867.602 Ot 81/268: Telegram

The High Commissioner at Constantinople ( Bristol ) to the Secretary of State

118. Department’s 67, April 12, 5 p.m.60 Agricultural concession negotiated by Clayton-Kennedy is for [the] sale to private individuals in Turkey of agricultural machines and implements and provides for establishment, after agreement with Commissariat of Economy, of repair and workshops. Company is given right to manufacture in Turkey machines or parts thereof. Company can lease land by special contract and subject to control of Commissariat of Economy for establishment of model farms. Ottoman-American Development Company must for above purposes and within three months establish a company 70 percent of stock of which shall be offered during period of six months to subscription of Turkish business men. If 40 percent of stock is bought by Turks company will acquire Ottoman nationality. Payment for agricultural machinery by installments accepted by company in principle. Prices to be fixed by experts of Commissariat of Economy and of company. To these prices a 15 percent profit is added for imported machines and 20 percent for machines manufactured by company in Turkey. If company’s annual receipts inferior to £4,000, Turkish Commissariat of [Page 1206] Economy and agricultural banks will make up deficit for period of six years, but if during first three years company’s receipts total £3,000,000, Turkish Government is relieved from guarantee for remaining three years. Full text by mail. Reliably informed first orders under concession actually given.

  1. Not printed.