History of Vardan and the Armenian War

Finally, in 1860, he begins his political career and takes up a position in the Translation Office of the Sublime Porte. A short time later, he is sent to Crete with an extraordinary appointment, from where he makes himself known through his declarations and reports. A year later, he is called to the position of Examiner of Petitions in the Public Works branch of the Council of State; and later, in 1867, he is elected inspector of the Customs House of Galata. Many were doubtful, noting his young age, as to whether he could hold such a difficult and important office. But the young Inspector showed through his competence and perseverance that he did not lack ability, and especially that his vigor, strengthened by youthful energy, was needed to fundamentally reform and regulate the archaic system which the Customs House of Galata represented at that time. Then he was appointed President of the Administration of Indirect Taxes. Later, leaving this office, for which he had been called due to his economic knowledge, he accepted the inspection of the Administration of Stamp Duty, an institution which he perfectly reorganized. When this inspection was abolished, for a short time he returned to the previously held office, and in 1887 he was appointed advisor to the Minister of Finance. Yet his relentless uprightness and tireless zeal for the prosperity of the State always pushed him to consider the interests of his sovereign and his country as superior to individual interests. Finally, after constant struggling, the storm rises and has the result of the minister's removal from office. The successor accepts the ministry on the condition that Mikael Portugal be removed from his office. His Imperial Majesty the Sultan entrusts to Mikael Effendi the Inspection of the Agricultural Bank, and simultaneously the office of temporary administrator of Indirect Taxes, until the appointment of Raif Pasha.

The Agricultural Bank was in an embryonic state when Mikael Portugal was called to its Inspection, and the rapid development and brilliant situation it would attain shortly after were not anticipated.

Here is what a contributor to the "Servet" newspaper says about this bank, which was established at the end of 1888:

"Mikael