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THE NEW LOAN AND FUNDING OF…

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THE NEW LOAN AND FUNDING OF EX- CHEQl: En-BILLS. On Friday morning there a numerous attendance of capitalists at the Treasury, to take p;:it in the biddings for the New Loan and funding: of Exchrquer-biils..Viioitly after 10 o'clock a.m., the hour appointed for the business, the gentlemen in attendance, including Barons Rothschild, Messrs. R. and T. Thornton, J. Capel, Laurence, L. Cohen, -ind others, were received by Lord Palmerston, Sir. G. C. Lewis, Mr. Wilson, &c., on the part of the Government. The Governor and Deputy-Governor of the Bank were also in attendance. The proceedings were opened by the Chancellor of the Exchequer placing in the hands of the Governor of the Bank of England a sealed paper containing the lIÚ¡1Îmum terms which would be accepted. In answer to questions from Mr. Capel, The Chancellor of the Exchequer said that the scrip would be delivered on the passing of the resolutions by the House of Commons; but, The Governor of the Bank explained that he feared the scrip might not be ready on the payment of the first instalment of 10 per cent. If that were the case th? letters of allotment would be stamped at the Bank. Mr. Capel asked whether, in the case of the Exchequer bills, it would not be a convenience to have the interc t marie payable at the Bank of England ? The Chancellor said it had not been the custom to do sc, and he was afraid it was not possible. The Chancellor of the Exchequer then requested ti;" presentation of tenders- Only one was made, by Baron L. Rothschild, on the part of Messrs. Rothschild, Brother, in the following form :— We hereby propose to the Lords Commissioners of II< r Majesty's Treasury to subscribe the sum of £ -3,000,0; 0 sterling for the loan for the service of the year 1856, on the following terms For every £100 of money to receive E112 5, (say fi-e shillings) Three per Cent. Consoiidated Annuities, with dividend from January last the payments in conformity with the notice. This proposal is made subject to Parliament authorizing and directing ourselves and our contributors to carry tLc aforesaid terms into effect." The Chancellor of the Exchequer asked what that pric e would be in Consols. Baron Rothschild intimated that it would be at 89J for every JL100. The Chancellor replied that that was below the ?1WlimU>1¡ price of the sealed paper placed in the hands of the Governor of the Bank of England, and which he requested him to open. The Governor of the Bank of England having done Sd, intimated that the terrr.s were ZEIII 2e. :¿d. Comolid¡\t, d Three per Cent Annuities, or equivalent to Consols at 90, Baron Rothschild having withdrawn for a short time with his friends to consult, on returning announced that they accepted the Government minimum. They were in hopes that some alteration might have been made in the terms for Exchequer-bilis, as the price was much higher j than they anticipated. The Chancellor of the Exchequer, after consulting wi t h Lord Palmerston and Mr. Wilson, replied, that the Government could not make any alteration in the term-, Having placed the minimum price in the hands of ti e Governor of the Bank of England, no deviation could he made. The Governor of the Bank said it might be as well to read the terms again, and did so. The Chancellor of the Exchequer said that it was 11;t exactly at the price of 90, for they had taken the money- quotation but on the average it was as near as possible 90. Mr. Capel requested that the Government would in future communications to the Stock Exchange state the amount of the loan at once, since it would appear that parties were acquainted on Saturday last with the amount, not only of the loan, but also of the funding, and had won heavily by bets upon their information. It was then distinctly stated that the loan would be for £ 5,000.000, ard the funding for £ 3,000,000. If, in future, tLe amount were stated at once, all parties would be in a position to judte for themselves, and any possibility of undue preference would be avoided. The Chancellor of the Exchequer said that he had i followed the precedent of previous loans. Probabl^ y it would be the best course to publish the amount at once but hitherto, during a long experience in such matters, it had not been the practice. Mr. Capel said that he was told yesterday the minimum terms of the Government would be W). The Chancellor of the Exchequer smilingly replied- That was a very good guess, but the minimum price WClS not finally settled yesterday. After some further conversation, in answer to a questi n from the Chancellor of the Exchequer. Baron Rothschild intimated that the whole, including th amount of the loan and the Exchequer-bills, was accepted at the Government price. Mr. Capel asked what the future rate ofinterest would be on Exchequer-bills, vilien called in by advertisement for exchange? The Chancellor of the Exchequer replied that he could not answer the question then, but the announcement would be made at the usual period in paprr form. Baron Rothschild having signed the contracts on the part of the firm, the proceedings terminated,

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