ounts L3,800,000, and its commercial advances L1,100,000. The
annual dividend has increased from about L3 per share in 1846 to L8
6_s._ 6_d._ in 1875.

It is in the budget more especially that we may ascertain this great
national progress which is manifesting itself under every aspect of
Hellenic life. The revenue of the kingdom, according to the budget for
the year 1879, amounted to over L1,600,000, while at the date of the
establishment of the first monarchy the total of the ordinary public
revenue was L260,000.

This extension of the vital forces of the nation is, doubtless, a
visible progress. We have not yet arrived at the completion of the
national work necessary to place us on the level of European
civilization. Much has yet to be done; but this does not depend only on
the good-will and the capacity of the inhabitants. The too narrow limits
of the kingdom, the political uncertainty which has weighed upon the
life and upon the future of the country, particularly during recent
years, divert the attention of the Government and of the nation to more
general and more urgent matters. The peaceful labour of the country has
not, however, been entirely suspended during the late period of
agitation and crisis, when the cannon was thundering in close proximity
to us. The material and social progress which has taken place during the
last three years shows the confidence which the nation has in herself,
in her mission, and her future.

Already, since the creation of the new kingdom, the West, regretting in
some sort what it had just done, had shown itself very severe towards
Greece. After the phil-Hellenic enthusiasm a singular change supervened
in the sentiments of Europe. A calculating and scornful spirit had
succeeded that fever of generosity which produced the day of Navarino.
It was thought that a Liliputian could play the part of a giant.
Impossibilities were asked of a new State, without means, without
resources, scarcely risen from the tomb of oblivion and ruin. If
clear-sighted men of this period had been listened to--Leopold of
Belgium, Palmerston, Metternich even--Greece would have had limits more
natural in order that she might breathe and act more freely. This
youngest child of the European States would to-day be a strong Power,
capable of struggling against the Panslavist spectre in the East, and of
realizing the projects of the West in this country of the Balkans which
appears to be menaced by Muscovite conq