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CLERKSHIPS, OPEN COMPETITIVE EXAMINATION FOR CLERKSHIPS
PAPERS SET IN PRÉCIS WRITING, POLITICAL ECONOMY, AND JURIS
NOTE.-The papers set in other subjects were similar in character to those set to candidates for the Civil Service of India, printed at pages 298 to 343.
Wednesday, June 7th
Thursday, June 8th
Friday, June 9th
Saturday, June 10th
Monday, June 12th
Tuesday, June 13th
Wednesday, June 14th
Thursday, June 15th
Friday, June 16th
Saturday, June 17th
Monday, June 19th
Tuesday, June 20th
Wednesday, June 21st
Thursday, June 22nd-
Saturday, June 24th -
* In these subjects there will be an oral examination, the time and place of which will be notified to the candidates who take them up.
10 a.m. to 1 p.m.
10 a.m. to 1 p.m.
10 a.m. to 1 p.m.
2 p.m. to 5 p.m.
2 p.m. to 5 p.m.
Subjects of Examination.
Translation from Latin.
2 p.m. to 5 p.m.
2 p.m. to 5 p.m.
*German Language, &c. Pure Mathematics. A. Pure Mathematics. B. Pure Mathematics. C. Mixed Mathematics. A. Mixed Mathematics. B. Mixed Mathematics. C.
*Italian Language, &c.
*Electricity and Mag
1. Every candidate is required to present himself punctually at the times specified in the time table.
2. No candidate can be allowed to quit the examination room until he has given up the paper on which he is engaged.
3. Candidates are required to write their names at the top of every sheet of paper which they use.
4. Any candidate who is dissatisfied with the pens, ink, or paper supplied to him is requested to apply to one of the examiners; but those who are accustomed to use any particular kind of pen are recommended to bring it with them.
5. Cases having occurred in which candidates under examination have been detected in attempting to use books and manuscripts which they had brought with them for their assistance, the Civil Service Commissioners think it right to give notice that they will regard any offence of this description, committed either in the examination room or elsewhere during the hours of examination, as affecting the moral character of the candidate, and as rendering it necessary that his certificate should be refused.
Any Candidate copying from the papers of another, or permitting his own papers to be copied, or receiving or giving assistance of any description, will expose himself to the same penalty.
6. The result of the examination will be communicated to each candi
date by letter from this office.
Civil Service Commission,
Time allowed, 3 hours.
Having read the accompanying Correspondence
1. Make a short Abstract, Schedule, or Docket of the several letters and other papers.
2. Draw up a Memorandum or Précis, i.e., a brief and clear statement of what passed, not letter by letter, but in the form of a
(1) The object of the Abstract, Schedule, or Docket is to serve as an Index. It should contain the date of each letter; the names of the persons by whom and to whom it is written; and, in as few words as possible, the subject of it. The merits of such an Abstract are (1) to give the really important point or points of each letter, omitting everything else; (2) to do this briefly; (3) distinctly; and (4) in such a form as readily to catch the eye. (2) The object of the Memorandum or Précis, which should be, not letter by letter, but in the form of a narrative, is that any one who had not time to read the original letters might, by reading the Précis, be put in possession of ali the leading features of what passed. The merits of such a Précis are-(1) to contain all that is important in the Correspondence, and nothing that is unimportant; (2) to present this in a consecutive and readable shape,
expressed as distinctly as possible; (3) to be as brief as is compatible with completeness and distinctness.
Brevity should be particularly studied.
The Abstract should occupy 1 or 2 pages only, or 3 at the most.
CORRESPONDENCE RESPECTING THE VARIOUS OTTOMAN LOANS.
MR. FRANKLIN to the EARL OF DERBY.
London Institution, Finsbury Circus,
UNDER date of 29th June, Lord Tenterden did me the honour to acknowledge receipt of the Memorandum transmitted by me on 26th of same month, wherein were indicated points in which a so-called Convention between the Ottoman Government and its own bankers violate essential conditions for the original contract for this Loan. Among the papers then on the table of Parliament was not included one dated 27th of the preceding April, wherein the Bank had pretended to justify its action in the matter. Since then currency has been given to that paper, and your Lordship's justice is relied upon promptly to afford like currency to the following refutation of the Bank's injurious misrepre
The Bank pretends that :
"In 1873 the Imperial Ottoman Bank concluded arrangements with "the contractors of the Loan respecting its future service."
This makes no disclosure of who were they that in capacity of "contractors" arrogated to themselves the power to surrender rights and securities which are the very essence of the original contract, set forth in bonds long ago passed out of their hands.
Suppose among the first contractors had been managers of the Bank itself, who, to avoid identification, had commissioned themselves, i.e., the Bank in its corporate capacity, to act as "agents of the contractors" for disposal of the bonds at a notable advance upon the true contract price. Suppose also that the same financiers have afterwards from time to time involved the Porte in onerous pecuniary obligations, and contrived to fund them by new creations of bonds. And suppose, moreover, those same financiers get themselves constituted Receivers-General of all Revenues, including those expressly assigned for service of the 1862 Loan, with opportunity to intercept and divert those assignments to the service of later Loans in hotch-potch, or for preferential satisfaction of their own claims in any other shape. Then on what pretext could they, their agents or allies, affect to represent bonâ fide holders of the 1862 bonds, whether as contractors, attorneys, or in any other capacity?
