanders), 18 squadrons of cavalry (6
cadres), 33 batteries of artillery (6 cadres), 3 battalions of engineers
and telegraphists, 3 companies of ambulance, 3 of train, &c. The
artillery is composed of 24 field batteries, 3 heavy and 6 mountain
batteries; it is mainly provided with Krupp 7.5 cm. guns dating from
1870 or earlier. After a series of trials in 1907 it was decided to
order 36 field batteries of 7.5 cm. quick-firing guns and 6 mountain
batteries, in all 168 guns, with 1500 projectiles for each battery from
the Creuzot factory. The infantry, which was hitherto armed with the
obsolete Gras rifle (.433 in.), was furnished in 1907 with the
Mannlicher-Schonauer (model 1903) of which 100,000 had been delivered in
May 1908. Hitherto the gendarmerie, which replaced the police, have
formed a corps drawn from the army, which in 1908 consisted of 194
officers and 6344 non-commissioned officers and men, but a law passed in
1907 provided for these forces being thenceforth recruited separately by
voluntary enlistment in annual contingents of 700 men. The participation
of the officers in politics, which has proved very injurious to
discipline, has been checked by a law forbidding officers below the rank
of colonel to stand for the Chamber. In the elections of 1905 115
officers were candidates. The three divisional headquarters are at
Larissa, Athens and Missolonghi; the six headquarters of brigades are at
Trikkala, Larissa, Athens, Chalcis, Missolonghi and Nauplia. In 1907
annual manoeuvres were instituted.
Navy.
The Greek fleet consisted in 1907 of 3 armoured barbette ships of 4885
tons (built in France in 1890, reconstructed 1899), carrying each three
10.8-in. guns, five 6-in., thirteen quick-firing and smaller guns, and
three torpedo tubes; 1 cruiser of 1770 tons (built in 1879), with two
6.7-in. and six light quick-firing guns; 1 armoured central battery ship
of 1774 tons (built 1867, reconstructed 1897) with two 8.4 in. and nine
small quick-firing guns; 2 coast-defence gunboats with one 10.6-in. gun
each; 4 corvettes; 1 torpedo depot ship; 8 destroyers, each with six
guns (ordered in 1905); 3 transport steamers; 7 small gunboats; 3 mining
boats; 5 torpedo boats; 1 royal yacht; 2 school ships and various minor
vessels. The personnel of the navy was composed in 1907 of 437 officers,
26 cadets, 1118 petty officers, 2372 seamen and stokers, 60 boys and 99
civilians, together with 386 artisans employed at the arsenal. The navy
is manned chiefly by conscription; the period of service is two years,
with four years in the reserve. The headquarters of the fleet and
arsenal are in the island of Salamis, where there is a dockyard with
naval stores, a floating dock and a torpedo school. Most of the vessels
of the Greek fleet were in 1907 obsolete; in 1904 a commission under the
presidency of Prince George proposed the rearmament of the existing
ironclads and the purchase of three new ironclads and other vessels. A
different scheme of reorganization, providing almost exclusively for
submarines and scout vessels, was suggested to the government by the
French admiral Fournier in 1908, but was opposed by the Greek naval
officers. With a view to the augmentation and better equipment of the
fleet a special fund was instituted in 1900 to which certain revenues
have been assigned; it has been increased by various donations and
bequests and by the proceeds of a state lottery. The fleet is not
exercised methodically either in navigation or gunnery practice; a long
voyage, however, was undertaken by the ironclad vessels in 1904. The
Greeks, especially the islanders of the Aegean, make better sailors than
soldiers; the personnel of the navy, if trained by foreign officers,
might be brought to a high state of efficiency.
Finance.
