No. 12.
Mr. Francis
to Mr. Frelinghuysen.
Vienna, November 5, 1884. (Received November 24.)
Sir: I have the honor to transmit to the Department, under separate cover, an official detailed statement of the public debt of Austria on June 30, 1884, compared with that of December 31, 1883, as published by the committee of control on the 28th ultimo.
The following are the chief items, the smaller figures marked + or — representing, the former increase, the latter decrease, in the aggregate amounts during the six months.
| Nature of debt. | Common debt. | Austrian debt. | Total. | |||
| Amount. | Increase or decrease. | Amount. | Increase or decrease. | Amount. | Increase or decrease. | |
| A. Consolidated debt: | Florins. | Florins. | Florins. | Florins. | Florins. | Florins. |
| 1. Irredeemable | 2,385,300,000 | +14,600,000 | 426,700,000 | +31,700,000 | 2,812,000,000 | +46,300,000 |
| 2. Redeemable. | 298,600,000 | -4,800,000 | 103,500,000 | 402,100,000 | -4,800,000 | |
| Total consolidated debt | 2,683,900,000 | +9,800,000 | 530,200,000 | +31,700,000 | 3,214,100,000 | +41,500,000 |
| B. Floating debt | 88,300,000 | -25,500,000 | 1,500,000 | 89,800,000 | -25,500,000 | |
| C. Capitalized indemnification rentes | 12,200,000 | 12,200,000 | ||||
| D. Capitalized debt to the Bavarian Government. | 1,700,000 | 1,700,000 | ||||
| Total debt | 2,786,200,000 | +35,300,000 | 531,700,000 | +31,700,000 | 3,317,900,000 | +67,000,000 |
The total debt was, therefore, at the close of last June, 3,117,900,000 florins, being an increase of 67,000,000 since December 31, 1883. This increase resulted mainly from the emission of 31,700,000 5 per cent. Austrian paper rentes to cover the deficit of the budget, the issue of 14,600,000 irredeemable obligations, as well as 25,500,000 of the circulation of “Salmen rentes.”
[Page 14]The yearly interest accruing on the debt amounted to 137,600,000 florins, of which 76,800,000 were paper, 45,200,000 in silver, and 13,600,000 in gold.
The following table presents the character of the bonds issued, the amount and interest of each, for the year ending June 30, 1884, compared with December 31, 1883:
| Obligations. | Capitalized debt. | Interest required. | ||
| June 30, 1884. | December 31, 1883. | June 30, 1884. | December 31, 1883. | |
| Florins. | Florins. | Florins. | Florins. | |
| 4.2 per cent. paper | 1,387,300,000 | +14,000,000 | 58,300,000 | +600,000 |
| 4.2 per cent,silver. | 997,500,000 | +600,000 | 41,900,000 | |
| 4 per cent. gold | 340,900,000 | 13,600,000 | ||
| 5 per cent paper | 154,000,000 | +31,700,000 | 7,700,000 | +1,600,000 |
| Total | 2,879,600,000 | +46,300,000 | 121,500,000 | +2,200,000 |
In the foregoing statement of public debt is not included a sum of 135,300,000 florins for the redemption of the land titles, which decreased during the first half year of 1884 some 5,000,000 florins.
The necessary interest on this fund is yearly over 7,000,000 florins. The circulation of the paper state notes at the end of June, 1884, was 325,400,000 florins.
It should be understood that of the common debt Hungary is obliged to pay about 30 per cent, of the interest required, and that she has her own separate and distinct debt, the latest data of which, as given in the very accurate publication, “The Compass,” are as follows:
| Irredeemable debt, 1882 | 573,300,000 |
| Redeemable debt | 383,900,000 |
| Redemption of land titles | 214,400,000 |
| Total | 1,171,600,000 |
It may be of interest to note the present quotations of Austrian and Hungarian bonds, which on the 28th ultimo were as follows:
| Florins. | |
| Austro-Hungarian 4.2 per cent. Paper | 81.00 |
| Austro-Hungarian 4.2 per cent. silver | 82.15 |
| Austrian 4 per cent. gold | 103.50 |
| Austrian 5 per cent. silver | 96.10 |
| Hungarian 6 per cent. gold | 123.15 |
| Hungarian 4 per cent. gold | 93.40 |
| Hungarian 5 per cent. paper | 88.55 |
Aggregate indebtedness.
| Florins. | |
| Debt of Austria | 3,117,900,000 |
| Debt of Hungary | 1,171,600,000 |
| Total June 30, 1884 | *4,289,300,000 |
Adding to this provincial and municipal indebtedness, estimated at 300,000,000 florins, or $120,000,000, makes a total aggregate of $1,835,800,000 indebtedness, as above.
I have, &c.,
- Equivalent (40 cents to the florin) to $1,715,800,000 United States currency.↩