After the collapse of the Ottoman Empire following the First World War (1918) and the proclamation of the Republic of Turkey (1923), the question of Ottoman debt was the subject of arduous negotiations between Turkey, successor states (Greece, Bulgaria, Iraq, Syria, etc.) and European creditors. This 1929 document represents the culmination of that process: the Consolidation of the Former Ottoman Empire's Treasury Bonds into a unified 5% loan, negotiated by the Council of the Distributed Public Debt. The issue of 217,543 bearer bonds, with a face value of £Tqs.22 or £20 or Frs.500, represents a total nominal capital of Ltqs.4,785,948 or £4,350,000 or Frs.108,771,500. The apportionment of charges among the various successor states (Turkey, Greece, Bulgaria, Lebanon, Syria, Palestine, Transjordan, Iraq, Hedjaz, Yemen, etc.) is precisely detailed in the trilingual text, accompanied by a table of proportional contributions from each state. Bond N°041,717 is trilingual: French (left), Ottoman Turkish in Arabic characters (centre) and English (right), reflecting the international nature of the debt. Signed in Paris on 15 May 1929 by the President of the Council of the Distributed Public Debt and the Ottoman Bank. Printed by Imprimerie Chaix, rue Bergère 20, Paris, the leading publisher of Ottoman loans.