The financial history of Greece has been unsatisfactory from the
outset. Excessive military and naval expenditure (mainly due to
repeated and hasty mobilizations), a lax and improvident system of
administration, the corruption of political parties and the
instability of the government, which has rendered impossible the
continuous application of any scheme of fiscal reform--all alike have
contributed to the economic ruin of the country. For a long series of
years preceding the declaration of national insolvency in 1893
successive budgets presented a deficit, which in years of political
excitement and military activity assumed enormous proportions: the
shortcomings of the budget were supplied by the proceeds of foreign
loans, or by means of advances obtained in the country at a high rate
of interest. The two loans which had been contracted during the war of
independence were extinguished by means of a conversion in 1889. Of
the existing foreign loans the earliest is that of 60,000,000 frs.,
guaranteed by the three protecting powers in 1832; owing to the
payment of interest and amortization by the powers, the capital
amounted in 1871 to 100,392,833 fr.; on this Greece pays an annual sum
of 900,000 fr., of which 300,000 have been granted by the powers as a
yearly subvention to King George. The only other existing foreign
obligation of early date is the debt to the heirs of King Otho
(4,500,000 dr.) contracted in 1868. A large amount of internal debt
was incurred between 1848 and 1880, but a considerable proportion of
this was redeemed with the proceeds of the foreign loans negotiated
after this period. At the end of 1880 the entire national debt,
external and internal, stood at 252,652,481 dr. In 1881 the era of
great foreign loans began. In that year a 5% loan of 120,000,000 fr.
was raised to defray the expenses of the mobilization of 1880. This
was followed in 1884 by a 5% loan of 170,000,000 fr., of which
100,000,000 was actually issued. The service of these loans was
guaranteed by various State revenues. A "patriotic loan" of 30,000,000
dr. without interest, issued during the war excitement of 1885, proved
a failure, only 2,723,860 dr. being subscribed. In 1888 a 4% loan of
135,000,000 fr. was contracted, secured on the receipts of the five
State monopolies, the management of which was entrusted to a
privileged company. In the following year (1889) two 4% loans of
30,000,000 fr. and 125,000,000 fr. respectively were issued without
guarantee or sinking fund; Greek credit had now apparently attained an
established position in the foreign money market, but a decline of
public confidence soon became evident. In 1890, of a 5% loan of
80,000,000 fr. effective, authorized for the construction of the
Peiraeus-Larissa railway, only 40,050,000 fr. was taken up abroad and
12,900,000 fr. at home; large portions of the proceeds were devoted to
other purposes. In 1892 the government was compelled to make large
additions to the internal floating debt, and to borrow 16,500,000 fr.
from the National Bank on onerous terms. In 1893 an effort to obtain a
foreign loan for the reduction of the forced currency proved
unsuccessful. (For the events leading up to the declaration of
national bankruptcy in that year see under _Recent History_.) A
funding convention was concluded in the summer, under which the
creditors accepted scrip instead of cash payments of interest. A few
months later this arrangement was reversed by the Chamber, and on the
13th December a law was passed assigning provisionally to all the
foreign loans alike 30% of the stipulated interest; the reduced
coupons were made payable in paper instead of gold, the sinking funds
were suspended, and the sums encashed by the monopoly company were
confiscated. The causes of the financial catastrophe may be briefly
summarized as follows: (1) The military preparations of 1885-1886,
with the attendant disorganization of the country; the extraordinary
expenditure of these years amounted to 130,987,772 dr. (2) Excessive
borrowing abroad, involving a charge for the service of foreign loans
altogether disproportionate to the revenue. (3) Remissness in the
collection of taxation: the total loss through arrears in a period of
ten years (1882-1891) was 36,549,202 dr., being in the main
attributable to non-payment of direct taxes. (4) The adverse balance
of trade, largely due to the neglected condition of agriculture; in
the five years preceding the crisis (1888-1892) the exports were
stated to amount to L19,578,973, while the imports reached
L24,890,146; foreign live stock and cereals being imported to the
amount of L6,193,579. The proximate cause of the crisis was the rise
in the exchange owing to the excessive amount of paper money in
circulation. Forced currency was first introduced in 1868, when
15,000,000 dr. in paper money was issued; it was abolished in the
following year, but reintroduced in 1877 with a paper issue of
