occupation of a part of our beloved land by foreign troops.

"Our gross receipts from May 1, 1855, to April 30, 1856, amount only to:

fr.
261,482
"While our expenses come to 135,482
----------
"Leaving fr. 126,000
Which I propose to divide as follows:
One-third of the profits payable to me as managing
director 40,000
Amount added to reserve fund at Bank of Athens 6,000
Amount available for dividend 80,000
----------
"Total fr. 126,000

"This comes to about 70 per cent, on our present capital of 120,000
francs. It is, I know, the lowest dividend we have paid since the
company was formed fourteen years ago. But the shareholders must
consider the difficulties we have had to struggle against. Our business
is so closely connected with the interests of the country that it can
only flourish in times of general prosperity. From those who have
nothing we can take nothing, or very little. The tourist season,
however, has opened very favourably, and the affairs of the company
will, I think, soon improve. I will send you a detailed statement in the
course of a few days. I am too busy now."

The king read over the letters, and affixed his seal to them. Then, with
royal courtesy, instead of having us brought before him on the carpet,