The purpose of this article is to make clear the relation between the European financial control in the Ottoman Empire and the German Bagdad Railway project. The Ottoman Government accumulated foreign debt in the mid-nineteenth century and consequently fell in insolvency in 1875. The British Government actively interfered in the debt problem to protect the interests of British bondholders, who held most of the Turkish loan in Europe. As a result. of joint recommendation by Great Powers at the Congress of Berlin, the Ottoman Government was obliged to promulgate the Decree of Mouharrem in 1881, which decided to cede the various mortgaged revenues, to reopen the service of the debt and to establish P. D. A. (Public Debt Administration), whose Council was constituted by the delegates of European bondholders. In the late nineteenth century, this debt service system began to expose some problems. Firstly, the revenues ceded to P.D.A. couldn't rise so much as expected, because of the opposition of British export industry to the Turkish tariff reform, the conflict with the Russian Government over the Balkan states and the indifference of the Ottoman Government to the tax reform. Secondly, as a result of such limit of the revenues, P.D.A. could pay to bondholders an interest only of 1% and could redeem the bonds only at very low rate, in spite of the fact that the Decree had guaranteed to the bondholders the payment of 4% interest and the redemption at per. As consequent, the British bondholders began to request an increase in the interest rate. Thirdly, the position of the British bondholders was falling for their priority in redemption. On the contrary, that of French and German capital was rising through the investment in public debt and railway construction, which were also guaranteed by P.D.A.. Consequently, between the British bondoholders on the one hand, which intended to get higher rate of interest, and the German finance capital on the other, which projected to construct Bagdad Railway depending upon the Ottoman governmental guarantee system, there appeared a conflict over the Ottoman state finance controled by P.D.A.
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