Be it remembered, that a sufficient protest against all and every such pretence of agreement to the so-called Convention or arrangement was, at its inception, served upon all concerned, as well as transmitted by your Lordship's own agency to Constantinople. Moreover, and on supposition that the so-called Convention could supersede the original contract, is it not confessed by the Bank's latest statement, now under review, that not even a bare announcement of monthly entries to credit of the 1862 Loan can be issued unless and until the Ottoman Finance Minister of the day shall have signified his approval! Consequently, nothing can be secure until control over the bondholders dues has passed out of
reach of the Government, of its bankers, and of the creditors of either, CLERKSHIPS, into the safe custody of approved receivers.
CLASS I. June 1876.
I crave your Lordship's excuse for my inability to avoid reference to the critical position in which the 1862 bonds have been placed by Earl Russell's recent appeal (not authoritatively deprecated) for aid to Ottoman subjects whose aim is to disintegrate the Ottoman Empire. As frequently shown, this particular loan was recommended to British capitalists by the Government of Lord Palmerston, for support of British interests in the integrity of that Empire. The signature of Earl Russell, then at the Foreign Office, was virtually endorsed upon the prospectus which, as represented, had been settled with approval of Mr. Layard (Under-Secretary). And ministers of the Crown, in their places in Parliament, advocated the investments in manner to educe premonitory notice of the rights of recourse which, in certain contingencies, naturally arise.
That Her Majesty's representatives have since then withheld that earnest support of the bondholders' rights, which might have accomplished its ends is indisputable. The degradation in value of the 1862 bonds now witnessed is the obvious consequence. The 5,000,000l. sterling of the Loan which remained to be paid off within 11 years should, at the rate of emission, be now worth circa 4,000,000l., i.e., 801. per 1007. bond, whereas the market quotation of value is less than 3,000,000l., i.e., 607. per 1007. bond-a price rebated at 18 per cent. per annum.
None will presume to contest the right of Great Britain to reverse its traditional policy in Eastern affairs, at instance of Her Majesty's responsible advisers, and by sufferance of Parliament, but British subjects, whose money had been advanced for maintenance of that policy, at instance of their own Government, are reduced by a reversal of it to the position of those whose private property is expropriated for public service.
Therapia, September 7, 1875.
Ir has long been seen that the day could not be very far distant when this country would find itself unable to pay the interest on its public debt; but I have been surprised to find how rapidly the impression has gained ground that some measure of repudiation has become inevitable, and that the sooner it is resorted to, the less will be the evil of it.
I know this opinion to be held by many of the best financial authorities here; but it is only gradually that it is being adopted by the Turks, who must be allowed the credit of having showed their anxiety to fulfil their engagements as long as it was within their power to do so; but when dividend after dividend has to be provided for by money borrowed at an ever-increasing rate of interest, it is evident what the end must be.
If the Government succeed in getting from the banks the advance that is required, the coupon due upon the 1st of October will be paid; but there is, I think, a great probability that, before the next dividend becomes due, some great resolution will have been taken in regard to
CLERKSHIPS, the debt; and I have reason to believe that the present Grand Vizier, CLASS I. although he has never intimated anything of the kind to me, has made June 1876. up his mind to deal with it.
The measure which seems the most probable is the summary reduction of the interest upon the debt from 5 to 3 per cent. ; and I have heard it keenly argued by persons far from indifferent to the interests of the bondholders that it is what would be most to their ultimate advantage.
It is maintained that, after such reduction, the bondholders would still receive 6 or 7 per cent. for their money, instead of 10 or 11 per cent. as at present; and that they would be in a safer position by the greater prospect of avoiding a complete bankruptcy, since the saving to the Porte would be sufficient to establish an equilibrium between the revenue and expenditure; but any security which this could afford must be set off against the uncertainty that when such a simple mode of escaping from financial difficulties had once been tried, it might not be again repeated, if a similar necessity were to occur.
SIR H. ELLIOT to the EARL OF DERBY.
Therapia, October 9, 1875, 3 p.m. The following explanatory notice about the reduction of the rate of interest has been issued :
Constantinople, October 7, 1875. From this day's date, that is to say, from the 6th October 1875, and during a period of five years, the half of the interest and sinking fund of the internal and foreign debts, of which the annual amount comes to about 14,000,000l., is and remains suppressed. As compensation for the non-payment of these 7,000,0007., a sum shall be paid calculated at a rate of 5 per cent., of which sum the quota shall be 350,000l. yearly.
The provisional bonds, which shall be delivered for this object, shall hold good during five years only, and will be the security for the pay ment during each of these five years of the said sum exclusively of 350,000l.
SIR H. ELLIOT to the EARL OF DERBY.
Therapia, October 10, 1875, 4 p.m. The following further official explanation has been issued respecting the reduction of the interest.
It differs very materially from the last :
1. From this day's date the interest and sinking fund of the internal and external debts of the Ottoman Empire are reduced to one half during a term of five years.
2. The payment of these coupons will be made in the following manner :-The first half in cash integrally, and the second half in new