44,000,000 dr. It was abolished a second time in 1884, but again put
into circulation in 1885, when paper loans to the amount of 45,000,000
dr. were authorized. In 1893 the total authorized forced currency was
146,000,000 dr., of which 88,000,000 (including 14,000,000 dr. in
small notes) was on account of the government. The gold and silver
coinage had practically disappeared from circulation. The rate of
exchange, as a rule, varies directly with the amount of paper money in
circulation, but, owing to speculation, it is liable to violent
fluctuations whenever there is an exceptional demand for gold in the
market. In 1893 the gold franc stood at the ratio of 1.60 to the paper
drachma; the service of the foreign loans required upwards of
31,000,000 dr. in gold, and any attempt to realize this sum in the
market would have involved an outlay equivalent to at least half the
budget. With the failure of the projected loan for the withdrawal of
the forced currency repudiation became inevitable. The law of the 13th
of December was not recognized by the national creditors: prolonged
negotiations followed, but no arrangement was arrived at till 1897,
when the intervention of the powers after the war with Turkey
furnished the opportunity for a definite settlement. It was stipulated
that Turkey should receive an indemnity of LT4,000,000 contingent on
the evacuation of Thessaly; in order to secure the payment of this sum
by Greece without prejudice to the interests of her creditors, and to
enable the country to recover from the economic consequences of the
war, Great Britain, France and Russia undertook to guarantee a 2-1/2%
loan of 170,000,000 fr., of which 150,000,000 fr. has been issued. By
the preliminary treaty of peace (18th of September 1897) an
International Financial Commission, composed of six representatives of
the powers, was charged with the payment of the indemnity to Turkey,
and with "absolute control" over the collection and employment of
revenues sufficient for the service of the foreign debt. A law
defining the powers of the Commission was passed by the Chamber, 26th
of February 1898 (o.s.). The revenues assigned to its supervision were
the five government monopolies, the tobacco and stamp duties, and the
import duties of Peiraeus (total annual value estimated at 39,600,000
dr.): the collection was entrusted to a Greek society, which is under
the absolute control of the Commission. The returns of Peiraeus
customs (estimated at 10,700,000 dr.) are regarded as an extra
guarantee, and are handed over to the Greek government; when the
produce of the other revenues exceeds 28,900,000 dr. the "plus value"
or surplus is divided in the proportion of 50.8% to the Greek
government and 49.2% to the creditors. The plus values amounted to
3,301,481 dr. in 1898, 3,533,755 dr. in 1899, and 3,442,713 dr. in
1900. Simultaneously with the establishment of the control the
interest for the Monopoly Loan was fixed at 43%, for the Funding Loan
at 40%, and for the other loans at 32% of the original interest. With
the revenues at its disposal the International Commission has already
been enabled to make certain augmentations in the service of the
foreign debt; since 1900 it has begun to take measures for the
reduction of the forced currency, of which 2,000,000 dr. will be
annually bought up and destroyed till the amount in circulation is
reduced to 40,000,000 dr. On the 1st of January 1901 the authorized
paper issue was 164,000,000 dr., of which 92,000,000 (including
18,000,000 in fractional currency) was on account of the government;
the amount in actual circulation was 148,619,618 dr. On the 31st of
July 1906 the paper issue had been reduced to 152,775,975 dr., and the
amount in circulation was 124,668,057 dr. The financial commission
retains its powers until the extinction of all the foreign loans
contracted since 1881. Though its activity is mainly limited to the
administration of the assigned revenues, it has exercised a beneficial
influence over the whole domain of Greek finance; the effect may be
observed in the greatly enhanced value of Greek securities since its
institution, averaging 25.76% in 1906. No change can be made in its
composition or working without the consent of the six powers, and none
of the officials employed in the collection of the revenues subject to
its control can be dismissed or transferred without its consent. It
thus constitutes an element of stability and order which cannot fail
to react on the general administration. It is unable, however, to
control the expenditure or to assert any direct influence over the
government, with which the responsibility still rests for an improved
system of collection, a more efficient staff of functionaries and the
repression of smuggling. The country has shown a remarkable vitality
in recovering from the disasters of 1897, and should it in future
obtain a respite from paroxysms of military and political excitement,
its financial regeneration will be assured.
