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I9I2] THE LOAN ARRANGED 61
shared my point of view; and that he would certainly
forward the King’s request to the right quarter. But
from that moment I had received no further information
on the subject, and decided to elucidate the question
personally in St. Petersburg.
I think it necessary to relate here the end of this
affair. Ferdinand’s request met with decided opposition
at first from M. Kokovtzoff, who as Minister of Finance
refused to give any security whatsoever to the society
which might be willing to advance the sum in question
to the King of Bulgaria. Speaking politically and as
President of the Council, M. Kokovtzoff had no objection
to granting the King this small favour and was willing
to recommend the affair to one of our large banks, but he
would not hear of a State guarantee; but without such
guarantee no bank would do business. The discussions
dragged on for a few months longer, and after renewed
entreaties on my part and fresh favourable intervention
from M. Sazonoff, the affair was arranged thus: the
two million francs were advanced to Ferdinand by the
Banque d’Escompte of St. Petersburg; but in reality
the money was supplied from the personal funds of His
Majesty the Emperor, at five per cent, interest, with
repayment spread over a certain number of years.
When 1 left Bulgaria towards the end of 1913, the Court
of Sofia had already paid the first instalment of this
debt. I do not know if it was as punctual in 1914; but
I should, above all things, be interested to know whether
King Ferdinand discharged this debt of honour (he
knew whence the two million came) before he definitely
passed over to the camp of our enemies, and before he
treacherously stabbed heroic Serbia in the back? If
Ferdinand did not do so, it is an additional stain on his
character.
But let us return to the month of March, 1912. Before
leaving Sofia for • St. Petersburg it was absolutely
necessary for me to see the King. However, Ferdinand
had had, as if purposely, an attack of his usual ailment—
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