The Press.
London, England, 1855-08-18 00:00:00

THE TURKISH LOAN.

THE Turkish Loan Bill having received on Tuesday
the Royal assent, a meeting wee held ;text day at the
Ottoman Embassy in Bryanstone-square, at which
the conditions of the new loan were duly promulgated.
A large number of City capitalists and bankers had
been invited to this gathering, and among those who
attended were Sir Alexander Spearman, who repre-
sented the English Government; M. Bandin, First
Secretary to the French Legation, representing his
Goverment; the Governor and Deputy-Governor of
the Bank of England, Barons Meyer and Lionel
Rothschild, Sir J. L. Goldsmid, Messrs. T. Capel, M.
Uzielli, Mullens, Charles Myer, Bischoffsheim, Fresh-
field, Cohen, &c.
The conditions of the loan were then announced'
by M. Musurus, the Turkish Ambassador, as
follows :

1. The loan to be for five millions sterling.
2. The interest to be at four per cent. per annum, pay-
able in equal moities, half-yearly, on the Ist of February
and the Ist of August in every year, until the capital is
redeemed ; the first payment to become due on the Ist
of February, 1856.
3. In addition to the interest of four per cent., a sink-
ing fund of one per cent. per annum, together with the
interest on so much of the loan as shall from time to time
be redeemed, will be applied in redemption of the capital.
4. The interest and sinking fund are made a charge
on the whole revenues of the Ottoman empire, and spe-
cially on the annual amount of the tribute of Egypt which
remains over and above the part thereof already appro-
priated to the loan of 3,000,00 W. negotiated on the 24th
August, 1854, and, moreover, on the Customs of Smyrna
and Syria.
5. The due and regular payment of the interest is gua-
ranteed by England and Franca, under the authority of
the acts passed by the Legislatures of the two countries.
6. The days of payment and the proportion of the con-
tributions to be paid are as follow :
On or before 22nd Angola lO per cent..
12tb September
26th October 2O „
IS
23rd November
If 14th December
• Ist January, 185 d lO •
• 25th ,
No discount will be allowed for any payment in anti-

cipation.
7. All such payments are to be made to the Bank of
England, and scrip receipts will be delivered by the Bank
to the subscribers, to be exchanged against certificates,
with coupons for the interest, when the whole instalments
are paid in full.
8. The interest, as it becomes due, will be paid at the
Bank of England.
9. The sinking fund will be applied from year to year,
commencing on the Ist of August, 18;i9, either in the
purchase of certificates of the loan in the public market,
or, at the option of the Ottoman Government, in paying
off at par such certificates as shall be drawn by lot in the
presence of the chief cashier and chief accountant of the
Bank of England, on some one day in the month of May
next immediately preceding the Ist of August in each
year, and public notice of the numbers of the certificates
so drawn will be given in the London Gazelle, and in some
newspapers circulating in London and in Paris.
The interest on the certificates so drawn, together with
the capital, will be payable on the Ist of August next fol-
lowing such drawing, after which day all interest on the
certificates so drawn will cease altogether.
. . .

10. Parties subscribing for such low" must enter into
contract with the Ottoman Minister for payment of the
deposit and of the several instalments.
11. In case of failure of payment of any instalment at
the time appointed for that purpose, the deposit and all
prior instalments shall be forfeited for the service of the
Ottoman Government
12. The Ottoman Government shall have a right to
redeem at par the amount of the certificates then remain-
ing unredeemed at the expiration of twenty yeara from the
let of August, 1859.
The Ottoman Minister will be prepared to receive
tenders on the foregoing conditions for the loan at the
Bank of England, where such tenders must be presented
at eleven o'clock precisely on Monday the 20th day of
August.
Very little discussion took place upon the above
conditions, but in answer to an inquiry the Turkish
Minister stated that the tenders for the loan must
be all in one sum. In answer to further queries Sir
Alexander Spearman stated that the Bonds would be
got ready as speedily as possible. The general im-
pression appeared to be that it would be about three
limas Were they could be got ready for delivery.