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 of the port of Alexandria is estabished, which will be placed under the direction of a Commission, as will be set forth hereafter.

The revenues of the railways and of the port of Alexandria will be directly applied to the payment of the interest and the sinking fund of a series of preference bonds having a special mortgage on the railways and the port of Alexandria, amounting to seventeen millions sterling, and bearing interest at 5 per cent., redeemable in sixty-five years. Interest to run from the 15th October, 1876.

These bonds will be offered by preference to the holders of the Loans of 1862, 1868, and 1873, in exchange for bonds of these loans bearing 7 per cent., which bonds will be cancelled.

The annuity necessary for the service (interest and sinking fund) of the preference 5 per cent, bonds, amounting to 885,744l., and payable in two half-yearly payments of 442,872l. each, will form the first charge on the revenues of the railways and of the port of Alexandria, and will remain, in every eventuality, the first liability of the Commission of the Public Debt.

IV. The Loans of 1864, 1865, and 1867 are deducted from the Unified debt.

They will continue to bear the interest appertaining to them until their complete redemption.

They will be redeemed within the terms of their respective contracts. They will be redeemed, however, at the rate of 80 instead of at 100 per cent., and the first half-yearly payment on account of this redemption will be postponed by six months ; that is to say, it will take place for the Loan of 1864 on the 1st April, 1877, for the Loan of 1865 on the 7th July, 1877, and for the Loan of 1867 on the 22nd May, 18772.

V. The bonus of 25 per cent., granted by the Decree of the 7th May last to the holders of the Floating Debt, is reduced to 10 per cent.