Letter

I am sending you enclosed here in the plan indicating the emplacement of the plot of land recently purchased by the Tobacco Régie. During its last meeting, the Administration Council accepted the proposition of Mr. Auboyneau to sell half of the land to the Imperial Ottoman Bank for the price of 7.500 liras, or to be more exact for 7.700 liras including transportation and commission expenses. It was also decided on our common accord that the expropriation of the plots of lands A B and C would be carried out so as to allow for the Bank and the Administration to be totally separated. On the plot of Land A there stands a house belonging to Selim Melhame Effendi, director general of granted revenues. Land B belongs to an imam, and Land C to a Maltese. The B & C buildings are occupied by prostitutes who must be expelled so that the owners' do not fall into an illicit situation The condition of the land is excellent so as the location which fallsmuch closer to the Stock Exchange and the Bridge. Tha façade faces Voyvoda Street which is the principal communication route between Istanbul and Pera. And there is even talk of building a new Stock Exchange in a location which is exactly across from the plot of land that we have purchased. The price paid by the Tobacco Régie is considered to be extremely advantageous.Now let us go on to to the question of expenses : We shall pay 7.700 liras for half of the plot of land and for the Land A.B. and C. the amount will be between2,500 and 3,000 liras. The building expenses are estimated to be around 15.000 liras. I am adding 5.000 liras to this sum for unforeseen expenses. The construction of the new premises of the Bank shall thus cost around 30.000 Turkish liras all in all, that is 1.500 Turkish liras per year. We are paying 1.350 liras for the present premises. The reparation costs rendered indispensable because of the bad state of the building reach an annual sum of 300 lrias. The increase in personnel which is necessitated by the inconvenient distribution of our offices represents a minimum cost of 2.000 liras. Our heating and lighting costs may perhaps decrease 250 liras a year. One must also take into consideration the significanti inconvenience that the lack of proximity to the Stock Exchange and Galata causes to the Bank. The present premises have no facilities at all. The offices are very hot in the summer and very cold during the winter. Sanitary conditions are more than lacking. Security conditions for the cash desk are mediocre. So I believe that we should have no doubts about starting the new construction work as rapidly as possible. The contract for the present premises can be cancelled with a preliminary notice of one year and I hope that we may occupy our new offices at the beginning of summer 1891.