The following table gives the actual expenditure and receipts for the
period 1889-1906 inclusive:
+---------+-------------+--------------+--------------+
| Year. | Actual | Actual | Surplus or |
| | Receipts. | Expenditure. | Deficit. |
+---------+-------------+--------------+--------------+
| | Drachmae. | Drachmae. | Drachmae. |
| 1889 | 83,731,591 | 110,772,327 | -27,040,736 |
| 1890 | 79,931,795 | 125,932,579 | -46,000,784 |
| 1891 | 90,321,872 | 122,836,385 | -32,514,513 |
| 1892 | 95,465,569 | 107,283,498 | -11,817,929 |
| 1893* | 96,723,418 | 92,133,565 | + 4,589,853 |
| 1894 | 102,885,643 | 85,135,752 | +17,749,891 |
| 1895 | 94,657,065 | 91,641,967 | + 3,015,098 |
| 1896 | 96,931,726 | 90,890,607 | + 6,041,119 |
| 1897** | 92,485,825 | 137,043,929 | -44,558,104 |
| 1898*** | 104,949,718 | 110,341,431 | - 5,391,713 |
| 1899 | 111,318,273 | 104,586,504 | + 6,731,769 |
| 1900 | 112,206,849 | 112,049,279 | + 157,570 |
| 1901 | 115,734,159 | 113,646,301 | + 2,087,858 |
| 1902 | 123,949,931 | 121,885,707 | + 2,064,224 |
| 1903 | 120,194,362 | 117,436,549 | + 2,757,813 |
| 1904 | 121,186,246 | 120,200,247 | + 985,999 |
| 1905 | 126,472,580 | 118,699,761 | + 7,772,819 |
| 1906 | 125,753,358 | 124,461,577 | + 1,291,781 |
+---------+-------------+--------------+--------------+
* Reduction of interest on foreign debt by 70%.
** War with Turkey.
*** International Financial Commission instituted.
The steady increase of receipts since 1898 attests the growing
prosperity of the country, but expenditure has been allowed to
outstrip revenue, and, notwithstanding the official figures which
represent a series of surpluses, the accumulated deficit in 1905
amounted to about 14,000,000, dr. in addition to treasury bonds for
8,000,000 dr. A remarkable feature has been the rapid fall in the
exchange since 1903; the gold franc, which stood at 1.63 dr. in 1902,
had fallen to 1.08 in October 1906. The decline, a favourable symptom
if resulting from normal economic factors, is apparently due to a
combination of exceptional circumstances, and consequently may not be
maintained; it has imposed a considerable strain on the financial and
commercial situation. The purchasing power of the drachma remains
almost stationary and the price of imported commodities continues
high; import dues, which since 1904 are payable in drachmae at the
fixed rate of 1.45 to the franc, have been practically increased by
more than 30%. In April 1900 a 4% loan of 43,750,000 francs for the
completion of the railway from Peiraeus to the Turkish frontier, and
another loan of 11,750,000 drachmae for the construction of a line
from Pyrgos to Meligala, linking up the Morea railway system, were
sanctioned by the Chamber; the first-named, the "Greek Railways Loan,"
was taken up at 80 by the syndicate contracting for the works and was
placed on the market in 1902. The service of both loans is provided by
the International Commission from the surplus funds of the assigned
revenues. On the 1st of January 1906 the external debt amounted to
725,939,500 francs and the internal (including the paper circulation)
to 171,629,436 drachmae.
