Page:Statesman's Year-Book 1913.djvu/1081

 MONEY AND CREDIT — MONEY, ETC. 059

Europe. But in January, 1913, the Greek Government decided to prepare plans for linking up the Pirteus-Larissa Hallway with the lines in Macedonia, so that the construction of the new line, which will connect Greece with the rest of Europe, may be completed as soon as possible after the war. In all probability the route along the coast by Gida, Katerina, and Salonika will be the one adopted. The Pirajus- Athens- Peloponnesus railway has a length of 423 miles, the Thessalian railway 145 miles, and the Piraeus-Athens rail- way six miles.

The telegraph lines in 1910 had a length of 5,645 miles, with 10,247 miles of wire. The number of offices was 770. They despatched 1,388,623 inland telegrams, 423,112 international, and 39,503 official. Keceipts, 2,031,037 drachmai. In 1910 there were 1,047 miles of telei)hone line, belonging to 4 urban systems.

Of post offices there existed 1,082 at the end of 1910, and there passed through the post in that year 18,952,000 letters, 1,786,000 post-cards, and 16,482,000 printed papers and samples in the internal and the international services. The receipts were 3,527,466 drachmai, and the expenses, 3,650,837 drachmai.

Money and Credit.

The nominal value of the Greek coinage (minted in Paris) put in circula- tion since 1866 has been: gold, in 1876, 1,000,000 drachmai; in 1884, 11,000,000 drachmai ; total gold, 12,000,000 drachmai; silver, up to 1883, 26,262,865 drachmai; bronze, up to 1883, 6,816,065 drachmai; nickel, 1893-95, 3,000,000 drachmai. Since 1884 there has been no issue of coin except the nickel money. In accordance with the Convention of the Latin Union, 1885, the Greek Government may issue fractional silver to the nominal value of 15,000,000 francs. Up to 1910 it had struck silver coins of this kind to the value of 10,799,999 drachmai. The total paper money in circu- lation at the end of 1909 was 142,437,627 drachmai (about 5,700,000Z.).

The National (with which is now united the Epiro-Thessalian) and the Ionian Banks are authorised to issue notes to the amount of 88,000,000 drachmai, including 14,000,000 drachmai in notes under 5 drachmai. This privilege has been extended to December 31, 1930. By successive agree- ments dated September 27, October 27, and December 1, 1910, the Bank was authorised to issue supplementary notes up to 35,000,000 drachmai. Up to December 31, 1911, the total paper circulation was 139,825,334 drachmai.

The reserve of the National Bank of Greece on November 30, 1912, was 213,233,700 drachmai.

Money, Weights and Measures.

Greece entered in 1868 the Latin Monetary Union.

The Drachma, of 100 le2')td, is equivalent to the franc (25 "225 francs = \l.. sterling). 100 new drachmai = 112 old drachmai. The currency drachma is now nearly at par value.

By Royal decree of January 30, 1893, the gold coins of Great Britain, Austria, Germany, Denmark, Russia, Spain, Turkey, Egypt, and the United States are accepted by the Treasury and by private persons as legal tender, one-fourth per cent, being deducted from their nominal value.

In September, 1898, it was announced that it had been decided to intro- duce the metric system as regards measures of length, weight, and capacity.