The loan guaranteed by the customs duties in 1886, the Osmanie loan in 1890, the 4 per cent. Tombac preferential loan in 1893, the Eastern Railway loan in 1894, the 5 per cent. 1896 loan, and the 4 per cent. 1901 loan, were all floated in France, and the English had no share in the financial operations between 1881 and 1904. During the same period Germany, through the Deutsche Bank, took up the Fishery loan in 1888 and the 4 per cent. Baghdad Railway loan in 1903. Later on the German financial companies, together with the Deutsche Bank, gave Turkey as much support as the French banks, in order to promote Pan-Germanism in the East and oust French influence. The chief financial operations carried on by these companies were the Baghdad Railway loan, the Tejhizat loan for the payment of military supplies, and the 1911 loan, which were both a guarantee and an encouragement for the German policy of penetration in Turkey, and paved the way to a Germano-Ottoman understanding. France continued to subscribe all the same, from 1903 to 1914, to six of the twelve Turkish loans raised by the Ottoman Government; four others were taken up by Germany, another by England, and the sixth—the 4 per cent. 1908 loan—was issued one-half in France, one-fourth in Germany, and one-fourth in England. In 1914, as a reward for issuing a loan of 800 million francs in Paris—the first slice being 500 million—France obtained the settlement of several litigious cases and new concessions of railways and ports. At the outbreak of the war, the external debt of Turkey, including the Unified Debt and other loans, amounted to 3½ milliards of francs, whereas the Turkish revenue hardly exceeded 500 million francs. One-third of this sum went to the sinking fund of the external debt, of which, roughly speaking, France alone owned nearly 60 per cent., Germany nearly 26 per cent., and England a little more than 14 per cent. In addition to this, in the sums lent to Turkey by private companies, the share of France was about 50 per cent.—_i.e._, over 830 million francs; that of Germany rose to 35 per cent.; and that of England a little more than 14 per cent. Foreign participation in the great works and the various economic or financial concerns in Turkey may be summed up as follows: