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LOTTERY BONDS.

The following Table shows the operation of the Sinking Fund, both Ordinary and Extraordinary, from the year

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The purchases were discontinued in 1893-4, when there appeared a probability that the scheme of the Austro-Hungarian Syndicate would be adopted. They were resumed in 1895-6, the Imperial sanction to that scheme not having been obtained.

† Including premiums.

TOBACCO RÉGIE.

The following Table shows the Receipts of the Tobacco Régie during the twelve months of the last financial year, as compared with the corresponding months of 1901-1902.

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The amount accruing to the Public Debt out of the

Régie Receipts during the year was as follows:

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HISTORY OF THE DEBT (FOREIGN).

1864.- Montevidean Six per Cent. Loan. Amount, £1,000,000. Sinking Fund, I per cent. accumulative Issued by Messrs. Maua, Macgregor & Co. at 60 per cent., to convert Internal Liabilities. Secured generally upon the Revenues of the Republic, and specially upon certain Customs and Anchorage Dues.

1871.-Consolidated Six per Cent. Loan. Amount, £3,500,000. Sinking Fund, 2 per cent. accumulative. Issued at 72 per cent. by Thomson, Bonar & Co., to consolidate Internal Liabilities and for the voluntary conversion of the 1864 Bonds.

1876-8.-The service of the Debt was suspended. 1878.-Interest Bonds were issued in respect of the four unpaid Coupons, amounting to £371,520, bearing 1 per cent. interest. The interest on the 1871 Loan was reduced to 2 per cent. for a period of five years, after which full payment of 6 per cent. was to be resumed.

1883.-The Government's proposal to consolidate the Internal Debt, amounting to £6,808,500, and the External Debt of £3,467,500. into a Five per Cent. Unified Debt for £10,276,000, was accepted by the Bondholders. New Bonds for the nominal amount of £11,127,000 were issued, the difference, viz., £851,000, being handed to the Bankers of the Government. A Sinking Fund of per cent. was to be applied by quarterly drawings at par. The External Bonds of 1871 were exchanged

at par.

1888. Six per Cent: Loan. Amount, £4,255,300. Sinking Fund, I per cent. Issued by Messrs. Baring Bros. & Co. at 82 per cent. The object of this Loan was the redemption of the Internal Debt, any balance to be applied to public works. 1890.-A Six per Cent. Loan of £1,980,000 was made to the Government by Messrs. Baring Bros. & Co. This was not issued to the public.

1891. The Government were not able to meet the Coupons on the External Debt falling due in September and October, 1891.

An arrangement was accepted providing for the Conversion of the Loans of 1883, 1888, and 1890, amounting to 16,724,300 with arrears of interest to 1st February, 1892, £625,572, total £17,349,872, into a New Consolidated Debt, bearing 3 per cent. interest at the following rates:

£105 in New Bonds for each £100 of the Five per Cent. Unified Loan of 1883 with Coupons of October, 1891, attached.

£115 in New Bonds for each £100 of the Six per Cent. Loan of 1888, with Coupons of September, 1891,

attached.

£113 in New Bonds for each £100 of the Six

per Cent. Loan of 1890, with Coupons of November, 1891, attached.

The total amount of New Bonds authorised was £20,500,000, out of which £1,200,000 were reserved to provide for claims in connection with the Uruguay Western Railway construction. (These Bonds have since been issued. See below.) The amount of New Bonds issuable in respect of the three External Loans at the above-mentioned rates was £18,130,905. The arrears of guarantee due the Railway Companies to December 31st, 1891, were settled for £633,000 New Bonds, the balance being applied to the expenses of Conversion, etc. Total, £19,300,000. The first quarterly Coupon on. the New Consolidated Debt was paid on May 1st, 1892.

For the service of the Debt 45 per cent. of the Customs Receipts of the Republic were specially hypothecated. Out of these proceeds are also paid the amounts falling due for. Railway Guarantees from December 31st, 1891, reduced from 7 per cent. to 3 per cent. on £5,000 per kilometre. Provision is made, as the earnings of the Railways increase, for the release of part of the interest guaranteed.

Any balance of the proceeds of the 45 per cent of the Customs Receipts after providing for the foregoing, and for the expenses of the Debt service, to be applied annually to amortisation of the Debt by purchase or tenders when the Bonds are below par, and when above, by drawings for redemption at par. Any excess, after providing sufficient for an accumulative

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