The budget estimates for 1906 were as follows: Civil list, 1,325,000
dr.; pensions, payment of deputies, &c., 7,706,676 dr.; public debt,
34,253,471 dr.; foreign affairs, 3,563,994 dr.; justice, 6,240,271
dr.; interior, 13,890,927 dr.; religion and education, 7,143,924 dr.;
army, 20,618,563 dr.; navy, 7,583,369 dr.; finance, 2,362,143 dr.;
collection of revenue, 10,650,487 dr.; various expenditure, 9,122,752
dr.; total, 124,461,577 dr.
The two privileged banks in Greece are the National Bank, founded in
1841; capital 20,000,000 drachmae in 20,000 shares of 1000 dr. each,
fully paid up; reserve fund 13,500,000 dr.; notes in circulation
(September 1906) 126,721,887 dr., of which 76,360,905 dr. on account
of the government; and the Ionian Bank, incorporated in 1839; capital
paid up L315,500 in 63,102 shares, of L5 each; notes in circulation,
10,200,000 drachmae, of which 3,500,000 (in fractional notes of 1 and
2 dr.) on account of the government. The notes issued by these two
banks constitute the forced paper currency circulating throughout the
kingdom. In the case of the Ionian Bank the privilege of issuing
notes, originally limited to the Ionian Islands, will expire in 1920.
The National Bank is a private institution under supervision of the
government, which is represented by a royal commissioner on the board
of administration; the central establishment is at Athens with
forty-two branches throughout the country. The headquarters of the
Ionian Bank, which is a British institution, are in London; the bank
has a central office at Athens and five branches in Greece. The
privileged Epiro-Thessalian Bank ceased to exist from the 4th of
January 1900, when it was amalgamated with the National Bank. There
are several other banking companies, as well as private banks, at
Athens. The most important is the Bank of Athens (capital 40,000,000
dr.), founded in 1893; it possesses five branches in Greece and six
abroad.
Currency, weights and measures.
Greece entered the Latin Monetary Union in 1868. The monetary unit is
the new drachma, equivalent to the franc, and divided into 100 lepta
or centimes. There are nickel coins of 20, 10 and 5 lepta, copper
coins of 10 and 5 lepta. Gold and silver coins were minted in Paris
between 1868 and 1884, but have since practically disappeared from the
country. The paper currency consists of notes for 1000 dr., 500 dr.,
100 dr., 25 dr., 10 dr. and 5 dr., and of fractional notes for 2 dr.
and 1 dr. The decimal system of weights and measures was adopted in
1876, but some of the old Turkish standards are still in general use.
The dram = 1/10 oz. avoirdupois approximately; the oke = 400 drams or
2.8 lb.; the kilo = 22 okes or 0.114 of an imperial quarter; the
cantar or quintal = 44 okes or 123.2 lb. Liquids are measured by
weight. The punta = 1-5/8 in.; the ruppa, 3-1/2 in.; the pik, 26 in.;
the stadion = 1 kilometre or 1093-1/2 yds. The stremma (square
measure) is nearly one-third of an acre.
AUTHORITIES.--W. Leake, _Researches in Greece_ (1814), _Travels in the
Morea_ (3 vols., 1830), _Travels in Northern Greece_ (4 vols., 1834),
_Peloponnesiaca_ (1846); Bursian, _Geographie von Griechenland_ (2
vols., Leipzig, 1862-1873); Lolling, "Hellenische Landeskunde und
Topographie" in Ivan Muller's _Handbuch der klassischen
Altertumswissenschaft_; C. Wordsworth, _Greece; Pictorial, Descriptive
and Historical_ (new ed., revised by H. F. Tozer, London, 1882); K.
Stephanos, _La Grece_ (Paris, 1884); C. Neumann and J. Partsch,
_Physikalische Geographie von Griechenland_ (Breslau, 1885); K.
Krumbacher, _Griechische Reise_ (Berlin, 1886); J. P. Mahaffy,
_Rambles and Studies in Greece_ (London, 1887); R. A. H.
Bickford-Smith, _Greece under King George_ (London, 1893); Ch. Diehl,
_Excursions archeologiques en Grece_ (Paris, 1893); Perrot and
Chipiez, _Histoire de l'art_, tome vi., "La Grece primitive" (Paris,
1894); tome vii., "La Grece archaique" (Paris, 1898); A. Philippson,
_Griechenland und seine Stellung im Orient_ (Leipzig, 1897); L.
Sergeant, _Greece in the Nineteenth Century_ (London, 1897); J. G.
Frazer, _Pausanias's Description of Greece_ (6 vols., London, 1898);
_Pausanias and other Greek Sketches_ (London, 1900); _Greco-Turkish
War of 1897_, from official sources, by a German staff officer (Eng.
trans., London, 1898); J. A. Symonds, _Studies_, and _Sketches in
Italy and Greece_ (3 vols., 2nd ed., London, 1898); V. Berard, _La
Turquie et l'hellenisme contemporaine_ (Paris, 1900).
For the climate: D. Aeginetes, [Greek: To klima tes Hellados] (Athens,
1908).
For the fauna: Th. de Heldreich, _La Fauna de la Grece_ (Athens,
1878).
For special topography: A. Meliarakes, [Greek: Kukladika etoi
geographia kai historia ton Kukladikon neson] (Athens, 1874); [Greek:
'Tpomnemata perigraphika ton Kukladon neson Androu kai Keo] (Athens,
1880); [Greek: Geographia politike nea kai archaia tou nomou Argolidos
kai Korinthias] (Athens, 1886); [Greek: Geographia politike nea kai
archaia tou nomou Kephallenias]. (Athens, 1890); Th. Bent, _The
Cyclades_ (London, 1885); A. Botticher, _Olympia_ (2nd ed., Berlin,
1886); J. Partsch, _Die Insel Corfu: eine geographische Monographie_
(Gotha, 1887); _Die Insel Leukas_ (Gotha, 1889); _Kephallenia und
Ithaka_ (Gotha, 1890); _Die Insel Zante_ (Gotha, 1891); A. Philippson,
_Der Peloponnes_. (_Versuch einer Landeskunde auf geologischer
Grundlage._) (Berlin, 1892); "Thessalien und Epirus" (_Reisen und
Forschungen im nordlichen Griechenland_) (Berlin, 1897); _Die
griechischen Inseln des agaischen Meeres_ (Berlin, 1897); W. J.
Woodhouse, _Aetolia_ (Oxford, 1897); Schultz and Barnsley, _The
Monastery of St Luke of Stiris_ (London, 1901); M. Lamprinides,
[Greek: He Nauplia] (Athens, 1898); _Monuments de l'art byzantin_,
publies par le Ministere de l'Instruction, tome i.; G. Millet, "Le
Monastere de Daphni" (Paris, 1900). For the life, customs and habits
of the modern Greeks: C. Wachsmuth, _Das alte Griechenland im neuen_
(Bonn, 1864); C. K. Tuckerman, _The Greeks of to-day_ (London, 1873);
B. Schmidt, _Volksleben der Neugriechen und das hellenische Altertum_
(Leipzig, 1871); Estournelle de Constant, _La Vie de province en
Grece_ (Paris, 1878); E. About, _La Grece contemporaine_ (Paris, 1855;
8th ed., 1883); J. T. Bent, _Modern Life and Thought among the Greeks_
(London, 1891); J. Rennell Rodd, The Customs and Lore of Modern Greece
(London, 1892). Guide-books, Baedeker's _Greece_ (3rd ed., Leipzig,
1905); Murray's _Handbook for Greece_ (7th ed., London, 1905);
Macmillan's _Guide to the Eastern Mediterranean_ (London, 1901).
(J. D. B.)